CFO.com reports Goldman Sachs BDC opened trading on the New York Stock Exchange Wednesday after raising $120 million in an initial public offering. The firm is the latest business development company (BDC) backed by a Wall Street investment bank that will lend to businesses that do not have a credit rating.

The CFO.com article notes that Goldman announced GS BCC is an externally-managed specialty finance company formed by Goldman Sachs Group to invest primarily in U.S. middle-market companies with pre-tax earnings of $5 million to $75 million.

“GS BDC seeks to generate current income and, to a lesser extent, capital appreciation through direct originations of secured debt, including first-lien, first lien/last-out, unitranche, and second-lien debt; unsecured debt including mezzanine debt; and, to a lesser extent, investments in equities,” the company said.
 
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