Item 1.01 Entry into a Material Definitive Agreement.

The information contained in Item 2.03 of this Current Report on Form 8-K is incorporated by reference in this Item 1.01.

Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an


           Off-Balance Sheet Arrangement of a Registrant.

On February 25, 2022, Barings BDC, Inc. ("BBDC") entered into an amendment (the "Third Amendment") to the Senior Secured Revolving Credit Agreement, dated as of February 3, 2019 (as amended by the first amendment thereto, dated as of December 3, 2019, the second amendment thereto, dated as of December 29, 2021 and the Third Amendment, the "Credit Agreement"), among BBDC, as borrower, Energy Hardware Holdings, Inc., Barings BDC Finance I, LLC and Barings BDC Senior Funding I, LLC, as subsidiary guarantors, the lenders party thereto and ING Capital LLC ("ING"), as administrative agent.

Under the Third Amendment, among other changes, (i) total commitments by lenders were increased to $965,000,000 (the "Credit Facility"), (ii) BBDC's right to request an increase in commitments under the Credit Facility from new and existing lenders on the same terms and conditions as the existing commitments was increased to up to a total of $1,500,000,000, subject to certain conditions, (iii) the maturity date of the Credit Facility was extended to February 21, 2025 and (iv) the Company's minimum net worth covenant was increased to a minimum of $500,000,000 as of the last day of any fiscal quarter. The Third Amendment also includes other changes to the Credit Facility, including the replacement of LIBOR benchmark provisions with SOFR benchmark provisions. Pursuant to the Third Amendment, borrowings denominated in U.S. Dollars under the Credit Facility bear interest, subject to the Company's election, on a per annum basis equal to (i) the applicable base rate plus 1.25% (or, after one year, 1.00% if the Company receives an investment grade credit rating) or (ii) term SOFR plus 2.25% (or, after one year, 2.00% if the Company receives an investment grade credit rating) plus a credit spread adjustment of 0.10% for borrowings with an interest period of one month, 0.15% for borrowings with an interest period of three months or 0.25% for borrowings with an interest period of six months. The applicable base rate is equal to the greatest of (i) the prime rate, (ii) the federal funds rate plus 0.5%, (iii) the Overnight Bank Funding Rate plus 0.5%, (iv) one-month term SOFR plus 1.0% plus a credit spread adjustment of 0.10% and (v) 1%.

The above summary is not complete and is qualified in its entirety to the full text of the Third Amendment and related documents, which is attached hereto as Exhibit 10.1 and is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits



10.1*      Amendment No. 3 to Senior Secured Revolving Credit Agreement, dated as
           of February 25, 2022, by and among BBDC, the subsidiary guarantors
           party thereto, the lenders party thereto and ING, as administrative
           agent.**

*Schedules to this Exhibit have been omitted in accordance with Item 601 of Regulation S-K. The registrant agrees to furnish supplementally a copy of all omitted schedules to the SEC upon its request.

** Previously filed as an exhibit to the Original Report and incorporated herein by reference.

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