Barings Becomes Investment Adviser to Barings BDC, Inc.


Dechert represented Barings LLC (“Barings”), one of the world’s leading asset management firms, in becoming the external investment adviser to Barings BDC, Inc. (“Barings BDC” or the “Company”, f/k/a Triangle Capital Corporation or “TCAP”), a business development company, following completion of the previously announced externalization transaction.

TCAP stockholders approved the externalization transaction among other proposals at a special meeting held on July 24. The Company has been renamed Barings BDC, Inc., and its shares now trade on the New York Stock Exchange under the ticker symbol “BBDC.”

As part of this transaction, a stockholder payment of US$85 million (or approximately US$1.78 per share) by Barings was distributed on Friday, August 3, to all of the Company’s stockholders of record as of August 2.

At closing, Barings also invested US$100 million in cash in new Barings BDC shares at a price of $11.72 per share, which represents TCAP’s pro-forma NAV estimate, accounting for the sale of TCAP’s assets to BSP Asset Acquisition I, LLC, as well as other transaction expenses.

The Dechert team that advised Barings LLC was led by corporate partners Carl de Brito (Picture), Richard Goldberg and Gregory Schernecke, financial services partner Richard Horowitz, tax partners Ari Zak and Steven Clemens and corporate associate Daniel Rainer.

Involved fees earner: Carl de Brito – Dechert; Richard Goldberg – Dechert; Gregory Schernecke – Dechert; Daniel Rainer – Dechert; Richard Horowitz – Dechert; Ari Zak – Dechert; Steven Clemens – Dechert;

Law Firms: Dechert;

Clients: Barings;

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Author: Ambrogio Visconti