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EX-32.1 - EXHIBIT 32.1 - GOLUB CAPITAL BDC, Inc.gbdcexhibit32163017.htm
EX-31.2 - EXHIBIT 31.2 - GOLUB CAPITAL BDC, Inc.gbdcexhibit31263017.htm
EX-31.1 - EXHIBIT 31.1 - GOLUB CAPITAL BDC, Inc.gbdcexhibit31163017.htm
EX-10.1 - EXHIBIT 10.1 - GOLUB CAPITAL BDC, Inc.gbdcexhibit10163017.htm
______________________________________________________________________________________________________

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
______________________________________________________________________________________________________ 
FORM 10-Q

þ                 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended June 30, 2017

OR

o         TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to _____

Commission File Number 814-00794

Golub Capital BDC, Inc.
(Exact name of registrant as specified in its charter)

Delaware
 
27-2326940
(State or other jurisdiction of incorporation or organization)
 
 (I.R.S. Employer Identification No.)

666 Fifth Avenue, 18th Floor
New York, NY 10103
(Address of principal executive offices)

(212) 750-6060
(Registrant's telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes þ   No o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).   Yes o No   o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer  þ
Accelerated filer o
Non-accelerated filer  o  (Do not check if a smaller reporting company)
Smaller reporting company o
Emerging growth company o
 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  o  No þ

As of August 7, 2017, the Registrant had 59,455,395 shares of common stock, $0.001 par value, outstanding.

1


Part I. Financial Information
  
Item 1.
Financial Statements
 
Consolidated Statements of Financial Condition as of June 30, 2017 (unaudited) and September 30, 2016
 
Consolidated Statements of Operations for the three and nine months ended June 30, 2017 (unaudited) and 2016 (unaudited)
 
Consolidated Statements of Changes in Net Assets for the nine months ended June 30, 2017 (unaudited) and 2016 (unaudited)
 
Consolidated Statements of Cash Flows for the nine months ended June 30, 2017 (unaudited) and 2016 (unaudited)
 
Consolidated Schedules of Investments as of June 30, 2017 (unaudited) and September 30, 2016
 
Notes to Consolidated Financial Statements (unaudited)
Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3.
Quantitative and Qualitative Disclosures about Market Risk
Item 4.
Controls and Procedures
Part II. Other Information
 
Item 1.
Legal Proceedings
Item 1A.
Risk Factors
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
Item 3.
Defaults Upon Senior Securities
Item 4.
Mine Safety Disclosures
Item 5.
Other Information
Item 6.
Exhibits


2


Golub Capital BDC, Inc. and Subsidiaries
Consolidated Statements of Financial Condition
(In thousands, except share and per share data)
 
June 30, 2017
 
September 30, 2016
 
(unaudited)
 
 
Assets
  

 
  

Investments, at fair value
  

 
  

Non-controlled/non-affiliate company investments
$
1,692,929

 
$
1,546,766

Non-controlled affiliate company investments

 
9,618

Controlled affiliate company investments
108,879

 
104,228

Total investments at fair value (amortized cost of $1,781,227 and $1,650,173, respectively)
1,801,808

 
1,660,612

Cash and cash equivalents
12,827

 
10,947

Restricted cash and cash equivalents
33,042

 
78,593

Interest receivable
5,871

 
5,935

Receivable from investments sold
1,317

 

Other assets
174

 
422

Total Assets
$
1,855,039

 
$
1,756,509

Liabilities
  

 
  

Debt
$
883,400

 
$
864,700

Less unamortized debt issuance costs
4,284

 
5,627

Debt less unamortized debt issuance costs
879,116

 
859,073

Secured borrowings, at fair value (proceeds of $403 and $471, respectively)
406

 
475

Interest payable
6,274

 
3,229

Management and incentive fees payable
13,404

 
12,763

Accounts payable and accrued expenses
2,264

 
2,072

Payable for investments purchased
5,294

 

Accrued trustee fees
62

 
72

Total Liabilities
906,820

 
877,684

Commitments and Contingencies (Note 8)
  

 
  

Net Assets
  

 
  

Preferred stock, par value $0.001 per share, 1,000,000 shares authorized, zero shares issued and outstanding as of June 30, 2017 and September 30, 2016

 

Common stock, par value $0.001 per share, 100,000,000 shares authorized, 59,235,174 and 55,059,067 shares issued and outstanding as of June 30, 2017 and September 30, 2016, respectively
59

 
55

Paid in capital in excess of par
932,970

 
855,998

Undistributed net investment income
3,862

 
18,832

Net unrealized appreciation (depreciation) on investments and secured borrowings
23,247

 
13,104

Net realized gain (loss) on investments
(11,919
)
 
(9,164
)
Total Net Assets
948,219

 
878,825

Total Liabilities and Total Net Assets
$
1,855,039

 
$
1,756,509

Number of common shares outstanding
59,235,174

 
55,059,067

Net asset value per common share
$
16.01

 
$
15.96


See Notes to Consolidated Financial Statements.


