Goldman Sachs lending unit slips in debut on the NYSE

AP News
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Posted: Mar 18, 2015 10:02 AM

NEW YORK (AP) — A lending company launched by Goldman Sachs is falling in its stock market debut.

The company, Goldman Sachs BDC Inc., was down 29 cents to $19.71 Wednesday morning on the New York Stock Exchange.

They trade under the ticker symbol GSBD.

The public debut comes a day after Goldman Sachs sold six million shares in the company to investors at a price of $20 per share, according to a filing with the Securities and Exchange Commission. The $120 million raised in the offering will be used to pay down the company's short-term debt.

The lending company is structured as a business-development company. Like real-estate investment trusts, they must pay the bulk of their earnings to investors.