NEW YORK, Nov. 28, 2018
/PRNewswire/ -- Golub Capital BDC, Inc., a business development
company (NASDAQ: GBDC), today announced its financial results for
its fourth fiscal quarter ended September 30, 2018.
Except where the context suggests otherwise, the terms
"we," "us," "our," and "Company" refer to Golub Capital BDC, Inc.
and its consolidated subsidiaries. "GC Advisors" refers to GC
Advisors LLC, our investment adviser.
SELECTED FINANCIAL
HIGHLIGHTS
|
|
|
|
|
|
|
|
(in thousands, expect
per share data)
|
|
|
|
|
September 30,
2018
|
|
June 30,
2018
|
Investment portfolio,
at fair value
|
$
|
1,782,841
|
|
|
$
|
1,798,515
|
|
Total
assets
|
$
|
1,835,552
|
|
|
$
|
1,877,575
|
|
Net asset value per
share
|
$
|
16.10
|
|
|
$
|
16.15
|
|
|
|
|
|
|
Quarter
Ended
|
|
September 30,
2018
|
|
June 30,
2018
|
Investment
income
|
$
|
40,428
|
|
|
$
|
38,396
|
|
Net investment
income
|
$
|
20,266
|
|
|
$
|
18,716
|
|
Net gain (loss) on
investments
|
$
|
(4,363)
|
|
|
$
|
3,004
|
|
Net increase in net
assets resulting from operations
|
$
|
15,903
|
|
|
$
|
21,720
|
|
|
|
|
|
Earnings per
share
|
$
|
0.26
|
|
|
$
|
0.36
|
|
Net gain (loss) on
investments and foreign currency transactions per share
|
$
|
(0.08)
|
|
|
$
|
0.05
|
|
Net investment income
per share
|
$
|
0.34
|
|
|
$
|
0.31
|
|
Accrual for capital
gain incentive fee per share
|
$
|
(0.02)
|
|
|
$
|
0.02
|
|
Net investment income
before capital gain incentive fee accrual per share
(1)
|
$
|
0.32
|
|
|
$
|
0.33
|
|
|
|
|
|
(1) As a
supplement to U.S. generally accepted accounting principles
("GAAP") financial measures, the Company has provided this non-GAAP
financial measure. The Company believes that this non-GAAP
financial measure is useful as it excludes the accrual of the
capital gain incentive fee, including the portion of such accrual
that is not contractually payable under the terms of the Company's
investment advisory agreement with GC Advisors (the "Investment
Advisory Agreement"). As of September 30, 2018, the capital gain
incentive fee accrued by the Company in accordance with GAAP is
$7.2 million, of which $2.3 million was payable as a capital gain
incentive fee pursuant to the Investment Advisory Agreement as of
September 30, 2018. Any payment due under the terms of the
Investment Advisory Agreement is calculated in arrears as of the
end of each calendar year or upon termination of the Investment
Advisory Agreement. The Company paid a capital gain incentive fee
in the amount of $1.2 million, calculated in accordance with the
Investment Advisory Agreement as of December 31, 2017. The Company
did not pay any capital gain incentive fee under the Investment
Advisory Agreement for any period ended prior to December 31, 2017.
Although this non-GAAP financial measure is intended to enhance
investors' understanding of the Company's business and performance,
this non GAAP financial measure should not be considered an
alternative to GAAP.
|
Fourth Fiscal Quarter 2018 Highlights
- Net increase in net assets resulting from operations for the
quarter ended September 30, 2018 was $15.9 million, or $0.26 per share, as compared to $21.7 million, or $0.36 per share, for the quarter ended
June 30, 2018;
- Net investment income for the quarter ended September 30,
2018 was $20.3 million, or
$0.34 per share, as compared to
$18.7 million, or $0.31 per share, for the quarter ended
June 30, 2018;
- Net investment income for the quarter ended September 30,
2018, excluding a $0.8 million
reversal for the capital gain incentive fee under GAAP, was
$19.5 million, or $0.32 per share, as compared to $19.4 million, or $0.33 per share, excluding a $0.7 million accrual for the capital gain
incentive fee under GAAP, for the quarter ended June 30,
2018;
- Net loss on investments and foreign currency for the quarter
ended September 30, 2018 was
$4.4 million, or $0.08 per share, as compared to a net gain of
$3.0 million, or $0.05 per share, for the quarter ended
June 30, 2018; and
- Our board of directors declared on November 27, 2018 a quarterly distribution of
$0.32 per share and a special
distribution of $0.12 per share both
of which are payable on December 28,
2018 to stockholders of record as of December 12, 2018.
