CHICAGO, June 6, 2014 /PRNewswire/ -- Golub Capital
BDC, Inc., a business development company (the "Company") (NASDAQ:
GBDC, www.golubcapitalbdc.com), announced today that on
June 5, 2014 its wholly-owned and
consolidated subsidiary, Golub Capital BDC CLO 2014 LLC (the
"Issuer"), completed its previously announced $402 million term debt securitization (the
"CLO"). The notes offered in the CLO (the "Notes") are backed
by a diversified portfolio of senior secured and second lien
loans. The transaction was executed through a private
placement of approximately $191.0
million of Aaa/AAA Class A-1 Notes which bear interest at
the three-month London Interbank Offered Rate, or LIBOR, plus
1.75%; $20.0 million of Aaa/AAA
Class A-2 Notes which bear interest at the three-month LIBOR plus
1.45% for the first 18 months and the three-month LIBOR plus 1.95%
thereafter; and $35.0 million of
Aa2/AA Class B Notes which bear interest at the three-month LIBOR
plus 2.50%. The Company directly retained all of the Class C
Notes and equity interests of the CLO, which totaled approximately
$155.8 million.
In connection with the closing of the CLO, Golub Capital BDC
Funding LLC, a wholly-owned subsidiary of the Company ("Funding"),
entered into an amendment to the documents governing Funding's
senior secured revolving credit facility (the "Credit Facility")
with Wells Fargo Bank, N.A., to, among other things, decrease the
size of the Credit Facility from $250
million to $150 million.
In connection with the issuance and sale of the Notes, the
Company has made customary representations, warranties and
covenants in the purchase agreement. The Notes are the
secured obligations of the CLO, and the indenture governing the
Notes includes customary covenants and events of
default. The Notes have not been, and will not be,
registered under the Securities Act of 1933, as amended (the
"Securities Act"), or any state "blue sky" laws and may not be
offered or sold in the United
States absent registration under Section 5 of the Securities
Act or an applicable exemption from such registration
requirements.
ABOUT GOLUB CAPITAL BDC, INC.
Golub Capital BDC, Inc. invests primarily in senior secured, one
stop, second lien and subordinated loans of, and warrants and
minority equity securities in, middle-market companies that are, in
most cases, sponsored by private equity investors. Golub Capital
BDC, Inc.'s investment activities are managed by its investment
adviser, GC Advisors LLC, an affiliate of the Golub Capital group
of companies ("Golub Capital").
ABOUT GOLUB CAPITAL
With over $10 billion of capital
under management, Golub Capital is a leading provider of financing
solutions for the middle market, including one-loan financings
(through the firm's proprietary MiniGOLD, GOLD, and MegaGOLD
facilities), senior, second lien, and subordinated debt, preferred
stock and co-investment equity. The firm underwrites and syndicates
senior credit facilities up to $300
million. Golub Capital's hold sizes range up to $200 million per transaction.
Golub Capital has been a top 3 Traditional Middle Market
Bookrunner each year from 2008 through 1Q 2014 for senior secured
loans of up to $100 million for
leveraged buyouts (according to Thomson Reuters LPC and internal
data; based on number of deals). In 2013, Golub Capital was awarded
Finance Monthly's Global Awards 2013 "Credit Asset Manager of the
Year," and DealMakers M&A Awards 2013 "Middle Market Lender of
the Year." In 2012, Golub Capital was awarded ACG New York
Champion's Award for "Senior Lender Firm of the Year" and the
M&A Advisor award for "Lender Firm of the Year." Golub Capital
is a national firm with principal offices in Chicago and New
York. For more information, please visit the firm's website
at www.golubcapital.com.
FORWARD-LOOKING STATEMENTS
This press release may contain "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995. Statements other than statements of historical facts
included in this press release may constitute forward-looking
statements and are not guarantees of future performance or results
and involve a number of risks and uncertainties. Actual results may
differ materially from those expressed or implied in the
forward-looking statements as a result of a number of factors,
including those described from time to time in filings with the
Securities and Exchange Commission. Golub Capital BDC, Inc.
undertakes no duty to update any forward-looking statement made
herein. All forward-looking statements speak only as of the date of
this press release.
SOURCE Golub Capital BDC, Inc.