<SEC-DOCUMENT>0001104659-20-038219.txt : 20200720
<SEC-HEADER>0001104659-20-038219.hdr.sgml : 20200720
<ACCEPTANCE-DATETIME>20200325143458
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001104659-20-038219
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20200325

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Barings BDC, Inc.
		CENTRAL INDEX KEY:			0001379785
		IRS NUMBER:				061798488
		STATE OF INCORPORATION:			NC
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		300 SOUTH TRYON STREET
		STREET 2:		SUITE 2500
		CITY:			CHARLOTTE
		STATE:			NC
		ZIP:			28202
		BUSINESS PHONE:		(704) 805-7200

	MAIL ADDRESS:	
		STREET 1:		300 SOUTH TRYON STREET
		STREET 2:		SUITE 2500
		CITY:			CHARLOTTE
		STATE:			NC
		ZIP:			28202

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Triangle Capital CORP
		DATE OF NAME CHANGE:	20061101
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    <TD STYLE="width: 25%"><P STYLE="margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">1900 K Street, N.W.<BR>
                           Washington, DC 20006-1110</FONT></P>

<P STYLE="margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">+1 202 261 3300 Main</FONT></P>
<P STYLE="margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">+1 202 261 3333 Fax</FONT></P>
<P STYLE="margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">www.dechert.com</FONT></P>
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<P STYLE="margin: 0pt 0; font-weight: bold; text-transform: uppercase"><FONT STYLE="font-family: Times New Roman, Times, Serif">HARRY
S. PANGAS</FONT></P>

<P STYLE="margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">harry.pangas@dechert.com</FONT></P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">March 10, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Via EDGAR</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">U.S.&nbsp;Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Division of Investment Management</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Attention: Mr. Christopher Bellacicco, Esq.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">100 F Street NE<BR>
Washington,&nbsp;D.C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>RE:</B></TD><TD>Barings BDC, Inc. &#8212; Preliminary Proxy Statement on Schedule 14A filed on <BR>
February&nbsp;28, 2020 (File No. 814-00733)</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Mr. Bellacicco:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On behalf of Barings
BDC, Inc. <FONT STYLE="background-color: white">(the &#8220;<U>Company</U>&#8221;)</FONT>, set forth below are the Company&#8217;s
responses to the oral comments provided by the staff of the Division of Investment Management (the &#8220;<U>Staff</U>&#8221;)
of the Securities and Exchange Commission (the &#8220;<U>Commission</U>&#8221;) to the Company on March 6, 2020 with respect to
the Company&#8217;s Preliminary Proxy Statement on Schedule 14A (the &#8220;<U>Preliminary Proxy Statement</U>&#8221;), filed with
the Commission on February 28, 2020. The Staff&#8217;s comments are set forth below and are followed by the Company&#8217;s responses.
<FONT STYLE="background-color: white">Where indicated, revised disclosure has been included in the Definitive Proxy Statement on
Schedule 14A filed by the Company on the date hereof (the &#8220;<U>Definitive Proxy Statement</U>&#8221;).&nbsp;Unless otherwise
noted, references to page numbers herein refer to the page numbers of the Preliminary Proxy Statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify"><B><U>Comment</U></B>: <I>We refer to the Company&#8217;s Notice of Annual Meeting of Stockholders
filed as part of the Preliminary Proxy Statement. In accordance with Rule 14a-16(d)(11) under the Securities Exchange Act of 1934,
as amended (the &#8220;<U>Exchange Act</U>&#8221;), include in such Notice information on how to obtain directions to be able to
attend the Company&#8217;s annual meeting and vote in person.</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><U>Response</U></B>: The Company
has revised the Notice of Annual Meeting of Stockholders in response to the Staff&#8217;s comment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify"><B><U>Comment</U></B>: <I>We refer to the section of the Preliminary Proxy Statement titled &#8220;Information
about the Nominees for Director and Other Directors&#8221; beginning on page 5. In accordance with Instruction 3 to the introductory
text of Item 22(b) of Exchange Act Rule 14a-101, furnish information for directors or nominees who are or would be &#8220;interested
persons&#8221; of the Company within the meaning of Section 2(a)(19) of the Investment Company Act of 1940, as amended (the &#8220;<U>1940
Act</U>&#8221;), separately from the information for directors or nominees who are not or would not be interested persons of the
Company.</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><I>&nbsp;</I></P>


