Bain Capital Specialty Finance sells $350M 2031 notes

Bain Capital Specialty Finance, Inc. entered into a Fourth Supplemental Indenture with U.S. Bank Trust Company to issue $350,000,000 aggregate principal amount of 5.950% notes due 2031.

Rhea-AI Filing Summary

Bain Capital Specialty Finance, Inc. entered into a Fourth Supplemental Indenture with U.S. Bank Trust Company to issue $350,000,000 aggregate principal amount of 5.950% notes due 2031.

The Notes mature on March 1, 2031, bear interest at 5.950% per year, and pay interest semi-annually on March 1 and September 1, beginning September 1, 2026. They are general unsecured obligations, ranking senior to expressly subordinated debt, equal with other unsecured unsubordinated debt, effectively junior to secured debt up to the value of collateral, and structurally junior to liabilities of subsidiaries.

The Indenture includes asset coverage and reporting covenants and requires a repurchase offer at 100% of principal plus accrued interest upon a defined change of control repurchase event. The registered offering closed on January 29, 2026 and generated net proceeds of about $342.5 million, which the Company intends to use to repay outstanding secured indebtedness under its financing arrangements and for general corporate purposes.

Insights

Credit & capital structure analyst

BCSF adds $350M unsecured notes, terming out debt and repaying secured borrowings.

Bain Capital Specialty Finance issued $350,000,000 of 5.950% notes maturing on March 1, 2031. The notes are unsecured, rank pari passu with other unsecured unsubordinated debt, and sit behind any secured borrowings to the extent of pledged assets.

The Indenture requires compliance with Investment Company Act asset coverage tests and continuing financial information if Exchange Act reporting ceases. A defined change of control repurchase event triggers a repurchase offer at 100% of principal plus accrued interest, providing some downside protection for noteholders under that scenario.

Net proceeds of about $342.5 million are earmarked to repay outstanding secured indebtedness under existing financing arrangements and for general corporate purposes. This shifts part of the capital structure from secured to unsecured debt and extends maturity to 2031, with overall impact depending on the Company’s broader leverage and asset base.

8-K Event Classification

2 items: 1.01, 2.03

2 items

Item 1.01 Entry into a Material Definitive Agreement Business

The company signed a significant contract such as a merger agreement, credit facility, or major partnership.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement Financial

The company incurred a new significant debt or off-balance-sheet obligation.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What notes did Bain Capital Specialty Finance (BCSF) issue in this 8-K?

Bain Capital Specialty Finance issued $350,000,000 aggregate principal amount of 5.950% notes due 2031. These notes are general unsecured obligations, bearing a fixed 5.950% annual interest rate and maturing on March 1, 2031, with semi-annual interest payments.

What are the key terms of BCSF’s 5.950% notes due 2031?

The notes mature on March 1, 2031 and carry a 5.950% annual interest rate. Interest is payable semi-annually on March 1 and September 1, starting September 1, 2026. The company may redeem them, in whole or in part, at the redemption prices in the Indenture.

How will Bain Capital Specialty Finance use the $342.5 million net proceeds?

Net proceeds of approximately $342.5 million will be used to repay outstanding secured indebtedness under the company’s financing arrangements and for general corporate purposes. This shifts part of its funding from secured borrowings to longer-term unsecured notes maturing in 2031.

How do BCSF’s new notes rank compared with its other debt?

The notes are general unsecured obligations ranking senior to expressly subordinated indebtedness and pari passu with other unsecured unsubordinated debt. They rank effectively junior to secured indebtedness up to collateral value and structurally junior to liabilities of subsidiaries and financing vehicles.

What investor protections are included in Bain Capital Specialty Finance’s Indenture?

The Indenture includes covenants requiring compliance with Investment Company Act asset coverage standards and ongoing financial information if Exchange Act reporting stops. It also requires a repurchase offer at 100% of principal plus accrued interest upon a defined change of control repurchase event.

Was BCSF’s 5.950% notes offering a registered transaction?

