UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
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Trading |
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 7.01 Regulation FD Disclosure.
April 2024 Distribution
On April 30, 2024, Bain Capital Private Credit (the “Fund”) declared a regular distribution for Class I common shares of beneficial interest (the “Shares”) in the amount per share set forth below:
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Gross Distribution |
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Shareholder |
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Net Distribution |
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Class I Shares |
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$ |
0.1875 |
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$ |
0.00 |
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$ |
0.1875 |
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The regular distribution for Class I Shares is payable to shareholders of record as of April 30, 2024 and will be paid on or about May 31, 2024.
The distribution will be paid in cash or reinvested in additional Shares for shareholders participating in the Fund’s distribution reinvestment plan.
Item 8.01 Other Events.
Net Asset Value
The net asset value (“NAV”) per share for Class I Shares of the Fund as of March 31 2024, as determined in accordance with the Fund’s valuation policy, is set forth below.
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NAV per share as of |
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Class I Shares |
$ |
25.06 |
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As of March 31, 2024, the Fund’s aggregate NAV was $137.7 million, the fair value of its investment portfolio was $309.9 million and it had principal debt outstanding of $164.2 million, resulting in a debt-to-equity ratio of approximately 1.19x. The net debt-to-equity ratio, which represents principal debt outstanding, less cash and unsettled trades was approximately 1.25x as of March 31, 2024.
Portfolio Update
As of March 31, 2024, the Fund’s investment portfolio at fair value was approximately $309.9 million across 50 portfolio companies operating across 23 different industries. As of March 31, 2024, based on fair value, the Fund’s investment portfolio was comprised of 98% in first lien senior secured debt and 2% in equity. 100% of the Fund’s debt investment portfolio was floating rate as of March 31, 2024.
Status of Offering
The Fund is currently publicly offering on a continuous basis up to $2.0 billion in Shares (the “Offering”). The following table lists the Shares and total consideration for the Offering as of the date of this filing (through the April 1, 2024 subscription date). The Fund intends to continue selling Shares in the Offering on a monthly basis.
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Common Shares Issued |
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Total Consideration |
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Class I Shares |
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5,660,515 |
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$ |
141.4 |
million |
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Total Offering* |
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5,660,515 |
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$ |
141.4 |
million |
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*Amounts may not sum due to rounding.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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BAIN CAPITAL PRIVATE CREDIT |
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Date: |
April 30, 2024 |
By: |
/s/ Jessica Yeager |
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Name: Jessica Yeager |