NEW YORK, May 11, 2020 /PRNewswire/ -- Golub Capital BDC,
Inc., a business development company (Nasdaq: GBDC), today
announced its financial results for its second fiscal quarter ended
March 31, 2020.
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)
|
|
|
|
|
March 31,
2020
|
|
December 31,
2019
|
Investment portfolio,
at fair value
|
$
|
4,210,215
|
|
|
$
|
4,448,316
|
|
Total
assets
|
$
|
4,347,146
|
|
|
$
|
4,597,469
|
|
Net asset value per
share
|
$
|
14.62
|
|
|
$
|
16.66
|
|
|
|
|
|
|
Quarter
Ended
|
|
March 31,
2020
|
|
December 31,
2019
|
Net investment income
per share
|
$
|
0.24
|
|
|
$
|
0.24
|
|
Amortization of
purchase premium per share
|
0.09
|
|
|
0.09
|
|
Adjusted net
investment income per share1
|
$
|
0.33
|
|
|
$
|
0.33
|
|
|
|
|
|
Net
realized/unrealized gain/(loss) per share
|
$
|
(1.95)
|
|
|
$
|
0.11
|
|
Reversal of realized
/ unrealized loss resulting from the amortization of the
purchase
premium per share
|
$
|
(0.09)
|
|
|
$
|
(0.09)
|
|
Adjusted net
realized/unrealized gain/(loss) per share1
|
$
|
(2.04)
|
|
|
$
|
0.02
|
|
|
|
|
|
Earning/(loss) per
share
|
$
|
(1.71)
|
|
|
$
|
0.35
|
|
Adjusted
earnings/(loss) per share1
|
$
|
(1.71)
|
|
|
$
|
0.35
|
|
|
|
|
|
Net asset value per
share
|
$
|
14.62
|
|
|
$
|
16.66
|
|
Distributions paid
per share2
|
$
|
0.33
|
|
|
$
|
0.46
|
|
|
|
|
|
|
|
1
|
On September 16,
2019, the Company completed its acquisition of Golub Capital
Investment Corporation ("GCIC"). The merger was accounted for under
the asset acquisition method of accounting in accordance with
Accounting Standards Codification 805-50, Business Combinations —
Related Issues. Under asset acquisition accounting, where the
consideration paid to GCIC's stockholders exceeded the relative
fair values of the assets acquired, the premium paid by the Company
was allocated to the cost of the GCIC assets acquired by the
Company pro-rata based on their relative fair value. Immediately
following the acquisition of GCIC, the Company recorded its assets
at their respective fair values and, as a result, the purchase
premium allocated to the cost basis of the GCIC assets acquired was
immediately recognized as unrealized depreciation on the Company's
Consolidated Statement of Operations. The purchase premium
allocated to investments in loan securities acquired from GCIC will
amortize over the life of the loans through interest income with a
corresponding reversal of the unrealized depreciation on such loans
acquired through their ultimate disposition. The purchase premium
allocated to investments in equity securities will not amortize
over the life of the equity securities through interest income and,
assuming no subsequent change to the fair value of the GCIC equity
securities acquired and disposition of such equity securities at
fair value, the Company will recognize a realized loss with a
corresponding reversal of the unrealized depreciation upon
disposition of the GCIC equity securities acquired.
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|
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|
As a supplement to
U.S. generally accepted accounting principles ("GAAP") financial
measures, the Company is providing the following non-GAAP financial
measures that it believes are useful for the reasons described
below:
|
|
- "Adjusted Net Investment Income" and
"Adjusted Net Investment Income Per Share" – excludes the
amortization of the purchase premium and the accrual for the
capital gain incentive fee required under GAAP (including the
portion of such accrual that is not payable under the Company's
investment advisory agreement) from net investment income
calculated in accordance with GAAP.
- "Adjusted Net Realized and Unrealized
Gain/(Loss)" and "Adjusted Net Realized and Unrealized
Gain/(Loss) Per Share" – excludes the unrealized loss resulting
from the purchase premium write-down and the corresponding reversal
of the unrealized loss from the amortization of the premium from
the determination of realized and unrealized gain/(loss) in
accordance with GAAP.
