<SEC-DOCUMENT>0001140361-22-037834.txt : 20230628
<SEC-HEADER>0001140361-22-037834.hdr.sgml : 20230628
<ACCEPTANCE-DATETIME>20221019162744
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001140361-22-037834
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20221019

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
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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              <div>
                <div style="text-align: left; font-size: 8pt;">1900 K Street, NW<br>
                  Washington, DC&#160; 20006-1110</div>
                <div style="text-align: left; font-size: 8pt;">+1&#160; 202&#160; 261&#160; 3300&#160; Main</div>
                <div style="text-align: left; font-size: 8pt;">+1&#160; 202&#160; 261&#160; 3333&#160; Fax</div>
                <div style="text-align: left; font-size: 8pt;">www.dechert.com</div>
                <div style="text-align: left; font-size: 8pt;"> <br>
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              <div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-size: 8pt; font-weight: bold;">HARRY S. PANGAS</div>
              <div><br>
              </div>
              <div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">harry.pangas@dechert.com</div>
              <div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">+1 202 261 3466&#160; Direct</div>
              <div style="text-align: left; font-family: 'Times New Roman',Times,serif;">+1 202 261 3333&#160; Fax</div>
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    <div>October 19, 2022</div>
    <div>&#160;</div>
    <div style="font-weight: bold;">VIA EDGAR</div>
    <div>&#160;</div>
    <div>Division of Investment Management</div>
    <div>Securities and Exchange Commission</div>
    <div>100 F Street, NE</div>
    <div>Washington, DC 20002</div>
    <div style="text-indent: -21.6pt; margin-right: 5.65pt; margin-left: 21.6pt;">Attn: Christopher R. Bellacicco, Esq.</div>
    <div><br>
    </div>
    <div>Re:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Barings BDC, Inc.</div>
    <div style="text-indent: 36pt;">Registration Statement on Form N-14</div>
    <div style="margin-left: 36pt;">File Number: 333-267450</div>
    <div>&#160;</div>
    <div>Ladies and Gentlemen:</div>
    <div>&#160;</div>
    <div style="text-align: justify;">On behalf of Barings BDC, Inc. (the &#8220;<font style="font-weight: bold; font-style: italic;">Company</font>&#8221;),
      we hereby respond to the comments of the staff (the &#8220;<font style="font-weight: bold; font-style: italic;">Staff</font>&#8221;) of the Securities and Exchange Commission received verbally from
      Christopher Bellacicco of the Staff on October 14, 2022 relating to the Company&#8217;s Registration Statement on Form N-14 dated September 15, 2022 (the &#8220;<font style="font-weight: bold; font-style: italic;">Registration Statement</font>&#8221;). For your convenience, a transcription of the Staff&#8217;s comments is included in this letter in bold font, and each comment is followed by the Company&#8217;s response. Capitalized terms used in this
      letter and not otherwise defined herein shall have the meanings specified in the Pre-Effective Amendment No. 1 to the Registration Statement filed by the Company on the date hereof (&#8220;<font style="font-weight: bold; font-style: italic;">Pre-Effective Amendment No. 1</font>&#8221;). All page number references herein refer to the page numbers in the Registration Statement unless indicated otherwise.</div>
    <div>&#160;</div>
    <div style="text-align: justify; font-style: italic;"><u>Prospectus Summary</u></div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="zc2028f721cb64fcfab31cb8e18384494" border="0" cellpadding="0" cellspacing="0">

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              <td style="width: 30pt; vertical-align: top; font-family: 'Times New Roman',Times,serif; font-weight: bold;">1.</td>
              <td style="width: 50pt; vertical-align: top;"><font style="font-weight: bold;"><u>Comment</u>:</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify; font-weight: bold;">On page 1, and throughout the Registration Statement, please include hyperlinks to any
                documents incorporated by reference into the Registration Statement where referenced.</td>
            </tr>
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              <td rowspan="1" style="width: 30pt; vertical-align: top; font-family: 'Times New Roman',Times,serif; font-weight: bold;">&#160;</td>
              <td rowspan="1" style="width: 50pt; vertical-align: top;">&#160;</td>
              <td rowspan="1" style="width: auto; vertical-align: top; text-align: justify; font-weight: bold;">&#160;</td>
            </tr>
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              <td rowspan="1" style="width: 30pt; vertical-align: top; font-family: 'Times New Roman',Times,serif; font-weight: bold;">&#160;</td>
              <td rowspan="1" style="width: 50pt; vertical-align: top;"><font style="font-weight: bold;"><u>Response</u>:</font> <br>
              </td>
              <td rowspan="1" style="width: auto; vertical-align: top; text-align: justify; font-weight: bold;"><font style="font-weight: normal;">The Company has revised the disclosure
                  accordingly in Pre-Effective Amendment No. 1. </font><br>
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              <td style="width: 30pt; vertical-align: top;"><font style="font-weight: bold;">2.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td>
