Filed
Pursuant to Rule 424(b)(2)
Registration
Statement No. 333-273253
Explanatory
Note: The sole purpose of this filing is to add inline XBRL tagging to the Registrant's Prospectus Supplement dated February 7, 2024,
filed on February 9, 2024 with the Securities and Exchange Commission pursuant to Rule 424(b)(2) under the Securities Act of 1933 (the
“Prospectus Supplement”). This filing does not make any changes to the Prospectus Supplement. This filing does not modify
or update in any way disclosures made in the original filing of Prospectus Supplement.
PROSPECTUS
SUPPLEMENT
(to
Prospectus dated July 14, 2023)
$300,000,000
7.000%
Notes due 2029
We
are offering $300,000,000 in aggregate principal amount of 7.000% notes due 2029, which we refer to as the Notes. The Notes will mature
on February 15, 2029. We will pay interest on the Notes on February 15 and August 15 of each year, beginning on August 15,
2024.
We
may redeem the Notes in whole or in part at any time or from time to time, at the redemption price set forth under the caption “Description
of the Notes - Optional Redemption” in this prospectus supplement. In addition, holders of the Notes can require us
to repurchase some or all of the Notes at a purchase price equal to 100% of their principal amount, plus accrued and unpaid interest to,
but not including, the repurchase date upon the occurrence of a “Change of Control Repurchase Event” (as defined herein).
The Notes will be issued in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof.
The
Notes will be our direct unsecured obligations and rank pari passu with our existing and future
unsecured indebtedness but will rank senior to our future indebtedness that is expressly subordinated in right of payment to the Notes
issued by Barings BDC, Inc. The Notes will rank effectively junior to any of our secured indebtedness (including unsecured indebtedness
that we later secure) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing
and future indebtedness (including trade payables) incurred by our subsidiaries, financing vehicles or similar facilities. See “Summary
of the Offering - Ranking of Notes.”
The
securities in which we invest will generally not be rated by any rating agency, and if they are rated, they will be below investment grade.
These securities, which may be referred to as “junk,” have predominantly speculative characteristics with respect to the issuer’s
capacity to pay interest and repay principal.
We
are a closed-end, non-diversified investment company that has elected to be regulated as a business development company, or BDC, under
the Investment Company Act of 1940, as amended, or 1940 Act. We have elected for federal income tax purposes to be treated, and intend
to qualify annually, as a regulated investment company, or RIC, under the Internal Revenue Code of 1986, as amended, or Code.
We
are externally managed by our investment adviser, Barings LLC, or Barings. Our investment objective is to generate current income primarily
by investing directly in privately-held middle-market companies to help these companies fund acquisitions, growth or refinancing. We use
the term “middle market” to refer to companies with between $10.0 million and $75.0 million in annual earnings before
interest, taxes, depreciation and amortization, as adjusted, or Adjusted EBITDA. While we focus our investments in private middle-market
companies, we seek to invest across various industries and in both United States-based and foreign-based companies. Barings monitors our
investment portfolio to ensure we have acceptable industry balance, using industry and market metrics as key indicators. To a lesser extent,
we will invest opportunistically in assets such as, without limitation, equity, special situations, structured credit (e.g., private asset-backed
securities), syndicated loan opportunities, high yield investments and/or mortgage securities.
Investing
in the Notes involves a high degree of risk and should be considered highly speculative. Before investing in the Notes, you should review
carefully the risks and uncertainties, including the risk of leverage, described in the sections titled “Supplementary Risk Factors”
beginning on page S-
12 of this prospectus supplement, “Risk Factors” beginning on page
12
of the accompanying prospectus and in our most recently filed Annual Report on Form 10-K and subsequent filings with the Securities
and Exchange Commission, or SEC, as well as under similar headings in the other documents that are filed on or after the date hereof and
incorporated by reference into this prospectus supplement and the accompanying prospectus.
This
prospectus supplement and the accompanying prospectus contain important information about us that a prospective investor should know before
investing in the Notes. We may also authorize one or more free writing prospectuses to be provided to you in connection with this offering.
You should carefully read this prospectus supplement, the accompanying prospectus, any related free writing prospectus, and any information
incorporated by reference in each, before investing in the Notes and keep them for future reference. We file annual, quarterly and current
reports, proxy statements and other information with the SEC. This information is available by written or oral request and free of charge
by contacting us at Barings BDC, Inc., 300 South Tryon Street, Suite 2500, Charlotte, North Carolina 28202, Attention: Corporate Secretary,
on our website at https://ir.barings.com/sec-filings, or by calling us at (888) 401-1088. Information
contained on our website is not incorporated by reference into this prospectus supplement or the accompanying prospectus, and you should
not consider that information to be part of this prospectus supplement or the accompanying prospectus. The SEC also maintains a website
at www.sec.gov that contains such information.
Neither
the SEC nor any state securities commission, nor any other regulatory body, has approved or disapproved of these securities or determined
if this prospectus supplement or the accompanying prospectus is truthful or complete. Any representation to the contrary is a criminal
offense.
Public
offering price
|
|
|
98.948%
|
|
|
$296,844,000
|
Underwriting
discount (sales load)
|
|
|
1.000%
|
|
|
$3,000,000
|
Proceeds
to Barings BDC, Inc. (before estimated expenses of $920,000)
|
|
|
97.948%
|
|
|
$293,844,000
|
The
public offering price set forth above does not include accrued interest, if any. Interest on the Notes will accrue from February 12, 2024
and must be paid by the purchaser if the Notes are delivered after February 12, 2024.
THE
NOTES ARE NOT DEPOSITS OR OTHER OBLIGATIONS OF A BANK AND ARE NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT
AGENCY.
Delivery
of the Notes in book-entry form only through The Depository Trust Company will be made on or about February 12, 2024 for the accounts
of its participants.
Joint
Book-Running Managers
|
Wells
Fargo Securities
|
|
|
SMBC
Nikko
|
|
|
BMO
Capital Markets
|
|
|
Fifth
Third Securities
|
ING
|
|
|
J.P.
Morgan
|
|
|
BNP
PARIBAS
|
|
|
MUFG
|
Regions
Securities LLC
|
|
|
SOCIETE
GENERALE
|
Co-Managers
|
BofA
Securities
|
|
|
Citigroup
|
|
|
R.
Seelaus & Co., LLC
|
|
|
Roberts
& Ryan
|
The
date of this prospectus supplement is February 7, 2024.