Delaware
|
27-2326940
|
|
(State
or other jurisdiction of incorporation or organization)
|
(I.R.S.
Employer Identification No.)
|
Large
accelerated filer o
|
Accelerated
filer o
|
||
Non-accelerated
filer x (Do not check if a smaller reporting company)
|
Smaller reporting company o
|
Part
I.
|
Financial
Information
|
|
Item
1.
|
Financial
Statements
|
|
Consolidated
Statements of Financial Condition as of March 31, 2010 (unaudited)
and
September 30, 2009
|
1
|
|
Consolidated
Condensed Schedules of Investments as of March 31, 2010 (unaudited)
and
September 30, 2009
|
2-16
|
|
Consolidated
Statements of Operations for the three and six months ended March 31, 2010
(unaudited)
and March 31, 2009 (unaudited)
|
17
|
|
Consolidated
Statements of Members’ Equity for six months ended March 31, 2010
(unaudited)
and March 31, 2009 (unaudited)
|
18
|
|
Consolidated
Statements of Cash Flows for the six months ended March 31, 2010
(unaudited)
and March 31, 2009 (unaudited)
|
19-20
|
|
Notes
to Consolidated Financial Statements (unaudited)
|
21-33
|
|
Item
2.
|
Management's
Discussion and Analysis of Financial Condition and Results of Operations
|
34
|
Item
3.
|
Quanitative
and Qualitative Disclosures About Market Risk
|
49
|
Item
4.
|
Controls
and Procedures
|
49
|
Part
II.
|
Other
Information
|
|
Item
1.
|
Legal
Proceedings
|
50
|
Item
1A.
|
Risk
Factors
|
50
|
Item
2.
|
Unregistered
Sales of Equity Securities and Use of Proceeds
|
50
|
Item
3.
|
Defaults
Upon Senior Securities
|
50
|
Item
4.
|
Removed
and Reserved
|
51
|
Item
5.
|
Other
Information
|
51
|
Item
6.
|
Exhibits
|
51
|
Golub
Capital BDC LLC and Subsidiary
|
|||
Consolidated
Statements of Financial Condition
|
|||
(In
thousands)
|
March
31, 2010
|
September
30, 2009
|
|||||||
(unaudited)
|
||||||||
Assets
|
||||||||
Investments
in securities, at fair value (cost of $295,730 and
|
$ | 293,226 | $ | 376,294 | ||||
$387,293 respectively)
|
||||||||
Cash
and cash equivalents
|
24,802 | - | ||||||
Restricted
cash and cash equivalents
|
33,679 | 30,614 | ||||||
Deferred
offering costs
|
1,384 | - | ||||||
Interest
receivable
|
1,708 | 2,198 | ||||||
Other
assets
|
28 | 16 | ||||||
Total
Assets
|
$ | 354,827 | $ | 409,122 | ||||
Liabilities
and Members' Equity
|
||||||||
Liabilities
|
||||||||
Facility
advances
|
$ | 210,444 | $ | 315,306 | ||||
Accrued
deferred offering costs
|
1,384 | - | ||||||
Due
to affiliates
|
1,135 | 934 | ||||||
Interest
payable
|
148 | 130 | ||||||
Total
Liabilities
|
213,111 | 316,370 | ||||||
Members'
Equity
|
141,716 | 92,752 | ||||||
Total
Liabilities and Members' Equity
|
$ | 354,827 | $ | 409,122 | ||||
Note:
For periods prior to November 2009, the financial statements only reflect
the financial results
of Golub Capital Master Funding LLC (GCMF).
|
||||||||
See
Notes to Unaudited Consolidated Financial Statements.
|
Golub
Capital BDC LLC and Subsidiary
|
||||||||||||||||
Consolidated
Condensed Schedule of Investments
|
||||||||||||||||
March
31, 2010 (unaudited)
|
||||||||||||||||
(In
thousands)
|
Percentage
of
|
|||||||||||||||
Principal
Amount
|
Cost
|
Members'
Equity
|
Fair
Value
|
|||||||||||||
Investments
in securities, at fair value1
|
||||||||||||||||
Canada
|
141,769,190 | |||||||||||||||
Debt
securities
|
||||||||||||||||
Diversified
Conglomerate Service
|
||||||||||||||||
Open
Text Corporation
|
||||||||||||||||
Senior
loan (2.54%, due 10/2013)
|
$ | 1,317 | $ | 1,124 | 0.9 | % | $ | 1,304 | ||||||||
Leisure,
Amusement, Motion Pictures, Entertainment
|
||||||||||||||||
Extreme
Fitness, Inc.
|
||||||||||||||||
Senior
loan (11.50%, due 3/2012)
|
4,649 | 4,649 | 3.3 | 4,649 | ||||||||||||
Total
Canada (cost $5,773)
|
4.2 | % | $ | 5,953 | ||||||||||||
United
States
|
||||||||||||||||
Debt
securities
|
||||||||||||||||
Aerospace
and Defense
|
||||||||||||||||
Thermal
Solutions LLC
|
||||||||||||||||
Senior
loans (4.50%, due 3/2011-3/2012)
|
$ | 2,037 | $ | 2,022 | 1.4 | % | $ | 1,940 | ||||||||
Automobile
|
||||||||||||||||
CLP
Auto Interior Corporation
|
||||||||||||||||
Senior
loan (5.00%, due 6/2013)
|
3,382 | 3,382 | 2.2 | 3,179 | ||||||||||||
Driven
Brands, Inc.
|
||||||||||||||||
Senior
loan (10.25%, due 10/2014)
|
6,089 | 6,089 | 4.3 | 6,089 | ||||||||||||
6.5 | 9,268 | |||||||||||||||
Banking
|
||||||||||||||||
Bonddesk
Group, LLC
|
||||||||||||||||
Senior
loan (3.23%, due 8/2012)
|
2,185 | 2,100 | 1.5 | 2,119 | ||||||||||||
Prommis
Solutions, Inc.
|
||||||||||||||||
Senior
loan (3.25%, due 2/2013)
|
1,651 | 1,651 | 1.1 | 1,519 | ||||||||||||
2.6 | 3,638 | |||||||||||||||
Beverage,
Food and Tobacco
|
||||||||||||||||
ABP
Corporation
|
||||||||||||||||
Senior
loan (8.50%, due 2/2013)
|
2,334 | 2,286 | 1.6 | 2,334 | ||||||||||||
Bertucci's
Corporation
|
||||||||||||||||
Senior
loan (12.00%, due 7/2012)
|
1,974 | 1,911 | 1.4 | 1,974 | ||||||||||||
Lone
Star Beef Processors, L.P.
|
||||||||||||||||
Senior
loan (4.44%, due 5/2013)
|
3,640 | 3,614 | 2.5 | 3,567 | ||||||||||||
5.5 | 7,875 |
Golub
Capital BDC LLC and Subsidiary
|
||||||||||||||||
Consolidated
Condensed Schedule of Investments
|
||||||||||||||||
March
31, 2010 (unaudited)
|
||||||||||||||||
(In
thousands)
|
Percentage
of
|
|||||||||||||||
Principal
Amount
|
Cost
|
Members'
Equity
|
Fair
Value
|
|||||||||||||
Investments
in securities, at fair value1
(continued)
|
||||||||||||||||
United
States (continued)
|
141,769,190 | |||||||||||||||
Debt
securities (continued)
|
||||||||||||||||
Building
and Real Estate
|
||||||||||||||||
American
Fire Protection Group, Inc.
|
||||||||||||||||
Senior
loan (9.00%, due 6/2011)
|
$ | 4,548 | $ | 4,416 | 3.1 | % | $ | 4,411 | ||||||||
Architectural
Testing, Inc.
|
||||||||||||||||
Senior
loan (9.50%, due 5/2013)
|
6,776 | 6,776 | 4.8 | 6,776 | ||||||||||||
Best
Lighting Products, Inc.
|
||||||||||||||||
Senior
loan (10.00%, due 8/2012)
|
2,432 | 2,354 | 1.7 | 2,432 | ||||||||||||
Infiltrator
Systems, Inc.
|
||||||||||||||||
Senior
loan (8.50%, due 9/2012)
|
3,821 | 3,569 | 2.6 | 3,668 | ||||||||||||
ITEL
Laboratories, Inc.
|
||||||||||||||||
Senior
loan (9.75%, due 3/2014)
|
8,794 | 8,715 | 6.2 | 8,794 | ||||||||||||
KHKI
Acquisition, Inc.
|
||||||||||||||||
Senior
loans (8.50%, due 3/2012-3/2013)
|
3,049 | 3,043 | 1.7 | 2,363 | ||||||||||||
Other2
|
2,335 | 2,286 | 1.1 | 1,594 | ||||||||||||
21.2 | 30,038 | |||||||||||||||
Cargo
Transport
|
||||||||||||||||
Peco
Pallet, Inc.
|
||||||||||||||||
Senior
loan (4.00%, due 6/2013)
|
4,235 | 4,054 | 3.0 | 4,193 | ||||||||||||
Tangent
Rail Services, Inc.
