NEW YORK, May 10,
2021 /PRNewswire/ -- Golub Capital BDC,
Inc., a business development company (Nasdaq: GBDC), today
announced its financial results for its second fiscal quarter ended
March 31, 2021.
Except where the context suggests otherwise, the terms
"we," "us," "our," and "Company" refer to Golub Capital BDC, Inc.
and its consolidated subsidiaries. "GC Advisors" refers to GC
Advisors LLC, our investment adviser.
SELECTED FINANCIAL
HIGHLIGHTS
|
|
|
|
|
|
|
|
(in thousands, expect
per share data)
|
|
|
|
|
March 31,
2021
|
|
December 31,
2020
|
Investment portfolio,
at fair value
|
$
|
4,395,261
|
|
|
$
|
4,507,218
|
|
Total
assets
|
$
|
4,605,288
|
|
|
$
|
4,802,568
|
|
Net asset value per
share
|
$
|
14.86
|
|
|
$
|
14.60
|
|
|
|
|
|
|
Quarter
Ended
|
|
March 31,
2021
|
|
December 31,
2020
|
Net investment income
per share
|
$
|
0.24
|
|
|
$
|
0.23
|
|
Amortization of
purchase premium per share
|
$
|
0.05
|
|
|
$
|
0.06
|
|
Adjusted net
investment income per share1
|
$
|
0.29
|
|
|
$
|
0.29
|
|
|
|
|
|
Net
realized/unrealized gain/(loss) per share
|
$
|
0.31
|
|
|
$
|
0.33
|
|
Reversal of realized
/ unrealized loss resulting from the amortization of the
purchase
premium per share
|
$
|
(0.05)
|
|
|
$
|
(0.06)
|
|
Adjusted net
realized/unrealized gain/(loss) per share1
|
$
|
0.26
|
|
|
$
|
0.27
|
|
|
|
|
|
Earnings/(loss) per
share
|
$
|
0.55
|
|
|
$
|
0.56
|
|
Adjusted
earnings/(loss) per share1
|
$
|
0.55
|
|
|
$
|
0.56
|
|
|
|
|
|
Net asset value per
share
|
$
|
14.86
|
|
|
$
|
14.60
|
|
Distributions paid
per share
|
$
|
0.29
|
|
|
$
|
0.29
|
|
|
|
|
|
|
|
1
|
On September
16, 2019, the Company completed its acquisition of Golub Capital
Investment Corporation ("GCIC"). The merger was accounted for under
the asset acquisition method of accounting in accordance with
Accounting Standards Codification 805-50, Business Combinations —
Related Issues. Under asset acquisition accounting, where the
consideration paid to GCIC's stockholders exceeded the relative
fair values of the assets acquired, the premium paid by the Company
was allocated to the cost of the GCIC assets acquired by the
Company pro-rata based on their relative fair value. Immediately
following the acquisition of GCIC, the Company recorded its assets
at their respective fair values and, as a result, the purchase
premium allocated to the cost basis of the GCIC assets acquired was
immediately recognized as unrealized depreciation on the Company's
Consolidated Statement of Operations. The purchase premium
allocated to investments in loan securities acquired from GCIC will
amortize over the life of the loans through interest income with a
corresponding reversal of the unrealized depreciation on such loans
acquired through their ultimate disposition. The purchase premium
allocated to investments in equity securities will not amortize
over the life of the equity securities through interest income and,
assuming no subsequent change to the fair value of the GCIC equity
securities acquired and disposition of such equity securities at
fair value, the Company will recognize a realized loss with a
corresponding reversal of the unrealized depreciation upon
disposition of the GCIC equity securities acquired.
|
As a supplement to U.S. generally accepted accounting principles
("GAAP") financial measures, the Company is providing the following
non-GAAP financial measures that it believes are useful for the
reasons described below:
- "Adjusted Net Investment Income" and "Adjusted Net
Investment Income Per Share" – excludes the amortization of the
purchase premium and the accrual for the capital gain incentive fee
required under GAAP (including the portion of such accrual that is
not payable under the Company's investment advisory
agreement) from net investment income calculated in accordance
with GAAP.
