Brief: Sierra Income To Merge With Barings BDC

Barings BDC

21/09/2021 23:04

Sept 21 (Reuters) - Barings BDC Inc  BBDC.N :
    * PRESS RELEASE - SIERRA INCOME CORPORATION TO MERGE WITH
BARINGS
BDC, INC. AND COMBINED COMPANY TO BE MANAGED BY BARINGS LLC
    * BARINGS BDC INC - SIERRA STOCKHOLDERS WILL RECEIVE
AGGREGATE
CONSIDERATION IN FORM OF CASH AND STOCK CONSIDERATION VALUED AT
APPROXIMATELY $623.7 MILLION
    * BARINGS BDC INC - DEAL REPRESENTS TOTAL CONSIDERATION FOR
SIERRA
STOCKHOLDERS OF ABOUT $588.6 MILLION OR ABOUT $5.76 PER SIERRA
SHARE
    * BARINGS BDC INC - SIERRA'S STOCKHOLDERS WILL RECEIVE
0.44973
SHARES OF BARINGS BDC FOR EACH SHARE OF SIERRA
    * BARINGS BDC INC - COMBINED COMPANY WILL REMAIN EXTERNALLY
MANAGED BY BARINGS LLC
    * BARINGS BDC INC - BARINGS BDC STOCKHOLDERS AND SIERRA
STOCKHOLDERS ARE EXPECTED TO OWN APPROXIMATELY 58.7% AND 41.3%,
RESPECTIVELY, OF COMBINED CO
    * BARINGS BDC - SIERRA WILL REPAY ALL OUTSTANDING AMOUNTS
UNDER
ITS EXISTING CREDIT FACILITY & ANY REMAINING OBLIGATIONS
THEREUNDER WILL BE TERMINATED
    * BARINGS BDC INC - CO ANTICIPATES THAT DEAL WILL PROVIDE
ABOUT
$8.1 MILLION OF IDENTIFIED EXPENSE SYNERGIES ASSOCIATED WITH
COMBINATION

Source text for Eikon:  ID:nPn1VwgpQa 
Further company coverage:  BBDC.N 

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