Golub Capital BDC LLC (the “Company”) (Nasdaq: GBDC) announced today that it has filed a registration statement on Form N-2 relating to a proposed initial public offering of shares of its common stock.
Golub Capital BDC LLC is an externally managed, closed-end, non-diversified management investment company that will elect to be treated as a business development company under the Investment Company Act of 1940.
The Company will operate as a publicly traded investment fund managed by an affiliate of Golub Capital, a top-ranked lender to middle market companies.
The Company, which held $376 million in investments as of Sept. 30, 2009, will invest primarily in mezzanine, one-stop, second lien and senior secured loans, as well as warrants and minority equity securities, in U.S. middle-market companies.
The Company is proposing to offer to sell shares of common stock having an aggregate value on the date of issue of $150 million.
The Company may sell up to an additional $22.5 million of shares of common stock at the initial offering price, depending on the extent to which Wells Fargo Securities, LLC and UBS Securities LLC, the joint book-running managers of the offering, exercise an over-allotment option granted by the Company.
The co-managers for the offering are Stifel, Nicolaus & Company, Incorporated and BMO Capital Markets Corp.
The Company intends to use the net proceeds of the offering to repay existing indebtedness and invest the balance of the net proceeds in portfolio companies in accordance with the Company’s investment objective and strategies and for general corporate purposes, as described more fully in the prospectus contained in the registration statement.
About Golub Capital (golubcapital.com)
Founded in 1994, Golub Capital was ranked by Reuters Loan Pricing Corporation as the leading senior lender for middle-market leveraged buyouts (defined as total debt financing of under $100 million) for the first three calendar quarters of 2009 and as the third leading senior lender for the same category in 2008, based both on deal value and number of deals.
Golub Capital manages $4.0 billion of capital, with a team of 86 employees in Chicago, New York and Atlanta.
A registration statement relating to the securities has been filed with the Securities and Exchange Commission but has not yet become effective.
These securities may not be sold nor may offers to buy be accepted prior to the time that the registration statement becomes effective.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.
Any public offering of securities to be made in the United States will be made by means of a prospectus and will contain detailed information about the Company and its management, as well as financial statements.
The registration statement is available at sec.gov, a Web site maintained by the Securities and Exchange Commission.