- "Adjusted Net Realized and Unrealized Gain/(Loss)" and
"Adjusted Net Realized and Unrealized Gain/(Loss) Per Share"
– excludes the unrealized loss resulting from the purchase premium
write-down and the corresponding reversal of the unrealized loss
from the amortization of the premium from the determination of
realized and unrealized gain/(loss) in accordance with GAAP.
- "Adjusted Net Income/(Loss)" and "Adjusted
Earnings/(Loss) Per Share" – calculates net income and earnings
per share based on Adjusted Net Investment Income and Adjusted Net
Realized and Unrealized Gain/(Loss). "Adjusted earnings per share"
also excludes the impact of the retroactive adjustment to the
weighted average shares calculation due to the bonus element of the
rights offering and the resulting impact on earnings per
share.
The Company believes that excluding the financial impact of the
purchase premium write down in the above non-GAAP financial
measures is useful for investors as it is a non-cash expense/loss
resulting from the acquisition of GCIC and is one method the
Company uses to measure its financial condition and results of
operations. In addition, the Company believes excluding the accrual
of the capital gain incentive fee in the above non-GAAP financial
measures is useful as it includes the portion of such accrual that
is not contractually payable under the terms of the Company's
investment advisory agreement with GC Advisors. Finally, the
Company believes excluding the impact of the retroactive adjustment
to the weighted average shares calculation due to the bonus element
of the rights offering and the resulting impact on per share data
is useful for investors as it presents per share financial data
that is consistent with what was previously reported.
Second Fiscal Quarter 2021 Highlights
- Net investment income per share for the quarter ended
March 31, 2021 was $0.24 as
compared to $0.23 for the quarter
ended December 31, 2020. Excluding $0.05 per share in purchase premium amortization
from the GCIC acquisition, Adjusted Net Investment Income Per
Share1 for the quarter ended March 31, 2021 was
$0.29. This compares to Adjusted Net
Investment Income Per Share1 of $0.29 for the quarter ended December 31,
2020 when excluding $0.06 per share
in purchase premium amortization from the GCIC acquisition.
- Net realized and unrealized gain per share for the quarter
ended March 31, 2021 was $0.31. Adjusted Net Realized and Unrealized
Gain Per Share1 was $0.26
when excluding the $0.05 per share
reversal of net realized loss and unrealized depreciation resulting
from the amortization of the purchase premium. The Adjusted
Net Realized and Unrealized Gain Per Share1 for the
quarter ended March 31, 2021 primarily resulted from a
continued reversal in unrealized depreciation in the fair value of
some of our portfolio company investments that was recognized
during the quarter ended March 31,
2020 primarily due to the adverse economic effects of the
COVID-19 pandemic. The partial reversal in unrealized depreciation
for the quarter ended March 31, 2021 was primarily
attributable to portfolio companies that generally continued to
perform well. Strong performance across the portfolio was reflected
in our internal performance ratings that have largely returned to
pre-COVID levels. For additional analysis, please refer to the
Quarter Ended 03.31.21 Investor Presentation available on the
Investor Resources link on the homepage of Company's website
(www.golubcapitalbdc.com) under Events/Presentations. The Investor
Presentation was also filed with the Securities and Exchange
Commission as an Exhibit to a Form 8-K. These results compare
to net realized and unrealized gain per share of $0.33 during the quarter ended December 31,
2020. Adjusted Net Realized and Unrealized Gain Per
Share1 for the quarter ended December 31, 2020 was
$0.27 when excluding the $0.06 per share reversal of net realized loss and
unrealized loss resulting from the amortization of the purchase
premium.
- Earnings per share for the quarter ended March 31, 2021
was $0.55 as compared to $0.56 for the quarter ended December 31,
2020. Adjusted Earnings Per Share1 for the quarter
ended March 31, 2021 was $0.55
as compared to $0.56 for the quarter
ended December 31, 2020.
- Net asset value per share increased to $14.86 at March 31, 2021 from $14.60 at December 31,
2020.
- On March 30, 2021, we paid a quarterly distribution of
$0.29 per share and on May 7,
2021, our board of directors declared a quarterly distribution of
$0.29 per share, which is payable on
June 29, 2021 to stockholders of record as of June 11,
2021.
Portfolio and Investment Activities
As of March 31, 2021, the Company had investments in 256
portfolio companies with a total fair value of $4,395.3 million. This compares to the
Company's portfolio as of December 31, 2020, as of which date
the Company had investments in 253 portfolio companies with a total
fair value of $4,507.2 million.
