Barings BDC Inc. announced the preliminary results of its modified Dutch auction tender offer for an aggregate purchase price of not more than $50 million of its common shares.
The offer expired at 5 p.m. ET on Sept. 6.
Based on the preliminary results reported by Computershare Trust Co. NA, the depositary for the offer, a total of 5,652,972 shares were properly tendered and not properly withdrawn at the purchase price of $10.20 per share, including 1,441,588 shares tendered through notice of guaranteed delivery.
Barings expects to purchase approximately 86.7% of the shares tendered at $10.20 per share, representing an aggregate of approximately $50 million.
Final results of the tender offer are expected to be released on or around Sept. 11.