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Golub Capital BDC Announces $155.7MM in New Middle-Market Originations

July 11, 2014, 07:09 AM
Filed Under: Industry News

Golub Capital BDC, Inc., a business development company, announced that it originated $155.7 million in new middle-market investment commitments during the three months ended June 30, 2014.  Approximately 19% of the new middle-market investment commitments were senior secured loans, 80% were one stop loans and 1% were equity securities.  Of the new middle-market investment commitments, $140.2 million funded at close.  In addition, during the three months ended June 30, 2014, Golub Capital BDC, Inc. invested $3.0 million in Senior Loan Fund LLC, an unconsolidated Delaware limited liability company ("SLF") that invests in senior secured loans and is co-managed by Golub Capital BDC, Inc. and United Insurance Company (collectively the "Members").

Overall, total investments at fair value increased by $71.3 million during the three months ended June 30, 2014 after factoring in debt repayments, sales of securities, net fundings on revolvers, and net change in unrealized gains (losses).  Total investments at fair value held by SLF increased by approximately $31.0 million, and were funded by capital contributed to SLF by the Members and third party borrowings by SLF.

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").

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.

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