              <td style="width: 50pt; vertical-align: top;"><font style="font-weight: bold;"><u>Comment</u>:</font> <br>
              </td>
              <td style="width: auto; vertical-align: top; text-align: justify; font-weight: bold;">The final paragraph on page 1, continuing onto page 2, includes disclosure that is
                duplicative of the disclosure found in the paragraph immediately preceding it. Please consider combining the two paragraphs to remove the duplicative disclosure.</td>
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              <td rowspan="1" style="width: 30pt; vertical-align: top;">&#160;</td>
              <td rowspan="1" style="width: 50pt; vertical-align: top;">&#160;</td>
              <td rowspan="1" style="width: auto; vertical-align: top; text-align: justify; font-weight: bold;">&#160;</td>
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              <td rowspan="1" style="width: 30pt; vertical-align: top;">&#160;</td>
              <td rowspan="1" style="width: 50pt; vertical-align: top;"><font style="font-weight: bold;"><u>Response</u>:</font> <br>
              </td>
              <td rowspan="1" style="width: auto; vertical-align: top; text-align: justify; font-weight: bold;"><font style="font-weight: normal;">The Company has revised the disclosure in
                  Pre-Effective Amendment No. 1. </font><br>
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              <div>
                <div style="text-align: left;">October 19, 2022</div>
                <div style="text-align: left;">Page 2<br>
                </div>
                &#160;</div>
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    <div><br>
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    <div><br>
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              <td style="width: 30pt; vertical-align: top;"><font style="font-weight: bold;">3.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td>
              <td style="width: 50pt; vertical-align: top;"><font style="font-weight: bold;"><u>Comment</u>:</font> <br>
              </td>
              <td style="width: auto; vertical-align: top; text-align: justify; font-weight: bold;">The Staff refers to the following disclosure found on page 4: &#8220;<font style="color: #000000;">We also agreed to keep the Exchange Offer Registration Statement effective for not less than the minimum period required under applicable federal and state securities laws to
                  consummate the exchange offer;</font><font style="font-style: italic; color: #000000;">&#160;provided, however</font><font style="color: #000000;">, that in no event shall such period be less than 20 business days after the commencement of the exchange offer.&#8221;</font> The Staff notes that on page 3, however, the Company discloses that the exchange offer
                will expire at 5:00 p.m, New York City time on a specified date. The Staff notes that Rule 13e-4(a)(3) under the Securities Exchange Act of 1934, as amended (the &#8220;<font style="font-style: italic;">Exchange Act</font>&#8221;), defines &#8220;business day&#8221; to &#8220;consist of the time period from 12:01 a.m. through 12:00 midnight Eastern Time&#8221; on
                the relevant day. In light of this discrepancy, please confirm supplementally that the Company&#8217;s exchange offer will be open for at least 20 full business days.</td>
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              <td rowspan="1" style="width: 30pt; vertical-align: top;">&#160;</td>
              <td rowspan="1" style="width: 50pt; vertical-align: top;">&#160;</td>
              <td rowspan="1" style="width: auto; vertical-align: top; text-align: justify; font-weight: bold;">&#160;</td>
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              <td rowspan="1" style="width: 30pt; vertical-align: top;">&#160;</td>
              <td rowspan="1" style="width: 50pt; vertical-align: top;"><font style="font-weight: bold;"><u>Response</u>:</font> <br>
              </td>
              <td rowspan="1" style="width: auto; vertical-align: top; text-align: justify; font-weight: bold;"><font style="font-weight: normal;">The Company supplementally confirms that the
                  exchange offer will be open for at least 20 full business days. </font><br>
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              <td style="width: 30pt; vertical-align: top;"><font style="font-weight: bold;">4.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td>
              <td style="width: 50pt; vertical-align: top;"><font style="font-weight: bold;"><u>Comment</u>:</font> <br>
              </td>
              <td style="width: auto; vertical-align: top; text-align: justify; font-weight: bold;">The Staff refers to the following disclosure found on page 8: &#8220;exchange of Restricted Notes
                for Exchange Notes in the exchange offer will not result in any gain or loss &#8230; for United States federal income tax purposes.&#8221; Please revise the referenced disclosure to state the exchange of Restricted Notes for Exchange Notes will not
                constitute a taxable event.</td>
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              <td rowspan="1" style="width: 30pt; vertical-align: top;">&#160;</td>
              <td rowspan="1" style="width: 50pt; vertical-align: top;">&#160;</td>
              <td rowspan="1" style="width: auto; vertical-align: top; text-align: justify; font-weight: bold;">&#160;</td>
            </tr>