Investments in portfolio companies as of March 31, 2021 and
December 31, 2020 consisted of the following:
|
|
As of March 31,
2021
|
|
As of December 31,
2020
|
|
|
Investments
|
|
Percentage
of
|
|
Investments
|
|
Percentage
of
|
|
|
at Fair
Value
|
|
Total
|
|
at Fair
Value
|
|
Total
|
Investment
Type
|
|
(In
thousands)
|
|
Investments
|
|
(In
thousands)
|
|
Investments
|
Senior
secured
|
|
$
|
683,532
|
|
|
15.5
|
%
|
|
$
|
706,935
|
|
|
15.7
|
%
|
One stop
|
|
3,567,140
|
|
|
81.2
|
|
|
3,667,769
|
|
|
81.4
|
|
Junior
debt*
|
|
31,163
|
|
|
0.7
|
|
|
28,170
|
|
|
0.6
|
|
Equity
|
|
113,426
|
|
|
2.6
|
|
|
104,344
|
|
|
2.3
|
|
Total
|
|
$
|
4,395,261
|
|
|
100.0
|
%
|
|
$
|
4,507,218
|
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
*
|
Junior debt is
comprised of subordinated debt and second lien
loans.
|
|
|
The following table shows the asset mix of our new investment
commitments for the three months ended March 31, 2021:
|
For the three
months ended March 31, 2021
|
|
New
Investment
|
|
|
|
Commitments
|
|
Percentage
of
|
|
(In
thousands)
|
|
Commitments
|
|
|
|
|
Senior
secured
|
$
|
57,002
|
|
|
24.3
|
%
|
One stop
|
176,477
|
|
|
75.2
|
|
Equity
|
1,224
|
|
|
0.5
|
|
Total new investment
commitments
|
$
|
234,703
|
|
|
100.0
|
%
|
|
|
|
|
*
|
Junior debt is
comprised of subordinated debt and second lien loans.
|
Total investments in portfolio companies at fair value were
$4,395.3 million at March 31,
2021. As of March 31, 2021, total assets were
$4,605.3 million, net assets were
$2,499.1 million and net asset value
per share was $14.86.
Consolidated Results of Operations
For the second fiscal quarter of 2021, the Company reported GAAP
net income and Adjusted Net Income1 of $91.3 million or $0.55 per share. GAAP net investment income
was $40.3 million or $0.24 per share and Adjusted Net Investment
Income1 was $49.0 million
or $0.29 per share. GAAP net
realized and unrealized gain was $51.0
million or $0.31 per share and
Adjusted Realized and Unrealized Gain/(Loss)1 was
$42.3 million or $0.26 per share.
Net income can vary substantially from period to period due to
various factors, including the level of new investment commitments,
the recognition of realized gains and losses and unrealized
appreciation and depreciation, including as a result of the effects
of the COVID-19 pandemic. As a result, quarterly comparisons of net
income may not be meaningful.
Liquidity and Capital Resources
The Company's liquidity and capital resources are derived from
the Company's debt securitizations (also known as collateralized
loan obligations, or CLOs), unsecured notes, U.S. Small Business
Administration, or SBA, debentures, revolving credit facilities and
cash flow from operations. The Company's primary uses of funds from
operations include investments in portfolio companies and payment
of fees and other expenses that the Company incurs. The Company has
used, and expects to continue to use, its debt securitizations,
unsecured notes, SBA debentures, revolving credit facilities,
proceeds from its investment portfolio and proceeds from offerings
of its securities and its dividend reinvestment plan to finance its
investment objectives.
As of March 31, 2021, we had cash, cash equivalents and
foreign currencies of $77.1 million,
restricted cash, cash equivalents and foreign currencies of
$107.0 million and $2,086.2 million of debt outstanding. As of
March 31, 2021, subject to leverage and borrowing base
restrictions, we had approximately $499.8
million of remaining commitments and $499.8 million of availability, in the aggregate,
on our revolving credit facilities with various banks. In addition,
as of March 31, 2021, we had $100.0
million of remaining commitments and availability on our
unsecured line of credit with GC Advisors and $65.0 million of unfunded debenture commitments
available to be drawn, subject to customary SBA regulatory
requirements.
