Published on 2/6/2020 in the Prospect News Investment Grade Daily.
New Issue: Goldman Sachs BDC prices $360 million 3.75% five-year notes at 230 bps spread
By Cristal Cody
Tupelo, Miss., Feb. 6 – Goldman Sachs BDC, Inc. priced $360 million of 3.75% five-year senior notes (Baa3//BBB-) on Thursday at a spread of 230 basis points over Treasuries, according to a market source and a news release.
Initial price talk was in the Treasuries plus 240 bps area.
The offering was upsized from $300 million.
Bookrunners were BofA Securities, Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, HSBC Securities (USA) Inc., ICBC Standard Bank plc, MUFG, R. Seelaus & Co., LLC, SMBC Nikko Securities America, Inc. and SunTrust Robinson Humphrey, Inc.
Proceeds will be used to repay debt under the company’s revolving credit facility.
New York-based Goldman Sachs BDC was formed by Goldman Sachs Group Inc. as a specialty finance business development company that invests in middle-market companies.
Issuer: | Goldman Sachs BDC, Inc.
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Amount: | $360 million
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Maturity: | Feb. 10, 2025
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Description: | Senior notes
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Bookrunners: | BofA Securities, Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, HSBC Securities (USA) Inc., ICBC Standard Bank plc, MUFG, R. Seelaus & Co., LLC, SMBC Nikko Securities America, Inc. and SunTrust Robinson Humphrey, Inc.
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Co-managers: | BMO Capital Markets Corp., BNP Paribas Securities Corp., CIBC World Markets Corp., Credit Suisse Securities (USA) LLC, ING Financial Markets LLC, Raymond James & Associates, Inc. and Wells Fargo Securities, LLC
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Coupon: | 3.75%
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Spread: | Treasuries plus 230 bps
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Call feature: | Par plus make-whole call
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Trade date: | Feb. 6
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Settlement date: | Feb. 10
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Ratings: | Moody’s: Baa3
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| Fitch: BBB-
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Price guidance: | Treasuries plus 240 bps area
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