|
||||||||||||||||
Senior
loans (6.75%, due 9/2014)
|
9,366 | 9,366 | 6.6 | 9,366 | ||||||||||||
9.6 | 13,559 | |||||||||||||||
Chemicals,
Plastics and Rubber
|
||||||||||||||||
Syrgis
Holdings LLC
|
||||||||||||||||
Senior
loans (8.82%, due 8/2012-2/2014)
|
1,716 | 1,618 | 1.1 | 1,625 | ||||||||||||
Other
|
987 | 836 | 0.7 | 970 | ||||||||||||
1.8 | 2,595 |
Consolidated
Condensed Schedule of Investments
|
||||||||||||||||
March
31, 2010 (unaudited)
|
||||||||||||||||
(In
thousands)
|
Percentage
of
|
|||||||||||||||
Principal
Amount
|
Cost
|
Members'
Equity
|
Fair
Value
|
|||||||||||||
Investments
in securities, at fair value1
(continued)
|
||||||||||||||||
United
States (continued)
|
||||||||||||||||
Debt
securities (continued)
|
||||||||||||||||
Containers,
Packaging and Glass
|
||||||||||||||||
Industrial
Container Services, LLC
|
||||||||||||||||
Senior
loan (4.30%, due 9/2011)
|
$ | 1,409 | $ | 1,379 | 1.0 | % | $ | 1,395 | ||||||||
Pelican
Products, Inc.
|
||||||||||||||||
Senior
loans (7.75%, due 1/2013-1/2014)
|
2,938 | 2,686 | 2.0 | 2,881 | ||||||||||||
3.0 | 4,276 | |||||||||||||||
Diversified
Conglomerate Manufacturing
|
||||||||||||||||
Heat
Transfer Parent, Inc.
|
||||||||||||||||
Senior
loan (3.23%, due 6/2013)
|
1,833 | 1,755 | 1.1 | 1,595 | ||||||||||||
Neptco
Inc.
|
||||||||||||||||
Senior
loan (7.25%, due 3/2013)
|
4,541 | 4,351 | 2.7 | 3,860 | ||||||||||||
Pasternack
Enterprises, Inc.
|
||||||||||||||||
Senior
loan (4.27%, due 2/2014)
|
3,371 | 3,245 | 2.1 | 3,034 | ||||||||||||
Vintage
Parts, Inc.
|
||||||||||||||||
Senior
loan (5.79%, due 12/2013)
|
8,173 | 8,071 | 5.6 | 7,927 | ||||||||||||
11.5 | 16,416 | |||||||||||||||
Diversified
Conglomerate Service
|
||||||||||||||||
Benetech,
Inc.
|
||||||||||||||||
Senior
loan (5.25%, due 12/2013)
|
8,845 | 8,519 | 5.9 | 8,402 | ||||||||||||
Compass
Group Diversified Holdings, LLC
|
||||||||||||||||
Senior
loan (4.25%, due 12/2013)
|
4,628 | 4,628 | 3.3 | 4,627 | ||||||||||||
Cortz,
Inc.
|
||||||||||||||||
Senior
loan (8.50%, due 3/2014)
|
7,019 | 6,961 | 5.0 | 7,019 | ||||||||||||
The
Service Companies, Inc.
|
||||||||||||||||
Senior
loan (8.50%, due 3/2014)
|
5,901 | 5,766 | 4.1 | 5,783 | ||||||||||||
18.3 | 25,831 | |||||||||||||||
Diversified
Natural Resources, Precious Metals and Minerals
|
||||||||||||||||
Metal
Spinners, Inc.
|
||||||||||||||||
Senior
loans (10.54%, due 12/2014)
|
5,463 | 5,245 | 3.7 | 5,279 | ||||||||||||
Virginia
Explosives & Drilling Company, Inc.
|
||||||||||||||||
Senior
loans (10.50%, due 5/2011-10/2011)
|
3,467 | 3,319 | 2.0 | 2,885 | ||||||||||||
5.7 | 8,164 |
Consolidated
Condensed Schedule of Investments
|
||||||||||||||||
March
31, 2010 (unaudited)
|
||||||||||||||||
(In
thousands)
|
Percentage
of
|
|||||||||||||||
Principal
Amount
|
Cost
|
Members'
Equity
|
Fair
Value
|
|||||||||||||
Investments
in securities, at fair value1
(continued)
|
||||||||||||||||
United
States (continued)
|
||||||||||||||||
Debt
securities (continued)
|
||||||||||||||||
Electronics
|
||||||||||||||||
Cape
Electrical Supply LLC
|
||||||||||||||||
Senior
loan (6.00%, due 11/2013)
|
$ | 2,630 | $ | 2,474 | 1.7 | % | $ | 2,380 | ||||||||
Inovis
International, Inc.
|
||||||||||||||||
Senior
loan (8.53%, due 6/2010)
|
1,744 | 1,738 | 1.2 | 1,744 | ||||||||||||
The
Sloan Company, Inc
|
||||||||||||||||
Senior
loan (7.25%, due 10/2012)
|
2,424 | 2,408 | 1.7 | 2,424 | ||||||||||||
4.6 | 6,548 | |||||||||||||||
Finance
|
||||||||||||||||
Collect
America, Ltd.
|
||||||||||||||||
Senior
loans (7.97%, due 12/2011-3/2012)
|
3,547 | 3,336 | 2.5 | 3,511 | ||||||||||||
eVestment
Alliance Holdings, LLC
|
||||||||||||||||
Senior
loan (9.50%, due 5/2014)
|
7,729 | 7,587 | 5.5 | 7,729 | ||||||||||||
Pillar
Processing LLC
|
||||||||||||||||
Senior
loans (8.67%, due 11/2013-5/2014)
|
9,513 | 9,489 | 6.7 | 9,449 | ||||||||||||
Wall
Street Systems Holdings, Inc.
|
||||||||||||||||
Senior
loan (8.00%, due 5/2013)
|
8,101 | 8,101 | 5.7 | 8,101 | ||||||||||||
Fidelity
National Information (Metavante Corporation)
|
||||||||||||||||
Senior
loans (3.56%, due 1/2012-11/2014)
|
1,399 | 1,182 | 1.0 | 1,410 | ||||||||||||
21.4 | 30,200 | |||||||||||||||
Grocery
|
||||||||||||||||
JRD
Holdings, Inc.
|
||||||||||||||||
Senior
loan (2.49%, due 7/2014)
|
1,241 | 1,078 | 0.9 | 1,217 | ||||||||||||
Healthcare,
Education and Childcare
|
||||||||||||||||
Community
Hospices of America, Inc.
|
||||||||||||||||
Senior
loan (8.00%, due 1/2011)
|
1,004 | 988 | 0.7 | 1,004 | ||||||||||||
Second
lien loan (12.50%, due 4/2011)
|
4,865 | 4,830 | 3.4 | 4,865 |
Golub
Capital BDC LLC and Subsidiary
|
||||||||||||||||
Consolidated
Condensed Schedule of Investments
|
||||||||||||||||
March
31, 2010 (unaudited)
|
||||||||||||||||
(In
thousands)
|
Percentage
of
|
|||||||||||||||
Principal
Amount
|
Cost
|
Members'
Equity
|
Fair
Value
|
|||||||||||||
Investments
in securities, at fair value1
(continued)
|
||||||||||||||||
United
States (continued)
|
141,769,190 | |||||||||||||||
Debt
securities (continued)
|
||||||||||||||||
Healthcare,
Education and Childcare (continued)
|
||||||||||||||||
DaVita,
Inc.
|
||||||||||||||||
Senior
loan (1.75%, due 10/2012)
|
$ | 5,000 | $ | 4,558 | 3.5 | % | $ | 4,937 | ||||||||
DDC
Center Inc.
|
||||||||||||||||
Senior
loan (9.50%, due 10/2014)
|
12,543 | 12,543 | 8.0 | 11,289 | ||||||||||||
Delta
Educational Systems, Inc.
|
||||||||||||||||
Senior
loan (6.00%, due 6/2012)
|
4,140 | 3,956 | 2.9 | 4,057 | ||||||||||||
Den-Mat
Holdings, LLC
|
||||||||||||||||
Senior
loan (4.25%, due 12/2012)
|
3,113 | 3,113 | 1.9 | 2,708 | ||||||||||||
Excelligence
Learning Corporation
|
||||||||||||||||
Second
lien (7.25%, due 11/2013)
|
1,600 | 1,529 | 1.1 | 1,504 | ||||||||||||
The
Hygenic Corporation
|
||||||||||||||||
Senior
loan (2.75%, due 4/2013)
|
2,751 | 2,673 | 1.8 | 2,558 | ||||||||||||
Oncure
Medical Corporation
|
||||||||||||||||
Senior
loan (3.76%, due 6/2012)
|
5,626 | 5,340 | 3.7 | 5,232 | ||||||||||||
ReachOut
Healthcare America Ltd
|
||||||||||||||||
Senior
loan (8.04%, due 8/2013)
|
6,388 | 6,368 | 4.5 | 6,388 | ||||||||||||
United
Surgical Partners International, Inc.
|
||||||||||||||||
Senior
loan (2.25%, due 4/2014)
|
1,537 | 1,537 | 1.1 | 1,489 | ||||||||||||
Other
|
773 | 762 | 0.5 | 755 | ||||||||||||
33.1 | 46,786 | |||||||||||||||
Home
and Office Furnishings, Housewares, and Durable Consumer
|
||||||||||||||||
Top
Knobs USA, Inc.
|
||||||||||||||||
Senior
loan (8.25%, due 2/2014)
|
2,890 | 2,790 | 2.0 | 2,832 | ||||||||||||
Zenith
Products Corporation
|
||||||||||||||||
Senior
loan (5.46%, due 9/2013)
|
5,594 | 5,472 | 3.7 | 5,203 | ||||||||||||
5.7 | 8,035 | |||||||||||||||
Leisure,
Amusement, Motion Pictures and Entertainment
|
||||||||||||||||
Octane
Fitness, LLC
|
||||||||||||||||
Senior
loan (4.85%, due 3/2013)
|
4,675 | 4,513 | 3.0 | 4,301 | ||||||||||||
Optronics
Product Company, Inc.
