NEW YORK, May 14, 2020 /PRNewswire/ -- Golub Capital
BDC, Inc. (NASDAQ: GBDC) (the "Company") announced the final
results of its transferable rights offering, which entitled holders
of rights to purchase one share of common stock for every right
held at a subscription price of $9.17
per share. The rights offering expired on May 6, 2020 at 5:00
p.m., New York City time
and on May 13, 2020 all closing
conditions were met, including final review and approval of the
transferable rights offering by the Pricing Committee established
by the Company's Board of Directors. Wells Fargo Securities,
LLC acted as lead dealer manager for the offering. J.P. Morgan and
Morgan Stanley & Co. LLC acted as co-dealer managers for the
offering.
The Company received total subscription requests for 64,931,650
shares of common stock, including primary subscriptions for
29,115,797 shares and over-subscription requests for an additional
35,815,853 shares. The primary subscription participation rate of
87% resulted in only 4,336,105 shares available to fill
over-subscription requests.
In total, the Company sold 33,451,902 shares of its common stock
for aggregate gross proceeds of approximately $306.7 million.
Proration of the available over-subscription shares has been
made in accordance with the procedures described in the prospectus
for the rights offering. Confirmations of shares purchased,
including any acquired pursuant to the over-subscription privilege,
and any excess payment refunded by the Company to the participating
rights holder, will be mailed to participants on or around
May 21, 2020. While the shares sold
in the offering have been released by the Company's transfer agent
to actual record date holders, the allocation of shares to
participating rights holders' accounts will be the responsibility
of their individual brokers or nominees. Participating rights
holders should contact their brokers or other nominees for
verification of receipt of shares they were issued pursuant to the
offering.
The Company intends to use the net proceeds from the sale of
shares of its common stock pursuant to the exercise of rights
issued in this offering primarily (i) to initially repay
outstanding indebtedness and otherwise support its financing
subsidiaries, (ii) to make additional investments to support its
existing portfolio companies, (iii) to position its balance sheet
in order to be in position to fund new investments in accordance
with its investment objectives and strategies and (iv) for general
corporate purposes.
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 and San Francisco.
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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SOURCE Golub Capital BDC, Inc.