Bain Capital Private Credit Declares Special Distribution, Expands Credit Lines

Bain Capital Private Credit declared a special distribution on top of its regular monthly payout and expanded two credit facilities on improved terms in the back half of June, moves that came as its most recent tender offer drew far less investor demand than the fund’s self-imposed cap allowed.

On June 24, the business development company declared a regular monthly distribution of $0.1875 per Class I share and a special distribution of $0.03 per Class I share. Both are payable to shareholders of record as of June 30, 2026, and will be paid on or about July 31, in cash or reinvested through the fund’s distribution reinvestment plan for participating shareholders.

Credit Facility Expansions

Separately, on June 30, Bain Capital Private Credit increased the maximum size of a warehouse credit facility for which JPMorgan Chase Bank serves as administrative agent to $400 million from $250 million and lowered the pricing on the facility.

The amendment also adds an accordion feature that could expand the facility to as much as $450 million and extends the facility’s non-call period, reinvestment period, and stated maturity date by one year each, to February 2027, August 2028, and August 2030, respectively. The applicable margin on advances fell to 2.1% from 2.25%.

The facility is held through BCPC II-J, LLC, a wholly owned subsidiary of Bain Capital Private Credit, with Deutsche Bank National Trust Company serving as collateral agent and JPMorgan Chase Bank as administrative agent.

On the same day, Bain Capital Private Credit separately increased the total commitments under its senior secured revolving credit facility with Sumitomo Mitsui Banking Corporation to $675 million from $650 million. The other terms of that facility remained unchanged.

The moves add to a series of credit-facility expansions at Bain Capital Private Credit. AltsWire previously reported that the BDC added $50 million to a Goldman Sachs-led revolving credit facility.

NAV and Portfolio

Net asset value per Class I share was $25.90 as of May 31, up from $25.87 a month earlier. Aggregate NAV rose to approximately $1.05 billion from $1.04 billion over the same period. The fair value of the investment portfolio was approximately $2.05 billion as of May 31, spread across 176 portfolio companies in 29 industries, compared with nearly $2.08 billion across 171 companies in 28 industries as of April 30.

Principal debt outstanding increased to $1.28 billion from $1.24 billion month over month, putting the debt-to-equity ratio at approximately 1.23x, up from 1.20x. The net debt-to-equity ratio – which nets out cash and unsettled trades – was approximately 0.98x as of May 31, down slightly from 0.99x a month earlier. Portfolio composition was largely unchanged: 88% first-lien senior secured debt, 5% subordinated debt, and smaller allocations to second-lien debt, preferred equity, common equity, and an investment vehicle, with 92% of the debt portfolio floating rate.

Tender Offer Results

The fund’s tender offer to repurchase up to 5% of its Class I shares outstanding as of March 31 expired June 1 with approximately 496,481 shares validly tendered – about 1.27% of eligible shares, well short of the 5% cap. Bain Capital Private Credit also reported approximately $138.7 million in additional subscriptions since March 31. Shares outstanding grew to roughly 45 million, representing $1.15 billion in total consideration as of the June 24 filing date, up from about 40.9 million shares and approximately $1.05 billion a month earlier.

The muted tender participation is a contrast to redemption pressure reported elsewhere in the nontraded BDC sector this quarter, where some peer funds have seen tender requests exceed their repurchase caps.

Bain Capital Private Credit is externally managed by an affiliate of Bain Capital Credit, which had approximately $61 billion in assets under management as of December 2025. The fund has issued approximately $1 billion in gross proceeds since inception, predominantly through registered investment advisers and institutional channels.

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