Carlyle Secured Lending intends to sell $25 par senior notes due 2028 at 8.25%-8.375% area

By Mary-Katherine Stinson

Lexington, Ky., Nov. 13 – Carlyle Secured Lending, Inc., formerly known as TCG BDC, Inc., announced it has launched an offering of its $25-par senior notes due Dec. 1, 2028 (Cusip: 872280201), according to a 497AD and a 424B3 filing with Securities and Exchange Commission.

The announced size will be $50 million, or 2 million $25-par notes.

Price guidance for the SEC-registered notes is 8.25% to 8.375%.

The notes come with two years of call protection. Beginning Dec. 1, 2025, they will be redeemable at par plus interest.

The issue is expected to be rated BBB (high) by DBRS Morningstar.

Morgan Stanley & Co. LLC (billing and delivery) and UBS Securities LLC are the joint bookrunners with B. Riley Securities Inc. and TCG Capital Markets as co-managers.

The issuer will be represented by Sullivan & Cromwell LLP. Venable LLP will advise the issuer as to Maryland law. Fried, Frank, Harris, Shriver & Jacobson LLP will advise the underwriters.

Proceeds are earmarked to repay a portion of the amount outstanding under the company’s senior secured revolving credit facility, to fund new investment opportunities and for other general corporate purposes. As of Nov. 10, Carlyle had $340.3 million outstanding under its credit facility maturing on Aug. 31, 2028.

The notes will be listed on the Nasdaq under the trading symbol “CGBDL.”

Settlement is slated for Nov. 20.

Based in New York, Carlyle Secured Lending is an externally managed specialty finance company focused on lending to middle-market companies.

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