|
||||||||||||||||
Senior
loans (8.03%, due 12/2012-12/2013)
|
2,725 | 2,585 | 1.9 | 2,725 | ||||||||||||
Premier
Yachts, Inc.
|
||||||||||||||||
Senior
loans (5.37%, due 8/2012-8/2013)
|
2,052 | 1,953 | 1.4 | 1,990 | ||||||||||||
Regal
Cinemas Corporation
|
||||||||||||||||
Senior
loan (3.79%, due 10/2013)
|
1,515 | 1,319 | 1.1 | 1,524 | ||||||||||||
7.4 | 10,540 |
Golub
Capital BDC LLC and Subsidiary
|
||||||||||||||||
Consolidated
Condensed Schedule of Investments
|
||||||||||||||||
March
31, 2010 (unaudited)
|
||||||||||||||||
(In
thousands)
|
Percentage
of
|
|||||||||||||||
Principal
Amount
|
Cost
|
Members'
Equity
|
Fair
Value
|
|||||||||||||
Investments
in securities, at fair value1
(continued)
|
||||||||||||||||
United
States (continued)
|
141,769,190 | |||||||||||||||
Debt
securities (continued)
|
||||||||||||||||
Machinery
(Non-Agriculture, Construction, or Electric)
|
||||||||||||||||
Tritex
Corporation
|
||||||||||||||||
Senior
loan (5.03%, due 5/2014)
|
$ | 2,885 | $ | 2,797 | 1.9 | % | $ | 2,626 | ||||||||
Oil
and Gas
|
||||||||||||||||
Tri-County
Petroleum, Inc.
|
||||||||||||||||
Senior
loan (4.54%, due 8/2013)
|
3,675 | 3,570 | 2.5 | 3,491 | ||||||||||||
Personal
and Non-Durable Consumer Products
|
||||||||||||||||
Dr.
Miracles, Inc.
|
||||||||||||||||
Senior
loan (8.00%, due 3/2014)
|
3,978 | 3,929 | 2.8 | 3,977 | ||||||||||||
Personal,
Food and Miscellaneous Services
|
||||||||||||||||
Aramark
Corporation
|
||||||||||||||||
Senior
loans (2.88%, due 1/2014-7/2016)
|
2,904 | 2,432 | 2.0 | 2,888 | ||||||||||||
Focus
Brands, Inc.
|
||||||||||||||||
Senior
loan (5.28%, due 3/2011)
|
5,503 | 5,399 | 3.8 | 5,338 | ||||||||||||
5.8 | 8,226 | |||||||||||||||
Printing
and Publishing
|
||||||||||||||||
Monotype
Imaging, Inc.
|
||||||||||||||||
Senior
loan (3.98%, due 7/2012)
|
1,478 | 1,402 | 1.0 | 1,418 | ||||||||||||
Trade
Service Company, LLC
|
||||||||||||||||
Senior
loan (14.00%, due 1/2013)
|
2,085 | 2,012 | 1.5 | 2,085 | ||||||||||||
2.5 | 3,503 | |||||||||||||||
Retail
Stores
|
||||||||||||||||
Container
Store, Inc.
|
||||||||||||||||
Senior
loan (3.26%, due 8/2014)
|
6,847 | 6,317 | 4.3 | 6,026 | ||||||||||||
Fasteners
for Retail, Inc.
|
||||||||||||||||
Senior
loan (4.75%, due 12/2012)
|
2,430 | 2,251 | 1.7 | 2,370 | ||||||||||||
IL
Fornaio (America) Corporation
|
||||||||||||||||
Senior
loan (3.25%, due 3/2013)
|
4,818 | 4,482 | 3.1 | 4,385 | ||||||||||||
The
Marshall Retail Group, LLC
|
||||||||||||||||
Senior
loans (8.02%, due 4/2013)
|
5,366 | 5,147 | 3.7 | 5,217 | ||||||||||||
12.8 | 17,998 |
Golub
Capital BDC LLC and Subsidiary
|
||||||||||||||||
Consolidated
Condensed Schedule of Investments
|
||||||||||||||||
March
31, 2010 (unaudited)
|
||||||||||||||||
(In
thousands)
|
Percentage
of
|
|||||||||||||||
Principal
Amount
|
Cost
|
Members'
Equity
|
Fair
Value
|
|||||||||||||
Investments
in securities, at fair value1
(continued)
|
||||||||||||||||
United
States (continued)
|
141,769,190 | |||||||||||||||
Debt
securities (continued)
|
||||||||||||||||
Telecommunications
|
||||||||||||||||
Cellular
South, Inc.
|
||||||||||||||||
Senior
loan (2.00%, due 5/2014)
|
$ | 1,241 | $ | 1,241 | 0.9 | % | $ | 1,205 | ||||||||
MetroPCS
Wireless, Inc.
|
||||||||||||||||
Senior
loan (2.50%, due 11/2013)
|
2,954 | 2,455 | 2.0 | 2,895 | ||||||||||||
West
Corporation3
|
||||||||||||||||
Senior
loan (0.50%, due 10/2012)
|
- | (298 | ) | (0.5 | ) | (700 | ) | |||||||||
2.4 | 3,400 | |||||||||||||||
Textiles
and Leather
|
||||||||||||||||
Gammill,
Inc.
|
||||||||||||||||
Senior
loans (9.94%, due 9/2011-9/2012)
|
5,050 | 4,919 | 3.4 | 4,819 | ||||||||||||
Utilities
|
||||||||||||||||
Covanta
Energy Corporation
|
||||||||||||||||
Senior
loans (1.23%, due 2/2014)
|
2,970 | 2,522 | 2.0 | 2,883 | ||||||||||||
Itron,
Inc.
|
||||||||||||||||
Senior
loan (3.75%, due 4/2014)
|
1,007 | 899 | 0.7 | 1,009 | ||||||||||||
NRG
Energy, Inc.
|
||||||||||||||||
Senior
loan (2.00%, due 2/2013)
|
2,232 | 2,032 | 1.5 | 2,192 | ||||||||||||
Ventyx
Inc.
|
||||||||||||||||
Senior
loan (2.73%, due 6/2012)
|
6,416 | 6,214 | 4.4 | 6,223 | ||||||||||||
8.6 | 12,307 | |||||||||||||||
Total
United States (cost $289,957)
|
202.7 | % | $ | 287,273 | ||||||||||||
Total
investments in debt securities (cost $295,730)
|
206.9 | % | $ | 293,226 |
Golub
Capital Master Funding LLC
|
||||||||||||||||
Condensed
Schedule of Investments
|
||||||||||||||||
September
30, 2009
|
||||||||||||||||
(In
thousands)
|
Percentage
of
|
|||||||||||||||
Principal
Amount
|
Cost
|
Members'
Equity
|
Fair
Value
|
|||||||||||||
Investments
in securities, at fair value1
|
||||||||||||||||
Canada
|
92,751,528.00 | |||||||||||||||
Debt
securities
|
||||||||||||||||
Diversified
Conglomerate Service
|
||||||||||||||||
Open
Text Corporation
|
||||||||||||||||
Senior
loan (2.50%, due 10/2013)
|
$ | 1,324 | $ | 1,102 | 1.4 | % | $ | 1,274 | ||||||||
Leisure,
Amusement, Motion Pictures, Entertainment
|
||||||||||||||||
Extreme
Fitness, Inc.
|
||||||||||||||||
Senior
loan (11.50%, due 3/2012)
|
4,649 | 4,649 | 5.0 | 4,649 | ||||||||||||
Total
Canada (cost $5,751)
|
6.4 | % | $ | 5,923 | ||||||||||||
United
States
|
||||||||||||||||
Debt
securities
|
||||||||||||||||
Aerospace
and Defense
|
||||||||||||||||
Thermal
Solutions LLC
|
||||||||||||||||
Senior
loan (4.47%, due 3/2011)
|
2,142 | $ | 2,122 | 2.2 | 2,038 | |||||||||||
Automobile
|
||||||||||||||||
CLP
Auto Interior Corporation
|
||||||||||||||||
Senior
loan (5.04%, due 6/2013)
|
3,418 | 3,418 | 3.3 | 3,042 | ||||||||||||
Driven
Brands, Inc.
|
||||||||||||||||
Senior
loan (10.25%, due 10/2014)
|
6,648 | 6,648 | 7.2 | 6,648 | ||||||||||||
Qualitor
Acquisition Corporation
|
||||||||||||||||
Senior
loan (7.00%, due 12/2011)
|
1,691 | 1,666 | 1.4 | 1,344 | ||||||||||||
Second
lien (9.00%, due 6/2013)
|
850 | 824 | 0.8 | 680 | ||||||||||||
12.7 | 11,714 | |||||||||||||||
Banking
|
||||||||||||||||
Bonddesk
Group, LLC
|
||||||||||||||||
Senior
loan (3.27%, due 8/2012)
|
2,609 | 2,486 | 2.7 | 2,478 | ||||||||||||
Prommis
Solutions, Inc.
|
||||||||||||||||
Senior
loan (3.43%, due 2/2013)
|
1,660 | 1,660 | 1.6 | 1,527 | ||||||||||||
4.3 | 4,005 | |||||||||||||||
Beverage,
Food and Tobacco
|
||||||||||||||||
ABP
Corporation
|
||||||||||||||||
Senior
loan (8.50%, due 2/2013)
|
2,347 | 2,290 | 2.5 | 2,347 | ||||||||||||
Bertucci's
Corporation
|
||||||||||||||||
Senior
loan (12.00%, due 7/2012)
|
1,985 | 1,908 | 2.1 | 1,985 | ||||||||||||
LBAC,
Inc.