3


Golub Capital BDC, Inc. and Subsidiaries
Consolidated Statements of Operations (unaudited)
(In thousands, except share and per share data)
 
Three months ended June 30,
 
Nine months ended June 30,
  
2017
 
2016
 
2017
 
2016
Investment income
  

 
  

 
 
 
 
From non-controlled/non-affiliate company investments:
  

 
  

 
 
 
 
Interest income
$
32,877

 
$
28,752

 
$
94,238

 
$
83,641

Dividend income
278

 
111

 
438

 
393

Fee income
990

 
60

 
1,422

 
834

Total investment income from non-controlled/non-affiliate company investments
34,145

 
28,923

 
96,098

 
84,868

From non-controlled affiliate company investments:
  

 
  

 
 
 
 
Interest income
372

 
316

 
1,023

 
337

Total investment income from non-controlled affiliate company investments
372

 
316

 
1,023

 
337

From controlled affiliate company investments:
  

 
  

 
 
 
 
Interest income

 
1,799

 
1,639

 
5,192

Dividend income
891

 
1,068

 
4,054

 
2,971

Total investment income from controlled affiliate company investments
891

 
2,867

 
5,693

 
8,163

Total investment income
35,408

 
32,106

 
102,814

 
93,368

Expenses
  

 
  

 
 
 
 
Interest and other debt financing expenses
8,099

 
7,019

 
23,379

 
20,583

Base management fee
6,059

 
5,567

 
17,744

 
16,286

Incentive fee
2,073

 
2,311

 
6,274

 
4,262

Professional fees
638

 
692

 
1,935

 
2,123

Administrative service fee
595

 
531

 
1,720

 
1,643

General and administrative expenses
136

 
101

 
437

 
386

Total expenses
17,600

 
16,221

 
51,489

 
45,283

Net investment income - before excise tax
17,808

 
15,885

 
51,325

 
48,085

Excise tax

 

 
17

 
333

Net investment income - after excise tax
17,808

 
15,885

 
51,308

 
47,752

Net gain (loss) on investments and secured borrowings
  

 
  

 
 
 
 
Net realized gain (loss) on investments:
  

 
  

 
 
 
 
Non-controlled/non-affiliate company investments
3,233

 
(5,416
)
 
4,826

 
(2,982
)
Non-controlled affiliate company investments
(6,442
)
 

 
(6,442
)
 
2,722

Net realized gain (loss) on investments
(3,209
)
 
(5,416
)
 
(1,616
)
 
(260
)
Net change in unrealized appreciation (depreciation) on investments:
  

 
  

 
 
 
 
Non-controlled/non-affiliate company investments
(245
)
 
7,254

 
4,743

 
10,203

Non-controlled affiliate company investments
5,658

 
(253
)
 
5,228

 
(3,052
)
Controlled affiliate company investments
99

 
818

 
171

 
(1,539
)
Net change in unrealized appreciation (depreciation) on investments
5,512

 
7,819

 
10,142

 
5,612

Net change in unrealized appreciation (depreciation) on secured borrowings

 
1

 
1

 
1

Net gain (loss) on investments and secured borrowings
2,303

 
2,404

 
8,527

 
5,353

Net increase in net assets resulting from operations
$
20,111

 
$
18,289

 
$
59,835

 
$
53,105

Per Common Share Data
  

 
  

 
 
 
 
Basic and diluted earnings per common share
$
0.35

 
$
0.35

 
$
1.07

 
$
1.03

Dividends and distributions declared per common share
$
0.32

 
$
0.32

 
$
1.21

 
$
0.96

Basic and diluted weighted average common shares outstanding
57,719,505

 
51,513,685

 
56,058,642

 
51,399,363


See Notes to Consolidated Financial Statements.

