Golub Capital BDC Inc. (GBDC, Financial) filed Quarterly Report for the period ended 2010-06-30.
Golub Capital Bdc Inc. has a market cap of $100.25 million; its shares were traded at around $14.12 . The dividend yield of Golub Capital Bdc Inc. stocks is 1.7%.
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 $5 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 July 16, 2010, we completed a $300 million term debt securitization, or Debt Securitization. The notes offered in the collateralized loan obligation, or the Notes, were issued by Golub Capital BDC 2010-1 LLC, a newly formed, indirect subsidiary of GBDC, or the Issuer, and are backed by a diversified portfolio of senior secured and second lien loans. The transaction was executed through a private placement of $174 million of Aaa/AAA Class A Notes which bear interest at the London Interbank Offered Rate, or LIBOR, plus 2.40%. Golub Capital BDC 2010-1 Holdings LLC, or the Depositor, a direct subsidiaryof GBDC, retained all of the Class B and Subordinated Notes, which totaled $126 million. The Class B Notes bear interest at a rate of LIBOR plus 2.40%, and the Subordinated Notes do not bear interest. The Notes are scheduled to mature on July 20, 2021. The Notes are the secured obligations of the Issuer, and an indenture governing the Notes includes customary covenants and events of default. We elected to complete this securitization instead of the committed facility disclosed in the IPO prospectus for our initial public offering for a number of reasons, including lower pricing, longer maturity and greater reinvestment flexibility.
At June 30, 2010 and September 30, 2009, we had investments in debt in 79 portfolio companies and 95 portfolio companies, respectively, with a total value of $277.6 million and $376.3 million, respectively. For the three and nine months ended June 30, 2010 we originated 6 new investments, with a total value of approximately $16.5 million. For the three and nine months ended June 30, 2010, we had approximately $34.6 million and $104.4 million in debt repayments in existing portfolio companies, respectively, and sold zero securities.
During the three and nine months ended June 30, 2010, we had unrealized appreciation on 49 and 79 portfolio company investments totaling approximately $3.2 million and $11.8 million, respectively, which were offset by unrealized depreciation on 53 and 49 portfolio company investments totaling $(3.3) million and $(10.8) million, respectively. During the three and nine months ended June 30, 2009, we had unrealized appreciation on 69 and 83 portfolio company investments totaling $8.0 million and $12.7 million, respectively, which was offset by unrealized depreciation on 43 and 63 portfolio company investments totaling $(6.0) million and $(17.2) million, respectively.
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Golub Capital Bdc Inc. has a market cap of $100.25 million; its shares were traded at around $14.12 . The dividend yield of Golub Capital Bdc Inc. stocks is 1.7%.
Highlight of Business Operations:
On April 14, 2010, we priced our initial public offering, selling 7,100,000 shares of common stock at a public offering price of $14.50 per share. Concurrent with this offering, an additional 1,322,581 shares were sold through a private placement, also at $14.50 per share. On May 19, 2010, an additional 305,000 shares at $14.50 were issued following exercise of the underwriters over-allotment option. Our shares are currently listed on the Nasdaq Global Select Market under the symbol "GBDC".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 $5 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 July 16, 2010, we completed a $300 million term debt securitization, or Debt Securitization. The notes offered in the collateralized loan obligation, or the Notes, were issued by Golub Capital BDC 2010-1 LLC, a newly formed, indirect subsidiary of GBDC, or the Issuer, and are backed by a diversified portfolio of senior secured and second lien loans. The transaction was executed through a private placement of $174 million of Aaa/AAA Class A Notes which bear interest at the London Interbank Offered Rate, or LIBOR, plus 2.40%. Golub Capital BDC 2010-1 Holdings LLC, or the Depositor, a direct subsidiaryof GBDC, retained all of the Class B and Subordinated Notes, which totaled $126 million. The Class B Notes bear interest at a rate of LIBOR plus 2.40%, and the Subordinated Notes do not bear interest. The Notes are scheduled to mature on July 20, 2021. The Notes are the secured obligations of the Issuer, and an indenture governing the Notes includes customary covenants and events of default. We elected to complete this securitization instead of the committed facility disclosed in the IPO prospectus for our initial public offering for a number of reasons, including lower pricing, longer maturity and greater reinvestment flexibility.
At June 30, 2010 and September 30, 2009, we had investments in debt in 79 portfolio companies and 95 portfolio companies, respectively, with a total value of $277.6 million and $376.3 million, respectively. For the three and nine months ended June 30, 2010 we originated 6 new investments, with a total value of approximately $16.5 million. For the three and nine months ended June 30, 2010, we had approximately $34.6 million and $104.4 million in debt repayments in existing portfolio companies, respectively, and sold zero securities.
During the three and nine months ended June 30, 2010, we had unrealized appreciation on 49 and 79 portfolio company investments totaling approximately $3.2 million and $11.8 million, respectively, which were offset by unrealized depreciation on 53 and 49 portfolio company investments totaling $(3.3) million and $(10.8) million, respectively. During the three and nine months ended June 30, 2009, we had unrealized appreciation on 69 and 83 portfolio company investments totaling $8.0 million and $12.7 million, respectively, which was offset by unrealized depreciation on 43 and 63 portfolio company investments totaling $(6.0) million and $(17.2) million, respectively.
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