|
||||||||||||||||
Senior
loan (7.00%, due 11/2012)
|
6,405 | 6,002 | 6.6 | 6,149 | ||||||||||||
Lone
Star Beef Processors, L.P.
|
||||||||||||||||
Senior
loan (5.08%, due 5/2013)
|
3,700 | 3,670 | 3.9 | 3,626 | ||||||||||||
15.1 | 14,107 |
Golub
Capital Master Funding LLC
|
||||||||||||||||
Condensed
Schedule of Investments (continued)
|
||||||||||||||||
September
30, 2009
|
||||||||||||||||
(In
thousands)
|
Percentage
of
|
|||||||||||||||
Principal
Amount
|
Cost
|
Members'
Equity
|
Fair
Value
|
|||||||||||||
Investments
in securities, at fair value1
(continued)
|
||||||||||||||||
United
States (continued)
|
92,751,528.00 | |||||||||||||||
Debt
securities (continued)
|
||||||||||||||||
Building
and Real Estate
|
||||||||||||||||
American
Fire Protection Group, Inc.
|
||||||||||||||||
Senior
loan (9.00%, due 6/2011)
|
$ | 4,800 | $ | 4,604 | 5.0 | % | $ | 4,656 | ||||||||
Architectural
Testing, Inc.
|
||||||||||||||||
Senior
loan (9.50%, due 5/2013)
|
6,961 | 6,961 | 7.5 | 6,961 | ||||||||||||
Best
Lighting Products, Inc.
|
||||||||||||||||
Senior
loan (10.00%, due 8/2012)
|
2,545 | 2,446 | 2.7 | 2,545 | ||||||||||||
Infiltrator
Systems, Inc.
|
||||||||||||||||
Senior
loan (8.50%, due 9/2012)
|
3,841 | 3,537 | 3.7 | 3,457 | ||||||||||||
ITEL
Laboratories, Inc.
|
||||||||||||||||
Senior
loan (9.75%, due 3/2014)
|
8,901 | 8,811 | 9.2 | 8,545 | ||||||||||||
KHKI
Acquisition, Inc.
|
||||||||||||||||
Senior
loans (8.50%, due 3/2012-3/2013)
|
3,123 | 3,117 | 2.9 | 2,681 | ||||||||||||
Tecta
America Corporation
|
||||||||||||||||
Senior
loan (8.00%, due 12/2011)
|
2,055 | 2,055 | 2.1 | 1,991 | ||||||||||||
Other
|
734 | 672 | 0.7 | 605 | ||||||||||||
33.8 | 31,441 | |||||||||||||||
Cargo
Transport
|
||||||||||||||||
Marquette
Transportation Company, LLC
|
||||||||||||||||
Senior
loan (3.75%, due 3/2012)
|
4,550 | 4,378 | 4.4 | 4,095 | ||||||||||||
Peco
Pallet, Inc.
|
||||||||||||||||
Senior
loan (4.00%, due 6/2013)
|
4,492 | 4,270 | 4.5 | 4,177 | ||||||||||||
RedPrairie
Corporation
|
||||||||||||||||
Senior
loan (3.45%, due 7/2012)
|
1,721 | 1,456 | 1.8 | 1,670 | ||||||||||||
Tangent
Rail Services, Inc.
|
||||||||||||||||
Senior
loans (7.41%, due 9/2014)
|
9,484 | 9,484 | 10.0 | 9,295 | ||||||||||||
20.7 | 19,237 | |||||||||||||||
Chemicals,
Plastics and Rubber
|
||||||||||||||||
Celanese
Holdings LLC
|
||||||||||||||||
Senior
loan (2.35%, due 4/2014)
|
992 | 822 | 1.0 | 941 | ||||||||||||
Syrgis
Holdings LLC
|
||||||||||||||||
Senior
loans (8.80%, due 8/2012-2/2014)
|
1,836 | 1,716 | 1.8 | 1,684 | ||||||||||||
TAC
Materials, Inc.
|
||||||||||||||||
Senior
loan (9.00%, due 7/2013)
|
2,771 | 2,771 | 1.2 | 1,124 | ||||||||||||
4.0 | 3,749 |
Condensed
Schedule of Investments (continued)
|
||||||||||||||||
September
30, 2009
|
||||||||||||||||
(In
thousands)
|
Percentage
of
|
|||||||||||||||
Principal
Amount
|
Cost
|
Members'
Equity
|
Fair
Value
|
|||||||||||||
Investments
in securities, at fair value1
(continued)
|
||||||||||||||||
United
States (continued)
|
||||||||||||||||
Debt
securities (continued)
|
||||||||||||||||
Containers,
Packaging and Glass
|
||||||||||||||||
Industrial
Container Services, LLC
|
||||||||||||||||
Senior
loan (4.28%, due 9/2011)
|
$ | 1,707 | $ | 1,658 | 1.8 | % | $ | 1,638 | ||||||||
Pelican
Products, Inc.
|
||||||||||||||||
Senior
loans (7.73%, due 1/2013-1/2014)
|
4,843 | 4,378 | 4.9 | 4,586 | ||||||||||||
6.7 | 6,224 | |||||||||||||||
Diversified
Conglomerate Manufacturing
|
||||||||||||||||
Heat
Transfer Parent, Inc.
|
||||||||||||||||
Senior
loan (3.25%, due 6/2013)
|
1,877 | 1,784 | 1.6 | 1,454 | ||||||||||||
Neptco
Inc.
|
||||||||||||||||
Senior
loan (7.25%, due 3/2013)
|
4,591 | 4,367 | 4.4 | 4,086 | ||||||||||||
Pasternack
Enterprises, Inc.
|
||||||||||||||||
Senior
loan (4.29%, due 2/2014)
|
3,687 | 3,531 | 3.6 | 3,318 | ||||||||||||
Vintage
Parts, Inc.
|
||||||||||||||||
Senior
loan (5.78%, due 12/2013)
|
8,214 | 8,098 | 8.4 | 7,804 | ||||||||||||
18.0 | 16,662 | |||||||||||||||
Diversified
Conglomerate Service
|
||||||||||||||||
Benetech,
Inc.
|
||||||||||||||||
Senior
loan (5.25%, due 12/2013)
|
9,537 | 9,138 | 9.7 | 8,965 | ||||||||||||
Compass
Group Diversified Holdings, LLC
|
||||||||||||||||
Senior
loan (4.50%, due 12/2013)
|
4,689 | 4,689 | 5.1 | 4,689 | ||||||||||||
Cortz,
Inc.
|
||||||||||||||||
Senior
loan (8.51%, due 3/2014)
|
7,213 | 7,146 | 7.6 | 7,069 | ||||||||||||
The
Service Companies, Inc.
|
||||||||||||||||
Senior
loan (10.00%, due 3/2014)
|
6,005 | 5,850 | 6.3 | 5,885 | ||||||||||||
PSI
Services LLC
|
||||||||||||||||
Senior
loan (5.50%, due 11/2012)
|
6,333 | 5,929 | 3.4 | 3,166 | ||||||||||||
32.1 | 29,774 | |||||||||||||||
Diversified
Natural Resources, Precious Metals and Minerals
|
||||||||||||||||
Metal
Spinners, Inc.
|
||||||||||||||||
Senior
loans (6.37%, due 1/2014-4/2014)
|
6,685 | 6,385 | 6.3 | 5,816 | ||||||||||||
Virginia
Explosives & Drilling Company, Inc.
|
||||||||||||||||
Senior
loans (10.50%, due 5/2011-10/2011)
|
3,900 | 3,678 | 4.1 | 3,794 | ||||||||||||
10.4 | 9,610 |
Condensed
Schedule of Investments (continued)
|
||||||||||||||||
September
30, 2009
|
||||||||||||||||
(In
thousands)
|
Percentage
of
|
|||||||||||||||
Principal
Amount
|
Cost
|
Members'
Equity
|
Fair
Value
|
|||||||||||||
Investments
in securities, at fair value1
(continued)
|
||||||||||||||||
United
States (continued)
|
||||||||||||||||
Debt
securities (continued)
|
||||||||||||||||
Electronics
|
||||||||||||||||
Cape
Electrical Supply LLC
|
||||||||||||||||
Senior
loan (4.00%, due 11/2013)
|
$ | 2,795 | $ | 2,630 | 2.8 | % | $ | 2,572 | ||||||||
GXS
Worldwide, Inc.
|
||||||||||||||||
Senior
loan (9.25%, due 3/2013)
|
2,997 | 2,592 | 3.2 | 2,971 | ||||||||||||
Second
lien (13.75%, due 9/2013)
|
1,200 | 1,040 | 1.2 | 1,148 | ||||||||||||
Inovis
International, Inc.
|
||||||||||||||||
Senior
loan (9.50%, due 11/2009)
|
2,134 | 2,127 | 2.3 | 2,134 | ||||||||||||
McBride
Electric Inc.
|
||||||||||||||||
Senior
loan (10.75%, due 9/2010)
|
1,558 | 1,558 | 1.3 | 1,168 | ||||||||||||
The
Sloan Company, Inc
|
||||||||||||||||
Senior
loan (7.25%, due 10/2012)
|
2,405 | 2,387 | 2.5 | 2,358 | ||||||||||||
13.3 | 12,351 | |||||||||||||||
Farming
and Agriculture
|
||||||||||||||||
AGData,
L.P.
|
||||||||||||||||
Senior
loans (11.25%, due 7/2012)
|
16,010 | 16,013 | 17.3 | 16,010 | ||||||||||||
Finance
|
||||||||||||||||
Collect
America, Ltd.