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              <td rowspan="1" style="width: 30pt; vertical-align: top;">&#160;</td>
              <td rowspan="1" style="width: 50pt; vertical-align: top;"><font style="font-weight: bold;"><u>Response</u>:</font> <br>
              </td>
              <td rowspan="1" style="width: auto; vertical-align: top; font-family: 'Times New Roman',Times,serif; font-weight: 400;">
                <div>The Company has revised the disclosure accordingly in Pre-Effective Amendment No. 1.</div>
              </td>
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      <div><br>
      </div>
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    <div style="text-align: justify;">
      <div>
        <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="zffd826cb3aba4118a0fa66e6dc68a177" cellpadding="0" cellspacing="0">

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              <td style="width: 30pt; vertical-align: top;"><font style="font-weight: bold;">5.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td>
              <td style="width: 50pt; vertical-align: top;"><font style="font-weight: bold;"><u>Comment</u>:</font><br>
              </td>
              <td style="width: auto; vertical-align: top; text-align: justify; font-weight: bold;">Please include a tax opinion that complies with Staff Legal Bulletin #19 indicating that the
                exchange of Restricted Notes for Exchange Notes will not constitute a taxable event.</td>
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              <td rowspan="1" style="width: 30pt; vertical-align: top;">&#160;</td>
              <td rowspan="1" style="width: 50pt; vertical-align: top;">&#160;</td>
              <td rowspan="1" style="width: auto; vertical-align: top; text-align: justify; font-weight: bold;">&#160;</td>
            </tr>
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              <td rowspan="1" style="width: 30pt; vertical-align: top;">&#160;</td>
              <td rowspan="1" style="width: 50pt; vertical-align: top;"><font style="font-weight: bold;"><u>Response</u>:</font> <br>
              </td>
              <td rowspan="1" style="width: auto; vertical-align: top; font-family: 'Times New Roman',Times,serif; font-weight: 400;">The Company has attached the requested opinion as an exhibit to the
                Pre-Effective Amendment No. 1. <br>
              </td>
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    </div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic;"><u>Special Note Regarding Forward-Looking Statements</u></div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z5e11b2f877ea45df96a486d9f637fa7b" cellpadding="0" cellspacing="0">

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              <td style="width: 30pt; vertical-align: top; font-family: 'Times New Roman',Times,serif; font-weight: bold;">6.</td>
              <td style="width: 50pt; vertical-align: top;"><font style="font-weight: bold;"><u>Comment</u>:</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify; font-weight: bold;">On page 16 in the section titled &#8220;Special Note Regarding Forward-Looking Statements,&#8221; please
                note that any forward-looking statements relating to the exchange offer included in the prospectus, including the documents incorporated by reference therein, and in any applicable prospectus supplement and free writing prospectus relating
                to the exchange offer, including the documents incorporated by reference therein each, are excluded from the safe-harbor protection under Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act.</td>
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              <td rowspan="1" style="width: 30pt; vertical-align: top; font-family: 'Times New Roman',Times,serif; font-weight: bold;">&#160;</td>
              <td rowspan="1" style="width: 50pt; vertical-align: top;">&#160;</td>
              <td rowspan="1" style="width: auto; vertical-align: top; text-align: justify; font-weight: bold;">&#160;</td>
            </tr>
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              <td rowspan="1" style="width: 30pt; vertical-align: top; font-family: 'Times New Roman',Times,serif; font-weight: bold;">&#160;</td>
              <td rowspan="1" style="width: 50pt; vertical-align: top;"><font style="font-weight: bold;"><u>Response</u>:</font> <br>
              </td>
              <td rowspan="1" style="width: auto; vertical-align: top; text-align: justify; font-weight: bold;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal;">The Company has revised the disclosure accordingly in Pre-Effective Amendment No. 1.</font><font style="font-weight: normal;"> </font><br>
              </td>
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      <div>&#160;&#160;&#160; <br>
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              <div>
                <div style="text-align: left;">October 19, 2022</div>
                <div style="text-align: left;">Page 3<br>
                </div>
                &#160;</div>
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    <div style="text-align: justify; font-style: italic;"><u> <br>
      </u></div>
  </div>
  <div><u> <br>
    </u>
    <div style="text-align: justify; font-style: italic;"><u> <br>
      </u></div>
    <div style="text-align: justify; font-style: italic;"><u> <br>
      </u></div>
    <div style="text-align: justify; font-style: italic;"><u>Regulation of the Company</u></div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
