Bain Capital Specialty Finance priced an offering of $115 million aggregate principal amount of 8.5% senior unsecured notes due 2023. The notes will mature on June 10, 2023 and are subject to a two-year non-call period, unless redeemed earlier at par plus a “make-whole” premium. Thereafter, the notes may be redeemed at par, in accordance with certain terms.
“We are conducting this offering to improve the company’s financial flexibility and enhance our liquidity position, while not significantly impacting our overall cost of borrowings,” Michael Ewald, president and CEO of Bain Capital Specialty Finance, said. “We believe these strategic benefits will serve to strengthen our balance sheet and position the company to weather any additional market headwinds.”
Bain Capital Specialty Finance intends to use the net proceeds of this offering to repay debt under its secured credit facilities. The offering is expected to close on June 10, subject to satisfaction of customary closing conditions.
Goldman Sachs served as placement agent for this offering. In connection with the notes offering, Bain Capital Specialty Finance amended certain terms of its existing credit facility with Goldman Sachs Bank.
Bain Capital Specialty Finance is an externally managed specialty finance company focused on lending to middle-market companies.