Golub Capital BDC Inc. (GBDC, Financial) filed Quarterly Report for the period ended 2010-03-31.
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On April 14, 2010, we priced our initial public offering and sold 7,100,000 shares of our common stock at a price of $14.50 per share. Our shares began trading on April 15, 2010 on the Nasdaq Global Select Market under the symbol “GBDC”. Net of underwriting fees and offering costs, we raised a total of approximately $93.7 million. In addition, we sold 1,322,581 shares at $14.50 per share in a concurrent private placement, raising an additional $19.2 million in proceeds. GBDC has also granted the underwriters an option to purchase up to an additional 1,065,000 shares of common stock. As of March 31, 2010, on a pro forma basis after giving effect to the offering and the concurrent private placement and assuming no exercise of the underwriters over-allotment option, our net asset value was approximately $254.7 million, or approximately $14.63 per share.
At March 31, 2010 and September 30, 2009, we had investments in debt in 80 portfolio companies and 95 portfolio companies, respectively, with a total value of approximately $293.2 million and $376.3 million, respectively. For the three months and six months ended March 31, 2010 we originated 0 new investments.
For the three and six months ended March 31, 2010, we had approximately $32.7 million and $69.4 million in debt repayments in existing portfolio companies, respectively, and sold 0 securities. In addition, on December 23, 2009, we entered into a waiver and consent under the variable funding indenture, dated as of July 27, 2007, between GCMF, as issuer, and U.S. Bank National Association, as indenture trustee, or the Existing Credit Facility, pursuant to which we were permitted to distribute investments with a fair value and par value of approximately $13.5 million and $21.3 million to Golub Capital BDC LLC, free and clear of liens under the Existing Credit Facility. In January 2010, we then distributed these portfolio assets to the three equity members of GCMF, pro rata in accordance with the ownership interests in Golub Capital BDC LLC held by each of the equity members. The equity members are limited liability companies affiliated with Golub Capital. The members then made a cash contribution of $21.3 million to us, which was subsequently contributed to GCMF.
During the three and six months ended March 31, 2010, we had unrealized appreciation on 58 and 75 portfolio company investments totaling approximately $3.7 million and $13.9 million, respectively, which were offset by unrealized depreciation on 40 and 47 portfolio company investments totaling approximately -$1.8 million and -$12.8 million, respectively. During the three and six months ended March 31, 2009, we had unrealized appreciation on 44 and 63 portfolio company investments totaling approximately $4.9 million and $9.5 million, respectively, which was offset by unrealized depreciation on 65 and 81 portfolio company investments totaling approximately -$7.5 million and -$16.0 million, respectively.
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Highlight of Business Operations:
We seek to create a diverse portfolio that includes senior secured, unitranche, mezzanine and second lien loans and warrants and minority equity securities by investing approximately $10 to $25 million of capital, on average, in the securities of middle-market companies. We may also selectively invest more than $25 million in the securities of some portfolio companies and generally expect that the size of our individual investments will vary proportionately with the size of our capital base.On April 14, 2010, we priced our initial public offering and sold 7,100,000 shares of our common stock at a price of $14.50 per share. Our shares began trading on April 15, 2010 on the Nasdaq Global Select Market under the symbol “GBDC”. Net of underwriting fees and offering costs, we raised a total of approximately $93.7 million. In addition, we sold 1,322,581 shares at $14.50 per share in a concurrent private placement, raising an additional $19.2 million in proceeds. GBDC has also granted the underwriters an option to purchase up to an additional 1,065,000 shares of common stock. As of March 31, 2010, on a pro forma basis after giving effect to the offering and the concurrent private placement and assuming no exercise of the underwriters over-allotment option, our net asset value was approximately $254.7 million, or approximately $14.63 per share.
At March 31, 2010 and September 30, 2009, we had investments in debt in 80 portfolio companies and 95 portfolio companies, respectively, with a total value of approximately $293.2 million and $376.3 million, respectively. For the three months and six months ended March 31, 2010 we originated 0 new investments.
For the three and six months ended March 31, 2010, we had approximately $32.7 million and $69.4 million in debt repayments in existing portfolio companies, respectively, and sold 0 securities. In addition, on December 23, 2009, we entered into a waiver and consent under the variable funding indenture, dated as of July 27, 2007, between GCMF, as issuer, and U.S. Bank National Association, as indenture trustee, or the Existing Credit Facility, pursuant to which we were permitted to distribute investments with a fair value and par value of approximately $13.5 million and $21.3 million to Golub Capital BDC LLC, free and clear of liens under the Existing Credit Facility. In January 2010, we then distributed these portfolio assets to the three equity members of GCMF, pro rata in accordance with the ownership interests in Golub Capital BDC LLC held by each of the equity members. The equity members are limited liability companies affiliated with Golub Capital. The members then made a cash contribution of $21.3 million to us, which was subsequently contributed to GCMF.
During the three and six months ended March 31, 2010, we had unrealized appreciation on 58 and 75 portfolio company investments totaling approximately $3.7 million and $13.9 million, respectively, which were offset by unrealized depreciation on 40 and 47 portfolio company investments totaling approximately -$1.8 million and -$12.8 million, respectively. During the three and six months ended March 31, 2009, we had unrealized appreciation on 44 and 63 portfolio company investments totaling approximately $4.9 million and $9.5 million, respectively, which was offset by unrealized depreciation on 65 and 81 portfolio company investments totaling approximately -$7.5 million and -$16.0 million, respectively.
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