Golub Capital BDC Inc. (GBDC, Financial) filed Annual Report for the period ended 2010-09-30.
Golub Capital Bdc Inc. has a market cap of $301.28 million; its shares were traded at around $17.01 . The dividend yield of Golub Capital Bdc Inc. stocks is 7.29%.GBDC is in the portfolios of John Griffin of Blue Ridge Capital.
Item 1. Business GENERAL We are an externally managed, closed-end, non-diversified management investment company that has elected to be treated as a business development company under the Investment Company Act of 1940, as amended, or the 1940 Act. In addition, for tax purposes, we intend to elect to be treated as a regulated investment company, or RIC, under Subchapter M of the Internal Revenue Code of 1986, as amended, or the Code. We were formed in November 2009 to continue and expand the business of our predecessor, GCMF, which commenced operations in July 2007, to make investments in senior secured, unitranche, mezzanine and second lien loans of middle-market companies that are, in most cases, sponsored by private equity firms. In this annual report on Form 10-K, the term middle-market generally refers to companies having earnings before interest, taxes, depreciation and amortization, or EBITDA, of between $5 million and $40 million annually; mezzanine loan refers to a loan that ranks senior only to a borrowers equity securities and ranks junior to all of such borrowers other indebtedness in priority of payment; and unitranche refers to a loan that combines characteristics of traditional first-lien senior secured loans and second-lien or subordinated loans.
We seek to create a diverse portfolio that includes senior secured, unitranche, mezzanine and second lien loans and warrants and minority equity securities by primarily investing approximately $5 million to $25 million of capital, on average, in the securities of U.S. middle-market companies. We may also selectively invest more than $25 million in some of our portfolio companies and generally expect that the size of our individual investments will vary proportionately with the size of our capital base.
As of September 30, 2010 and 2009, we had investments in 94 and 95 portfolio companies, respectively, with a total value of $344.9 million and $376.3 million, respectively. For the years ended September 30, 2010, 2009, and 2008, we originated 27, 86, and 42 new investments, with a total value of approximately $144.1 million, $357.6 million, and $345.2 million, respectively. For the years ended September 30, 2010, 2009, and 2008 we had approximately $130.2 million, $52.1 million, and $18.6 million in debt repayments in existing portfolio companies, and sales of securities in four, 42, and 70 portfolio companies aggregating approximately $51.7 million, $154.0 million, and $403.1 million, respectively.
As of September 30, 2010, our portfolio totaled $344.9 million and consisted of $227.1 million of senior secured debt, $90.4 million of unitranche debt, $11.4 million of second lien debt, $13.4 million of subordinated debt, and $2.6 million of equity. As of September 30, 2009, our portfolio totaled $376.3 million and consisted of $248.5 million of senior secured debt, $117.3 million of unitranche debt, and $10.5 million of second lien debt.
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Golub Capital Bdc Inc. has a market cap of $301.28 million; its shares were traded at around $17.01 . The dividend yield of Golub Capital Bdc Inc. stocks is 7.29%.GBDC is in the portfolios of John Griffin of Blue Ridge Capital.
Highlight of Business Operations:
As of March 31, 2010 (the last business day of the Registrants most recently completed second fiscal quarter), the Registrants common stock was not listed on any exchange or over-the counter market. The Registrants common stock began trading on the Nasdaq Global Select Market on April 15, 2010. The aggregate market value of common stock held by non-affiliates of the Registrant on September 30, 2010 based on the closing price on that date of $15.30 on the Nasdaq Global Select Market was approximately $271.0 million. For the purposes of calculating this amount only, all directors and executive officers of the Registrant have been treated as affiliates. There were 17,712,444 shares of the Registrants common stock outstanding as of December 10, 2010.Item 1. Business GENERAL We are an externally managed, closed-end, non-diversified management investment company that has elected to be treated as a business development company under the Investment Company Act of 1940, as amended, or the 1940 Act. In addition, for tax purposes, we intend to elect to be treated as a regulated investment company, or RIC, under Subchapter M of the Internal Revenue Code of 1986, as amended, or the Code. We were formed in November 2009 to continue and expand the business of our predecessor, GCMF, which commenced operations in July 2007, to make investments in senior secured, unitranche, mezzanine and second lien loans of middle-market companies that are, in most cases, sponsored by private equity firms. In this annual report on Form 10-K, the term middle-market generally refers to companies having earnings before interest, taxes, depreciation and amortization, or EBITDA, of between $5 million and $40 million annually; mezzanine loan refers to a loan that ranks senior only to a borrowers equity securities and ranks junior to all of such borrowers other indebtedness in priority of payment; and unitranche refers to a loan that combines characteristics of traditional first-lien senior secured loans and second-lien or subordinated loans.
We seek to create a diverse portfolio that includes senior secured, unitranche, mezzanine and second lien loans and warrants and minority equity securities by primarily investing approximately $5 million to $25 million of capital, on average, in the securities of U.S. middle-market companies. We may also selectively invest more than $25 million in some of our portfolio companies and generally expect that the size of our individual investments will vary proportionately with the size of our capital base.
As of September 30, 2010 and 2009, we had investments in 94 and 95 portfolio companies, respectively, with a total value of $344.9 million and $376.3 million, respectively. For the years ended September 30, 2010, 2009, and 2008, we originated 27, 86, and 42 new investments, with a total value of approximately $144.1 million, $357.6 million, and $345.2 million, respectively. For the years ended September 30, 2010, 2009, and 2008 we had approximately $130.2 million, $52.1 million, and $18.6 million in debt repayments in existing portfolio companies, and sales of securities in four, 42, and 70 portfolio companies aggregating approximately $51.7 million, $154.0 million, and $403.1 million, respectively.
As of September 30, 2010, our portfolio totaled $344.9 million and consisted of $227.1 million of senior secured debt, $90.4 million of unitranche debt, $11.4 million of second lien debt, $13.4 million of subordinated debt, and $2.6 million of equity. As of September 30, 2009, our portfolio totaled $376.3 million and consisted of $248.5 million of senior secured debt, $117.3 million of unitranche debt, and $10.5 million of second lien debt.
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