- "Adjusted Net Income/(Loss)" and
"Adjusted Earnings/(Loss) Per Share" – calculates net income
and earnings per share based on Adjusted Net Investment Income and
Adjusted Net Realized and Unrealized Gain/(Loss).
|
|
|
|
The Company believes
that excluding the financial impact of the purchase premium write
down in the above non-GAAP financial measures is useful for
investors as it is a non-cash expense/loss resulting from the
acquisition of GCIC and is one method the Company uses to measure
its financial condition and results of operations. In addition, the
Company believes excluding the accrual of the capital gain
incentive fee in the above non-GAAP financial measures is useful as
it includes the portion of such accrual that is not contractually
payable under the terms of the Company's investment advisory
agreement with GC Advisors.
|
|
|
2
|
Distributions paid
per share during the three months ended December 31, 2019 includes
a special distribution of $0.13 per share.
|
Second Fiscal Quarter 2020 Highlights
- Net investment income per share for the quarter ended
March 31, 2020 was $0.24 as compared to $0.24 for the quarter ended December 31, 2019. Excluding $0.09 per share in purchase premium amortization
from the GCIC acquisition, Adjusted Net Investment Income Per
Share1 for the quarter ended March 31, 2020 was $0.33. This compares to Adjusted Net Investment
Income Per Share1 of $0.33
for the quarter ended December 31,
2019 when excluding $0.09 per
share in purchase premium amortization from the GCIC
acquisition.
- Net realized and unrealized loss per share for the quarter
ended March 31, 2020 was $(1.95). Adjusted Net Realized and Unrealized
Loss Per Share1 was $(2.04) when excluding the $0.09 per share reversal of net realized loss and
unrealized depreciation resulting from the amortization of purchase
premium. The Adjusted Net Realized and Unrealized Loss Per
Share1 for the quarter ended March 31, 2020 resulted from an increase in
unrealized depreciation in the fair value of some of our portfolio
company investments primarily due to the immediate adverse economic
effects of the COVID-19 pandemic, the continuing uncertainty
surrounding its long-term impact and increases in the spread
between yields realized on risk-free and higher risk securities.
For additional analysis refer to the Quarter Ended 3.31.20 Investor Presentation available on the
Investor Resources link on the homepage of Company's website
(www.golubcapitalbdc.com) under Events/Presentations. The Investor
Presentation was also filed with the Securities and Exchange
Commission as an Exhibit to a Form 8-K. This compares to net
realized and unrealized gain per share of $0.11 during the quarter ended December 31, 2019. Adjusted Net Realized and
Unrealized Gain Per Share1 for the quarter ended
December 31, 2019 was $0.02 when excluding the $0.09 per share reversal of net realized loss and
unrealized loss resulting from the amortization of purchase
premium.
- Earnings per share for the quarter ended March 31, 2020 was a loss of $(1.71) as compared to earnings per share of
$0.35 for the quarter ended
December 31, 2019. Adjusted
Earnings/(Loss) Per Share1 for the quarter ended
March 31, 2020 was $(1.71) as compared to $0.35 for the quarter ended December 31, 2019, and is calculated as the sum
of Adjusted Net Investment Income Per Share and Adjusted Net
Realized and Unrealized Gain/(Loss) Per Share.
- Net asset value per share decreased to $14.62 at March 31,
2020 from $16.66 at
December 31, 2019.
- On March 30, 2020, we paid a
quarterly distribution of $0.33 per
share and on April 9, 2020, our board
of directors declared a quarterly distribution of $0.29 per share, which is payable on June 29, 2020 to stockholders of record as of
June 9, 2020. The distribution
payable in June is consistent with historical quarterly cash
distributions at an annualized rate of approximately 8.0% of net
asset value, which the Company has historically out-earned.
Portfolio and Investment Activities
As of March 31, 2020, the Company
had investments in 257 portfolio companies with a total fair value
of $4,210.2 million. This compares to
the Company's portfolio as of December 31,
2019, as of which date the Company had investments in 250
portfolio companies with a total fair value of $4,329.2 million and investments in SLF and GCIC
SLF with a total fair value of $119.1
million. Investments in portfolio companies as of
March 31, 2020 and December 31,
2019 consisted of the following:
|
|
As of March 31,
2020
|
|
As of December 31,
2019
|
|
|
Investments
|
|
Percentage
of
|
|
Investments
|
|
Percentage
of
|
Investment
|
|
at Fair
Value
|
|
Total
|
|
at Fair
Value
|
|
Total
|
Type
|
|
(In
thousands)
|
|
Investments
|
|
(In
thousands)
|
|
Investments
|
Senior
secured
|
|
$
|
646,997
|
|
|
15.4
|
%
|
|
$
|
545,176
|
|
|
12.2
|
%
|
One stop
|
|
3,470,782
|
|
|
82.4
|
|
|
3,676,789
|
|
|
82.7
|
|
Junior
debt*
|
|
20,325
|
|
|
0.5
|
|
|
20,291
|
|
|
0.4
|
|
LLC equity interests
in SLF and GCIC SLF**
|
|
—
|
|
|
—
|
|
|
119,078
|
|
|
2.7
|
|
Equity
|
|
72,111
|
|
|
1.7
|
|
|
86,982
|
|
|
2.0
|
|
Total
|
|
$
|
4,210,215
|
|
|
100.0
|
%
|
|
$
|
4,448,316
|
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
*
|
Junior debt is
comprised of subordinated debt and second lien loans.
