Ropes & Gray Oversees $4.3 Billion Bond Offerings for BDCs
Deal News | Feb 06, 2025 | Ropes & Gray
Ropes & Gray has successfully advised on seven significant bond offerings totaling $4.3 billion for various business development companies (BDCs), reflecting the firm's prowess in the capital markets space. The law firm represented initial purchasers and underwriters in a series of transactions, which included $1.25 billion notes by HPS Corporate Lending Fund, featuring two series of investment-grade senior notes due in 2028 and 2032. Blackstone Private Credit Fund issued $1 billion in investment-grade notes due 2032 alongside a $150 million add-on offering due 2028. Sixth Street Lending Partners executed a $750 million 144A bond offering due 2030, while Apollo Debt Solutions issued $500 million in investment-grade 144A bonds due in 2032. Nuveen Churchill Direct Lending issued $300 million registered bonds due in 2030, and Bain Capital Specialty Finance offered $350 million in registered bonds also due in 2030. This wave of bond offerings underscores ongoing robust engagement and funding activities within the BDC sector, with Ropes & Gray positioned as a leading legal advisor.
Sectors
- Capital Markets
- Legal Services
- Private Equity
Geography
- United States – The activities involve U.S.-based companies and legal advisor operating within U.S. markets.
Industry
- Capital Markets – The article emphasizes bond offerings, a significant activity within capital markets.
- Legal Services – Ropes & Gray's role in advising as a legal advisor highlights the legal sector's involvement in financial transactions.
- Private Equity – Several participants like Blackstone and Bain Capital are involved in private equity and credit funds.
Financials
- $4.3 billion – Total value of seven bond offerings advised by Ropes & Gray.
- $1.25 billion – HPS Corporate Lending Fund bond offering.
- $1 billion – Blackstone Private Credit Fund bond offering.
- $150 million – Blackstone Private Credit Fund add-on bond offering.
- $750 million – Sixth Street Lending Partners bond offering.
- $500 million – Apollo Debt Solutions bond offering.
- $300 million – Nuveen Churchill Direct Lending bond offering.
- $350 million – Bain Capital Specialty Finance bond offering.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Ropes & Gray | Legal Advisor | Company | A global law firm specializing in various legal services, including capital markets transactions. |
| HPS Corporate Lending Fund | Issuer | Company | Issued $1.25 billion in investment-grade senior notes. |
| Blackstone Private Credit Fund | Issuer | Company | Issued $1 billion in registered investment-grade notes and a $150 million add-on offering. |
| Sixth Street Lending Partners | Issuer | Company | $750 million 144A bond offering. |
| Apollo Debt Solutions | Issuer | Company | Issued $500 million in investment-grade 144A bond offerings. |
| Nuveen Churchill Direct Lending | Issuer | Company | $300 million investment-grade registered bond offering. |
| Bain Capital Specialty Finance | Issuer | Company | $350 million investment-grade registered bond offering. |