KBRA assigned a BBB rating with a Stable Outlook to Kayne Anderson BDC, Inc.'s $200 million senior unsecured notes. This includes $40 million of floating rate Series C Notes due 2028, $60 million of 5.80% Series D Notes due 2028, and $100 million of 6.15% Series E Notes due 2030. The proceeds from these notes are designated for repaying existing indebtedness and general corporate purposes.
The rating is supported by KBDC’s diversified $2.2 billion investment portfolio, which consists almost entirely of senior secured first lien loans, representing approximately 98% of the portfolio. The company focuses on private, U.S. middle market companies with a median EBITDA of $33.7 million, excluding watchlist investments.
KBRA highlighted KBDC's solid management team with over 20 years of experience in leveraged finance, along with strong underwriting and risk management practices. The company's credit quality remains solid, despite an increase in non-accruals to 1.6% at fair value as of June 30, 2025.
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