<SEC-DOCUMENT>0001133228-25-009639.txt : 20250909
<SEC-HEADER>0001133228-25-009639.hdr.sgml : 20250909
<ACCEPTANCE-DATETIME>20250908182240
ACCESSION NUMBER:		0001133228-25-009639
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250909
DATE AS OF CHANGE:		20250908

SUBJECT COMPANY:	

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

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-282335
		FILM NUMBER:		251301187

	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:           	
		EIN:				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
<SEQUENCE>1
<FILENAME>bbi-efp17657_fwp.htm
<DESCRIPTION>BARINGS BDC, INC. - FWP
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 144.3pt; text-align: right"><FONT STYLE="font-style: normal; font-weight: normal">Filed
Pursuant to Rule 433</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 144.3pt; text-align: right"><FONT STYLE="font-style: normal; font-weight: normal">Issuer
Free Writing Prospectus dated September 8, 2025</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 4.5pt; text-align: right"><FONT STYLE="font-style: normal; font-weight: normal">Relating
to Preliminary Prospectus Supplement dated September 8, 2025 and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 144.3pt; text-align: right"><FONT STYLE="font-style: normal; font-weight: normal">Prospectus
dated September&nbsp;26, 2024</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 144.3pt; text-align: right"><FONT STYLE="font-style: normal; font-weight: normal">Registration
No. 333-282335</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0.05pt 143.25pt 0 144.3pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0.05pt 143.25pt 0 144.3pt; text-align: center">Barings BDC, <FONT STYLE="letter-spacing: -0.2pt">Inc.</FONT></P>

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

<P STYLE="font: 10pt/13.75pt Times New Roman, Times, Serif; margin: 0 143.3pt 0 144.3pt; text-align: center"><B>$300,000,000 </B></P>

<P STYLE="font: 10pt/13.75pt Times New Roman, Times, Serif; margin: 0 143.3pt 0 144.3pt; text-align: center"><FONT STYLE="letter-spacing: -0.05pt"><B>5.200</B></FONT><B>%
Notes due <FONT STYLE="letter-spacing: -0.05pt">2028</FONT></B></P>

<P STYLE="font: 10pt/13.15pt Times New Roman, Times, Serif; margin: 0 143.25pt 0 144.3pt; text-align: center"><B>PRICING TERM <FONT STYLE="letter-spacing: -0.2pt">SHEET</FONT></B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 11.5pt 143.3pt 0 144.3pt; text-align: center"><FONT STYLE="letter-spacing: -0.1pt">September
8</FONT>, <FONT STYLE="letter-spacing: -0.2pt">2025</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.4pt 0pt 0pt"><I>The following sets forth the final terms of the 5.200%
Notes due 2028 (the &ldquo;Notes&rdquo;) and should only be read together with the preliminary prospectus supplement dated September
8, 2025 together with the accompanying prospectus dated September 26, 2024, relating to these securities (collectively, the &ldquo;Preliminary
Prospectus&rdquo;), and supersedes the information in the Preliminary <FONT STYLE="letter-spacing: -0.2pt">Prospectus </FONT>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.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0"><I>&nbsp;</I></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt/11.05pt Times New Roman, Times, Serif; padding: 4pt; width: 37%"><FONT STYLE="letter-spacing: -0.1pt">Issuer:</FONT></TD>
    <TD STYLE="font: 10pt/11.05pt Times New Roman, Times, Serif; padding: 4pt; width: 63%">Barings BDC, <FONT STYLE="letter-spacing: -0.2pt">Inc.
    (the &ldquo;Company&rdquo;)</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 4pt">Security <FONT STYLE="letter-spacing: -0.1pt">Title:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 4pt">5.200% Notes due <FONT STYLE="letter-spacing: -0.2pt">2028</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 4pt">Expected <FONT STYLE="letter-spacing: -0.1pt">Ratings*:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 4pt">Baa3 / BBB- (Moody&rsquo;s / <FONT STYLE="letter-spacing: -0.1pt">Fitch)</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 4pt">Aggregate Principal Amount <FONT STYLE="letter-spacing: -0.1pt">Offered:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 4pt"><FONT STYLE="letter-spacing: -0.1pt">$300,000,000</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 4pt">Trade <FONT STYLE="letter-spacing: -0.1pt">Date:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 4pt">September <FONT STYLE="letter-spacing: -0.15pt">8</FONT>, <FONT STYLE="letter-spacing: -0.2pt">2025</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 4pt">Settlement <FONT STYLE="letter-spacing: -0.1pt">Date**:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 4pt">September 15, 2025 <FONT STYLE="letter-spacing: -0.2pt">(T+5)</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 4pt">Maturity <FONT STYLE="letter-spacing: -0.1pt">Date:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 4pt">September 15, <FONT STYLE="letter-spacing: -0.2pt">2028, unless
    earlier repurchased or redeemed</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 4pt">Interest Payment <FONT STYLE="letter-spacing: -0.1pt">Dates:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 4pt">March 15 and <FONT STYLE="letter-spacing: -0.2pt">September 15</FONT>,
    commencing <FONT STYLE="letter-spacing: -0.15pt">March 15, 2026</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 4pt">Price to Public (Issue <FONT STYLE="letter-spacing: -0.1pt">Price):</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 4pt">99.281% of their principal <FONT STYLE="letter-spacing: -0.1pt">amount</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 4pt">Coupon (Interest <FONT STYLE="letter-spacing: -0.1pt">Rate):</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 4pt"><FONT STYLE="letter-spacing: -0.1pt">5.200%</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 4pt">Yield to <FONT STYLE="letter-spacing: -0.1pt">Maturity:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 4pt"><FONT STYLE="letter-spacing: -0.1pt">5.463%</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 4pt">Spread to Benchmark <FONT STYLE="letter-spacing: -0.1pt">Treasury:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 4pt">T + <FONT STYLE="letter-spacing: -0.1pt">200</FONT> basis <FONT STYLE="letter-spacing: -0.1pt">points</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 4pt">Benchmark <FONT STYLE="letter-spacing: -0.1pt">Treasury:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 4pt">3.625% due <FONT STYLE="letter-spacing: -0.1pt">August 15</FONT>,
    <FONT STYLE="letter-spacing: -0.2pt">2028</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 4pt">Benchmark Treasury Price and <FONT STYLE="letter-spacing: -0.1pt">Yield:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 4pt"><FONT STYLE="letter-spacing: -0.1pt">100-14 &frac14; / 3.463%</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 4pt">Optional <FONT STYLE="letter-spacing: -0.1pt">Redemption:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4pt 4pt 10pt; text-align: justify">Prior
                                            to August 15, 2028 (one month prior to their maturity date) (the &ldquo;Par Call Date&rdquo;),
                                            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:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -18pt; margin-top: 0; margin-right: 0; margin-left: 25.75pt"><FONT STYLE="letter-spacing: -0.3pt">-&nbsp;&nbsp;&nbsp;&nbsp;&#8239;
    </FONT>(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 30 basis points less (b) interest accrued to the date of redemption, <FONT STYLE="letter-spacing: -0.3pt">and</FONT></P>
    </TD></TR>
  </TABLE>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -18pt; margin-top: 0; margin-right: 0; margin-left: 25.75pt">-&nbsp;&nbsp;&nbsp;&nbsp;&#8239;1<FONT STYLE="color: #231F20">00%
                                            of the principal amount of the Notes to be redeemed,</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-left: 7.9pt; color: #231F20">plus, in
    either case, accrued and unpaid interest thereon to the redemption date of the Notes.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; 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 of the Notes. </FONT></P>

