IPO - Kayne Anderson BDC, Inc.

Form Type: 10-K

Filing Date: 2025-03-03

Corporate Action: Ipo

Type: New

Accession Number: 000121390025019408

Filing Summary: Kayne Anderson BDC, Inc., a Delaware corporation, has filed its annual report for the fiscal year ended December 31, 2024. The company, formed to invest in middle-market companies, completed its initial public offering (IPO) on May 24, 2024, issuing 6,000,000 shares of common stock at $16.63 per share. This resulted in net cash proceeds of $92.4 million, with the common stock trading on the NYSE under the ticker symbol 'KBDC'. As of February 21, 2025, the company had 71,059,689 shares of common stock outstanding. The business operates as an externally managed, closed-end, non-diversified management investment company regulated as a business development company (BDC) under the 1940 Act and intends to qualify annually as a regulated investment company (RIC). The company primarily focuses on first lien senior secured loans to private middle market companies, demonstrating a significant exposure to current income and potential capital appreciation. The risks associated with the investments include economic uncertainties and the regulatory environment affecting financial markets, alongside long-term trends away from traditional banking systems in favor of private lending.

Form Type: N-2/A

Filing Date: 2025-01-03

Corporate Action: Ipo

Type: Update

Accession Number: 000121390025000635

Filing Summary: Kayne Anderson BDC, Inc. filed this N-2/A registration statement to amend its initial filing for the public offering of up to 12,181,352 shares of common stock, representing approximately 17.2% of its outstanding shares as of December 30, 2024. The company operates as a business development company (BDC), focusing on first lien senior secured loans, unitranche, and split-lien loans primarily to private middle market companies. The investment objective is to generate current income with an emphasis on capital appreciation. The filing includes important risk disclosures, particularly regarding leverage, credit risk, and the potential for market price depreciation of its shares, as the registration may increase volatility. Additionally, the company does not intend to sell any shares nor will it receive proceeds from the offering, as the shares will be offered by a selling stockholder, The Bank of New York Mellon, as Trustee for the Koch Companies Defined Benefit Master Trust.',

Form Type: CORRESP

Filing Date: 2025-01-03

Corporate Action: Ipo

Type: Update

Accession Number: 000121390025000636

Filing Summary: Kayne Anderson BDC, Inc. submitted correspondence to the SEC on January 3, 2025, responding to comments from the SEC staff regarding its Registration Statement on Form N-2, which was initially filed on November 19, 2024. The correspondence includes multiple clarifications requested by the SEC, such as updates to website disclosures, risk factors, and issues related to the nature of a proposed resale offering. Specifically, it emphasizes that the company's responses aim to ensure accurate representation in the context of its initial public offering that occurred on May 24, 2024. The company confirms that it intends to appropriately characterize a resale of shares by the Koch Companies Defined Benefit Master Trust as a secondary offering rather than an indirect primary offering. Additionally, it addresses various compliance comments, including the satisfaction of hyperlink requirements for incorporated documents and the characterization of the selling stockholder's relationship to the company. Overall, the correspondence indicates the company's commitment to aligning its disclosures with SEC standards in light of its new status as a publicly listed entity.