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    <TD STYLE="width: 50%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">March 10, 2020</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><U>Response</U></B>: The Company
has revised the above-referenced disclosure in the Definitive Proxy Statement to organize and present information for directors
or nominees who are or would be &#8220;interested persons&#8221; of the Company within the meaning of Section 2(a)(19) of the 1940
Act separately from the information for directors or nominees who are not or would not be interested persons of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD STYLE="text-align: justify"><B><U>Comment</U></B>: <I>We refer to the section of the Preliminary Proxy Statement titled &#8220;Compensation
Discussion&#8221; beginning on page 14. Please revise the disclosure to include the Summary Compensation Table, in accordance with
Item 402(c) of Regulation S-K, as promulgated under the Exchange Act.</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><U>Response</U></B>: As disclosed
in the Company&#8217;s public filings with the Commission, on August 2, 2018, the Company entered into an investment advisory agreement
(the &#8220;Advisory Agreement&#8221;) and an administration agreement with Barings LLC (the &#8220;Externalization&#8221;) following
the sale of the Company&#8217;s investment portfolio to a third party. Prior to the Externalization, the Company was internally
managed by its then-current executive officers under the supervision of its Board of Directors and, as such, incurred the operating
costs associated with employing executive management and investment and portfolio management professionals, primarily in the form
of a base salary, annual cash bonus, and long-term compensation pursuant to an incentive compensation plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In connection with the Externalization,
each of the Company&#8217;s then-current executive officers, E. Ashton Poole, Steven C. Lilly, Jeffrey A. Dombcik, Cary B. Nordan
and Douglas A. Vaughn (collectively, the Company&#8217;s &#8220;Former Executive Officers&#8221;), resigned effective as of the
date of the Externalization and new executive officers were appointed. Following the Externalization, Barings LLC serves as the
Company&#8217;s external investment adviser and manages the Company&#8217;s investment portfolio under the terms of the Advisory
Agreement, in connection with which the Company pays Barings LLC a base management fee and&nbsp;an incentive fee, the details of
which are disclosed in the Company&#8217;s annual report on Form 10-K for the fiscal year ended December 31, 2019, which will be
mailed to the Company&#8217;s stockholders along with the Definitive Proxy Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">As a result of the above, the
current executive officers of the Company, who are employees of Barings LLC, receive no direct compensation from the Company. In
light of this, the disclosure requirements found in&nbsp;Item 402(c)&nbsp;of Regulation S-K, which generally require disclosure
regarding named executive officers of the Company who served during the &#8220;last completed fiscal year&#8221; (<I>see </I>Item
402(a)(3) of Regulation S-K) are not applicable to the Company. Moreover, in light of the fact that the Former Executive Officers
are no longer employed by the Company, and the fact that details regarding their compensation are available in the Company&#8217;s
prior filings with the Commission, the Company does not believe that including the details of the Former Executive Officers&#8217;
compensation in the Definitive Proxy Statement would benefit or otherwise provide material information to the Company&#8217;s stockholders
in connection with the proposals to be voted upon at the Company&#8217;s 2020 annual meeting of stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Company has revised the Definitive
Proxy Statement to provide a summary of the above to its stockholders. In addition, the Company has reviewed definitive proxy statements
filed by other externally managed business development companies and believes that the disclosure contained in the Definitive Proxy
Statement is consistent both in substance and scope with what other externally managed BDCs have provided.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>