4


Golub Capital BDC, Inc. and Subsidiaries
Consolidated Statements of Changes in Net Assets (unaudited)
(In thousands, except share data)
 
 
 
 
 
 
 
Net Unrealized Appreciation (Depreciation) on Investments and Secured Borrowings
 
 
 
 
 
Common Stock
 
Paid in Capital in Excess of Par
 
Undistributed Net Investment Income
 
 
Net Realized Gain (Loss) on Investments
 
 
 
Shares
 
Par Amount
 
 
 
 
 
Total Net Assets
Balance at September 30, 2015
51,300,193

 
$
51

 
$
790,713

 
$
4,230

 
$
15,134

 
$
742

 
$
810,870

Net increase in net assets resulting from operations

 

 

 
47,752

 
5,613

 
(260
)
 
53,105

Distributions to stockholders:
  

 
  

 
  

 
  

 
  

 
  

 
 
Stock issued in connection with dividend reinvestment plan
323,132

 
1

 
5,347

 

 

 

 
5,348

Distributions from net investment income

 

 

 
(36,924
)
 

 

 
(36,924
)
Distributions from realized gain

 

 

 

 

 
(12,418
)
 
(12,418
)
Total increase (decrease) for the period ended June 30, 2016
323,132

 
1

 
5,347

 
10,828

 
5,613

 
(12,678
)
 
9,111

Balance at June 30, 2016
51,623,325

 
$
52

 
$
796,060

 
$
15,058

 
$
20,747

 
$
(11,936
)
 
$
819,981

Balance at September 30, 2016
55,059,067

 
$
55

 
$
855,998

 
$
18,832

 
$
13,104

 
$
(9,164
)
 
$
878,825

Issuance of common stock, net of offering and underwriting costs(1)
3,762,500

 
4

 
69,489

 

 

 

 
69,493

Net increase in net assets resulting from operations

 

 

 
51,308

 
10,143

 
(1,616
)
 
59,835

Distributions to stockholders:
  

 
  

 
  

 
  

 
  

 
  

 
 
Stock issued in connection with dividend reinvestment plan
413,607

 

 
7,483

 

 

 

 
7,483

Distributions from net investment income

 

 

 
(66,278
)
 

 

 
(66,278
)
Distributions from realized gain

 

 

 

 

 
(1,139
)
 
(1,139
)
Total increase (decrease) for the period ended June 30, 2017
4,176,107

 
4

 
76,972

 
(14,970
)
 
10,143

 
(2,755
)
 
69,394

Balance at June 30, 2017
59,235,174

 
$
59

 
$
932,970

 
$
3,862

 
$
23,247

 
$
(11,919
)
 
$
948,219


(1) 
On March 21, 2017, Golub Capital BDC, Inc. priced a public offering of 1,750,000 shares of its common stock at a public offering price of $19.03 per share. On April 6, 2017, Golub Capital BDC, Inc. sold an additional 262,500 shares of its common stock at a public offering price of $19.03 per share pursuant to the underwriter's exercise of the option to purchase additional shares granted in connection with the public offering in March 2017. On June 6, 2017, Golub Capital BDC, Inc. entered into an agreement to sell 1,750,000 shares of its common stock pursuant to an underwritten, public offering at a price to the Company of $18.71 per share.


See Notes to Consolidated Financial Statements.


5


Golub Capital BDC, Inc. and Subsidiaries
Consolidated Statements of Cash Flows (unaudited)
(In thousands)
 
Nine months ended June 30,
  
2017
 
2016
Cash flows from operating activities
  

 
  

Net increase in net assets resulting from operations
$
59,835

 
$
53,105

Adjustments to reconcile net increase in net assets resulting from operations
to net cash (used in) provided by operating activities
  

 
  

Amortization of deferred debt issuance costs
2,488

 
3,227

Accretion of discounts and amortization of premiums
(6,792
)
 
(5,895
)
Net realized (gain) loss on investments
1,616

 
260

Net change in unrealized (appreciation) depreciation on investments
(10,142
)
 
(5,612
)
Net change in unrealized appreciation (depreciation) on secured borrowings
(1
)
 
(1
)
Proceeds from (fundings of) revolving loans, net
959

 
(2,624
)
Fundings of investments
(461,763
)
 
(471,480
)
Proceeds from principal payments and sales of portfolio investments
336,464

 
387,316

PIK interest
(1,537
)
 
(689
)
Changes in operating assets and liabilities:
  

 
  

Interest receivable
64

 
(7
)
Receivable from investments sold
(1,317
)
 

Other assets
248

 
(128
)
Interest payable
3,045

 
2,578

Management and incentive fees payable
641

 
(419
)
Payable for investments purchased
5,294

 
1,949

Accounts payable and accrued expenses
192

 
(292
)
Accrued trustee fees
(10
)
 
