Kayne Anderson BDC closes $200M note placement

Kayne Anderson BDC, Inc. closed a private placement of $200 million of senior unsecured notes, split into three series.

Rhea-AI Filing Summary

Kayne Anderson BDC, Inc. closed a private placement of $200 million of senior unsecured notes, split into three series. The company issued $40 million of floating-rate Series C Notes at SOFR plus 2.32% due June 2028, $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. Funding will occur on October 15, 2025, and net proceeds will be used to refinance existing debt and for general corporate purposes.

To better match its predominantly floating-rate loan portfolio, the company entered into interest rate swaps on the Series D and E Notes. For the Series D swap, it receives a fixed 5.80% rate and pays SOFR plus 2.37% on $60 million, and for the Series E swap, it receives 6.15% and pays SOFR plus 2.6565% on $100 million, each designated as a qualifying hedge. The notes were sold in a private offering and are not registered under the Securities Act of 1933.

Insights

Credit and capital structure analyst

Kayne Anderson BDC raises $200M debt and hedges rate risk.

Kayne Anderson BDC has arranged a $200 million private placement of senior unsecured notes, with Series C, D and E maturities in June 2028 and October 2030. The stated use of net proceeds is to refinance existing debt and for general corporate purposes, so this is largely a balance sheet reshaping rather than pure growth capital.

The structure mixes $40 million of floating-rate Series C Notes at SOFR plus 2.32% with $60 million of 5.80% Series D Notes and $100 million of 6.15% Series E Notes. Through interest rate swaps on the Series D and E tranches, the company effectively converts those fixed-rate obligations into floating, paying SOFR plus 2.37% on $60 million and SOFR plus 2.6565% on $100 million while receiving the fixed coupons.

Each swap is designated in a qualifying hedge accounting relationship, which can help align reported results with the economics of a predominantly floating-rate loan portfolio. Funding is scheduled for October 15, 2025, so subsequent disclosures around the refinancing of specific existing debts will clarify how overall interest cost and maturity profiles change after that date.

8-K Event Classification

4 items: 1.01, 2.03, 7.01, 9.01

4 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.

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

FAQ

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

What did Kayne Anderson BDC (KBDC) announce in this 8-K?

Kayne Anderson BDC, Inc. reported that it closed a private placement of $200 million of senior unsecured notes in three series (Series C, D and E) and described related interest rate swaps.

How is the $200 million Kayne Anderson BDC (KBDC) note offering structured?

The placement includes $40 million of floating-rate Series C Notes at SOFR plus 2.32% due June 2028, $60 million of 5.80% Series D Notes due June 2028, and $100 million of 6.15% Series E Notes due October 2030.

When will Kayne Anderson BDC (KBDC) receive funding from the new notes and how will proceeds be used?

Funding is scheduled for October 15, 2025, and net proceeds will be used to refinance existing debt and for general corporate purposes.

What interest rate swaps did Kayne Anderson BDC (KBDC) enter into for the new notes?

For the $60 million Series D Notes, the company receives a fixed 5.80% rate and pays SOFR plus 2.37%. For the $100 million Series E Notes, it receives 6.15% and pays SOFR plus 2.6565%, with each swap designated as a hedging instrument in a qualifying hedge relationship.

Are the new Kayne Anderson BDC (KBDC) notes registered under the Securities Act of 1933?

No. The Series C, D and E Notes were issued in a private placement and 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.

What exhibits did Kayne Anderson BDC (KBDC) include related to the new notes?

The company filed a Note Purchase Agreement dated September 9, 2025 as Exhibit 10.1, a press release announcing the closing as Exhibit 99.1, and the cover page interactive data file as Exhibit 104.

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Accepted by SEC EDGAR 09/10/2025 - 05:10 PM Learn about SEC filing dates

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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): September 9, 2025

Kayne Anderson BDC, Inc.

(Exact name of registrant as specified in its charter)

Delaware		814-01363		83-0531326
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)

717 Texas Avenue, Suite 2200, Houston, TX		77002
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: 1 (713) 493-2020

Not Applicable

(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 (see General Instruction A.2. below):

☐ 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))

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, par value $0.001		KBDC		NYSE

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

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. ☐

Item 1.01 Entry into a Material Definitive Agreement.

On September 9, 2025, Kayne Anderson BDC, Inc. (the “Company”) closed a private placement offering of $200 million of senior unsecured notes (the “Series C, D and E Notes”). The private placement consisted of $40 million of floating rate Series C Notes with an interest rate of SOFR plus 2.32% per annum due June 2028; $60 million of 5.80% Series D Notes due June 2028 and $100 million of 6.15% Series E Notes due October 2030. Funding will occur on October 15, 2025, and net proceeds from the offering will be used to refinance existing debt and for general corporate purposes.

In connection with the Series D and Series E Notes, the Company entered into interest rate swaps to more closely align the interest rates of the Company’s liabilities with the Company’s investment portfolio, which consists of predominantly floating rate loans. Under the interest rate swap agreement related to the Series D Notes, the Company receives a fixed interest rate of 5.80% per annum and pays a floating interest rate of SOFR plus 2.37% per annum on the $60 million of the Series D Notes. Under the interest rate swap agreement related to the Series E Notes, the Company receives a fixed interest rate of 6.15% per annum and pays a floating interest rate of SOFR plus 2.6565% per annum on the $100 million of the Series E Notes. The Company designated each interest rate swap as the hedging instrument in a qualifying hedge accounting relationship.

The Series C, D and E Notes issued in connection with this private placement will not be registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration.

The foregoing description is only a summary of the material provisions of the Series C, D and E Notes and is qualified in its entirety by reference to a copy of the agreement, which is filed as Exhibit 10.1 to this Current Report on Form 8-K 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 set forth under Item 1.01 above is incorporated by reference into this Item 2.03.

Item 7.01. Regulation FD Disclosure.

On September 9, 2025, the Company issued a press release, included herewith as Exhibit 99.1, announcing the closing of the Series C, D and E Notes, which the material provisions are described above in Item 1.01.

The information disclosed under this Item 7.01, including Exhibit 99.1 hereto, is being “furnished” and shall not be deemed “filed” by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, and shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.  

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit Number		Description
10.1		Note Purchase Agreement, dated September 9, 2025.
99.1		Press Release of Kayne Anderson BDC, Inc., dated September 9, 2025.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

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SIGNATURE

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

	KAYNE ANDERSON BDC, INC.
Date: September 10, 2025	By:	/s/ Terry A. Hart
	Name:	Terry A. Hart
	Title:	Chief Financial Officer and Treasurer

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