Ropes & Gray Advised on More Than $4 Billion of BDC Bond Offerings

Ropes & Gray has advised on nine business development company (BDC) bond offerings resulting in more than $4 billion of debt issuance since Labor Day. The firm represented:

• the initial purchasers in HPS Corporate Lending Fund’s $1.1 billion bond offering, consisting of $600 million of its 4.900% notes due 2028 and $500 million of its 5.450% notes due 2030. The transaction closed on September 11, 2025.
• the underwriters in Blackstone Private Credit Fund’s $500 million bond offering of its 5.050% notes due 2030. The transaction closed on September 10, 2025.
• the underwriters in Blackstone Secured Lending Fund’s $500 million bond offering of 5.125% notes due 2031. The transaction closed on October 14, 2025.
• the initial purchasers in Goldman Sachs Private Credit Corp.’s $400 million bond offering of 5.375% notes due 2029. The transaction closed on October 17, 2025.
• the underwriters in Goldman Sachs BDC’s $400 million bond offering of its 5.650% notes due 2030. The transaction closed on September 9, 2025.
• the underwriters in Barings BDC’s $300 million bond offering of its 5.200% notes due 2028. The transaction closed on September 15, 2025.
• the initial purchasers in North Haven Private Income Fund’s $300 million bond offering of its 5.125% notes due 2028. The transaction closed on September 25, 2025.
• the initial purchasers in Franklin BSP Capital Corporation's $300 million bond offering of 6.000% notes due 2030. The transaction closed on October 2, 2025.
• the underwriters in Carlyle Secured Lending, Inc.’s $300 million bond offering of 5.750% notes due 2031. The transaction closed on October 7, 2025.

The transactions were led by capital markets partner Paul Tropp.