Bain Capital Specialty Finance, Inc. Announces Planned Initial Public Offering

BOSTON–()–Bain Capital Specialty Finance, Inc. (“BCSF”), a business development
company managed by an affiliate of Bain Capital, LP, today announced
that it plans to make an initial public offering of 7,500,000 shares of
its common stock. BCSF has been approved to list its common stock on the
New York Stock Exchange under the symbol “BCSF.” The underwriters are
expected to have an option to purchase up to an additional 1,125,000
shares of BCSF’s common stock. The completion of the proposed offering
depends upon several factors, including market and other conditions.

BCSF expects to use substantially all of the proceeds from this
offering, net of expenses, to repay a portion of its outstanding
indebtedness. BCSF intends to use any remaining proceeds to make
investments in accordance with its investment objectives and strategies
and for general corporate purposes.

BofA Merrill Lynch, Goldman Sachs & Co. LLC, Morgan Stanley, Citigroup,
Credit Suisse, Keefe, Bruyette & Woods, a Stifel Company, and Wells
Fargo Securities are acting as joint book-running managers for the
offering and Janney Montgomery Scott, JMP Securities and Academy
Securities are acting as co-managers for the offering.

A registration statement relating to these securities has been filed
with the U.S. Securities and Exchange Commission (the “SEC”) but has not
yet become effective. These securities may not be sold nor may offers to
buy be accepted prior to the time that the registration statement
becomes effective. No offer to buy the securities can be accepted and no
part of the purchase price can be received until the registration
statement has become effective, and any such offer may be withdrawn or
revoked by you without obligation or commitment of any kind, at any time
prior to the time you receive notice of an acceptance of the offer given
after the effective date.

Investors are advised to carefully consider the investment
objectives, risks and charges and expenses of BCSF before investing. The
preliminary prospectus, dated November 7, 2018, contains this and other
information about BCSF and should be read carefully before investing.
The information in the registration statement, preliminary prospectus
and herein is not complete and may be changed.

This press release will not constitute an offer to sell or the
solicitation of an offer to buy the securities described above nor shall
there be any sale of these securities in any state or jurisdiction in
which such offer, solicitation or sale would be unlawful prior to their
registration or qualification under the securities laws of any such
state or jurisdiction. Offers of these securities are made only by means
of the prospectus. The SEC has not approved or disapproved these
securities or passed upon the adequacy of the preliminary prospectus.
Any representation to the contrary is a criminal offense.

The offering of these securities will be made only by means of a
preliminary prospectus forming part of the registration statement,
copies of which may be obtained, when available, from: BofA Merrill
Lynch, NC1-004-03-43 200 North College Street, 3rd floor, Charlotte, NC
28255-0001, Attn: Prospectus Department, or e-mail;
Goldman Sachs & Co. LLC, 200 West Street, New York, NY 10282, Attn:
Prospectus Department, or email;
Morgan Stanley, 180 Varick Street, 2nd Floor, New York, NY 10014, Attn:
Prospectus Department, or email;
or Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island
Avenue, Edgewood, NY 11717, (800) 831-9146.

About Bain Capital Specialty Finance, Inc.

BCSF is an externally managed specialty finance company focused on
lending to middle-market companies. BCSF is managed by BCSF Advisors,
L.P., an SEC-registered investment adviser and a subsidiary of Bain
Capital Credit L.P. Since commencing investment operations on October
13, 2016, and through September 30, 2018, BCSF has invested
approximately $1,727.9 million in aggregate principal amount of debt and
equity investments prior to any subsequent exits or repayments. BCSF’s
investment objective is 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, investments in strategic joint ventures, equity investments
and, to a lesser extent, corporate bonds. BCSF has elected to be
regulated as a business development company under the Investment Company
Act of 1940, as amended.

Forward-Looking Statements

Certain information contained herein may constitute “forward-looking
statements,” which can be identified by the use of forward-looking
terminology such as “may,” “will,” “should,” “seek,” “expect,”
“anticipate,” “project,” “estimate,” “intend,” “continue,” “target,” or
“believe” or the negatives thereof or other variations thereon or
comparable terminology. Due to various risks and uncertainties, actual
events may differ materially from those reflected or contemplated in
such forward-looking statements. These statements are not guarantees of
future events and are subject to risks, uncertainties, and other
factors, some of which are beyond BCSF’s control and are difficult to
predict, that could cause actual results to differ materially from those
expressed or forecasted in the forward-looking statements including,
without limitation, the risks, uncertainties and other factors
identified in BCSF’s filings with the SEC. Investors should not place
undue reliance on these forward-looking statements, which apply only as
of the date on which BCSF makes them. BCSF does not undertake any
obligation to update or revise any forward-looking statements or any
other information contained herein, except as required by applicable law.

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