(1
)
Net cash (used in) provided by operating activities
(70,716
)
 
(38,713
)
Cash flows from investing activities
  

 
  

Net change in restricted cash and cash equivalents
45,551

 
33,289

Net cash (used in) provided by investing activities
45,551

 
33,289

Cash flows from financing activities
  

 
  

Borrowings on debt
419,350

 
288,050

Repayments of debt
(400,650
)
 
(239,250
)
Capitalized debt issuance costs
(1,145
)
 
(1,654
)
Repayments on secured borrowings
(69
)
 
(29
)
Proceeds from shares sold, net of underwriting costs
69,893

 

Offering costs paid
(400
)
 

Distributions paid
(59,934
)
 
(43,994
)
Net cash provided by (used in) financing activities
27,045

 
3,123

Net change in cash and cash equivalents
1,880

 
(2,301
)
Cash and cash equivalents, beginning of period
10,947

 
5,468

Cash and cash equivalents, end of period
$
12,827

 
$
3,167

Supplemental disclosure of cash flow information:
  

 
  

Cash paid during the period for interest
$
17,836

 
$
14,766

Distributions declared during the period
67,417

 
49,342

Supplemental disclosure of noncash operating activity:
 
 
 
Funding of LLC equity interest in SLF
$
(78,689
)
 
$

Proceeds from subordinated notes in SLF principal payment
78,689

 

Supplemental disclosure of noncash financing activity:
 
 
 
Proceeds from issuance of Class A-Refi 2010 Notes
$
205,000

 
$

Redemptions of Class A and Class B 2010 Notes
(205,000
)
 

See Notes to Consolidated Financial Statements.

6

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited)
June 30, 2017
(In thousands)


 
Investment
Type
 
Spread
Above
Index(1)
 
Interest
Rate(2)
 
Maturity
Date
 
Principal ($) /
Shares(3)
 
Amortized Cost
 
Percentage
of Net
Assets
 
Fair
Value
Investments
  
 
  
 
  
 
  
 
  

 
  

 
  

 
  

Non-controlled/non-affiliate company investments
 
 
  
 
  
 
  
 
  

 
  

 
  

 
  

Debt investments
  
 
  
 
  
 
  
 
  

 
  

 
  

 
  

Aerospace and Defense
  
 
  
 
  
 
  
 
  

 
  

 
  

 
  

ILC Dover, LP*^#
One stop
 
L + 9.00%
 
8.23% cash/2.00% PIK
 
03/2020
 
$
17,645

 
$
17,539

 
1.9

%
$
17,645

ILC Dover, LP
One stop
 
L + 9.00%
 
8.23% cash/2.00% PIK
 
03/2019
 
797

 
791

 
0.1

 
797

NTS Technical Systems*^#
One stop
 
L + 6.00%
 
7.05%
 
06/2021
 
21,773

 
21,466

 
2.3

 
21,773

NTS Technical Systems(4)
One stop
 
L + 6.00%
 
N/A(5)
 
06/2021
 

 
(77
)
 

 

NTS Technical Systems(4)
One stop
 
L + 6.00%
 
N/A(5)
 
06/2021
 

 
(128
)
 

 

Tresys Technology Holdings, Inc.(6)
One stop
 
L + 6.75%
 
8.05%
 
12/2017
 
3,899

 
3,845

 
0.1

 
1,170

Tresys Technology Holdings, Inc.(6)
One stop
 
L + 6.75%
 
8.01%
 
12/2017
 
659

 
658

 
0.1

 
659

Tresys Technology Holdings, Inc.
One stop
 
P + 7.50%
 
11.75%
 
12/2017
 
40

 
40

 

 
40

Tronair Parent, Inc.#
Senior loan
 
L + 4.75%
 
5.84%
 
09/2023
 
192

 
190

 

 
190

Tronair Parent, Inc.
Senior loan
 
L + 4.50%
 
5.59%
 
09/2021
 
20

 
19

 

 
19

Whitcraft LLC*^#
One stop
 
L + 6.25%
 
7.55%
 
04/2023
 
12,596

 
12,415

 
1.3

 
12,470

Whitcraft LLC
One stop
 
P + 5.25%
 
9.50%
 
04/2023
 
5

 
4

 

 
4

Whitcraft LLC(4)
One stop
 
L + 6.25%
 
N/A(5)
 
04/2023
 

 
(5
)
 

 
(3
)
 
 
 
 
 
 
 
 
 
57,626

 
56,757

 
5.8

 
54,764

Automobile
  
 
  