Yes. The notes were offered and sold in an offering registered under the Securities Act of 1933, using a Form N-2 registration statement, a preliminary prospectus supplement dated January 22, 2026, and a pricing term sheet filed the same day with the Securities and Exchange Commission.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 01/29/2026 - 05:11 PM Learn about SEC filing dates

false0001655050DEMA 0001655050 2026-01-29 2026-01-29

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported): January 29, 2026

BAIN CAPITAL SPECIALTY FINANCE, INC.

(Exact name of Registrant as Specified in Its Charter)

DELAWARE		814-01175		81-2878769
(State or Other Jurisdiction of Incorporation)		(Commission File Number)		(I.R.S. Employer Identification No.)
200 CLARENDON STREET, 37TH FLOOR, BOSTON, MA				02116
(Address of Principal Executive Offices)				(Zip Code)

Registrant’s telephone number, including area code: (617) 516-2000

N/A

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐		Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐		Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐		Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐		Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, $0.001 par value		BCSF		New York Stock Exchange

Item 1.01. Entry into a Material Definitive Agreement.

On January 29, 2026, Bain Capital Specialty Finance, Inc. (the “Company”) and U.S. Bank Trust Company, National Association (the “Trustee”), entered into a Fourth Supplemental Indenture (the “Fourth Supplemental Indenture”) to the Indenture between the Company and the Trustee, dated March 10, 2021 (the “Base Indenture,” and together with the Fourth Supplemental Indenture, the “Indenture”). The Fourth Supplemental Indenture relates to the Company’s issuance of $350,000,000 aggregate principal amount of its 5.950% notes due 2031 (the “Notes”).

The Notes will mature on March 1, 2031 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the Indenture. The Notes bear interest at a rate of 5.950% per year payable semi-annually on March 1 and September 1 of each year, commencing on September 1, 2026. The Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

The Indenture contains certain covenants, including covenants requiring the Company to comply with the asset coverage requirements of Section 18(a)(1)(A) as modified by Section 61(a)(1) and (2) of the Investment Company Act of 1940, as amended, whether or not it is subject to those requirements, and to provide financial information to the holders of the Notes and the Trustee if the Company is no longer subject to the reporting requirements under the Securities Exchange Act of 1934, as amended. These covenants are subject to important limitations and exceptions that are described in the Indenture.

In addition, on the occurrence of a “change of control repurchase event,” as defined in the Indenture, the Company will generally be required to make an offer to repurchase the outstanding Notes at a price equal to 100% of the principal amount of such Notes plus accrued and unpaid interest to the repurchase date.

The Notes were offered and sold in an offering registered under the Securities Act of 1933, as amended, pursuant to the Registration Statement on Form N-2 (File No. 333-288343) (the “Registration Statement”), the preliminary prospectus supplement dated January 22, 2026 and the pricing term sheet filed with the Securities and Exchange Commission on January 22, 2026. The transaction closed on January 29, 2026. The net proceeds to the Company were approximately $342.5 million, after deducting the underwriting discounts and commissions, and estimated offering expenses. The Company intends to use the net proceeds to repay outstanding secured indebtedness under its financing arrangements and for general corporate purposes.

The foregoing descriptions of the Fourth Supplemental Indenture and the Notes do not purport to be complete and are qualified in their entirety by reference to the full text of the Fourth Supplemental Indenture and the Notes, respectively, each filed as exhibits hereto and incorporated by reference herein.

Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information required by Item 2.03 contained in Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

EXHIBIT NUMBER		DESCRIPTION
4.1		Indenture, dated as of March 10, 2021, by and between the Company and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 99.1 of the Company’s Current Report on Form 8-K, filed on March 10, 2021).
4.2		Fourth Supplemental Indenture, dated as of January 29, 2026, relating to the 5.950% Notes due 2031, by and between the Company and U.S. Bank Trust Company, National Association, as trustee.
4.3		Form of 5.950% Notes due 2031 (incorporated by reference to Exhibit 4.2 hereto).
5.1		Opinion of Dechert LLP.
23.1		Consent of Dechert LLP (included in Exhibit 5.1).
104		Cover page interactive data file (formatted as Inline XBRL)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

				BAIN CAPITAL SPECIALTY FINANCE, INC.
Date: January 29, 2026				By:		/s/ Adrianna Rojas Garzón
				Name:		Adrianna Rojas Garzón
				Title:		Vice President