Ropes & Gray has represented the underwriters and initial purchasers on bond offerings in an amount of $4.8 billion for eight business development companies (BDCs) in 2026. These transactions underscore Ropes & Gray’s market leading position on capital raising transactions for BDCs.
The firm advised on the following offerings:
- Blackstone Private Credit Fund's $700 million offering of 5.350% notes due 2031.
- HPS Corporate Lending Fund's $750 million offering, comprising $350 million of 5.150% notes due 2029 and $400 million of 5.650% notes due 2031.
- Apollo Debt Solutions BDC's $750 million offering of 5.700% notes due 2031.
- Goldman Sachs BDC's $400 million offering of 5.100% notes due 2029.
- Bain Capital Specialty Finance's $350 million offering of 5.950% notes due 2031.
- Barings Private Credit Corporation's offering of $350 million of 5.750% notes due 2029.
- Goldman Sachs Private Credit Corp.'s $1.1 billion offering of comprising $700 million of 5.050% notes due 2028 and $400 million of 5.875% notes due 2031.
- Blackstone Secured Lending Fund’s $400 million offering of 5.250% notes due 2029.
Since Jan. 1, 2024, Ropes & Gray has advised on over BDC offerings worth more than $30 billion.
The teams were led by capital markets partner Paul Tropp.
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