Portfolio and Investment Activities
As of September 30, 2018, the Company had investments in
199 portfolio companies with a total fair value of $1,711.8 million and had investments in Senior
Loan Fund LLC ("SLF") with a total fair value of $71.1 million. This compares to the Company's
portfolio as of June 30, 2018, as of which date the Company
had investments in 192 portfolio companies with a total fair value
of $1,705.9 million and investments
in SLF with a total fair value of $92.6
million. Investments in portfolio companies as of
September 30, 2018 and June 30, 2018 consisted of the
following:
|
|
As of September
30, 2018
|
|
As of June 30,
2018
|
|
|
Investments
|
|
Percentage
of
|
|
Investments
|
|
Percentage
of
|
Investment
|
|
at Fair
Value
|
|
Total
|
|
at Fair
Value
|
|
Total
|
Type
|
|
(In
thousands)
|
|
Investments
|
|
(In
thousands)
|
|
Investments
|
Senior
secured
|
|
$
|
231,169
|
|
|
13.0
|
%
|
|
$
|
217,131
|
|
|
12.1
|
%
|
One stop
|
|
1,430,196
|
|
|
80.2
|
|
|
1,435,484
|
|
|
79.8
|
|
Second
lien
|
|
9,435
|
|
|
0.5
|
|
|
9,435
|
|
|
0.5
|
|
Subordinated
debt
|
|
251
|
|
|
0.0
|
*
|
|
247
|
|
|
0.0
|
*
|
LLC equity interests
in SLF
|
|
71,084
|
|
|
4.0
|
|
|
92,579
|
|
|
5.2
|
|
Equity
|
|
40,706
|
|
|
2.3
|
|
|
43,639
|
|
|
2.4
|
|
Total
|
|
$
|
1,782,841
|
|
|
100.0
|
%
|
|
$
|
1,798,515
|
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
*
|
Represents an amount
less than 0.1%.
|
The following table shows the asset mix of our new investment
commitments for the three months ended September 30, 2018:
|
For the three
months ended September 30, 2018
|
|
New
Investment
|
|
|
|
Commitments
|
|
Percentage
of
|
|
(In
thousands)
|
|
Commitments
|
|
|
|
|
Senior
secured
|
$
|
114,840
|
|
|
17.2
|
%
|
One stop
|
534,906
|
|
|
80.1
|
|
Subordinated
debt
|
184
|
|
|
0.0
|
*
|
LLC equity interests
in SLF
|
12,162
|
|
|
1.8
|
|
Equity
|
5,824
|
|
|
0.9
|
|
Total new investment
commitments
|
$
|
667,916
|
|
|
100.0
|
%
|
|
|
|
|
Overall, total investments at fair value decreased by 0.9%, or
$15.8 million, during the three
months ended September 30, 2018 after factoring in debt
repayments, sales of securities, net fundings on revolvers and net
change in unrealized gain (loss).
For the three months ended September 30, 2018, the weighted
average annualized investment income yield (which includes interest
and fee income and amortization of capitalized fees and discounts)
and the weighted average annualized income yield (which excludes
income resulting from amortization of capitalized fees and
discounts) on the fair value of earning portfolio investments in
the Company's portfolio were 9.3% and 8.8%, respectively.
Consolidated Results of Operations
Total investment income for the quarters ended
September 30, 2018 and June 30,
2018 was $40.4 million and
$38.4 million, respectively. This
$2.0 million increase was primarily
attributable to an increase in the London Interbank Offered Rate
("LIBOR") and an increase in the average earning investment
balance.
Total expenses for the quarters ended September 30, 2018
and June 30, 2018 were $20.2 million and $19.7
million, respectively. This $0.5
million increase was primarily attributable to higher
interest and other debt financing expenses caused by an increase in
the weighted average of outstanding borrowings and an increase in
LIBOR.