 
  
 
  
 
  

 
  

 
  

 
  

Dent Wizard International Corporation*
Senior loan
 
L + 4.75%
 
5.97%
 
04/2020
 
4,534

 
4,508

 
0.5

 
4,534

OEConnection LLC*
Senior loan
 
L + 5.00%
 
6.30%
 
06/2022
 
4,846

 
4,742

 
0.5

 
4,798

OEConnection LLC^
Senior loan
 
L + 4.75%
 
6.05%
 
06/2022
 
2,597

 
2,571

 
0.3

 
2,571

OEConnection LLC(4)
Senior loan
 
L + 5.00%
 
N/A(5)
 
06/2021
 

 
(1
)
 

 
(1
)
T5 Merger Corporation^#
One stop
 
L + 6.25%
 
7.30%
 
03/2022
 
4,392

 
4,319

 
0.4

 
4,392

T5 Merger Corporation
One stop
 
L + 6.25%
 
7.41%
 
03/2022
 
108

 
106

 

 
108

T5 Merger Corporation
One stop
 
L + 6.25%
 
7.33%
 
03/2022
 
60

 
59

 

 
60

T5 Merger Corporation(4)
One stop
 
L + 6.25%
 
N/A(5)
 
03/2022
 

 
(2
)
 

 

  
 
 
 
 
 
 
 
 
16,537

 
16,302

 
1.7

 
16,462

Banking
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
HedgeServ Holding L.P.*#
One stop
 
L + 8.00%
 
7.16% cash/2.00% PIK
 
02/2019
 
17,151

 
17,109

 
1.8

 
17,151

HedgeServ Holding L.P.(4)
One stop
 
L + 8.00%
 
N/A(5)
 
02/2019
 

 
(3
)
 

 

 
 
 
 
 
 
 
 
 
17,151

 
17,106

 
1.8

 
17,151

Beverage, Food and Tobacco
  
 
  
 
  
 
  
 
  

 
  

 
  

 
  

Abita Brewing Co., L.L.C.
One stop
 
L + 6.25%
 
7.23% cash/0.25% PIK
 
04/2021
 
7,837

 
7,720

 
0.8

 
7,601

Abita Brewing Co., L.L.C.(4)
One stop
 
L + 6.25%
 
N/A(5)
 
04/2021
 

 
(1
)
 

 
(1
)
ABP Corporation*
Senior loan
 
L + 4.75%
 
6.00%
 
09/2018
 
4,659

 
4,640

 
0.5

 
4,499

ABP Corporation
Senior loan
 
P + 3.50%
 
7.75%
 
09/2018
 
292

 
290

 

 
275

Atkins Nutritionals, Inc.*^
One stop
 
L + 8.50%
 
9.75%
 
04/2019
 
21,636

 
21,515

 
2.3

 
21,636

Atkins Nutritionals, Inc.*^#
One stop
 
L + 5.00%
 
6.25%
 
01/2019
 
13,262

 
13,185

 
1.4

 
13,262

Benihana, Inc.*^
One stop
 
L + 7.00%
 
8.25%
 
01/2019
 
16,140

 
15,954

 
1.7

 
15,992

Benihana, Inc.
One stop
 
L + 7.00%
 
9.09%
 
07/2018
 
1,020

 
1,000

 
0.1

 
1,000

C. J. Foods, Inc.*^
One stop
 
L + 6.25%
 
7.55%
 
05/2019
 
5,218

 
5,171

 
0.6

 
5,218

C. J. Foods, Inc.
One stop
 
L + 6.25%
 
7.55%
 
05/2019
 
658

 
652

 
0.1

 
658

C. J. Foods, Inc.
One stop
 
L + 6.25%
 
7.41%
 
05/2019
 
172

 
167

 

 
172

Firebirds International, LLC*
One stop
 
L + 5.75%
 
7.00%
 
05/2018
 
1,065

 
1,062

 
0.1

 
1,065

Firebirds International, LLC*
One stop
 
L + 5.75%
 
7.00%
 
05/2018
 
299

 
298

 

 
299

Firebirds International, LLC^
One stop
 
L + 5.75%
 
7.00%
 
05/2018
 
96

 
96

 

 
96

Firebirds International, LLC
One stop
 
L + 5.75%
 
N/A(5)
 
05/2018
 

 

 

 