On February 11, 2021, we closed on
a $475.0 million revolving credit
facility with JP Morgan, which matures on February 11, 2026. The interest rate on the
facility ranges from 1 month LIBOR + 1.75% to 1 month LIBOR +
1.875%.
On February 24, 2021, we issued
$400.0 million of unsecured notes,
which bear a fixed interest rate of 2.50% and mature on
August 24, 2026.
On February 23, 2021, we decreased
the borrowing capacity under our revolving credit facility with
Morgan Stanley to $75.0 million. On
April 13, 2021, we amended the
facility to, among other things, extend the reinvestment period to
April 12, 2024 from May 3, 2021, extend the maturity date to
April 12, 2026 from May 1, 2024, and reduce the interest rate on
borrowings to 1 month LIBOR + 2.05% from 1 month LIBOR + 2.45%.
Portfolio and Asset Quality
GC Advisors regularly assesses the risk profile of each of the
Company's investments and rates each of them based on an internal
system developed by Golub Capital and its affiliates. This system
is not generally accepted in our industry or used by our
competitors. It is based on the following categories, which we
refer to as GC Advisors' internal performance ratings:
|
|
|
Internal
Performance Ratings
|
Rating
|
|
Definition
|
5
|
|
Involves the least
amount of risk in our portfolio. The borrower is performing above
expectations, and the trends and risk factors are generally
favorable.
|
|
|
|
4
|
|
Involves an
acceptable level of risk that is similar to the risk at the time of
origination. The borrower is generally performing as expected, and
the risk factors are neutral to favorable.
|
|
|
|
3
|
|
Involves a borrower
performing below expectations and indicates that the loan's risk
has increased somewhat since origination. The borrower could be out
of compliance with debt covenants; however, loan payments are
generally not past due.
|
|
|
|
2
|
|
Involves a borrower
performing materially below expectations and indicates that the
loan's risk has increased materially since origination. In addition
to the borrower being generally out of compliance with debt
covenants, loan payments could be past due (but generally not more
than 180 days past due).
|
|
|
|
1
|
|
Involves a borrower
performing substantially below expectations and indicates that the
loan's risk has substantially increased since origination. Most or
all of the debt covenants are out of compliance and payments are
substantially delinquent. Loans rated 1 are not anticipated to be
repaid in full and we will reduce the fair market value of the loan
to the amount we anticipate will be recovered.
|
|
|
|
Our internal performance ratings do not constitute any rating of
investments by a nationally recognized statistical rating
organization or represent or reflect any third-party assessment of
any of our investments. For additional analysis on the
Company's internal performance ratings as of March 31, 2021
and the impact from COVID-19, please refer to the Quarter Ended
03.31.21 Investor Presentation
available on Investors Resources link on the homepage of the
Company's website (www.golubcapitalbdc.com) under
Events/Presentations.
The following table shows the distribution of the Company's
investments on the 1 to 5 internal performance rating scale at fair
value as of March 31, 2021 and December 31, 2020:
|
|
March 31,
2021
|
|
December 31,
2020
|
|
Internal
|
|
Investments
|
|
Percentage
of
|
|
Investments
|
|
Percentage
of
|
|
Performance
|
|
at Fair
Value
|
|
Total
|
|
at Fair
Value
|
|
Total
|
|
Rating
|
|
(In
thousands)
|
|
Investments
|
|
(In
thousands)
|
|
Investments
|
|
5
|
|
$
|
666,953
|
|
|
15.2
|
%
|
$
|
313,341
|
|
|
7.0
|
%
|
4
|
|
3,151,460
|
|
|
71.7
|
|
3,334,609
|
|
|
74.0
|
|
3
|
|
528,272
|
|
|
12.0
|
|
808,152
|
|
|
17.9
|
|
2
|
|
47,955
|
|
|
1.1
|
|
50,258
|
|
|
1.1
|
|
1
|
|
621
|
|
|
0.0
|
*
|
858
|
|
|
0.0
|
*
|
Total
|
|
$
|
4,395,261
|
|
|
100.0
|
%
|
$
|
4,507,218
|
|
|
100.0
|
%
|
|
|
*
|
Represents an amount
less than 0.1%.
|
|
|
1
|
See footnote 1 to 'Selected Financial Highlights' above.
|
Conference Call
The Company will host an earnings conference call at
3:00 p.m. (Eastern Time) on Tuesday,
May 11, 2021 to discuss the quarterly financial results. All
interested parties may participate in the conference call by
dialing (833) 900-2240 approximately 10-15 minutes prior to the
call; international callers should dial +1 (236) 714-2752.