During the quarter ended September 30, 2018, the Company
recorded a net realized gain of $2.8
million and recorded net unrealized depreciation of
$7.2 million. The net realized gain
was primarily due to the sale of an equity investment in one
portfolio company. The net unrealized depreciation was primarily
due to the reversal of unrealized appreciation associated with the
sale of portfolio company investments coupled with the decrease in
market prices on several middle-market debt and equity
investments.
Liquidity and Capital Resources
The Company's liquidity and capital resources are derived from
the Company's debt securitizations (also known as collateralized
loan obligations, or CLOs), U.S. Small Business Administration
("SBA") debentures, revolving credit facilities and cash flow from
operations. The Company's primary uses of funds from operations
include investments in portfolio companies and payment of fees and
other expenses that the Company incurs. The Company has used, and
expects to continue to use, its debt securitizations, SBA
debentures, revolving credit facilities, proceeds from its
investment portfolio and proceeds from offerings of its securities
and its dividend reinvestment plan to finance its investment
objectives.
As of September 30, 2018, the Company had cash, cash
equivalents and foreign currencies of $6.0
million, restricted cash and cash equivalents of
$39.7 million and $845.7 million of debt outstanding. As of
September 30, 2018, the Company had $34.0 million of remaining commitments and
$34.0 million available for
additional borrowings on its senior secured revolving credit
facility with Wells Fargo Bank, N.A., as lender and administrative
agent, subject to leverage and borrowing base restrictions. As of
September 30, 2018, the Company had
$65.3 million remaining commitments
and $6.7 million available for
additional borrowings on its Morgan Stanley Bank, N.A. credit
facility. As of September 30, 2018, through our small business
investment company licensees, we had $37.5
million of SBA debenture commitments, of which $9.5 million was available to be drawn, subject
to customary SBA regulatory requirements.
On November 1, 2018, the Company
entered into an amendment to the documents governing its credit
facility with Morgan Stanley Bank, N.A., which increased the
borrowing capacity from $300 million
to $450 million. The other material
terms of the credit facility were unchanged.
On November 16, 2018, the Company
issued $408.2 million in notes
through a debt securitization that were structured as follows:
Tranche
|
Rating
(S&P/Fitch)
|
Par
Amount
($mm)
|
|
Interest
Rate
|
Class A
Notes
|
AAA/AAA
|
$
|
327.0
|
|
3-Month LIBOR +
1.48%
|
Class B
Notes
|
AA/NR
|
61.2
|
|
3-Month LIBOR +
2.10%
|
Class C-1
Notes
|
A/NR
|
20.0
|
|
3-Month LIBOR +
2.80%
|
Total Notes
Issued(1)
|
|
$
|
408.2
|
|
|
(1)
|
|
Term debt
securitization are also known as CLOs and are a form of secured
financing incurred by the Company, which is consolidated by the
Company and subject to the Company's overall asset coverage
requirements. The Class C-2 Notes, Class D Notes, and Subordinated
Notes issued in the debt securitization were retained by the
Company and are eliminated in consolidation.
|
The reinvestment period for the debt securitization ends on
January 20, 2023 and the notes mature
on January 20, 2031. A portion of the
proceeds were used to repay all outstanding borrowings on the
revolving credit facility with Morgan Stanley Bank, N.A. in full
and the agreements governing the facility were terminated.
On November 27, 2018, our board of
directors recommended that stockholders approve a proposal to
reduce our asset coverage requirement to 150.0% to be presented at
our upcoming annual meeting of stockholders currently scheduled for
February 5, 2019. To the extent
stockholder approval is received, we currently intend to target a
GAAP debt-to-equity ratio of about 1.0x.
On November 27, 2018, our board of
directors declared a quarterly distribution of $0.32 per share and a special distribution of
$0.12 per share, both of which are
payable on December 28, 2018 to
holders of record as of December 12,
2018.