First Watch Restaurants, Inc.*^
One stop
 
L + 6.00%
 
7.38%
 
12/2020
 
15,137

 
15,029

 
1.6

 
15,137

First Watch Restaurants, Inc.*
One stop
 
L + 6.00%
 
7.30%
 
12/2020
 
1,248

 
1,241

 
0.1

 
1,248

First Watch Restaurants, Inc.*
One stop
 
L + 6.00%
 
7.30%
 
12/2020
 
1,246

 
1,238

 
0.1

 
1,246

First Watch Restaurants, Inc.
One stop
 
L + 6.00%
 
7.30%
 
12/2020
 
1,075

 
1,069

 
0.1

 
1,075

First Watch Restaurants, Inc.
One stop
 
P + 5.00%
 
9.25%
 
12/2020
 
721

 
718

 
0.1

 
721


See Notes to Consolidated Financial Statements.
7




Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
June 30, 2017
(In thousands)


 
Investment
Type
 
Spread
Above
Index(1)
 
Interest
Rate(2)
 
Maturity
Date
 
Principal ($) /
Shares(3)
 
Amortized Cost
 
Percentage
of Net
Assets
 
Fair
Value
Beverage, Food and Tobacco - (continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
First Watch Restaurants, Inc.
One stop
 
L + 6.00%
 
N/A(5)
 
12/2020
 
$

 
$

 

%
$

Hopdoddy Holdings, LLC
One stop
 
L + 8.00%
 
9.23%
 
08/2020
 
655

 
646

 
0.1

 
655

Hopdoddy Holdings, LLC
One stop
 
L + 8.00%
 
N/A(5)
 
08/2020
 

 

 

 

Hopdoddy Holdings, LLC(4)
One stop
 
L + 8.00%
 
N/A(5)
 
08/2020
 

 
(2
)
 

 

Julio & Sons Company
One stop
 
L + 5.50%
 
N/A(5)
 
12/2018
 

 

 

 

Mid-America Pet Food, L.L.C.^
One stop
 
L + 6.25%
 
7.55%
 
12/2021
 
5,655

 
5,578

 
0.6

 
5,655

Mid-America Pet Food, L.L.C.(4)
One stop
 
L + 6.25%
 
N/A(5)
 
12/2021
 

 
(1
)
 

 

P&P Food Safety US Acquisition, Inc.*
One stop
 
L + 6.50%
 
7.77%
 
11/2021
 
4,136

 
4,091

 
0.4

 
4,136

P&P Food Safety US Acquisition, Inc.
One stop
 
L + 6.50%
 
N/A(5)
 
11/2021
 

 

 

 

Purfoods, LLC
One stop
 
L + 6.25%
 
7.45%
 
05/2021
 
8,582

 
8,418

 
0.9

 
8,582

Purfoods, LLC
One stop
 
N/A
 
7.00% PIK
 
05/2026
 
109

 
109

 

 
110

Purfoods, LLC
One stop
 
L + 6.25%
 
7.42%
 
05/2021
 
65

 
64

 

 
65

Purfoods, LLC
One stop
 
L + 6.25%
 
7.34%
 
05/2021
 
15

 
15

 

 
15

Purfoods, LLC
One stop
 
L + 6.25%
 
7.34%
 
05/2021
 
14

 
14

 

 
14

Purfoods, LLC
One stop
 
L + 6.25%
 
7.55%
 
05/2021
 
10

 
10

 

 
10

Purfoods, LLC(4)
One stop
 
L + 6.25%
 
N/A(5)
 
05/2021
 

 
(1
)
 

 

Restaurant Holding Company, LLC#
Senior loan
 
L + 7.75%
 
8.98%
 
02/2019
 
4,499

 
4,482

 
0.5

 
4,409

Rubio's Restaurants, Inc.*^
Senior loan
 
L + 4.75%
 
6.04%
 
11/2018
 
8,851

 
8,825

 
0.9

 
8,851

Smashburger Finance LLC
Senior loan
 
L + 5.50%
 
6.80%
 
05/2018
 
83

 
82

 

 
78

Smashburger Finance LLC(4)
Senior loan
 
L + 5.50%
 
N/A(5)
 
05/2018
 

 
(1
)
 

 

Surfside Coffee Company LLC#
One stop
 
L + 5.25%
 
6.55%
 
06/2020
 
4,436

 
4,409

 
0.5

 
4,436

Surfside Coffee Company LLC
One stop
 
L + 5.25%
 
6.54%
 
06/2020
 
335

 
333

 

 
335

Surfside Coffee Company LLC
One stop
 
L + 5.25%
 
6.46%
 
06/2020
 
25

 
25

 

