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Kayne Anderson BDC, Inc. (NYSE:KBDC) said Friday it reached a conditional agreement with institutional investors for a $200 million private placement of senior unsecured notes, according to a statement based on a recent SEC filing.
The transaction, expected to close on or about September 9, includes $40 million of floating rate Series C Notes due June 2028, carrying an interest rate of SOFR plus 2.32% per annum. It also consists of $60 million of 5.80% fixed rate Series D Notes due June 2028, and $100 million of 6.15% fixed rate Series E Notes due October 2030.
Kayne Anderson BDC said it intends to use net proceeds from the offering to refinance existing debt and for general corporate purposes.
In connection with the Series D and E Notes, the company entered into interest rate swaps. For the Series D Notes, Kayne Anderson BDC will receive a fixed interest rate of 5.80% per annum and pay a floating rate of SOFR plus 2.37% per annum on $60 million. For the Series E Notes, the company will receive a fixed rate of 6.15% per annum and pay a floating rate of SOFR plus 2.6565% per annum on $100 million. The company designated each interest rate swap as a hedging instrument under a qualifying hedge accounting relationship.
The closing of the transaction is subject to investor due diligence, legal documentation, and other standard closing conditions. The notes issued in this private placement will not be registered under the Securities Act of 1933 and may not be offered or sold in the United States without registration or an applicable exemption.
This information is based on a press release statement and the company’s SEC filing.
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