Participants should reference Golub Capital BDC, Inc. when
prompted. For a slide presentation that we intend to refer to on
the earnings conference call, please visit the Investor Resources
link on the homepage of our website (www.golubcapitalbdc.com) and
click on the Quarter Ended 03.31.21
Investor Presentation under Events/Presentations. An archived
replay of the call will be available shortly after the call until
11:59 p.m. (Eastern Time) on
May 18, 2021. To hear the replay, please dial (800) 585-8367.
International dialers, please dial +1 (416) 621-4642. For all
replays, please reference program ID number 2269468.
Golub Capital BDC,
Inc. and Subsidiaries
|
|
|
|
Consolidated
Statements of Financial Condition
|
|
|
|
(In thousands,
except share and per share data)
|
|
|
|
|
March 31,
2021
|
|
December 31,
2020
|
Assets
|
(unaudited)
|
|
(unaudited)
|
Investments, at fair
value (cost of $4,444,401 and $4,604,818,
respectively)
|
$
|
4,395,261
|
|
|
$
|
4,507,218
|
|
Cash and cash
equivalents
|
75,919
|
|
|
26,500
|
|
Unrestricted foreign
currencies (cost of $1,184 and $527, respectively)
|
1,185
|
|
|
527
|
|
Restricted cash and
cash equivalents
|
106,105
|
|
|
242,783
|
|
Restricted foreign
currencies (cost of $789 and $1,340, respectively)
|
873
|
|
|
1,355
|
|
Interest
receivable
|
18,386
|
|
|
18,628
|
|
Other
assets
|
7,559
|
|
|
5,557
|
|
Total
Assets
|
$
|
4,605,288
|
|
|
$
|
4,802,568
|
|
|
|
|
|
Liabilities
|
|
|
|
Debt
|
$
|
2,086,204
|
|
|
$
|
2,332,563
|
|
Less unamortized debt
issuance costs
|
18,437
|
|
|
10,822
|
|
Debt less unamortized
debt issuance costs
|
2,067,767
|
|
|
2,321,741
|
|
Unrealized
depreciation on forward currency contracts
|
3,835
|
|
|
4,956
|
|
Interest
payable
|
13,376
|
|
|
12,551
|
|
Management and
incentive fees payable
|
15,998
|
|
|
17,330
|
|
Accounts payable and
accrued expenses
|
5,181
|
|
|
3,863
|
|
Total
Liabilities
|
2,106,157
|
|
|
2,360,441
|
|
|
|
|
|
Net
Assets
|
|
|
|
Preferred stock, par
value $0.001 per share, 1,000,000 shares authorized, zero
shares issued and outstanding as of March 31, 2021 and December 31,
2020,
respectively.
|
—
|
|
|
—
|
|
Common stock, par
value $0.001 per share, 200,000,000 shares authorized,
168,231,707 and 167,259,511 issued and outstanding as of March 31,
2021,
and December 31, 2020, respectively.
