GSBD Issues $400M Senior Unsecured 5-Year Notes Due 2030

Rhea-AI Filing Summary

Goldman Sachs BDC, Inc. is offering $400 million of senior unsecured 5-year notes due September 9, 2030, with settlement T+3 on September 9, 2025. The notes are SEC-registered, carry a fixed coupon priced off initial guidance of T+220 bps area, have expected ratings of Moody's Baa3 (Stable) and Fitch BBB- (Stable), and will fund repayment of a portion of the revolving credit facility and other general corporate purposes.

Insights

Debt Capital Markets Specialist

TL;DR: A standard 5-year senior unsecured note issuance to refinance revolver borrowings and provide corporate liquidity, sized at $400MM.

The structure is conventional: SEC-registered senior unsecured notes with a fixed coupon and a make-whole optional redemption. Initial price talk at T+220bps indicates market execution intent; settlement on September 9, 2025 follows industry practice of T+3. Expected investment-grade lower-medium ratings from Moody's and Fitch should aid distribution, and the active syndicate includes major banks to support bookbuilding.

Credit Analyst

TL;DR: Issuance increases unsecured liabilities but is targeted to reduce revolver usage, with credit support from expected Baa3/BBB- ratings.

The proceeds are designated to pay down part of the revolving credit facility and for general corporate purposes, which may modestly lower short-term leverage if used against the revolver. Notes rank as senior unsecured obligations and include a 100% change-of-control redemption feature. The expected ratings reflect lower-medium investment-grade positioning.

Filed Pursuant to Rule 497(a)

Registration No. 333-274797

Rule 482ad

Issuer (Ticker):		Goldman Sachs BDC, Inc. (GSBD)
Tenor:		5 Year
Maturity Date:		September 9, 2030
Announced Size:		$400MM WNG
IPTs:		T + 220 bps area
Expected Ratings/Outlooks*:		Moody’s: Baa3 / Stable
		Fitch: BBB- /Stable
Format:		SEC Registered
Ranking:		Senior Unsecured
Settlement:		T+3 (September 9, 2025)
Coupon Type:		Fixed
Change of Control:		100%
Optional Redemption:		Make Whole Call
		Par Call: 1 month prior to maturity
Active Book Runners:		BofA (B&D), HSBC, MUFG, SMBC, TSI
Use of Proceeds:		Pay down a portion of the Revolving Credit Facility and for general corporate purposes
Denominations:		$2,000 x $1,000
Timing:		Today’s Business
Sale into Canada:		Yes – Exemption
CUSIP / ISIN:		38147UAF4 / US38147UAF49

----Disclaimers----

* A rating is not a recommendation to purchase, hold or sell securities, and such rating does not address market price or suitability for a particular investor and may be subject to suspension, reduction or withdrawal at any time. There can be no assurance that any ratings assigned will not be lowered or withdrawn by one or more rating agencies.

The issuer has filed a registration statement including a prospectus and a prospectus supplement with the Securities and Exchange Commission (SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus and prospectus supplement in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may obtain these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus and the prospectus supplement if you request them by calling BofA Securities, Inc. at 1-800-294-1322, HSBC Securities (USA) Inc. toll-free at 1-866-811-8049; MUFG Securities Americas Inc. toll-free at 1-877-649-6848; SMBC Nikko Securities America, Inc. toll-free at 1-888-868-6856; or Truist Securities, Inc. toll-free at 1-800-685-4786.

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