Portfolio and Asset Quality
GC Advisors regularly assesses the risk profile of each of the
Company's investments and rates each of them based on an internal
system developed by Golub Capital and its affiliates. This system
is not generally accepted in our industry or used by our
competitors. It is based on the following categories, which we
refer to as GC Advisors' internal performance ratings:
|
|
|
Internal
Performance Ratings
|
Rating
|
|
Definition
|
5
|
|
Involves the least
amount of risk in our portfolio. The borrower is performing above
expectations, and the trends and risk factors are generally
favorable.
|
|
|
|
4
|
|
Involves an
acceptable level of risk that is similar to the risk at the time of
origination. The borrower is generally performing as expected, and
the risk factors are neutral to favorable.
|
|
|
|
3
|
|
Involves a borrower
performing below expectations and indicates that the loan's risk
has increased somewhat since origination. The borrower may be out
of compliance with debt covenants; however, loan payments are
generally not past due.
|
|
|
|
2
|
|
Involves a borrower
performing materially below expectations and indicates that the
loan's risk has increased materially since origination. In addition
to the borrower being generally out of compliance with debt
covenants, loan payments may be past due (but generally not more
than 180 days past due).
|
|
|
|
1
|
|
Involves a borrower
performing substantially below expectations and indicates that the
loan's risk has substantially increased since origination. Most or
all of the debt covenants are out of compliance and payments are
substantially delinquent. Loans rated 1 are not anticipated to be
repaid in full and we will reduce the fair market value of the loan
to the amount we anticipate will be recovered.
|
Our internal performance ratings do not constitute any rating of
investments by a nationally recognized statistical rating
organization or represent or reflect any third-party assessment of
any of our investments.
The following table shows the distribution of the Company's
investments on the 1 to 5 internal performance rating scale at fair
value as of September 30, 2018 and June 30, 2018:
|
|
September 30,
2018
|
|
June 30,
2018
|
Internal
|
|
Investments
|
|
Percentage
of
|
|
Investments
|
|
Percentage
of
|
Performance
|
|
at Fair
Value
|
|
Total
|
|
at Fair
Value
|
|
Total
|
Rating
|
|
(In
thousands)
|
|
Investments
|
|
(In
thousands)
|
|
Investments
|
5
|
|
$
|
113,873
|
|
|
6.4
|
%
|
|
$
|
188,815
|
|
|
10.5
|
%
|
4
|
|
1,455,754
|
|
|
81.6
|
|
|
1,437,556
|
|
|
79.9
|
|
3
|
|
195,414
|
|
|
11.0
|
|
|
157,032
|
|
|
8.7
|
|
2
|
|
17,250
|
|
|
1.0
|
|
|
15,102
|
|
|
0.9
|
|
1
|
|
550
|
|
|
0.0
|
*
|
|
10
|
|
|
0.0
|
*
|
Total
|
|
$
|
1,782,841
|
|
|
100.0
|
%
|
|
$
|
1,798,515
|
|
|
100.0
|
%
|
|
|
*
|
Represents an amount
less than 0.1%.
|
Conference Call
The Company will host an earnings conference call at
1:00 p.m. (Eastern Time) on Thursday,
November 29, 2018 to discuss the quarterly financial results. All
interested parties may participate in the conference call by
dialing (888) 221-2015 approximately 10-15 minutes prior to the
call; international callers should dial (303) 223-2687.
Participants should reference Golub Capital BDC, Inc. when
prompted. For a slide presentation that we intend to refer to on
the earnings conference call, please visit the Investor Resources
link on the homepage of our website (www.golubcapitalbdc.com) and
click on the Quarter Ended 9.30.18
Investor Presentation under Events/Presentations. An archived
replay of the call will be available shortly after the call until
3:00 p.m. (Eastern Time) on
December 29, 2018. To hear the
replay, please dial (800) 633-8284. International dialers, please
dial (402) 977-9140. For all replays, please reference program ID
number 21897567.