 
25

Tate's Bake Shop, Inc.#
Senior loan
 
L + 5.00%
 
6.30%
 
08/2019
 
593

 
589

 
0.1

 
593

Uinta Brewing Company^
One stop
 
L + 8.50%
 
9.73%
 
08/2019
 
3,734

 
3,719

 
0.4

 
3,623

Uinta Brewing Company
One stop
 
L + 8.50%
 
9.72%
 
08/2019
 
539

 
535

 
0.1

 
517

 
 
 
 
 
 
 
 
 
134,117

 
132,983

 
14.1

 
133,308

Broadcasting and Entertainment
 
 
 
 
 
 
 
 
  

 
  

 
 
 
  

TouchTunes Interactive Networks, Inc.^
Senior loan
 
L + 4.75%
 
6.05%
 
05/2021
 
1,466

 
1,461

 
0.2

 
1,475

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Building and Real Estate
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Brooks Equipment Company, LLC*^
One stop
 
L + 5.00%
 
6.21%
 
08/2020
 
22,720

 
22,541

 
2.4

 
22,720

Brooks Equipment Company, LLC*
One stop
 
L + 5.00%
 
6.20%
 
08/2020
 
5,598

 
5,560

 
0.6

 
5,598

Brooks Equipment Company, LLC(4)
One stop
 
L + 5.00%
 
N/A(5)
 
08/2020
 

 
(11
)
 

 

ITEL Laboratories, Inc.*
Senior loan
 
L + 4.50%
 
5.80%
 
06/2018
 
545

 
544

 
0.1

 
545

ITEL Laboratories, Inc.
Senior loan
 
L + 4.50%
 
N/A(5)
 
06/2018
 

 

 

 

Jensen Hughes, Inc.#
Senior loan
 
L + 5.00%
 
6.23%
 
12/2021
 
134

 
133

 

 
134

MRI Software LLC^
One stop
 
L + 6.00%
 
7.30%
 
06/2023
 
23,983

 
23,344

 
2.5

 
23,744

MRI Software LLC(4)
One stop
 
L + 6.00%
 
N/A(5)
 
06/2023
 

 
(3
)
 

 
(2
)
MRI Software LLC(4)
One stop
 
L + 6.00%
 
N/A(5)
 
06/2023
 

 
(8
)
 

 
(3
)
 
 
 
 
 
 
 
 
 
52,980

 
52,100

 
5.6

 
52,736

Chemicals, Plastics and Rubber
  
 
  
 
  
 
  
 
  

 
  

 
  

 
  

Flexan, LLC*
One stop
 
L + 5.75%
 
7.05%
 
02/2020
 
2,339

 
2,320

 
0.2

 
2,339

Flexan, LLC
One stop
 
L + 5.75%
 
N/A(5)
 
02/2020
 

 

 

 

 
 
 
 
 
 
 
 
 
2,339

 
2,320

 
0.2

 
2,339

Diversified/Conglomerate Manufacturing
  
 
  
 
  
 
  
 
  

 
  

 
  

 
  

Chase Industries, Inc.*^#
One stop
 
L + 5.75%
 
6.90%
 
09/2020
 
30,192

 
29,980

 
3.2

 
29,889

Chase Industries, Inc.#
One stop
 
L + 5.75%
 
6.90%
 
09/2020
 
4,783

 
4,757

 
0.5

 
4,735

Chase Industries, Inc.
One stop
 
L + 5.75%
 
6.84%
 
09/2020
 
324

 
312

 

 
302

Inventus Power, Inc.*^
One stop
 
L + 6.50%
 
7.73%
 
04/2020
 
8,140

 
8,094

 
0.8

 
7,652

Inventus Power, Inc.(4)
One stop
 
L + 6.50%
 
N/A(5)
 
04/2020
 

 
(3
)
 

 
(31
)
Onicon Incorporated*^#
One stop
 
L + 6.00%
 
7.30%
 
04/2020
 
13,111

 
13,005

 
1.4

 
13,111


See Notes to Consolidated Financial Statements.
8




Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
June 30, 2017
(In thousands)


 
Investment
Type
 
Spread
Above
Index(1)
 
Interest
Rate(2)
 
Maturity
Date
 
Principal ($) /
Shares(3)
 
Amortized Cost
 
Percentage
of Net
Assets
 
Fair
Value
Diversified/Conglomerate Manufacturing - (continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Onicon Incorporated(4)
One stop
 
L + 6.00%
 
N/A(5)
 
04/2020
 
$

 
$
(5
)
 

