<SEC-DOCUMENT>0001140361-24-006148.txt : 20240207
<SEC-HEADER>0001140361-24-006148.hdr.sgml : 20240207
<ACCEPTANCE-DATETIME>20240207164532
ACCESSION NUMBER:		0001140361-24-006148
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20240207
DATE AS OF CHANGE:		20240207

SUBJECT COMPANY:	

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

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-273253
		FILM NUMBER:		24604949

	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

FILED BY:		

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

	FILING VALUES:
		FORM TYPE:		FWP

	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>FWP
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<DESCRIPTION>FWP
<TEXT>
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      <div>
        <div style="text-align: right; color: #000000;">Filed Pursuant to Rule 433</div>
        <div style="text-align: right; color: #000000;">Issuer Free Writing Prospectus dated&#160;February 7, 2024</div>
        <div style="text-align: right; color: #000000;">Relating to Preliminary Prospectus Supplement dated&#160;February 7, 2024 and</div>
        <div style="text-align: right; color: #000000;">Prospectus dated July 14, 2023</div>
        <div style="text-align: right; color: #000000;">Registration No. 333-273253</div>
      </div>
      <div>
        <div><br>
        </div>
        <div>&#160;</div>
        <div style="text-align: center; margin-right: 143.25pt; margin-left: 144.3pt; font-size: 12pt; font-weight: bold;">Barings BDC, Inc.</div>
        <div><br>
        </div>
        <div style="text-align: center; margin-right: 143.3pt; margin-left: 144.3pt; font-size: 12pt; font-weight: bold;">$300,000,000 7.000% Notes due 2029</div>
        <div style="text-align: center; margin-right: 143.25pt; margin-left: 144.3pt; font-weight: bold;">PRICING TERM SHEET</div>
        <div>&#160;</div>
        <div style="text-align: center; margin-right: 143.3pt; margin-left: 144.3pt; font-size: 12pt; font-weight: bold;">February 7, 2024</div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-right: 5.4pt; margin-left: 5pt; font-style: italic;">The following sets forth the final terms of the 7.000% Notes due 2029 (the &#8220;Notes&#8221;) and should only be read together with the preliminary prospectus
          supplement dated February 7, 2024 together with the accompanying prospectus dated July 14, 2023, relating to these securities (the &#8220;Preliminary Prospectus&#8221;) related to the Notes, and supersedes the information in the Preliminary Prospectus to the
          extent inconsistent with the information in the Preliminary Prospectus. In all other respects, this pricing term sheet is qualified in its entirety by reference to the Preliminary Prospectus. Terms used herein but not defined herein shall have
          the respective meanings as set forth in the Preliminary Prospectus. All references to dollar amounts are references to U.S. dollars.</div>
        <div>&#160;</div>
        <table style="border-collapse: collapse; border-left: 0px; border-top: 0px; width: 100%; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;" id="z110722a97ec94454b59df0756523b07a" align="left" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 40%; vertical-align: top;">
                <div style="margin-left: 2.5pt;">Issuer:</div>
              </td>
              <td colspan="2" style="vertical-align: top;">
                <div style="margin-left: 7.75pt;">Barings BDC, Inc. (the &#8220;Company&#8221;)</div>
              </td>
            </tr>
            <tr>
              <td rowspan="1" style="width: 40%; vertical-align: top;">&#160;</td>
              <td rowspan="1" colspan="2" style="vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 40%; vertical-align: top;">
                <div style="margin-left: 2.5pt;">Security Title:</div>
              </td>
              <td colspan="2" style="vertical-align: top;">
                <div style="margin-left: 7.75pt;">7.000% Notes due 2029</div>
              </td>
            </tr>
            <tr>
              <td rowspan="1" style="width: 40%; vertical-align: top;">&#160;</td>
              <td rowspan="1" colspan="2" style="vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 40%; vertical-align: top;">
                <div style="margin-left: 2.5pt;">Expected Ratings*:</div>
              </td>
              <td colspan="2" style="vertical-align: top;">
                <div style="margin-left: 7.75pt;">Baa3 / BBB- (Moody&#8217;s / Fitch)</div>
              </td>
            </tr>
            <tr>
              <td rowspan="1" style="width: 40%; vertical-align: top;">&#160;</td>
              <td rowspan="1" colspan="2" style="vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 40%; vertical-align: top;">
                <div style="margin-left: 2.5pt;">Aggregate Principal Amount Offered:</div>
              </td>
              <td colspan="2" style="vertical-align: top;">
                <div style="margin-left: 7.75pt;">$300,000,000</div>
              </td>
            </tr>
            <tr>
              <td rowspan="1" style="width: 40%; vertical-align: top;">&#160;</td>
              <td rowspan="1" colspan="2" style="vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 40%; vertical-align: top;">
                <div style="margin-left: 2.5pt;">Trade Date:</div>
              </td>
              <td colspan="2" style="vertical-align: top;">
                <div style="margin-left: 7.75pt;">February 7, 2024</div>
              </td>
            </tr>
            <tr>
              <td rowspan="1" style="width: 40%; vertical-align: top;">&#160;</td>
              <td rowspan="1" colspan="2" style="vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 40%; vertical-align: top;">
                <div style="margin-left: 2.5pt;">Settlement Date**:</div>
              </td>
              <td colspan="2" style="vertical-align: top;">
