Golub Capital Bdc, Inc. · NASDAQ:GBDC
Golub Capital Bdc — Q4 2012 Earnings Presentation
15 slides from Golub Capital Bdc's earnings presentation, Nov 29, 2012
Slide 1: Golub Capital BDC, Inc. Investor Presentation Quarter Ended September 30, 2012
Golub Capital BDC, Inc. Investor Presentation Quarter Ended September 30, 2012
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 a s
Slide 3: Summary of Quarterly Results
2 Summary of Quarterly Results Fourth Fiscal Quarter 2012 Highlights ▪ Net investment income for the quarter ended September 30, 2 01 2 was $7.8 million, or $0.30 per share, as compared to $6.7 million, or $0.26 per share, for the quarter ended June 30, 2 01 2. ▪ Net investment income, including net
Slide 4: Financial Highlights
3 Financial Highlights Q4 2 01 2 Q3 2 01 2 Q2 2 01 2 Q1 2 01 2 Q4 2 01 1 Net investment income per share $ 0.30 $ 0.26 $ 0.29 $ 0.29 $ 0.30 Net spread payments from the TRS 1 0.01 0.04 0.04 0.03 N/A Net investment income per share + TRS 1 0.31 0.30 0.33 0.32 N/A Net realized /unrealized gain (loss)
Slide 5: Summary of Portfolio Highlights
4 Summary of Portfolio Highlights Originations and Net Funds Growth ▪ New originations totaled $11 3.4 million for the quarter ended September 30, 2 01 2, which brings total originations for FY 2 01 2 to $428.2 million. Total originations in FY 2 011 were $363.8 million. ▪ Net growth in investments
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, 2 01 2 (audited ) June 30, 2 01 2 (unaudited ) March 31 , 2 01 2 (unaudited ) December 31 , 2 01 1 (unaudited ) September 30 , 2 01 1 (audited ) Assets Investments in securities, a
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 , 2 01 2 (unaudited) June 30 , 2 01 2 (unaudited) March 31 , 2 01 2 (unaudited) December 31 , 2 01 1 (unaudited) September 3 0 , 2 01 1 (unaudited) Investment Income I
Slide 8: Portfolio Highlights – Asset Mix
7 Portfolio Highlights – Asset Mix New Investment Commitments End of Period Investments 30% 30% 39% 92% 34% 68% 38% 36% 63% 13% 12% 16% 9% 0 20,000 40,000 60,000 80,000 100,000 120,000 140,000 160,000 180,000 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Senior Secured One Stop Second Lien Subordinated De
Slide 9: Portfolio Highlights – Debt Investment Spread Analysis
8 Portfolio Highlights – Debt Investment Spread Analysis 1. Total yield on investments is calculated as (a) the actual amount earned on such investments, including interest income and a mor tization of fees and discounts, divided by (b) the daily average of total earning investments at fair value. 2
Slide 10: Portfolio Highlights – Selected Information
9 Portfolio Highlights – Selected Information Portfolio Rotation – Debt Investments Q4 2 01 2 Q3 2 01 2 Q2 2 01 2 Q1 2 01 2 Q4 2 01 1 Weighted average interest rate of new investments 1,2,3 8.0% 8.2% 8.9% 9.7% 8.0% Weighted average interest rate on investments that were sold or paid - off 8.2% 6.7%
Slide 11: Credit Quality
10 Credit Quality Credit Quality – Investment Portfolio ▪ Fundamental credit quality remains strong with non - earning assets as a percentage of total investments at fair value improving from 0.7% at June 30, 2 01 2 to 0.5% at September 30, 2 01 2. ▪ Performance ratings on the investment portfolio h
Slide 12: Portfolio Highlights – Portfolio Ratings
11 Portfolio Highlights – Portfolio Ratings Risk Ratings Definition Rating Definition 5 Borrower is performing above expectations 4 Borrower is generally performing as expected and the risk factors are neutral to favorable 3 Borrower may be out of compliance with debt covenants; however, loan paymen
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) February 8, 2 01 1 March 1 8, 2 01 1 March 30, 2 01 1 $0.32 $5,676 May 3, 2 01 1 June 1 7, 2 01 1 June 29, 2 01 1 $0.32 $6,947 August 4
Slide 14: Liquidity and Investment Capacity
13 Liquidity and Investment Capacity Cash and Cash Equivalents ▪ Unrestricted cash totaled $1 3.9 million as of September 30, 2 01 2. ▪ Restricted cash totaled $37.0 million as of September 30, 2 01 2. Restricted cash was held in our securitization vehicle, SBIC subsidiary and our revolving credit f
Slide 15: Liquidity and Investment Capacity – Public Offering
14 Liquidity and Investment Capacity Public Offering ▪ On October 16, 2012, we priced a public offering of 2,600,000 shares of our common stock at a public offering price of $15.58 per share, raising approximately $40.5 million in gross proceeds. Wells Fargo Securities, LLC and UBS Securities LLC ac