Barings BDC, Inc. announces an Equity Buyback for $30 million worth of its shares.
February 22, 2024 at 12:00 am EST
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Barings BDC, Inc. (NYSE:BBDC) announces a share repurchase program. Under the program, the company will repurchase up to $30 million worth of its shares. The shares will be repurchased at prices below the then-current NAV per share.
The program will commence on March 1, 2024, and will be valid till March 1, 2025, unless extended, or until the aggregate repurchase amount that has been approved by the Board has been expended.
Barings BDC, Inc. is a closed-end, non-diversified investment company. The Companyâs investment objective is to generate current income by investing directly in privately held middle-market companies to help these companies fund acquisitions, growth or refinancing. The Company invest in predominately senior secured private debt investments in middle-market businesses that operate across a range of industries. It invests primarily in loans that have terms of between five and seven years, and bear interest at rates ranging from London Interbank Offered Rate (LIBOR) (or an applicable successor rate) plus 450 basis points to LIBOR plus 650 basis points per annum. Its investment capabilities include first lien debt, unitranche, second lien debt and equity co-investments. It invests in various industries, including manufacturing and distribution, business services and technology, and transportation and logistics. Its investment activities are managed by its investment adviser, Barings LLC.