                <div style="margin-left: 7.75pt;">February 12, 2024 (T+3)</div>
              </td>
            </tr>
            <tr>
              <td rowspan="1" style="width: 40%; vertical-align: top;">&#160;</td>
              <td rowspan="1" colspan="2" style="vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 40%; vertical-align: top;">
                <div style="margin-left: 2.5pt;">Maturity Date:</div>
              </td>
              <td colspan="2" style="vertical-align: top;">
                <div style="margin-left: 7.75pt;">February 15, 2029, unless earlier repurchased or redeemed</div>
              </td>
            </tr>
            <tr>
              <td rowspan="1" style="width: 40%; vertical-align: top;">&#160;</td>
              <td rowspan="1" colspan="2" style="vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 40%; vertical-align: top;">
                <div style="margin-left: 2.5pt;">Interest Payment Dates:</div>
              </td>
              <td colspan="2" style="vertical-align: top;">
                <div style="margin-left: 7.75pt;">February 15 and August 15, commencing August 15, 2024</div>
              </td>
            </tr>
            <tr>
              <td rowspan="1" style="width: 40%; vertical-align: top;">&#160;</td>
              <td rowspan="1" colspan="2" style="vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 40%; vertical-align: top;">
                <div style="margin-left: 2.5pt;">Price to Public (Issue Price):</div>
              </td>
              <td colspan="2" style="vertical-align: top;">
                <div style="margin-left: 7.75pt;">The Notes will be issued at a price of 98.948% of their principal amount, plus accrued interest, if any, from February 12, 2024</div>
              </td>
            </tr>
            <tr>
              <td rowspan="1" style="width: 40%; vertical-align: top;">&#160;</td>
              <td rowspan="1" colspan="2" style="vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 40%; vertical-align: top;">
                <div style="margin-left: 2.5pt;">Coupon (Interest Rate):</div>
              </td>
              <td colspan="2" style="vertical-align: top;">
                <div style="margin-left: 7.75pt;">7.000%</div>
              </td>
            </tr>
            <tr>
              <td rowspan="1" style="width: 40%; vertical-align: top;">&#160;</td>
              <td rowspan="1" colspan="2" style="vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 40%; vertical-align: top;">
                <div style="margin-left: 2.5pt;">Yield to Maturity:</div>
              </td>
              <td colspan="2" style="vertical-align: top;">
                <div style="margin-left: 7.75pt;">7.254%</div>
              </td>
            </tr>
            <tr>
              <td rowspan="1" style="width: 40%; vertical-align: top;">&#160;</td>
              <td rowspan="1" colspan="2" style="vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 40%; vertical-align: top;">
                <div style="margin-left: 2.5pt;">Spread to Benchmark Treasury:</div>
              </td>
              <td colspan="2" style="vertical-align: top;">
                <div style="margin-left: 7.75pt;">T + 320 basis points</div>
              </td>
            </tr>
            <tr>
              <td rowspan="1" style="width: 40%; vertical-align: top;">&#160;</td>
              <td rowspan="1" colspan="2" style="vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 40%; vertical-align: top;">
                <div style="margin-left: 2.5pt;">Benchmark Treasury:</div>
              </td>
              <td colspan="2" style="vertical-align: top;">
                <div style="margin-left: 7.75pt;">4.000% due January 31, 2029</div>
              </td>
            </tr>
            <tr>
              <td rowspan="1" style="width: 40%; vertical-align: top;">&#160;</td>
              <td rowspan="1" colspan="2" style="vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 40%; vertical-align: top;">
                <div style="margin-left: 2.5pt;">Benchmark Treasury Price and Yield:</div>
              </td>
              <td colspan="2" style="vertical-align: top;">
                <div style="margin-left: 7.75pt;">99-24 &#188; / 4.054%</div>
              </td>
            </tr>
            <tr>
              <td rowspan="1" style="width: 40%; vertical-align: top;">&#160;</td>
              <td rowspan="1" colspan="2" style="vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 40%; vertical-align: top;">
                <div style="margin-left: 2.5pt;">Optional Redemption:</div>
              </td>
              <td colspan="2" rowspan="1" style="vertical-align: top;">
                <div style="text-align: justify; margin-right: 2.15pt; margin-left: 7.9pt;">Prior to January 15, 2029 (one month prior to their maturity date) (the &#8220;Par Call Date&#8221;), the Company may redeem the Notes at its option, in whole or in part, at
                  any time and from time to time, at a redemption price (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of:</div>
              </td>
            </tr>
            <tr>
              <td rowspan="1" style="width: 40%; vertical-align: top;">&#160;</td>
              <td colspan="2" rowspan="1" style="vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td rowspan="1" style="width: 40%; vertical-align: top;">&#160;</td>
              <td rowspan="1" style="width: 4%; vertical-align: top;">
                <div style="margin: 0px 2.15pt 0px 7.9pt;">-&#160; <br>
                </div>
                <div>&#160;</div>
                <br>
              </td>
              <td rowspan="1" style="width: 56%; vertical-align: top;">(a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date (assuming the notes matured on the Par Call
                Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 50 basis points less (b) interest accrued to the date of redemption, or</td>
            </tr>