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              <td style="width: 30pt; vertical-align: top;"><font style="font-weight: bold;">7.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td>
              <td style="width: 50pt; vertical-align: top;"><font style="font-weight: bold;"><u>Comment</u>:</font> <br>
              </td>
              <td style="width: auto; vertical-align: top; text-align: justify; font-weight: bold;">Please confirm that the cross-reference on page 41 to the relevant section of the Company&#8217;s
                Annual Report on Form 10-K for the fiscal year ended December 31, 2021 is correct.</td>
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              <td rowspan="1" style="width: 30pt; vertical-align: top;">&#160;</td>
              <td rowspan="1" style="width: 50pt; vertical-align: top;">&#160;</td>
              <td rowspan="1" style="width: auto; vertical-align: top; text-align: justify; font-weight: bold;">&#160;</td>
            </tr>
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              <td rowspan="1" style="width: 30pt; vertical-align: top;">&#160;</td>
              <td rowspan="1" style="width: 50pt; vertical-align: top;"><font style="font-weight: bold;"><u>Response</u>:</font> <br>
              </td>
              <td rowspan="1" style="width: auto; vertical-align: top; text-align: justify; font-weight: bold;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal;">The Company has revised the disclosure in Pre-Effective Amendment No. 1 to correct the cross-reference.</font><font style="font-weight: normal;"> </font><br>
              </td>
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    <br>
    <div style="text-align: justify; font-style: italic;"><u>Senior Securities</u></div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="za9759d7819c94f6c8511461c538ec689" cellpadding="0" cellspacing="0">

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              <td style="width: 30pt; vertical-align: top; font-family: 'Times New Roman',Times,serif; font-weight: bold;">8.</td>
              <td style="width: 50pt; vertical-align: top;"><font style="font-weight: bold;"><u>Comment</u>:</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;"><font style="font-weight: bold;">On page 42, in
                  the introductory paragraph to the Company&#8217;s senior securities table, please include a cross reference to the Company&#8217;s most recent Annual Report on Form 10-K wherein the referenced </font><font style="font-weight: bold; color: #000000;">&#8220;</font><font style="font-weight: bold; font-style: italic; color: #000000;">Management&#8217;s Discussion and Analysis
                  of Financial Condition and Results of Operations</font><font style="font-weight: bold; color: #000000;">&#8221; can be found</font><font style="font-weight: bold;">.</font></td>
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              <td rowspan="1" style="width: 30pt; vertical-align: top; font-family: 'Times New Roman',Times,serif; font-weight: bold;">&#160;</td>
              <td rowspan="1" style="width: 50pt; vertical-align: top;">&#160;</td>
              <td rowspan="1" style="width: auto; vertical-align: top; text-align: justify;">&#160;</td>
            </tr>
            <tr>
              <td rowspan="1" style="width: 30pt; vertical-align: top; font-family: 'Times New Roman',Times,serif; font-weight: bold;">&#160;</td>
              <td rowspan="1" style="width: 50pt; vertical-align: top;"><font style="font-weight: bold;"><u>Response</u>:</font> <br>
              </td>
              <td rowspan="1" style="width: auto; vertical-align: top; text-align: justify;">The Company has revised
                  the disclosure accordingly in Pre-Effective Amendment No. 1. <br>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
    </div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">
      <table id="zf98f4886c7af498a9cecef621ec8fba1" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000; width: 100%;" border="0" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 80%;">
              <div><img src="image00001.jpg"> <br>
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            <td style="width: 20%;">
              <div>
                <div style="text-align: left;">October 19, 2022</div>
                <div style="text-align: left;">Page 4</div>
                &#160;</div>
            </td>
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    </div>
    <div style="text-align: center;"> <br>
    </div>
    <div style="text-align: center;"> <br>
    </div>
    <div style="text-align: center;"> <br>
    </div>
    <div style="text-align: center;"> <br>
    </div>
    <div style="text-align: center;">*&#160; &#160; &#160; *&#160; &#160; &#160; *</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Should you have any questions or comments, please contact the undersigned at 202.261.3466.</div>
    <div><br>
    </div>
    <div>&#160;</div>
    <div>Sincerely,</div>
    <div><br>
    </div>
    <div>/s/ Harry S. Pangas</div>
    <div><br>
    </div>
    <div>Harry S. Pangas</div>
    <div>&#160;</div>
    <div style="text-indent: -36pt; margin-left: 36pt;">HSP</div>
    <div>&#160;</div>
    <div>cc:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Jonathan Bock, Barings BDC, Inc.</div>
    <div style="text-indent: 36pt;">Jonathan Landsberg, Barings BDC, Inc.</div>
    <div style="text-indent: 36pt;">Elizabeth Murray, Barings BDC, Inc.</div>
    <div><br>
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