|
||||||||||||||||
Senior
loans (8.07%, due 12/2011-3/2012)
|
4,460 | 4,126 | 4.5 | 4,192 | ||||||||||||
eVestment
Alliance Holdings, LLC
|
||||||||||||||||
Senior
loan (9.50%, due 5/2014)
|
8,786 | 8,605 | 9.5 | 8,786 | ||||||||||||
Metavante
Corporation
|
||||||||||||||||
Senior
loan (2.23%, due 11/2014)
|
2,977 | 2,461 | 3.2 | 2,974 | ||||||||||||
Pillar
Processing LLC
|
||||||||||||||||
Senior
loans (8.52%, due 11/2013-5/2014)
|
10,158 | 10,129 | 10.7 | 9,947 | ||||||||||||
Wall
Street Systems Holdings, Inc.
|
||||||||||||||||
Senior
loan (8.00%, due 5/2013)
|
8,327 | 8,327 | 9.0 | 8,327 | ||||||||||||
36.9 | 34,226 | |||||||||||||||
Grocery
|
||||||||||||||||
JRD
Holdings, Inc.
|
||||||||||||||||
Senior
loan (2.49%, due 7/2014)
|
1,291 | 1,102 | 1.3 | 1,248 |
Golub
Capital Master Funding LLC
|
||||||||||||||||
Condensed
Schedule of Investments (continued)
|
||||||||||||||||
September
30, 2009
|
||||||||||||||||
(In
thousands)
|
Percentage
of
|
|||||||||||||||
Principal
Amount
|
Cost
|
Members'
Equity
|
Fair
Value
|
|||||||||||||
Investments
in securities, at fair value1
(continued)
|
||||||||||||||||
United
States (continued)
|
||||||||||||||||
Debt
securities (continued)
|
||||||||||||||||
Healthcare,
Education and Childcare
|
||||||||||||||||
ATI
Holdings, Inc.
|
||||||||||||||||
Senior
loans (4.11%, due 9/2011-9/2012)
|
$ | 2,706 | $ | 2,541 | 2.8 | % | $ | 2,554 | ||||||||
Community
Hospices of America, Inc.
|
||||||||||||||||
Senior
loan (8.00%, due 1/2011)
|
1,133 | 1,104 | 1.2 | 1,110 | ||||||||||||
Second
lien (12.50%, due 4/2011)
|
4,865 | 4,812 | 5.1 | 4,768 | ||||||||||||
DaVita,
Inc.
|
||||||||||||||||
Senior
loan (1.81%, due 10/2012)
|
5,000 | 4,471 | 5.2 | 4,846 | ||||||||||||
DDC
Center Inc.
|
||||||||||||||||
Senior
loan (9.50%, due 10/2014)
|
14,400 | 14,400 | 15.2 | 14,112 | ||||||||||||
Delta
Educational Systems, Inc.
|
||||||||||||||||
Senior
loan (6.00%, due 6/2012)
|
4,770 | 4,511 | 4.9 | 4,579 | ||||||||||||
Den-Mat
Holdings, LLC
|
||||||||||||||||
Senior
loan (8.50%, due 12/2012)
|
3,044 | 3,045 | 3.0 | 2,771 | ||||||||||||
Excelligence
Learning Corporation
|
||||||||||||||||
Second
lien (7.25%, due 11/2013)
|
1,600 | 1,519 | 1.6 | 1,504 | ||||||||||||
The
Hygenic Corporation
|
||||||||||||||||
Senior
loan (2.98%, due 4/2013)
|
2,766 | 2,675 | 2.7 | 2,489 | ||||||||||||
Oncure
Medical Corporation
|
||||||||||||||||
Senior
loan (3.75%, due 6/2012)
|
6,078 | 5,701 | 6.0 | 5,592 | ||||||||||||
ReachOut
Healthcare America Ltd
|
||||||||||||||||
Senior
loan (9.25%, due 8/2013)
|
6,534 | 6,510 | 7.0 | 6,534 | ||||||||||||
United
Surgical Partners International, Inc.
|
||||||||||||||||
Senior
loan (2.25%, due 4/2014)
|
1,545 | 1,545 | 1.6 | 1,439 | ||||||||||||
Other
|
773 | 761 | 0.9 | 727 | ||||||||||||
57.2 | 53,025 | |||||||||||||||
Home
and Office Furnishings, Housewares, and Durable Consumer
|
||||||||||||||||
Top
Knobs USA, Inc.
|
||||||||||||||||
Senior
loan (7.75%, due 2/2014)
|
3,634 | 3,493 | 3.8 | 3,489 | ||||||||||||
Zenith
Products Corporation
|
||||||||||||||||
Senior
loan (5.38%, due 9/2013)
|
6,034 | 5,883 | 5.9 | 5,430 | ||||||||||||
9.7 | 8,919 |
Golub
Capital Master Funding LLC
|
||||||||||||||||
Condensed
Schedule of Investments (continued)
|
||||||||||||||||
September
30, 2009
|
||||||||||||||||
(In
thousands)
|
Percentage
of
|
|||||||||||||||
Principal
Amount
|
Cost
|
Members'
Equity
|
Fair
Value
|
|||||||||||||
Investments
in securities, at fair value1
(continued)
|
||||||||||||||||
United
States (continued)
|
92,751,528 | |||||||||||||||
Debt
securities (continued)
|
||||||||||||||||
Leisure,
Amusement, Motion Pictures and Entertainment
|
||||||||||||||||
Octane
Fitness, LLC
|
||||||||||||||||
Senior
loan (4.85%, due 3/2013)
|
$ | 4,805 | $ | 4,611 | 4.8 | % | $ | 4,421 | ||||||||
Optronics
Product Company, Inc.
|
||||||||||||||||
Senior
loans (7.08%, due 12/2012-12/2013)
|
2,800 | 2,637 | 3.0 | 2,784 | ||||||||||||
Premier
Yachts, Inc.
|
||||||||||||||||
Senior
loans (5.59%, due 8/2012-8/2013)
|
2,499 | 2,358 | 2.5 | 2,323 | ||||||||||||
Regal
Cinemas Corporation
|
||||||||||||||||
Senior
loan (4.03%, due 10/2013)
|
1,523 | 1,298 | 1.6 | 1,520 | ||||||||||||
11.9 | 11,048 | |||||||||||||||
Machinery
(Non-Agriculture, Construction, or Electric)
|
||||||||||||||||
Davis
Inotek Instruments, LLC
|
||||||||||||||||
Senior
loan (8.00%, due 9/2013)
|
7,604 | 7,604 | 8.0 | 7,452 | ||||||||||||
Tritex
Corporation
|
||||||||||||||||
Senior
loan (5.03%, due 5/2014)
|
2,969 | 2,868 | 2.9 | 2,702 | ||||||||||||
Other
|
704 | 704 | 0.7 | 619 | ||||||||||||
11.6 | 10,773 | |||||||||||||||
Oil
and Gas
|
||||||||||||||||
Casedhole
Solutions, Inc.
|
||||||||||||||||
Senior
loan (8.25%, due 6/2013)
|
3,291 | 3,291 | 2.5 | 2,304 | ||||||||||||
Gray
Wireline Service, Inc
|
||||||||||||||||
Senior
loan (3.53%, due 2/2013)
|
8,000 | 8,000 | 6.9 | 6,400 | ||||||||||||
Tri-County
Petroleum, Inc.
|
||||||||||||||||
Senior
loan (4.54%, due 8/2013)
|
3,694 | 3,572 | 3.7 | 3,472 | ||||||||||||
13.1 | 12,176 | |||||||||||||||
Personal
and Non-Durable Consumer Products
|
||||||||||||||||
Dr.
Miracles, Inc.
|
||||||||||||||||
Senior
loan (4.28%, due 3/2014)
|
4,208 | 4,157 | 4.4 | 4,082 | ||||||||||||
Personal,
Food and Miscellaneous Services
|
||||||||||||||||
Aramark
Corporation
|
||||||||||||||||
Senior
loan (2.15%, due 1/2014)
|
2,910 | 2,375 | 2.9 | 2,722 | ||||||||||||
Focus
Brands, Inc.
|
||||||||||||||||
Senior
loan (5.92%, due 3/2011)
|
6,375 | 6,195 | 6.5 | 6,056 | ||||||||||||
9.4 | 8,778 |
Golub
Capital Master Funding LLC
|
||||||||||||||||
Condensed
Schedule of Investments (continued)
|
||||||||||||||||
September
30, 2009
|
||||||||||||||||
(In
thousands)
|
Percentage
of
|
|||||||||||||||
Principal
Amount
|
Cost
|
Members'
Equity
|
Fair
Value
|
|||||||||||||
Investments
in securities, at fair value1
(continued)
|
||||||||||||||||
United
States (continued)
|
92,751,528 | |||||||||||||||
Debt
securities (continued)
|
||||||||||||||||
Printing
and Publishing
|
||||||||||||||||
Monotype
Imaging, Inc.
|
||||||||||||||||
Senior
loan (3.01%, due 7/2012)
|
$ | 1,742 | $ | 1,633 | 1.7 | % | $ | 1,603 | ||||||||
Trade
Service Company, LLC
|
||||||||||||||||
Senior
loan (14.00%, due 1/2013)
|
2,085 | 2,001 | 2.2 | 2,085 | ||||||||||||
3.9 | 3,688 | |||||||||||||||
Retail
Stores
|
||||||||||||||||
Container
Store, Inc.
|
||||||||||||||||
Senior
loan (3.37%, due 8/2014)
|
6,882 | 6,288 | 6.2 | 5,712 | ||||||||||||
Fasteners
for Retail, Inc.
