Golub Capital Bdc, Inc. · NASDAQ:GBDC
Golub Capital Bdc — Q4 2013 Earnings Presentation
15 slides from Golub Capital Bdc's earnings presentation, Dec 3, 2013
Slide 1: Golub Capital BDC, Inc. Investor Presentation Quarter Ended September 30, 2013
GBDC Golub Capital BDC, Inc. Investor Presentation Quarter Ended September 30, 2013 www.golubcapitalbdc.com
Slide 2: Disclaimer
1 Disclaimer Some of the statements in this presentation constitute forward - looking statements, which relate to future events or our future performance or financial condition. The forward - looking statements contained in this presentation involve risks and uncertainties, including statements as t
Slide 3: Summary of Quarterly Results
2 Summary of Quarterly Results Fourth Fiscal Quarter 2013 Highlights ▪ Net investment income for the quarter ended September 30, 2013 was $12.4 million, or $0.31 per share, as compared to $12.0 million, or $0.32 per share, for the quarter ended June 30, 2013. ▪ Net increase in net assets resulting f
Slide 4: Financial Highlights
3 Financial Highlights Q4 2 013 Q3 2 013 Q2 2 013 Q1 2 013 Q4 2 01 2 Net investment income per share $ 0.31 $ 0.32 $ 0.32 $ 0.34 $ 0.30 Net spread payments from the total return swap (“TRS”) 1 N/A N/A N/A N/A 0.01 Net investment income per share + TRS 1 0.31 0.32 0.32 0.34 0.31 Net realized /unreali
Slide 5: Summary of Portfolio Highlights
4 Summary of Portfolio Highlights Originations and Net Funds Growth ▪ New commitments totaled $126.1 million for the quarter ended September 30, 2013. ▪ Net growth in investments in securities, at fair value, for the quarter ended September 30, 2013 was $56.9 million, a 5.9% increase from June 30, 2
Slide 6: Quarterly Statements of Financial Condition
5 Quarterly Statements of Financial Condition As of ( Dollar amounts in thousands , except per share data) September 30, 2013 (audited ) June 30, 2013 (unaudited ) March 31, 2013 (unaudited ) December 31, 2012 (unaudited ) September 30, 2012 (audited ) Assets Investments in securities, at fair value
Slide 7: Quarterly Operating Results
6 Quarterly Operating Results For the three months ended ( Dollar amounts in thousands , except share and per share data) September 30, 2013 (unaudited) June 30, 2013 (unaudited) March 31, 2013 (unaudited) December 31 , 2 01 2 (unaudited) September 30 , 2 01 2 (unaudited) Investment Income Interest
Slide 8: Portfolio Highlights – Asset Mix
7 Portfolio Highlights – Asset Mix New Investment Commitments End of Period Investments 41% 33% 33% 33% 29% 39% 47% 49% 50% 54% 7% 11% 10% 10% 11% 10% 6% 5% 4% 2% 3% 3% 3% 3% 3% 1% 0 200,000 400,000 600,000 800,000 1,000,000 1,200,000 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Senior Secured One Stop S
Slide 9: Portfolio Highlights – Debt Investment Spread Analysis
8 10.5% 11.2% 10.6% 9.9% 9.6% 9.5% 9.7% 9.5% 9.2% 8.9% 3.5% 3.4% 3.5% 2.9% 3.0% 7.0% 7.8% 7.1% 7.0% 6.6% 0.4% 0.3% 0.3% 0.3% 0.2% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Total Yield on Investments Interest Income Yield Wtd. Avg. Debt Wtd. Avg. Investment Spread 3
Slide 10: Portfolio Highlights – Selected Information
9 Portfolio Highlights – Selected Information Portfolio Rotation – Debt Investments Q4 2 01 3 Q3 2 01 3 Q2 2 01 3 Q1 2 01 3 Q4 2 01 2 Weighted average interest rate of new investments 1 8.1% 8.0% 8.8% 8.3% 8.0% Weighted average interest rate on investments that were sold or paid - off 8.9% 8.9% 10.2
Slide 11: Credit Quality
10 Credit Quality Credit Quality – Investment Portfolio ▪ Fundamental credit quality remains strong with non - accrual investments representing 0.1% of the total investments at fair value as of September 30, 2013. ▪ We disposed of one non - accrual investment during the quarter for a small net loss
Slide 12: Portfolio Highlights – Portfolio Ratings
11 Portfolio Highlights – Portfolio Ratings Scoring Definition 5 Borrower is performing above expectations and the trends and risk factors are generally favorable. 4 Borrower is generally performing as expected and the risk factors are neutral to favorable 3 Borrower may be out of compliance with de
Slide 13: Common Stock and Distribution Information
12 Common Stock and Distribution Information Common Stock Data Distribution Data Date Declared Record Date Payment Date Amount Per Share Total Amount (in thousands) December 7, 2 01 1 December 1 9, 2 01 1 December 29, 2 01 1 $0.32 $6,955 February 2, 2 01 2 March 1 6, 2 01 2 March 29, 2 01 2 $0.32 $8
Slide 14: Liquidity and Investment Capacity – Public Offering
13 Liquidity and Investment Capacity Public Offering ▪ On September 12, 2013, we priced a public offering of 3,000,000 shares of our common stock at a public offering price of $16.95 per share, raising approximately $50.9 million in gross proceeds. On September 17, 2013, the transaction closed, the
Slide 15: Liquidity and Investment Capacity – Debt Facilities
14 Liquidity and Investment Capacity Debt Facilities ▪ Revolving Credit Facility - As of September 30, 2013, subject to leverage and borrowing base restrictions, we had $70.4 million available for additional borrowings on our revolving credit facility. On October 31, 2013 the revolving credit facili