Business
Golub Capital BDC, Inc. Closes Merger With Golub Capital BDC 3, Inc., Declares Special Distributions Totaling $0.15 Per Share
NEW YORK--(BUSINESS WIRE)-- Golub Capital BDC, Inc. (“GBDC,” or the “Company”), a business development company (Nasdaq: GBDC), announced today that it has
About this update from Golub Capital Bdc, Inc.
[{"type":"text","content":" NEW YORK--(BUSINESS WIRE)--\nGolub Capital BDC, Inc. (“GBDC,” or the “Company”), a business development company (Nasdaq: GBDC), announced today that it has completed its previously announced merger with Golub Capital BDC 3, Inc. (“GBDC 3”), with GBDC as the surviving company. With $8.8 billion of total assets at fair value and investments in 367 portfolio companies, on a pro forma basis as of March 31, 2024, GBDC is the fifth-largest externally managed, publicly traded business development company by assets.\n\n\nDavid B. Golub, CEO of GBDC, said, “We would like to thank the stockholders and independent directors of both GBDC and GBDC 3 for their support throughout the merger process. GBDC’s focus on traditional middle-market lending, its industry-leading fee structure and its scale taken together position it to provide market-leading returns across different economic and interest rate environments.”\n\n\nUpon closing of the merger, GBDC 3 stockholders received 0.9138 shares of GBDC common stock for each share of GBDC 3 common stock. The transaction is estimated to be 2.1% accretive to GBDC’s net asset value (“NAV”) per share as of March 31, 2024. The final NAV accretion resulting from the merger will be disclosed when GBDC reports its financial results for the period ended June 30, 2024.\n\n\nIn support of the proposed merger, the agreement by GBDC’s investment adviser, GC Advisors LLC (“GC Advisors”), to reduce the income incentive fee and capital gain incentive fee rate as well as the incentive fee cap from 20.0% to 15.0% became permanent with the merger close. GBDC’s cumulative incentive fee cap, since-inception lookback period and income incentive fee hurdle rate of 8% per annum have all remained in place.\n\n\nOn June 2, 2024, GBDC’s Board of Directors declared a series of special distributions totaling $0.15 per share, to be distributed in three consecutive quarterly payments of $0.05 per share per quarter, based upon the following schedule:\n\n\n\nSpecial distribution #1 of $0.05 per share, payable on June 27, 2024, to stockholders of record as of June 13, 2024\n\n\n\nSpecial distribution #2 of $0.05 per share, payable on September 13, 2024, to stockholders of record as of August 16, 2024\n\n\n\nSpecial distribution #3 of $0.05 per share, payable on December 13, 2024, to stockholders of record as of November 29, 2024\n\...