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    <TD STYLE="width: 50%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">March 10, 2020</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">4.</TD><TD STYLE="text-align: justify"><B><U>Comment</U></B>: <I>We refer to the section of the Preliminary Proxy Statement titled
                                                                &#8220;Director Compensation&#8221; on page 14. Please revise the table setting forth the compensation of the Company&#8217;s
                                                                independent directors to include disclosure of deferred compensation (including interest) payable to or accrued for the
                                                                required individuals in accordance with Item 22(b)(13) of Exchange Act Rule 14a-101.</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><U>Response</U></B>: The Company
respectfully advises the Staff that Item 22(b)(13) of Exchange Act Rule&nbsp;14a-101 requires disclosure for &#8220;a Fund that
is an investment company <U>registered</U> under the Investment Company Act of 1940 . . .&#8221; [emphasis added]. As an investment
company that has elected to be treated as a business development company under the 1940 Act, the Company is not considered to be
registered under the 1940 Act and, thus, instead discloses director compensation in accordance with Item 8 of Exchange Act Rule
14a-101, which refers to Item 402(k) of Regulation&nbsp;S-K and generally requires disclosure similar to that required by Item
22(b)(13) of Exchange Act Rule 14a-101. In light of this, the Company has excluded from the Definitive Proxy Statement the above-referenced
disclosure required by Item 22(b)(13) and advises the Staff that the Company&#8217;s independent directors receive only an annual
retainer paid in cash for, and reimbursement for any out-of-pocket expenses related to, their service as members of the Company&#8217;s
Board of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">5.</TD><TD STYLE="text-align: justify"><B><U>Comment</U></B>: <I>We refer to the section of the Preliminary Proxy Statement titled &#8220;Compensation
Committee&#8221; on page 16. In accordance with Item 407(e)(3) of Regulation S-K, revise the disclosure to provide a narrative
description of the Company&#8217;s processes and procedures for the consideration and determination of director compensation.</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><U>Response</U></B>: The Company
has revised the disclosure on page   12 of the Definitive Proxy Statement in response to the Staff&#8217;s comment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 31.5pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">6.</TD><TD STYLE="text-align: justify"><B><U>Comment</U></B>: <I>We refer
to the section of the Preliminary Proxy Statement titled &#8220;Compensation of Officers&#8221; on page 21. Please advise the
Staff how such disclosure differs from the disclosure in the first paragraph of page 14 and, if necessary, consider revising.</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><U>Response</U></B>: The
Company has deleted disclosure on page 21 of the Preliminary  Proxy Statement in response to the Staff&#8217;s comment and
revised the disclosure on page   10 of the Definitive Proxy Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">7.</TD><TD STYLE="text-align: justify"><B><U>Comment</U></B>: <I>If applicable, please revise the Preliminary Proxy Statement to include
the disclosure required under Item 405(a) of Regulation S-K with respect to any delinquent Section 16 reports.</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><U>Response</U></B>: The Company
respectfully advises the Staff, on a supplemental basis, that it has excluded the above-referenced disclosure in reliance on Instruction
1 to Item 405(a) of Regulation&nbsp;S-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>


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    <TD STYLE="width: 50%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">March 10, 2020</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">*&#9;*&#9;*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If you have any questions,
please feel free to contact the undersigned by telephone at 202.261.3466 (or by email at harry.pangas@dechert.com), Richard Horowitz
at 212.698.3525 (or by email at richard.horowitz@dechert.com) or Clay Douglas by telephone at 202.261.3326 (or by email at clay.douglas@dechert.com).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5in; text-align: justify">Sincerely,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5in; text-align: justify"><U>/s/ Harry S. Pangas</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5in; text-align: justify">Harry S. Pangas</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left">cc:</TD><TD STYLE="text-align: justify">Jonathan Bock, Chief Financial Officer</TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Janice M. Bishop, Secretary and
Chief Legal Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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