Golub Capital BDC,
Inc. and Subsidiaries
|
|
|
|
Consolidated
Statements of Financial Condition
|
|
|
|
(In thousands,
except share and per share data)
|
|
|
|
|
September 30,
2018
|
|
June 30,
2018
|
Assets
|
(audited)
|
|
(unaudited)
|
Investments, at fair
value (cost of $1,780,652 and $1,789,214, respectively)
|
$
|
1,782,841
|
|
|
$
|
1,798,515
|
|
Cash and cash
equivalents
|
5,878
|
|
|
6,925
|
|
Foreign currencies
(cost of $159 and $0, respectively)
|
159
|
|
|
—
|
|
Restricted cash and
cash equivalents
|
39,668
|
|
|
65,282
|
|
Interest
receivable
|
6,664
|
|
|
6,463
|
|
Other
assets
|
342
|
|
|
390
|
|
Total
Assets
|
$
|
1,835,552
|
|
|
$
|
1,877,575
|
|
|
|
|
|
Liabilities
|
|
|
|
Debt
|
$
|
845,683
|
|
|
$
|
875,950
|
|
Less unamortized debt
issuance costs
|
2,934
|
|
|
3,128
|
|
Debt less unamortized
debt issuance costs
|
842,749
|
|
|
872,822
|
|
Other short-term
borrowings
|
—
|
|
|
9,425
|
|
Interest
payable
|
4,135
|
|
|
6,783
|
|
Management and
incentive fees payable
|
17,671
|
|
|
16,749
|
|
Accounts payable and
accrued expenses
|
2,069
|
|
|
2,401
|
|
Accrued trustee
fees
|
74
|
|
|
73
|
|
Total
Liabilities
|
866,698
|
|
|
908,253
|
|
|
|
|
|
Net
Assets
|
|
|
|
Preferred stock, par
value $0.001 per share, 1,000,000 shares authorized, zero
shares issued and outstanding as of June 30, 2018 and
March 31, 2018
|
—
|
|
|
—
|
|
Common stock, par
value $0.001 per share, 100,000,000 shares authorized,
60,006,524 and 60,006,524 shares issued and
outstanding as of September 30,
2018 and June 30, 2018, respectively
|
60
|
|
|
60
|
|
Paid in capital in
excess of par
|
949,552
|
|
|
946,722
|
|
Distributable
earnings
|
19,242
|
|
|
22,540
|
|
Total Net
Assets
|
968,854
|
|
|
969,322
|
|
Total Liabilities
and Total Net Assets
|
$
|
1,835,552
|
|
|
$
|
1,877,575
|
|
|
|
|
|
Number of common
shares outstanding
|
60,165,454
|
|
|
60,006,524
|
|
Net asset value per
common share
|
$
|
16.10
|
|
|
$
|
16.15
|
|
Golub Capital BDC,
Inc. and Subsidiaries
|
|
|
|
|
Consolidated
Statements of Operations
|
|
|
|
|
(In thousands,
except share and per share data)
|
|
|
|
|
|
|
Three months
ended
|
|
|
September 30,
2018
|
|
June 30,
2018
|
|
|
(unaudited)
|
|
(unaudited)
|
Investment
income
|
|
|
Interest
income
|
|
$
|
37,334
|
|
|
$
|
35,877
|
|
Dividend
income
|
|
2,235
|
|
|
2,060
|
|
Fee income
|
|
859
|
|
|
459
|
|
|
|
|
|
|
Total investment
income
|
|
40,428
|
|
|
38,396
|
|
|
|
|
|
|
Expenses
|
|
|
|
|
Interest and other
debt financing expenses
|
|
8,998
|
|
|
8,556
|
|
Base management
fee
|
|
6,230
|
|
|
6,125
|
|
Incentive
fee
|
|
3,655
|
|
|
3,573
|
|
Professional
fees
|
|
553
|
|
|
705
|
|
Administrative
service fee
|
|
616
|
|
|
601
|
|
General and
administrative expenses
|
|
110
|
|
|
120
|
|
|
|
|
|
|
Total
expenses
|
|
20,162
|
|
|
19,680
|
|
|
|
|
|
|
Net investment
income
|
|
20,266
|
|
|
18,716
|
|
|
|
|
|
|
Net gain (loss) on
investments
|
|
|
|
|
Net realized gain
(loss) on investments and foreign currency
transactions
|
|
2,834
|
|
|
14,839
|
|
Net change in
unrealized appreciation (depreciation) on
investments and foreign currency translation
|
|
(7,197)
|
|
|
(11,835)
|
|
|
|
|
|
|
Net gain (loss) on
investments
|
|
(4,363)
|
|
|
3,004
|
|
|
|
|
|
|
Net increase in
net assets resulting from operations
|
|
$
|
15,903
|
|
|
$
|
21,720
|
|
|
|
|
|
|
Per Common Share
Data
|
|
|
|
|
Basic and diluted
earnings per common share
|
|
$
|
0.26
|
|
|
$
|
0.36
|
|
Dividends and
distributions declared per common share
|
|
$
|
0.32
|
|
|
$
|
0.32
|
|
Basic and diluted
weighted average common shares outstanding
|
|
60,011,707
|
|
|
59,872,113
|
|
ABOUT GOLUB CAPITAL BDC, INC.
