Business
Golub Capital BDC, Inc. Announces Transferable Rights Offering
NEW YORK, April 1, 2020 /PRNewswire/ -- Golub Capital BDC, Inc. (NASDAQ: GBDC) ("we," "us," "our," "GBDC" or the "Company") announced today that its Board of
About this update from Golub Capital Bdc, Inc.
[{"type":"text","content":"NEW YORK, April 1, 2020 /PRNewswire/ -- Golub Capital BDC, Inc. (NASDAQ: GBDC) (\"we,\" \"us,\" \"our,\" \"GBDC\" or the \"Company\") announced today that its Board of Directors has approved the terms of a transferable rights offering to purchase shares of its common stock. Wells Fargo Securities, LLC will act as the Dealer Manager for the offering.\nDavid B. Golub, Chief Executive Officer of GBDC, described the Company's strategic rationale for the rights offering in a letter to shareholders issued concurrently with this press release:\n\"GBDC is undertaking this rights offering in order to raise capital that will both fortify GBDC's balance sheet now and create opportunities in the future. Fortifying GBDC's balance sheet is important so that we can navigate through the uncharted waters of a COVID-19 world. Creating opportunities in the future is important so that when this period ends, GBDC is well positioned to play offense on new transactions that we believe are likely to be particularly attractive. We believe recent market events will likely create a sustained lender friendly environment, much like we saw after the last recession.\" \nThe Company will issue to stockholders of record as of 5:00 p.m., New York City time, on April 8, 2020 transferable rights to subscribe for an aggregate of up to 33,451,902 shares of the Company's common stock. Each record date stockholder will be issued one transferable right for every four shares of the Company's common stock owned on the record date. The rights entitle each holder to acquire at the subscription price one share of our common stock for every right held (the \"Primary Subscription\"). An application has been submitted for the rights to be listed for trading on the Nasdaq Global Select Market under the symbol \"GBDCR\" with trading anticipated to begin on or around April 9, 2020. Rights may be exercised at any time during the subscription period, which commences on April 9, 2020, and ends at 5:00 p.m., New York City time, on May 6, 2020, the expiration date, unless the subscription period is extended by the Company (the \"Expiration Date\"). Record date stockholders who fully exercise all rights issued to them are entitled to subscribe for additional shares of the Company's common stock that were not subscribed for by other holders (in the Primary Subscription, on the terms and...