|
||||||||||||||||
Senior
loan (5.00%, due 12/2012)
|
2,443 | 2,227 | 2.4 | 2,223 | ||||||||||||
IL
Fornaio (America) Corporation
|
||||||||||||||||
Senior
loan (3.25%, due 3/2013)
|
5,133 | 4,714 | 4.9 | 4,568 | ||||||||||||
The
Marshall Retail Group, LLC
|
||||||||||||||||
Senior
loans (8.02%, due 4/2013)
|
5,529 | 5,266 | 5.6 | 5,218 | ||||||||||||
Other
|
731 | 731 | 0.8 | 631 | ||||||||||||
19.9 | 18,352 | |||||||||||||||
Telecommunications
|
||||||||||||||||
Cellular
South, Inc.
|
||||||||||||||||
Senior
loan (2.00%, due 5/2014)
|
1,247 | 1,247 | 1.3 | 1,202 | ||||||||||||
MetroPCS
Wireless, Inc.
|
||||||||||||||||
Senior
loan (2.66%, due 11/2013)
|
2,969 | 2,398 | 3.1 | 2,850 | ||||||||||||
West
Corporation
|
||||||||||||||||
Senior
loan (2.25%, due 10/2012)
|
3,571 | 3,215 | 2.8 | 2,571 | ||||||||||||
7.2 | 6,623 | |||||||||||||||
Textiles
and Leather
|
||||||||||||||||
Gammill,
Inc.
|
||||||||||||||||
Senior
loans (9.93%, due 9/2011-9/2012)
|
5,411 | 5,241 | 5.6 | 5,162 | ||||||||||||
Hanesbrands
Inc.
|
||||||||||||||||
Senior
loan (5.25%, due 9/2013)
|
2,185 | 1,792 | 2.4 | 2,197 | ||||||||||||
8.0 | 7,359 |
Golub
Capital Master Funding LLC
|
||||||||||||||||
Condensed
Schedule of Investments (continued)
|
||||||||||||||||
September
30, 2009
|
||||||||||||||||
(In
thousands)
|
Percentage
of
|
|||||||||||||||
Principal
Amount
|
Cost
|
Members'
Equity
|
Fair
Value
|
|||||||||||||
Investments
in securities, at fair value1
(continued)
|
||||||||||||||||
United
States (continued)
|
92,751,528 | |||||||||||||||
Debt
securities (continued)
|
||||||||||||||||
Utilities
|
||||||||||||||||
Covanta
Energy Corporation
|
||||||||||||||||
Senior
loans (1.23%, due 2/2014-4/2014)
|
$ | 2,980 | $ | 2,473 | 3.1 | % | $ | 2,852 | ||||||||
Itron,
Inc.
|
||||||||||||||||
Senior
loan (4.00%, due 4/2014)
|
1,198 | 1,053 | 1.3 | 1,197 | ||||||||||||
NRG
Energy, Inc.
|
||||||||||||||||
Senior
loan (2.02%, due 2/2013)
|
2,741 | 2,452 | 2.8 | 2,603 | ||||||||||||
Ventyx
Inc.
|
||||||||||||||||
Senior
loan (2.80%, due 6/2012)
|
6,915 | 6,648 | 7.0 | 6,500 | ||||||||||||
14.2 | 13,152 | |||||||||||||||
Total
United States ($381,542)
|
399.3 | % | $ | 370,371 | ||||||||||||
Total
investments in debt securities (cost $387,293)
|
405.7 | % | $ | 376,294 |
Golub
Capital BDC LLC and Subsidiary
|
Consolidated
Statements of Operations
|
(In
thousands)
|
Three
months ended
|
Six
months ended
|
|||||||||||||||
March
31, 2010
|
March
31, 2009
|
March
31, 2010
|
March
31, 2009
|
|||||||||||||
(unaudited)
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
|||||||||||||
Investment
income
|
||||||||||||||||
Interest
|
$ | 7,645 | $ | 8,993 | $ | 18,488 | $ | 14,332 | ||||||||
Total
investment income
|
7,645 | 8,993 | 18,488 | 14,332 | ||||||||||||
Expenses
|
||||||||||||||||
Interest
|
862 | 1,268 | 1,552 | 2,566 | ||||||||||||
Management
fee
|
605 | 842 | 1,334 | 1,263 | ||||||||||||
Professional
fees relating to registration statement
|
601 | - | 601 | - | ||||||||||||
Professional
fees
|
494 | - | 669 | 13 | ||||||||||||
Other
expenses
|
65 | 91 | 131 | 138 | ||||||||||||
Total
expenses
|
2,627 | 2,201 | 4,287 | 3,980 | ||||||||||||
Net
investment income
|
5,018 | 6,792 | 14,201 | 10,352 | ||||||||||||
Net
gain (loss) on investments
|
||||||||||||||||
Net
realized loss on investments
|
- | - | - | (795 | ) | |||||||||||
Net
unrealized appreciation (depreciation)
|
||||||||||||||||
on
investments
|
1,925 | (2,559 | ) | 1,085 | (6,474 | ) | ||||||||||
Net
gain (loss) on investments
|
1,925 | (2,559 | ) | 1,085 | (7,269 | ) | ||||||||||
Net
income
|
$ | 6,943 | $ | 4,233 | $ | 15,286 | $ | 3,083 | ||||||||
Golub
Capital BDC LLC and Subsidiary
|
||||
Consolidated
Statements of Changes in Members' Equity
|
||||
(In
thousands)
|
Six
months ended
|
||||||||
March
31, 2010
|
March
31, 2009
|
|||||||
(unaudited)
|
(unaudited)
|
|||||||
Members'
equity, October 1, 2009 and October 1, 2008, respectively
|
$ | 92,752 | $ | 16,853 | ||||
Capital
contributions
|
47,208 | 59,047 | ||||||
Capital
distributions
|
(13,530 | ) | (3,368 | ) | ||||
Net
income
|
15,286 | 3,083 | ||||||
Members'
equity, March 31, 2010 and March 31, 2009, respectively
|
$ | 141,716 | $ | 75,615 | ||||
Consolidated
Statements of Cash Flows
|
|||
(In
thousands)
|
Six
months ended
|
||||||||
March
31, 2010
|
March
31, 2009
|
|||||||
(unaudited)
|
(unaudited)
|
|||||||
Cash
flows from operating activities
|
||||||||
Net
income
|
$ | 15,286 | $ | 3,083 | ||||
Adjustments
to reconcile net income to net cash
|
||||||||
provided
by (used in) operating activities:
|
||||||||
Amortization
of deferred financing fees
|
- | 246 | ||||||
Amortization
of discount/premium
|
(4,847 | ) | (1,779 | ) | ||||
Net
realized loss on investments
|
- | 795 | ||||||
Net
change in unrealized depreciation
|
||||||||
on
investments
|
(1,085 | ) | 6,474 | |||||
Fundings
on revolving loans, net
|
6,071 | 7,975 | ||||||
Fundings
of portfolio investments
|
- | (363,129 | ) | |||||
Proceeds
from principal payments and sales of
|
||||||||
portfolio
investments
|
82,929 | 78,908 | ||||||
Changes
in operating assets and liabilities:
|
||||||||
Interest
receivable
|
490 | (1,565 | ) | |||||
Other
assets
|
(12 | ) | (20 | ) | ||||
Due
to affiliates
|
201 | 164 | ||||||
Interest
payable
|
18 | (6 | ) | |||||
Net
cash provided by (used in) operating activities
|
99,051 | (268,854 | ) | |||||
Cash
flows from investing activities
|
||||||||
Net
change in restricted cash and cash equivalents
|
(3,065 | ) | (22,312 | ) | ||||
Net
cash used in investing activities
|
(3,065 | ) | (22,312 | ) | ||||
Cash
flows from financing activities
|
||||||||
Borrowings
on credit facility
|
- | 263,754 | ||||||
Repayments
on credit facility
|
(104,862 | ) | (28,267 | ) | ||||
Proceeds
from capital contributions
|
47,208 | 59,047 | ||||||
Payments
of capital distributions
|
(13,530 | ) | (3,368 | ) | ||||
Net
cash provided by (used in) financing activities
|
(71,184 | ) | 291,166 | |||||
Net
change in cash and cash equivalents
|
24,802 | - | ||||||
Cash and cash equivalents
, beginning of period
|
- | - | ||||||
Cash and cash equivalents
, end of period
|
$ | 24,802 | $ | - | ||||
Golub
Capital BDC LLC and Subsidiary
|
||||||||
Consolidated
Statements of Cash Flows (continued)
|
||||||||
(In
thousands)
|
||||||||
Six
months ended
|
||||||||
March
31, 2010
|
March
31, 2009
|
|||||||
(unaudited)
|
(unaudited)
|
|||||||
Supplemental
disclosure of cash flow information
|
||||||||
Cash
paid during the period for interest
|
$ | 1,534 | $ | 2,325 | ||||
Supplemental
disclosure of noncash activity
|
||||||||
Obligations
of Company assumed by members
|
$ | 896 | $ | 147 | ||||
(in
thousands, except shares and per share data)
|
(in
thousands, except shares and per share data)
|
(in
thousands, except shares and per share data)
|
(in
thousands, except shares and per share data)
|
(in
thousands, except shares and per share data)
|
Industry
|
March
31, 2010
|
September
30, 2009
|
||||||
Aerospace
and Defense
|
0.7 | % | 0.5 | % | ||||
Automobile
|
3.1 | 3.1 | ||||||
Banking
|
1.2 | 1.1 | ||||||
Beverage,
Food and Tobacco
|
2.7 | 3.7 | ||||||
Buildings
and Real Estate
|
10.2 | 8.4 | ||||||
Cargo
Transport
|
4.6 | 5.1 | ||||||
Chemicals,
Plastics and Rubber
|
0.9 | 1.0 | ||||||
Containers,
Packaging and Glass
|
1.5 | 1.7 | ||||||
Diversified
Conglomerate Manufacturing
|
5.6 | 4.4 | ||||||
Diversified
Conglomerate Service
|
9.3 | 8.3 | ||||||
Diversified
Natural Resources, Precious Metals and Minerals
|
2.8 | 2.6 | ||||||
Electronics
|
2.2 | 3.3 | ||||||
Farming
and Agriculture
|
- | 4.3 | ||||||
Finance
|
10.3 | 9.0 | ||||||
Grocery
|
0.4 | 0.3 | ||||||
Healthcare,
Education and Childcare
|
16.0 | 14.0 | ||||||
Home
and Office Furnishings, Housewares, and Duarable Consumer
|
