Goldman Sachs BDC, Inc. (GSBD) priced a $400 million offering of unsecured notes with a 5.100% coupon that mature on January 28 2029. The notes were priced on Tuesday, January 21 2026, and are expected to be delivered on or about January 28 2026. The notes are fixed‑rate, unsecured, and may be redeemed at par plus a make‑whole premium at the company’s option.
The proceeds will be used to pay down debt under GSBD’s revolving credit facility and for general corporate purposes. As of September 30 2025, GSBD had approximately $1.853 billion in total indebtedness, of which $553 million was secured. The new issuance will increase total debt to roughly $2.253 billion, extending the maturity profile and providing a fixed‑rate source of capital that can be matched against the company’s floating‑rate assets.
GSBD’s decision to lock in a 5.100% coupon comes amid a period of declining revenue and earnings. Revenue fell 4.52% in 2024 versus 2023, and earnings dropped 67.9%. By securing a fixed‑rate debt instrument, GSBD can hedge against rising interest rates while maintaining liquidity to support portfolio expansion and operational needs.
The notes add a fixed‑rate debt instrument to GSBD’s capital structure, diversifying its funding sources and supporting its mandate to invest in middle‑market U.S. companies. The issuance follows a 2020 $500 million 2.875% unsecured note, illustrating a pattern of periodic debt financing to support growth.
Goldman Sachs Group, the parent company, has also been active in capital markets, issuing $16 billion of new debt across maturities 2029‑2047. GSBD’s issuance is part of a broader strategy by the group to secure long‑term capital for its various business lines.
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