|
|
|
**
|
On January 1, 2020, we acquired
the limited liability company (LLC) interests in SLF and GCIC SLF
that were formerly held by our joint venture partners. As a
result of the transactions, SLF and GCIC SLF became wholly-owned
subsidiaries and are consolidated in our financial statements as of
March 31, 2020.
|
The following table shows the asset mix of our new investment
commitments for the three months ended March
31, 2020:
|
For the three
months ended March 31, 2020
|
|
|
|
New
Investment
|
|
|
|
Commitments
|
|
Percentage
of
|
|
(In
thousands)
|
|
Commitments
|
|
|
|
|
|
Senior
secured
|
$
|
55,848
|
|
33.4
|
%
|
One stop
|
|
108,886
|
|
65.2
|
|
Equity
|
|
2,291
|
|
1.4
|
|
Total new investment
commitments
|
$
|
167,025
|
|
100.0
|
%
|
Total investments in portfolio companies at fair value were
$4,210.2 million at March 31, 2020. As of March 31, 2020, total assets were $4,347.1 million, net assets were $1,956.0 million and net asset value per share
was $14.62.
Consolidated Results of Operations
For the second fiscal quarter of 2020, the Company reported a
GAAP net loss of $(229.0) million or
$(1.71) per share and Adjusted Net
Loss1 of $(229.0) million
or $(1.71) per share. GAAP net
investment income was $31.9 million
or $0.24 per share and Adjusted Net
Investment Income1 was $44.5
million or $0.33 per
share. GAAP net realized and unrealized loss was $(260.9) million or $(1.95) per share and Adjusted Realized and
Unrealized Gain/(Loss)1 was $(273.5) million or $(2.04) per share.
Net income can vary substantially from period to period due to
various factors, including the level of new investment commitments,
the recognition of realized gains and losses and unrealized
appreciation and depreciation, including as a result of the effects
of the COVID-19 pandemic, and as a result of the acquisition of
GCIC. As a result, quarterly comparisons of net income may not be
meaningful.
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 March 31, 2020, we had cash,
cash equivalents and foreign currencies of $24.4 million, restricted cash, cash equivalents
and foreign currencies of $94.7
million and $2,362.7 million
of debt outstanding. As of March 31,
2020, subject to leverage and borrowing base restrictions,
we had approximately $115.5 million
of remaining commitments and $2.3
million of availability, in the aggregate, on our revolving
credit facilities with various banks.
On April 8, 2020, the Company
issued transferable subscription rights to stockholders of record
which allowed holders of the subscription rights to purchase up to
an aggregate of 33,451,902 shares of our common stock. Stockholders
received one right for each four outstanding shares of common stock
owned on the record date of April 8,
2020. The Company expects to raise approximately $300.0 million in net proceeds from the
offering. The rights offering expired on May 6, 2020 and preliminary results indicate that
the rights offering was meaningfully over-subscribed. The
Company received subscriptions totaling over 65 million shares at a
subscription price of $9.17 per
share. The exact number of shares of common stock purchased
by each investor for will be determined on or around May 15, 2020. The rights offering is subject to
the closing conditions as specified in the amended prospectus
supplement dated April 13, 2020.
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. For additional analysis on the
Company's internal performance ratings as of March 31, 2020 and the impact from COVID-19,
please refer to the Quarter Ended 3.31.2020 Investor Presentation available on
Investors Resources link on the homepage of the Company's website
(www.golubcapitalbdc.com) under Events/Presentations.