        </table>
        <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; clear: both;"> </div>
        <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; clear: both;"> <br>
        </div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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          <div> <br>
          </div>
          <table style="border-collapse: collapse; border-left: 0px none; border-top: 0px none; width: 100%; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;" align="left" border="0" cellpadding="0" cellspacing="0">

              <tr>
                <td rowspan="1" style="width: 40%; vertical-align: top;">&#160;</td>
                <td rowspan="1" style="width: 4%; vertical-align: top;">
                  <div style="margin: 0px 2.15pt 0px 7.9pt;"><font style="font-weight: bold;">-</font><br>
                  </div>
                </td>
                <td rowspan="1" style="width: 56%; vertical-align: top;">1<font style="color: #231F20;">00% of the principal amount of the Notes to be redeemed,</font></td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 40%; vertical-align: top;">&#160;</td>
                <td colspan="2" rowspan="1" style="vertical-align: top;">&#160;</td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 40%; vertical-align: top;">&#160;</td>
                <td colspan="2" rowspan="1" style="vertical-align: top;">
                  <div style="text-align: justify; margin-left: 7.75pt; color: #231F20;">plus, in either case, accrued and unpaid interest thereon to the redemption date.</div>
                  <div style="text-align: justify; margin-left: 7.75pt; color: #231F20;"> <br>
                  </div>
                  <div style="text-align: justify; margin-left: 7.75pt;"><font style="color: #231F20;">On or after the Par Call Date, </font>the Company<font style="color: #231F20;"> may redeem the Notes, in whole or in part, at any time and from time to
                      time, at a redemption price equal to 100% of the principal amount of the Notes being redeemed plus accrued and unpaid interest thereon to the redemption date.</font></div>
                </td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 40%; vertical-align: top;">&#160;</td>
                <td colspan="2" rowspan="1" style="vertical-align: top;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 40%; vertical-align: top;">
                  <div style="margin-left: 2.5pt;">Denomination:</div>
                </td>
                <td colspan="2" style="vertical-align: top;">
                  <div style="margin-left: 7.75pt;">$2,000 and integral multiples of $1,000 in excess thereof</div>
                </td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 40%; vertical-align: top;">&#160;</td>
                <td rowspan="1" colspan="2" style="vertical-align: top;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 40%; vertical-align: top;">
                  <div style="margin-left: 2.5pt;">CUSIP / ISIN:</div>
                </td>
                <td colspan="2" style="vertical-align: top;">
                  <div style="margin-left: 7.75pt;">06759L AD5 / US06759LAD55</div>
                </td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 40%; vertical-align: top;">&#160;</td>
                <td rowspan="1" colspan="2" style="vertical-align: top;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 40%; vertical-align: top;">
                  <div style="margin-left: 2.5pt;">Joint Book-Running Managers:</div>
                </td>
                <td colspan="2" style="vertical-align: top;">
                  <div style="margin-left: 7.75pt;">Wells Fargo Securities, LLC</div>
                  <div style="margin-left: 7.75pt;">SMBC Nikko Securities America, Inc.</div>
                  <div style="margin-left: 7.75pt;">BMO Capital Markets Corp.</div>
                  <div style="margin-left: 7.75pt;">Fifth Third Securities, Inc.</div>
                  <div style="margin-left: 7.75pt;">ING Financial Markets LLC</div>
                  <div style="margin-left: 7.75pt;">J.P. Morgan Securities LLC</div>
                  <div style="margin-left: 7.75pt;">BNP Paribas Securities Corp.</div>
                  <div style="margin-left: 7.75pt;">MUFG Securities Americas Inc.</div>
                  <div style="margin-left: 7.75pt;">Regions Securities LLC</div>
                  <div style="margin-left: 7.75pt;">SG Americas Securities, LLC</div>
                </td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 40%; vertical-align: top;">&#160;</td>
                <td rowspan="1" colspan="2" style="vertical-align: top;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 40%; vertical-align: top;">
                  <div style="margin-left: 2.5pt;">Co-Managers:</div>
                  <div>&#160;</div>
                  <div>&#160;</div>
                  <div>&#160;</div>
                </td>
                <td colspan="2" style="vertical-align: top;">
                  <div style="margin-left: 7.75pt;">BofA Securities, Inc.</div>
                  <div style="margin-left: 7.75pt;">Citigroup Global Markets Inc.</div>
                  <div style="margin-left: 7.75pt;">R. Seelaus &amp; Co., LLC</div>
                  <div style="margin-left: 7.75pt;">Roberts &amp; Ryan, Inc.</div>
                </td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 40%; vertical-align: top;">&#160;</td>
                <td rowspan="1" colspan="2" style="vertical-align: top;">&#160;</td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 40%; vertical-align: top;">*Note:</td>
                <td rowspan="1" colspan="2" style="margin: 0px 0px 0px 7.9pt; vertical-align: top;">
                  <div>
                    <div style="margin-left: 7.75pt;">A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.</div>
                  </div>
                </td>
              </tr>