2.7 | 2.4 | ||||||
Leisure,
Amusement, Motion Pictures and Entertainment
|
5.2 | 4.2 | ||||||
Machinery
(Non-Agriculture, Construction or Electric)
|
0.9 | 2.9 | ||||||
Oil
and Gas
|
1.2 | 3.2 | ||||||
Personal
and Non-Durable Consumer Products
|
1.4 | 1.1 | ||||||
Personal
Food and Miscellaneous Services
|
2.8 | 2.3 | ||||||
Printing
and Publishing
|
1.2 | 1.0 | ||||||
Retail
Stores
|
6.1 | 4.8 | ||||||
Telecommunications
|
1.2 | 1.8 | ||||||
Textiles
and Leather
|
1.6 | 2.0 | ||||||
Utilities
|
4.2 | 3.5 | ||||||
Total
|
100.0 | % | 100.0 | % | ||||
Geographic
Region
|
March
31, 2010
|
September
30, 2009
|
||||||
United
States
|
||||||||
Mid-Atlantic
|
27.1 | % | 24.9 | % | ||||
Midwest
|
26.9 | 22.4 | ||||||
West
|
14.3 | 13.2 | ||||||
Southeast
|
15.2 | 20.4 | ||||||
Southwest
|
8.0 | 8.0 | ||||||
Northeast
|
6.5 | 9.5 | ||||||
Canada
|
2.0 | 1.6 | ||||||
Total
|
100.0 | % | 100.0 | % |
(in
thousands, except shares and per share data)
|
(in
thousands, except shares and per share data)
|
As
of March 31, 2010
|
||||||||||||||||
Fair
Value Measurements Using
|
||||||||||||||||
Description
|
Level
1
|
Level
2
|
Level
3
|
Total
|
||||||||||||
Assets:
|
||||||||||||||||
Debt
securities
|
$ | - | $ | - | $ | 293,226 | $ | 293,226 | ||||||||
Money
market funds (1)
|
31,263 | - | - | 31,263 | ||||||||||||
As
of September 30, 2009
|
||||||||||||||||
Fair
Value Measurements Using
|
||||||||||||||||
Description
|
Level
1
|
Level
2
|
Level
3
|
Total
|
||||||||||||
Assets:
|
||||||||||||||||
Debt
securities
|
$ | - | $ | - | $ | 376,294 | $ | 376,294 | ||||||||
Money
market funds (1)
|
25,475 | - | - | 25,475 |
|
(1)
Included in restricted cash and cash equivalents on the consolidated
statements of financial condition.
|
(in
thousands, except shares and per share data)
|
Three
months ended
|
||||
March
31, 2010
|
||||
Debt
|
||||
Securities
|
||||
Balance
at January 1, 2010
|
$ | 326,226 | ||
Net
change in unrealized depreciation on investments
|
1,925 | |||
Funding
on revolving loans, net
|
(3,951 | ) | ||
Sales
and redemptions
|
(32,729 | ) | ||
Amortization
|
1,755 | |||
Balance
at March 31, 2010
|
$ | 293,226 |
Six
months ended
|
||||
March
31, 2010
|
||||
Debt
|
||||
Securities
|
||||
Balance
at October 1, 2009
|
$ | 376,294 | ||
Net
change in unrealized depreciation on investments
|
1,085 | |||
Funding
on revolving loans, net
|
(6,071 | ) | ||
Sales
and redemptions
|
(82,929 | ) | ||
Amortization
|
4,847 | |||
Balance
at March 31, 2010
|
$ | 293,226 | ||
(in
thousands, except shares and per share data)
|
(in
thousands, except shares and per share data)
|
Three
months ended March 31,
|
Six
months ended March 31,
|
|||||||||||||||
2010
|
2009
|
2010
|
2009
|
|||||||||||||
Members'
equity at beginning of period
|
$ | 109,773 | $ | 71,300 | $ | 92,752 | $ | 16,853 | ||||||||
Members'
equity at end of period
|
141,769 | 75,615 | 141,769 | 75,615 | ||||||||||||
Average
members' equity
|
126,701 | 75,045 | 111,170 | 51,500 | ||||||||||||
Ratio
of total expenses, including interest, to average members' equity (4)
|
8.4 | % | 11.9 | % | 7.7 | % | 15.5 | % | ||||||||
Ratio
of net investment income to average members' equity (1) (4)
|
16.0 | % | 36.7 | % | 25.6 | % | 40.3 | % | ||||||||
Total
return to members based on average members' equity (2) (3)
|
5.5 | % | 5.6 | % | 13.8 | % | 6.0 | % | ||||||||
|
(1)
|
Net
investment income includes interest income and excludes realized and
unrealized gains (losses) on investments on the consolidated statements of
operations.
|
|
(2)
|
The
total return is computed based on annual net income (loss) divided by
weighted average members’ equity.
|
|
(3)
|
Total
return based on average members’ equity is not annualized.
|
|
(4)
|
The
ratios reflect an annualized amount.
|
(in
thousands, except shares and per share data)
|
(in
thousands, except shares and per share data)
|
|
·
|
zero
in any calendar quarter in which the Pre-Incentive Fee Net Investment
Income does not exceed the hurdle rate;
|
|
·
|
100.0%
of our Pre-Incentive Fee Net Investment Income with respect to that
portion of such Pre-Incentive Fee Net Investment Income, if any, that
exceeds the hurdle rate but is less than 2.5% in any calendar quarter. We
refer to this portion of our Pre-Incentive Fee Net Investment Income
(which exceeds the hurdle rate but is less than 2.5%) as the ‘‘catch-up’’
provision. The catch-up is meant to provide our external manager with
20.0% of the Pre-Incentive Fee Net Investment Income as if a hurdle rate
did not apply if this net investment income exceeds 2.5% in any calendar
quarter; and
|
|
·
|
20.0%
of the amount of our Pre-Incentive Fee Net Investment Income, if any, that
exceeds 2.5% in any calendar quarter.
|
(in
thousands, except shares and per share data)
|
|
·
|
The
cumulative aggregate realized capital gains are calculated as the sum of
the differences, if positive, between (a) the net sales price of each
investment in our portfolio when sold and (b) the accreted or amortized
cost basis of such investment.
|
|
·
|
The
cumulative aggregate realized capital losses are calculated as the sum of
the amounts by which (a) the net sales price of each investment in our
portfolio when sold is less than (b) the accreted or amortized cost basis
of such investment.
|
|
·
|
The
aggregate unrealized capital depreciation is calculated as the sum of the
differences, if negative, between (a) the valuation of each investment in
our portfolio as of the applicable Capital Gain Incentive Fee calculation
date and (b) the accreted or amortized cost basis of such investment. The
sum of the Income Incentive Fee and the Capital Gain Incentive Fee will be
the Incentive Fee.
|
|
·
|
our
future operating results;
|
|
·
|
our
business prospects and the prospects of our portfolio companies;
|
|
·
|
the
effect of investments that we expect to make;
|
|
·
|
our
contractual arrangements and relationships with third parties;
|
|
·
|
actual
and potential conflicts of interest with GC Advisors and other affiliates
of Golub Capital;
|
|
·
|
the
dependence of our future success on the general economy and its effect on
the industries in which we invest;
|
|
·
|
the
ability of our portfolio companies to achieve their objectives;
|
|
·
|
the
use of borrowed money to finance a portion of our investments;
|
|
·
|
the
adequacy of our financing sources and working capital;
|
|
·
|
the
timing of cash flows, if any, from the operations of our portfolio
companies;
|
|
·
|
the
ability of GC Advisors to locate suitable investments for us and to
monitor and administer our investments;
|
|
·
|
the
ability of GC Advisors or its affiliates to attract and retain highly
talented professionals;
|
|
·
|
our
ability to qualify and maintain our qualification as a RIC and as a
business development company; and
|
|
·
|
the
effect of changes to tax legislation and our tax position.
|
•
|
the
nature, quality and extent of the advisory and other services to be
provided to us by GC Advisors, our investment adviser;
|
|
•
|
the
fee structures of comparable externally managed business development
companies that engage in similar investing activities; and
|
|
•
|
various
other matters.
|
|
·
|
the
cost of calculating our net asset value, including the cost of any
third-party valuation services;
|
|
·
|
the
cost of effecting sales and repurchases of shares of our common stock and
other securities;
|
|
·
|
fees
payable to third parties relating to making investments, including
out-of-pocket fees and expenses associated with performing due diligence
and reviews of prospective investments;
|
|
·
|
transfer
agent and custodial fees;
|
|
·
|
out-of-pocket
fees and expenses associated with marketing efforts;
|
|
·
|
federal
and state registration fees and any stock exchange listing fees;
|
|
·
|
U.S.