|
168
|
|
|
167
|
|
Paid in capital in
excess of par
|
2,638,801
|
|
|
2,624,608
|
|
Distributable
earnings
|
(139,838)
|
|
|
(182,648)
|
|
Total Net
Assets
|
2,499,131
|
|
|
2,442,127
|
|
Total Liabilities
and Total Net Assets
|
$
|
4,605,288
|
|
|
$
|
4,802,568
|
|
|
|
|
|
Number of common
shares outstanding
|
168,231,707
|
|
|
167,259,511
|
|
Net asset value per
common share
|
$
|
14.86
|
|
|
$
|
14.60
|
|
Golub Capital BDC,
Inc. and Subsidiaries
|
|
|
|
|
Consolidated
Statements of Operations
|
|
|
|
|
(In thousands,
except share and per share data)
|
|
|
|
|
|
|
Three months
ended
|
|
|
March 31,
2021
|
|
December 31,
2020
|
|
|
(unaudited)
|
|
(unaudited)
|
Investment
income
|
|
|
Interest
income
|
|
$
|
83,728
|
|
|
$
|
82,209
|
|
GCIC acquisition
purchase price premium amortization
|
|
(8,722)
|
|
|
(9,230)
|
|
Dividend
income
|
|
42
|
|
|
160
|
|
Fee income
|
|
1,153
|
|
|
907
|
|
Total investment
income
|
|
76,201
|
|
|
74,046
|
|
|
|
|
|
|
Expenses
|
|
|
|
|
Interest and other
debt financing expenses
|
|
16,190
|
|
|
15,081
|
|
Base management
fee
|
|
15,082
|
|
|
15,224
|
|
Incentive
fee
|
|
942
|
|
|
2,004
|
|
Professional
fees
|
|
1,201
|
|
|
837
|
|
Administrative service
fee
|
|
2,000
|
|
|
1,602
|
|
General and
administrative expenses
|
|
478
|
|
|
291
|
|
Total
expenses
|
|
35,893
|
|
|
35,039
|
|
Net investment
income
|
|
40,308
|
|
|
39,007
|
|
|
|
|
|
|
Net gain (loss) on
investment transactions
|
|
|
|
|
Net realized gain
(loss) from:
|
|
|
|
|
Investments
|
|
1,171
|
|
|
(1,614)
|
|
Foreign currency
transactions
|
|
(1,117)
|
|
|
(778)
|
|
Net realized gain
(loss) in investment transactions
|
|
54
|
|
|
(2,392)
|
|
Net change in
unrealized appreciation (depreciation) from:
|
|
|
|
|
Investments
|
|
48,460
|
|
|
63,090
|
|
Translation of assets
and liabilities in foreign currencies
|
|
1,372
|
|
|
(1,374)
|
|
Forward currency
contracts
|
|
1,121
|
|
|
(3,892)
|
|
Net change in
unrealized appreciation (depreciation) on investment
transactions
|
|
50,953
|
|
|
57,824
|
|
Net gain (loss) on
investments
|
|
51,007
|
|
|
55,432
|
|
|
|
|
|
|
Net increase
(decrease) in net assets resulting from
operations
|
|
$
|
91,315
|
|
|
$
|
94,439
|
|
|
|
|
|
|
Per Common Share
Data
|
|
|
|
|
Basic and diluted
earnings (loss) per common share
|
|
$
|
0.55
|
|
|
$
|
0.56
|
|
Dividends and
distributions declared per common share
|
|
$
|
0.29
|
|
|
$
|
0.29
|
|
Basic and diluted
weighted average common shares outstanding
|
|
167,281,115
|
|
|
167,259,511
|
|
ABOUT GOLUB CAPITAL BDC, INC.
Golub Capital BDC, Inc. ("GBDC") is an externally-managed,
non-diversified closed-end management investment company that has
elected to be treated as a business development company under the
Investment Company Act of 1940. GBDC invests primarily in one stop
and other senior secured loans to middle market companies that are
often sponsored by private equity investors. GBDC's investment
activities are managed by its investment adviser, GC Advisors LLC,
an affiliate of the Golub Capital LLC group of companies ("Golub
Capital").
ABOUT GOLUB CAPITAL
Golub Capital is a market-leading, award-winning direct lender
and credit asset manager, with over $35
billion of capital under management. Golub Capital
specializes in delivering reliable, creative and compelling
financing solutions to middle market companies backed by private
equity sponsors. The firm's credit expertise also forms the
foundation of its Late Stage Lending business and its Broadly
Syndicated Loan investment program. Across its activities, Golub
Capital nurtures long-term, win-win partnerships that inspire
repeat business from its private equity sponsor clients and
investors. Founded over 25 years ago, Golub Capital today has over
500 employees and lending offices in Chicago, New
York, San Francisco and
London. For more information,
please visit golubcapital.com.
FORWARD-LOOKING STATEMENTS
This press release may contain "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995. Statements other than statements of historical facts
included in this press release may constitute forward-looking
statements and are not guarantees of future performance or results
and involve a number of risks and uncertainties. Actual results may
differ materially from those expressed or implied in the
forward-looking statements as a result of a number of factors,
including those described from time to time in filings with the
Securities and Exchange Commission. Golub Capital BDC, Inc.
undertakes no duty to update any forward-looking statement made
herein. All forward-looking statements speak only as of the date of
this press release.
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SOURCE Golub Capital BDC, Inc.