          </table>
          <div style="clear: both;"> <br>
          </div>
        </div>
        <div style="text-align: justify;"> </div>
        <div style="text-align: justify;">** The Issuer expects that delivery of the Notes will be made to investors on or about February 12, 2024, which will be the third business day following the date hereof. Under Rule 15c6-1 under the Securities
          Exchange Act of 1934, as amended, trades in the secondary market are required to settle in two business days, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade Notes on the date hereof or
          the next succeeding two business days will be required by virtue of the fact that the Notes initially settle in T+3, to specify an alternate settlement arrangement at the time of any such trade to prevent a failed settlement. Purchasers of the
          Notes who wish to trade the Notes on the date hereof or the next succeeding two business days should consult their advisors.</div>
        <div><br>
        </div>
        <div style="text-align: justify; font-weight: bold;">Investors are advised to carefully consider the investment objectives, risks, charges and expenses of Barings BDC, Inc. before investing. The Preliminary Prospectus, which has been filed with the
          Securities and Exchange Commission (the &#8220;SEC&#8221;) contains this and other information about Barings BDC, Inc. and should be read carefully before investing.</div>
        <div><br>
        </div>
        <div style="text-align: justify; font-weight: bold;">The information in the Preliminary Prospectus and in this pricing term sheet is not complete and may be changed. The Preliminary Prospectus and this pricing term sheet are not offers to sell any
          securities of Barings BDC, Inc. and are not soliciting an offer to buy such securities in any state or jurisdiction where such offer and sale is not permitted.</div>
        <div><br>
        </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: justify; font-weight: bold;"> <br>
        </div>
        <div style="text-align: justify; font-weight: bold;">Barings BDC, Inc. has filed a registration statement including a prospectus and the prospectus supplement with the SEC for the offering to which this communication relates. Before you invest, you
          should read the prospectus in that registration statement, the prospectus supplement and other documents Barings BDC, Inc. has filed with the SEC for more complete information about Barings BDC, Inc. and this offering. You may obtain these
          documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, Barings BDC, Inc., any underwriter or any dealer participating in the offering will arrange to send you the prospectus and the prospectus supplement, if you
          request them by calling Wells Fargo Securities, LLC toll-free at +1 (800) 645-3751.</div>
        <div>&#160;</div>
        <div style="text-align: justify; font-weight: bold;">Any disclaimer or other notice that may appear below is not applicable to this communication and should be disregarded. Such disclaimer or notice was automatically generated as a result of this
          communication being sent by Bloomberg or another email system.</div>
        <div style="text-align: justify; font-weight: bold;"> <br>
        </div>
        <div style="text-align: justify; font-weight: bold;">
          <hr style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"> </div>
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