  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 4pt; width: 37%"><FONT STYLE="letter-spacing: -0.1pt">Denomination:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 4pt; width: 63%">$2,000 and integral multiples of $1,000 in excess
    <FONT STYLE="letter-spacing: -0.1pt">thereof</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 4pt">CUSIP / <FONT STYLE="letter-spacing: -0.1pt">ISIN:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 4pt">06759L AE3 / <FONT STYLE="letter-spacing: -0.1pt">US06759LAE39</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 4pt">Joint Book-Running <FONT STYLE="letter-spacing: -0.1pt">Managers:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 102.95pt 0pt 0pt">J.P.
                                            Morgan Securities LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 102.95pt 0pt 0pt">ING Financial Markets LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 102.95pt 0pt 0pt">MUFG Securities Americas Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 102.95pt 0pt 0pt">SMBC Nikko Securities America, Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 102.95pt 0pt 0pt">BMO Capital Markets Corp.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 102.95pt 0pt 0pt">Fifth Third Securities, Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 102.95pt 0pt 0pt">Wells Fargo Securities, LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 102.95pt 0pt 0pt">BofA Securities, Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 102.95pt 0pt 0pt">BNP Paribas Securities Corp.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 102.95pt 0pt 0pt">Regions Securities LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 102.95pt 0pt 0pt">&nbsp;</P></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 4pt"><FONT STYLE="letter-spacing: -0.1pt">Co-Managers:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt">Citigroup
                                            Global Markets Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt">Compass Point Research &amp; Trading, LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt">First Citizens Capital Securities, LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt">Keefe, Bruyette &amp; Woods, Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt">Natixis Securities Americas LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt">R. Seelaus &amp; Co., LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt">Raymond James &amp; Associates, Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt">SG Americas Securities, LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt">WauBank Securities LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2.3pt 0 0 2.5pt">&nbsp;</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.85pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.85pt 0 0"><FONT STYLE="font-weight: normal; letter-spacing: -0.1pt">*
</FONT><FONT STYLE="font-weight: normal">A securities rating is not a recommendation to buy, sell or hold securities and may be subject
to revision or withdrawal at any time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.85pt 0 0"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.85pt 0 0"><FONT STYLE="font-weight: normal">** The Company expects that
delivery of the Notes will be made to investors on or about September 15, 2025, which will be the <FONT STYLE="letter-spacing: -0.25pt">fifth
</FONT>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 one business day, unless the parties to any such trade expressly agree otherwise. Accordingly,
purchasers who wish to trade Notes prior to one business day before the delivery of the Notes will be required by virtue of the fact
that the Notes initially settle in T+5, to specify an alternate settlement cycle at the time of any such trade to prevent a failed settlement.
Purchasers of the Notes who wish to trade the Notes prior to one business day before the date of delivery should consult their own advisors.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 5.75pt 0 5pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 5.75pt 0pt 0pt">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 &ldquo;SEC&rdquo;) contains this and other information about Barings BDC, Inc. and should
be read carefully before investing.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 5.75pt 0pt 0pt">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.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 5.75pt 0pt 0pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 5.75pt 0pt 0pt">Barings BDC, Inc. has filed a registration statement
including a prospectus and a preliminary prospectus supplement with the SEC for the offering to which this communication relates. Before
you invest, you should read the Preliminary Prospectus 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 Preliminary Prospectus, if you request them by calling J.P. Morgan Securities LLC collect at 212-834-4533; ING Financial Markets
LLC toll-free at +1-877-446-4930; MUFG Securities Americas Inc. toll-free at 1-877-649-6848 or SMBC Nikko Securities America, Inc. toll-free
at 1-888-868-6856.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0.05pt 5.75pt 0pt 0pt">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.</P>



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