The non-traded BDC reduced its revolver to $975 million to lower borrowing costs and align with its target leverage.
The deal will lower the surviving fund's base management fee to 1% and broaden investor access through brokerage and advisory channels.
Withdrawal requests at Barings Private Credit Corporation reached 10.68% of outstanding shares in Q3, with just 46.84% of validly tendered shares accepted on a pro-rata basis.
OCIC and OTIC will buy back around $1.1 billion combined, leaving roughly $3.14 billion of Q3 demand unfulfilled.
The Philadelphia-based investment manager has expanded its recurring liquidity program to now include five non-traded BDCs.
EvergreenLink's Notice Board shows that investors in OTIC and OCIC sought to withdraw 38.1% and 18.8% of outstanding shares in Q2, respectively.
The firm has adhered to a 5% cap on two private debt BDCs after receiving repurchase requests totaling 22% and 41% of outstanding shares.
"[our] objective is consistent with our broader mandate: providing institutional quality liquidity solutions to an underserved retail and mass affluent market," CEO John Cox told EvergreenLink.
The investments will be sold at 99.7% of fair value to fund capital distributions and pay down debt.
The quarterly buyback activity redeemed 5% and 15% of outstanding shares, respectively, fully meeting submitted requests.