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 March 31, 2020 and December 31, 2019:
|
|
March 31,
2020
|
|
December 31,
2019
|
Internal
Performance
Rating
|
|
Investments
at Fair Value
(In thousands)
|
|
Percentage of
Total
Investments
|
|
Investments
at Fair Value
(In thousands)
|
|
Percentage of
Total
Investments
|
5
|
|
$
|
104,894
|
|
2.5%
|
|
$
|
176,411
|
|
4.0%
|
4
|
|
|
2,906,749
|
|
69.0
|
|
|
3,861,016
|
|
86.8
|
3
|
|
|
1,114,712
|
|
26.5
|
|
|
322,177
|
|
7.2
|
2
|
|
|
83,204
|
|
2.0
|
|
|
88,676
|
|
2.0
|
1
|
|
|
656
|
|
0.0*
|
|
|
36
|
|
0.0*
|
Total
|
|
$
|
4,210,215
|
|
100.0%
|
|
$
|
4,448,316
|
|
100.0%
|
|
|
*
|
Represents an amount
less than 0.1%.
|
|
|
1
|
See footnote 1 to
'Selected Financial Highlights' above.
|
Conference Call
The Company will host an earnings conference call at
3:00 p.m. (Eastern Time) on Monday,
May 11, 2020 to discuss the quarterly financial results. All
interested parties may participate in the conference call by
dialing (800) 698-0339 approximately 10-15 minutes prior to the
call; international callers should dial (312) 281-2958.
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 3.31.20
Investor Presentation under Events/Presentations. An archived
replay of the call will be available shortly after the call until
12:30 p.m. (Eastern Time) on
June 11, 2020. To hear the replay,
please dial (800) 633-8284. International dialers, please dial
(402) 977-9140. For all replays, please reference program ID number
21950992.
Golub Capital BDC,
Inc. and Subsidiaries
|
|
|
|
Consolidated
Statements of Financial Condition
|
|
|
|
(In thousands,
except share and per share data)
|
|
|
|
|
March 31,
2020
|
|
December 31,
2019
|
Assets
|
(unaudited)
|
|
(unaudited)
|
Investments, at fair
value (cost of $4,547,999 and $4,530,938, respectively)
|
$
|
4,210,215
|
|
|
$
|
4,448,316
|
|
Cash and cash
equivalents
|
23,705
|
|
|
18,914
|
|
Unrestricted foreign
currencies (cost of $654 and $512, respectively)
|
654
|
|
|
512
|
|
Restricted cash and
cash equivalents
|
92,736
|
|
|
112,353
|
|
Restricted foreign
currencies (cost of $2,049 and $1,444, respectively)
|
2,049
|
|
|
1,444
|
|
Unrealized
appreciation on forward currency contracts
|
931
|
|
|
—
|
|
Interest
receivable
|
14,886
|
|
|
14,507
|
|
Other
assets
|
1,970
|
|
|
1,423
|
|
Total
Assets
|
$
|
4,347,146
|
|
|
$
|
4,597,469
|
|
|
|
|
|
Liabilities
|
|
|
|
Debt
|
$
|
2,362,678
|
|
|
$
|
2,264,823
|
|
Less unamortized debt
issuance costs
|
6,137
|
|
|
5,430
|
|
Debt less unamortized
debt issuance costs
|
2,356,541
|
|
|
2,259,393
|
|
Other short-term
borrowings (proceeds of $0 and $3,605, respectively)
|
—
|
|
|
65,833
|
|
Unrealized
depreciation on forward currency contracts
|
—
|
|
|
1,365
|
|
Interest
payable
|
13,082
|
|
|
17,324
|
|
Management and
incentive fees payable
|
18,500
|
|
|
20,896
|
|
Accounts payable and
accrued expenses
|
3,035
|
|
|
3,561
|
|
Accrued trustee
fees
|
—
|
|
|
15
|
|
Total
Liabilities
|
2,391,158
|
|
|
2,368,387
|
|
|
|
|
|
Net
Assets
|
|
|
|
Preferred stock, par
value $0.001 per share, 1,000,000 shares authorized, zero
shares issued and outstanding as of December 31, 2019 and September
30,
2019.
|
—
|
|
|
—
|
|
Common stock, par
value $0.001 per share, 200,000,000 shares authorized,
133,807,609 issued and outstanding as of March 31, 2020;
200,000,000
shares authorized, 133,805,764 issued and outstanding as of
December 31,
2019.