Golub Capital BDC, Inc. ("Golub Capital BDC") is an
externally-managed, non-diversified closed-end management
investment company that has elected to be treated as a business
development company under the Investment Company Act of 1940. Golub
Capital BDC invests primarily in one stop and other senior secured
loans of U.S. middle-market companies that are often sponsored by
private equity investors. Golub Capital BDC'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
Golub Capital is a nationally recognized credit asset manager
with over $25 billion of capital
under management. For over 20 years, the firm has provided credit
to help medium-sized U.S. businesses grow. The firm's award-winning
middle market lending business helps provide financing for middle
market companies and their private equity sponsors. Golub Capital's
credit expertise also forms the foundation of its Late Stage
Lending and Broadly Syndicated Loan businesses. Golub Capital has
worked hard to build a reputation as a fast, reliable provider of
compelling financing solutions, and we believe this has inspired
repeat clients and investors. Today, the firm has over 350
employees with lending offices in Chicago, New
York and San Francisco. For
more information, please visit 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.
PARTICIPANTS IN THE SOLICITATION
The Company and its directors, executive officers and certain
other members of management and employees, including employees of
the GC Advisors and Golub Capital LLC, the Company's administrator,
and their respective affiliates, may be deemed to be participants
in the solicitation of proxies from the stockholders of the Company
in connection with the 2019 Annual Meeting of Stockholders of the
Company (the "2019 Annual Meeting"). Information regarding the
persons who may, under the rules of the SEC, be considered
participants in the solicitation of the Company's stockholders in
connection with the 2019 Annual Meeting will be contained in the
proxy statement in connection with the solicitation of proxies for
its 2019 Annual Meeting (the "Proxy Statement") when such document
becomes available. The Proxy Statement may be obtained free of
charge from the sources indicated below.
WHERE YOU CAN FIND MORE INFORMATION
The Proxy Statement will contain additional information about
these potential participants, none of whom owns in excess of 1% of
the shares of Company common stock (based on 60,165,454 shares of
common stock outstanding as of November 27,
2018, as reported in the Company's Annual Report on Form
10-K for the fiscal year ended September 30,
2018), and their direct or indirect interests, by security
holdings or otherwise will be set forth in the preliminary proxy
statement and other materials to be filed with the SEC in
connection with the 2019 Annual Meeting. This information can also
be found in (i) the Company's definitive proxy statement for its
2018 Annual Meeting of Stockholders (the "2018 Annual Meeting Proxy
Statement"), filed with the SEC on December
15, 2017 and (ii) the Company's Annual Report on Form 10-K
for the year ended September 30,
2018, filed with the SEC on November
28, 2018 (the "Form 10-K"). To the extent holdings by the
directors and executive officers of the Company of the shares of
Company common stock have changed since the amounts printed in the
2018 Annual Meeting Proxy Statement, such changes have been or will
be reflected on Statements of Change in Ownership on Form 4 filed
with the SEC.
STOCKHOLDERS ARE URGED TO READ THE PROXY STATEMENT FOR THE 2019
ANNUAL MEETING (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO),
THE 2018 ANNUAL MEETING PROXY STATEMENT, THE FORM 10-K AND ANY
OTHER RELEVANT DOCUMENTS THAT THE COMPANY HAS FILED OR WILL FILE
WITH THE SEC BECAUSE THEY CONTAIN IMPORTANT INFORMATION.
Stockholders will be able to obtain, free of charge, copies of
the definitive proxy statement for the 2019 Annual Meeting (when
available), the 2018 Annual Meeting Proxy Statement, the Form 10-K
and any other documents (including a proxy card) filed or to be
filed by the Company with the SEC in connection with the 2019
Annual Meeting at the SEC's website, www.sec.gov, or at the
Company's website www.golubcapitalbdc.com. Stockholders may also
obtain such information by contacting GBDC in writing at 666 Fifth
Avenue, 18th Floor, New York, New
York 10103, Attention: Investor Relations.
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SOURCE Golub Capital BDC, Inc.