%
$

PetroChoice Holdings, Inc.^
Senior loan
 
L + 5.00%
 
6.12%
 
08/2022
 
1,754

 
1,711

 
0.2

 
1,754

Plex Systems, Inc.*^
One stop
 
L + 7.50%
 
8.75%
 
06/2020
 
18,797

 
18,497

 
2.0

 
18,797

Plex Systems, Inc.(4)
One stop
 
L + 7.50%
 
N/A(5)
 
06/2020
 

 
(24
)
 

 

Reladyne, Inc.*^
Senior loan
 
L + 5.25%
 
6.40%
 
07/2022
 
10,605

 
10,464

 
1.1

 
10,499

Reladyne, Inc.#
Senior loan
 
L + 5.25%
 
6.33%
 
07/2022
 
3,131

 
3,101

 
0.3

 
3,100

Reladyne, Inc.*
Senior loan
 
L + 5.25%
 
6.40%
 
07/2022
 
111

 
109

 

 
110

Reladyne, Inc.
Senior loan
 
L + 5.25%
 
6.35%
 
07/2022
 
70

 
69

 

 
69

Reladyne, Inc.^
Senior loan
 
L + 5.25%
 
6.40%
 
07/2022
 
36

 
36

 

 
36

Reladyne, Inc.
Senior loan
 
L + 5.25%
 
6.40%
 
07/2022
 
13

 
11

 

 
12

Reladyne, Inc.
Senior loan
 
L + 5.25%
 
6.36%
 
07/2022
 
6

 
5

 

 
6

Reladyne, Inc.(4)
Senior loan
 
L + 5.25%
 
N/A(5)
 
07/2022
 

 
(1
)
 

 
(1
)
Sunless Merger Sub, Inc.#
Senior loan
 
L + 5.00%
 
6.25%
 
07/2019
 
1,457

 
1,464

 
0.2

 
1,457

Sunless Merger Sub, Inc.
Senior loan
 
P + 3.75%
 
7.75%
 
07/2019
 
326

 
326

 

 
326

  
 
 
 
 
 
 
 
 
92,856

 
91,908

 
9.7

 
91,823

Diversified/Conglomerate Service
  
 
  
 
  
 
  
 
  

 
  

 
  

 
  

Accellos, Inc.*^
One stop
 
L + 5.75%
 
6.98%
 
07/2020
 
17,038

 
16,929

 
1.8

 
17,038

Accellos, Inc.(4)
One stop
 
L + 5.75%
 
N/A(5)
 
07/2020
 

 
(6
)
 

 

Actiance, Inc.*^
One stop
 
L + 9.00%
 
10.23%
 
10/2019
 
3,962

 
3,849

 
0.4

 
3,962

Actiance, Inc.
One stop
 
L + 9.00%
 
10.23%
 
10/2019
 
20

 
20

 

 
20

Agility Recovery Solutions Inc.*^
One stop
 
L + 6.50%
 
7.67%
 
03/2020
 
13,924

 
13,813

 
1.5

 
13,924

Agility Recovery Solutions Inc.(4)
One stop
 
L + 6.50%
 
N/A(5)
 
03/2020
 

 
(5
)
 

 

Bomgar Corporation^
One stop
 
L + 7.50%
 
8.80%
 
06/2022
 
4,851

 
4,770

 
0.5

 
4,851

Bomgar Corporation(4)
One stop
 
L + 7.50%
 
N/A(5)
 
06/2022
 

 
(2
)
 

 

Clearwater Analytics, LLC*^
One stop
 
L + 7.50%
 
8.55%
 
09/2022
 
9,594

 
9,445

 
1.0

 
9,594

Clearwater Analytics, LLC
One stop
 
L + 7.50%
 
8.72%
 
09/2022
 
11

 
9

 

 
11

Daxko Acquisition Corporation^#
One stop
 
L + 6.50%
 
7.73%
 
09/2022
 
8,493

 
8,382

 
0.9

 
8,493

Daxko Acquisition Corporation
One stop
 
L + 6.50%
 
N/A(5)
 
09/2022
 

 

 

 

DISA Holdings Acquisition Subsidiary Corp.#
Senior loan
 
L + 4.25%
 
5.47%
 
12/2020
 
428

 
426

 

 
428

EGD Security Systems, LLC
One stop
 
L + 6.25%
 
7.37%
 
06/2022
 
11,114

 
10,907

 
1.2

 
11,114

EGD Security Systems, LLC^
One stop
 
L + 6.25%
 
7.55%
 
06/2022
 
98

 
97

 

 
98