|
134
|
|
|
134
|
|
Paid in capital in
excess of par
|
2,330,839
|
|
|
2,330,806
|
|
Distributable
earnings
|
(374,985)
|
|
|
(101,858)
|
|
Total Net
Assets
|
1,955,988
|
|
|
2,229,082
|
|
Total Liabilities
and Total Net Assets
|
$
|
4,347,146
|
|
|
$
|
4,597,469
|
|
|
|
|
|
Number of common
shares outstanding
|
133,807,609
|
|
|
133,805,764
|
|
Net asset value per
common share
|
$
|
14.62
|
|
|
$
|
16.66
|
|
Golub Capital BDC,
Inc. and Subsidiaries
|
|
|
|
|
Consolidated
Statements of Operations
|
|
|
|
|
(In thousands,
except share and per share data)
|
|
|
|
|
|
|
Three months
ended
|
|
|
March 31,
2020
|
|
December 31,
2019
|
|
|
(unaudited)
|
|
(unaudited)
|
Investment
income
|
|
|
Interest
income
|
|
$
|
87,421
|
|
|
$
|
88,290
|
|
GCIC acquisition
purchase price premium amortization
|
|
(12,600)
|
|
|
(11,837)
|
|
Dividend
income
|
|
146
|
|
|
1,939
|
|
Fee income
|
|
157
|
|
|
215
|
|
Total investment
income
|
|
75,124
|
|
|
78,607
|
|
|
|
|
|
|
Expenses
|
|
|
|
|
Interest and other
debt financing expenses
|
|
21,550
|
|
|
22,278
|
|
Base management
fee
|
|
14,858
|
|
|
15,206
|
|
Incentive
fee
|
|
3,847
|
|
|
5,904
|
|
Professional
fees
|
|
1,045
|
|
|
939
|
|
Administrative
service fee
|
|
1,446
|
|
|
1,402
|
|
General and
administrative expenses
|
|
432
|
|
|
147
|
|
Total
expenses
|
|
43,178
|
|
|
45,876
|
|
Net investment
income
|
|
31,946
|
|
|
32,731
|
|
|
|
|
|
|
Net gain (loss) on
investment transactions
|
|
|
|
|
Net realized gain
(loss) from:
|
|
|
|
|
Investments
|
|
(11,839)
|
|
|
2,656
|
|
Foreign currency
transactions
|
|
169
|
|
|
(155)
|
|
Net realized gain
(loss) in investment transactions
|
|
(11,670)
|
|
|
2,501
|
|
Net change in
unrealized appreciation (depreciation) from:
|
|
|
|
|
Investments
|
|
(255,162)
|
|
|
16,216
|
|
Translation of assets
and liabilities in foreign currencies
|
|
3,626
|
|
|
(3,150)
|
|
Forward currency
contracts
|
|
2,296
|
|
|
(1,250)
|
|
Net change in
unrealized appreciation (depreciation) on investment
transactions
|
|
(249,240)
|
—
|
|
|
11,816
|
|
Net gain (loss) on
investments
|
|
(260,910)
|
|
|
14,317
|
|
|
|
|
|
|
Net increase
(decrease) in net assets resulting from
operations
|
|
$
|
(228,964)
|
|
|
$
|
47,048
|
|
|
|
|
|
|
Per Common Share
Data
|
|
|
|
|
Basic and diluted
earnings (loss) per common share
|
|
$
|
(1.71)
|
|
|
$
|
0.35
|
|
Dividends and
distributions declared per common share
|
|
$
|
0.33
|
|
|
$
|
0.46
|
|
Basic and diluted
weighted average common shares outstanding
|
|
133,806,413
|
|
|
132,683,147
|
|
ABOUT GOLUB CAPITAL BDC, INC.
Golub Capital BDC, Inc. 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 Inc. 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, 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
Golub Capital is a market-leading, award-winning direct lender
and credit asset manager, with over $30
billion of capital under management. Golub Capital
specializes in delivering reliable, creative and compelling
financing solutions to middle market companies backed by private
equity sponsors. The firm's credit expertise also forms the
foundation of its Late Stage Lending business and its Broadly
Syndicated Loan investment program. Across its activities, Golub
Capital nurtures long-term, win-win partnerships that inspire
repeat business from its private equity sponsor clients and
investors. Founded over 25 years ago, Golub Capital today has over
500 employees and lending offices in Chicago, New
York, San Francisco and
London.
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.
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content:http://www.prnewswire.com/news-releases/golub-capital-bdc-inc-announces-fiscal-year-2020-second-quarter-financial-results-301056435.html
SOURCE Golub Capital BDC, Inc.