A California-based sponsor of real estate programs, Griffin Capital Corporation, has teamed up with Benefit Street Partners (BSP), a multi-strategy credit manager and affiliate of Providence Equity Partners L.L.C. , to offer Griffin-Benefit Street Partners BDC Corp (GB – BDC).
The Securities and Exchange Commission (SEC) recently declared GB-BDC’s registration statement for a $1.5 billion initial public offering effective.
Griffin Capital BDC Advisor will act as the investment advisor to GB-BDC while Benefit Street Partners L.L.C will serve as its sub-advisor.
“We believe that BSP’s industry knowledge and experience coupled with Griffin Capital’s industry leadership in asset management and capital raising create a powerful platform,” commented David Rupert, President of Griffin Capital and CEO of GB-BDC.
The BDC plans to invest in secured debt including senior secured, second lien, and unitranche which is a type of debt instrument that simplifies the debt structure by combining senior and subordinated debt. GB-BDC will also invest in senior unsecured and subordinated debt, plus equity and equity related securities issued by private U.S. middle market companies and public domestic companies with market caps under $250 million.
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