federal, state and local taxes;
|
|
·
|
independent
directors’ fees and expenses;
|
|
·
|
brokerage
commissions;
|
|
·
|
fidelity
bond, directors’ and officers’ liability insurance and other insurance
premiums;
|
|
·
|
direct
costs, such as printing, mailing, long distance telephone and staff;
|
|
·
|
costs
associated with our reporting and compliance obligations under the 1940
Act and other applicable U.S. federal and state securities laws; and
|
|
·
|
other
expenses incurred by either GC Service or us in connection with
administering our business, including payments under the Administration
Agreement that will be based upon our allocable portion (subject to the
review and approval of our board of directors) of overhead.
|
As
of March 31,
|
As
of September 30,
|
|||||||||||||||
2010
(1)
|
2009
(1)
|
|||||||||||||||
Cost
|
Fair
Value
|
Cost
|
Fair
Value
|
|||||||||||||
(Dollars
in Thousands)
|
||||||||||||||||
Senior
Secured:
|
||||||||||||||||
Performing
|
$ | 202,005 | $ | 200,776 | $ | 245,346 | $ | 241,228 | ||||||||
Non-accrual
|
- | - | 10,295 | 7,252 | ||||||||||||
One-Stop:
|
||||||||||||||||
Performing
|
80,573 | 79,152 | 118,299 | 116,233 | ||||||||||||
Non-accrual
|
- | - | 2,771 | 1,124 | ||||||||||||
Second
Lien:
|
||||||||||||||||
Performing
|
13,153 | 13,298 | 10,582 | 10,457 | ||||||||||||
Non-accrual
|
- | - | - | - | ||||||||||||
Total
|
$ | 295,730 | $ | 293,226 | $ | 387,293 | $ | 376,294 |
(1)
|
Two
of our loans included a feature permitting a portion of the interest due
on such loan to be PIK interest as of March 31, 2010 and September 30,
2009. PIK interest, which effectively operates as negative
amortization of loan principal, represents contractual interest accrued
and added to the principal balance of a loan and generally becomes due at
maturity.
|
Risk
Ratings Definition
|
||
Rating
|
Definition
|
|
Grade
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.
|
|
Grade
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.
|
|
Grade
3
|
Involves
a borrower performing below expectations and indicates that the loan’s
risk has increased somewhat since origination. The borrower may be out of
compliance with debt covenants; however; loan payments are generally not
past due.
|
|
Grade
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 may be past due (but generally not more than 180 days past due).
For loans graded 2, we will implement a plan to increase monitoring of the
borrower.
|
|
Grade
1
|
Indicates
that the borrower is performing substantially below expectations and the
loan risk has substantially increased since origination. Most or all of
the debt covenants are out of compliance and payments are substantially
delinquent. Loans graded 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.
|
March
31, 2010
|
September
30, 2009
|
|||||||||||||||
Investments
|
Investments
|
|||||||||||||||
at
Fair Value
|
Percentage
of
|
at
Fair Value
|
Percentage
of
|
|||||||||||||
(Dollars
in
|
Total
|
(Dollars
in
|
Total
|
|||||||||||||
Investment
Performance Rating
|
Thousands)
|
Portfolio
|
Thousands)
|
Portfolio
|
||||||||||||
5
|
79,824 | 27.2 | % | 91,419 | 24.3 | % | ||||||||||
4
|
137,249 | 46.8 | % | 223,687 | 59.4 | % | ||||||||||
3
|
72,293 | 24.7 | % | 61,188 | 16.3 | % | ||||||||||
2
|
3,860 | 1.3 | % | - | 0.0 | % | ||||||||||
1
|
- | 0.0 | % | - | 0.0 | % | ||||||||||
Total
|
293,226 | 100.0 | % | 376,294 | 100.0 | % |
For
the three months ended
|
For
the six months ended
|
|||||||||||||||
March
31, 2010
|
March
31, 2009
|
March
31, 2010
|
March
31, 2009
|
|||||||||||||
(Dollars
in Thousands)
|
||||||||||||||||
Total
investment income
|
$ | 7,645 | $ | 8,993 | $ | 18,488 | $ | 14,332 | ||||||||
Total
expenses
|
2,627 | 2,201 | 4,287 | 3,980 | ||||||||||||
Net
investment income
|
5,018 | 6,792 | 14,201 | 10,352 | ||||||||||||
Net
realized gains (losses)
|
- | - | - | (795 | ) | |||||||||||
Net
unrealized gains (losses)
|
1,925 | (2,559 | ) | 1,085 | (6,474 | ) | ||||||||||
Net
increase in members' equity resulting
|
||||||||||||||||
from
operations
|
$ | 6,943 | $ | 4,233 | $ | 15,286 | $ | 3,083 | ||||||||
Average
investments in securities, at fair value
|
$ | 308,678 | $ | 417,929 | $ | 331,994 | $ | 326,326 |
Payments
Due by Period (Millions)
|
||||||||||||||||||||
Less
Than
|
More
Than
|
|||||||||||||||||||
Total
|
1
Year
|
1-3
Years
|
3-5
Years
|
5
Years
|
||||||||||||||||
Existing
Credit
|
||||||||||||||||||||
Facility
(1)
|
$ | 210.4 | $ | 210.4 | $ | 0 | $ | 0 | $ | 0 |
(1)
|
Under
the terms of the Existing Credit Facility, all outstanding borrowings
under that facility ($210.4 million as of March 31, 2010) must be repaid
on or before December 29, 2010. As part of the amendments to the Existing
Credit Facility executed on March 15, 2010, we were required to repay at
least $50.0 million of outstanding borrowings under the Existing Credit
Facility upon closing of the Offering.
|
•
|
In
a private placement, GEMS entered into an agreement on February 5, 2010,
to purchase 195 limited liability company interests in Golub Capital BDC
LLC for cash, resulting in aggregate net cash proceeds to us of $25
million. Investors in GEMS include some employees and management of Golub
Capital and its affiliates as well as a limited number of long-time
investors in funds sponsored by affiliates of GC Advisors.
|
•
|
We
entered into an Investment Advisory Agreement with GC Advisors. Mr.
Lawrence Golub, our chairman, is a manager of GC Advisors, and David
Golub, our chief executive officer, is a manager of GC Advisors, and each
of Messrs. Lawrence Golub and David Golub owns an indirect pecuniary
interest in GC Advisors.
|
•
|
GC
Service provides us with the office facilities and administrative services
necessary to conduct day-to-day operations pursuant to our Administration
Agreement. We reimburse GC Service for the allocable portion (subject to
the review and approval of our board of directors) of overhead and other
expenses incurred by it in performing its obligations under the
Administration Agreement, including rent, the fees and expenses associated
with performing compliance functions, and our allocable portion of the
cost of our chief financial officer and chief compliance officer and their
respective staffs.
|
•
|
We
have entered into a license agreement with Golub Capital Management LLC,
pursuant to which Golub Capital Management LLC has granted us a
non-exclusive, royalty-free license to use the name “Golub Capital.”
|
•
|
Certain
existing investors in entities advised by affiliates of Golub Capital and
certain of our officers and directors, their immediate family members or
entities owned by, or family trusts for the benefit of, such persons
purchased in a separate private placement an aggregate of 1,322,581 shares
of common stock at the initial public offering price per share of
$14.50. We received the full proceeds from the sale of these
shares, and no underwriting discounts or commissions were paid in respect
of these shares.
|
•
|
Under
a staffing agreement (the “Staffing Agreement”) between Golub Capital
Incorporated and Golub Capital Management LLC and GC Advisors, Golub
Capital has agreed to provide GC Advisors with the resources necessary to
fulfill its obligations under the Investment Advisory
Agreement. The Staffing Agreement provides that Golub Capital
will make available to GC Advisors experienced investment professionals
and access to the senior investment personnel of Golub Capital for
purposes of evaluating, negotiating, structuring, closing and monitoring
our investments. The Staffing Agreement also includes a commitment that
the members of GC Advisors’ investment committee will serve in such
capacity. Services under the Staffing Agreement will be provided on a
direct cost reimbursement basis.
|
•
|
Our
quarterly valuation process begins with each portfolio company or
investment being initially valued by the investment professionals of GC
Advisors responsible for credit monitoring.
|
•
|
Preliminary
valuation conclusions are then be documented and discussed with our senior
management and GC Advisors.
|
•
|
The
audit committee of our board of directors reviews these preliminary
valuations.
|
•
|
At
least once annually, the valuation for each portfolio investment is
reviewed by an independent valuation firm.
|
•
|
The
board of directors discusses valuations and determines the fair value of
each investment in our portfolio in good faith.
|
Number
|
Description
|
|
31.1
|
Certifications
by President pursuant to Exchange Act Rule 13a-14(a), as adopted pursuant
to Section 302 of the Sarbanes-Oxley Act of 2002*
|
|
31.2
|
Certifications
by Chief Financial Officer pursuant to Exchange Act Rule 13a-14(a), as
adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002*
|
|
32.1
|
Certification
pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of
the Sarbanes-Oxley Act of 2002.
|
Golub
Capital BDC, Inc.
|
||
Dated:
May 13, 2010
|
By
|
/s/ David B.
Golub
|
|
David
B. Golub
|
|
|
Chief
Executive Officer
|
|
|
(Principal
Executive Officer)
|
|
Dated:
May 13, 2010
|
By
|
/s/ Sean K.
Coleman
|
|
Sean
K. Coleman
|
|
|
Chief
Financial Officer
|
|
(Principal
Accounting and Financial Officer)
|