The Goldman Sachs BDC has declared an initial public offering of 6 million shares of common stock. GS BDC, which will be traded on the New York Stock Exchange as “GBDC,” also said it plans to grant the underwriters an overallotment option to purchase up to an additional 900,000 shares of its stock. The vehicle expects to start trading during the week of March 16 at an anticipated price of $20-$21. The preliminary prospectus filed on March 10 contains this and other information about the offering.
The vehicle previously detailed the planned launch and investment strategy via a form N-2 that was filed with the Securities and Exchange Commission earlier. GS BDC plans to use proceeds to repay a portion of its outstanding debt under a senior secured revolving credit agreement.
BofA Merrill Lynch, Goldman Sachs, Morgan Stanley, Citigroup, Credit Suisse and Wells Fargo Securities are acting as joint book runners. Raymond James and SunTrust Robinson Humphrey are the co-managers for the offering.
GS BDC was formed by Goldman Sachs in 2012 to invest in mid-market companies in the United States. Since its founding through the end of last year, the vehicle had originated about $1.27 billion in aggregate principal amount of debt and equity investments. The group focuses on direct originations of secured debt, including first lien, first lien/last-out unitranche and second lien debt; unsecured debt, including mezzanine debt and; to a lesser extent, investments in equities.
As of year-end, the Goldman Sachs BDC had 45 investments in 34 portfolio companies with an aggregate fair value of about $914 million, according to SEC filings.