Goldman Sachs BDC completed its merger with Goldman Sachs Middle Market Lending. Advising the merger were BofA Securities and Dechert, who served as financial and legal advisors to Goldman Sachs BDC while Morgan Stanley and Eversheds Sutherland served as financial and legal advisors to Goldman Sachs Middle Market Lending.
The transaction increases Goldman Sachs BDC’s asset base to $3.5 billion and delivers deleveraging, enabling the company to take advantage of lending opportunities in the current environment.
In connection with the merger, Goldman Sachs Middle Market Lending shareholders received 1.1336 shares of Goldman Sachs BDC for each share of Goldman Sachs Middle Market Lending held in accordance with the exchange ratio under the amended and restated agreement and plan of merger.
Prior to consummation of the merger, the board of directors of Goldman Sachs Middle Market Lending declared a special distribution of $75 million, or $1.39 per share. The Goldman Sachs Middle Market Lending special distribution will be payable on Oct. 30, 2020, to shareholders of record of Goldman Sachs Middle Market Lending as of Oct. 9, 2020.
“We want to thank all of our stakeholders for their support of the transaction, which we believe will deliver significant benefits to the company.” Brendan McGovern, president and CEO of Goldman Sachs BDC, said.
Goldman Sachs BDC is a specialty finance company formed by Goldman Sachs to invest primarily in middle-market companies in the United States, and is externally managed by Goldman Sachs Asset Management, an SEC-registered investment adviser and a wholly-owned subsidiary of Goldman Sachs.