UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

 

 

  

FORM 10-Q

 

þ             QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

 

For the Quarterly Period Ended June 30, 2015

 

OR

 

o         TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from _____ to _____

 

Commission File Number 814-00794

 

Golub Capital BDC, Inc.

(Exact name of registrant as specified in its charter)

 

Delaware   27-2326940
(State or other jurisdiction of incorporation or organization)    (I.R.S. Employer Identification No.)

 

150 South Wacker Drive, Suite 800

Chicago, IL 60606

(Address of principal executive offices)

 

(312) 205-5050

(Registrant's telephone number, including area code)

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes þ   No o

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).   Yes o No   o

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer   þ Accelerated filer o
Non-accelerated filer  o  (Do not check if a smaller reporting company) Smaller reporting company o

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  o  No þ

 

As of August 5, 2015, the Registrant had 51,259,434 shares of common stock, $0.001 par value, outstanding.

 

 

  

 
 

 

Part I. Financial Information    
       
Item 1. Financial Statements   3
       
  Consolidated Statements of Financial Condition as of June 30, 2015 (unaudited) and September 30, 2014   3
       
  Consolidated Statements of Operations for the three and nine months ended June 30, 2015 (unaudited) and 2014 (unaudited)   4
       
  Consolidated Statements of Changes in Net Assets for the nine months ended June 30, 2015 (unaudited) and 2014 (unaudited)   5
       
  Consolidated Statements of Cash Flows for the nine months ended June 30, 2015 (unaudited) and 2014 (unaudited)   6
       
  Consolidated Schedules of Investments as of June 30, 2015 (unaudited) and September 30, 2014   7
       
  Notes to Consolidated Financial Statements (unaudited)   26
       
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations   58
       
Item 3.   Quantitative And Qualitative Disclosures About Market Risk   85
       
Item 4.   Controls and Procedures   86
       
Part II.  Other Information     
       
Item 1. Legal Proceedings   87
       
Item 1A. Risk Factors   87
       
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds   87
       
Item 3.   Defaults Upon Senior Securities   87
       
Item 4.   Mine Safety Disclosures   87
       
Item 5.   Other Information   87
       
Item 6.   Exhibits   88

 

2
 

  

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Statements of Financial Condition

(In thousands, except share and per share data)

 

   June 30, 2015   September 30, 2014 
   (unaudited)     
Assets          
Investments, at fair value          
Non-controlled/non-affiliate company investments  $1,479,015   $1,309,701 
Non-controlled affiliate company investments   3,807    3,080 
Controlled affiliate company investments   87,865    34,831 
Total investments, at fair value (cost of $1,557,354 and $1,337,580, respectively)   1,570,687    1,347,612 
Cash and cash equivalents   6,487    5,135 
Restricted cash and cash equivalents   50,200    74,808 
Interest receivable   5,468    5,791 
Deferred financing costs   7,772    9,515 
Receivable from investments sold   4,626    - 
Other assets   566    527 
Total Assets  $1,645,806   $1,443,388 
           
Liabilities          
Debt  $823,100   $697,150 
Secured borrowings, at fair value (proceeds of $359 and $384, respectively)   363    389 
Interest payable   4,602    3,196 
Management and incentive fees payable   8,682    8,451 
Accounts payable and accrued expenses   1,942    1,397 
Accrued trustee fees   73    66 
Total Liabilities   838,762    710,649 
Commitments and contingencies (Note 8)          
           
Net Assets          
Preferred stock, par value $0.001 per share, 1,000,000 shares authorized,  
zero shares issued and outstanding as of June 30, 2015 and September 30, 2014		   -    - 
Common stock, par value $0.001 per share, 100,000,000 shares authorized, 51,259,434
and 47,119,498 shares issued and outstanding as of June 30, 2015 and September 30, 2014,
respectively		   51    47 
Paid in capital in excess of par   790,025    720,479 
Undistributed net investment income   577    3,627 
Net unrealized appreciation (depreciation) on investments and secured borrowings   15,996    12,694 
Net realized gain (loss) on investments   395    (4,108)
Total Net Assets   807,044    732,739 
Total Liabilities and Total Net Assets  $1,645,806   $1,443,388 
           
Number of common shares outstanding   51,259,434    47,119,498 
Net asset value per common share  $15.74   $15.55 

 

See Notes to Consolidated Financial Statements.

 

3
 

  

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Statements of Operations (unaudited)

(In thousands, except share and per share data)

 

   Three months ended June 30,   Nine months ended June 30, 
   2015   2014   2015   2014 
Investment income                    
From non-controlled/non-affiliate company investments:                    
Interest income  $28,782   $25,441   $82,388   $73,935 
Dividend income   74    952    155    1,230 
Fee income   80    1,042    883    1,976 
Total investment income from non-controlled/non-affiliate company investments   28,936    27,435    83,426    77,141 
                     
From non-controlled affiliate company investments:                    
Interest income   -    -    -    225 
Fee income   -    -    -    171 
Total investment income from non-controlled affiliate company investments   -    -    -    396 
                     
From controlled affiliate company investments:                    
Interest income   1,056    594    2,258    1,331 
Dividend income   418    -    732    - 
Total investment income from controlled affiliate company investments   1,474    594    2,990    1,331 
                     
Total investment income   30,410    28,029    86,416    78,868 
                     
Expenses                    
Interest and other debt financing expenses   6,142    5,609    17,853    14,241 
Base management fee   5,226    4,394    14,902    12,403 
Incentive fee   2,383    1,607    5,712    6,295 
Professional fees   741    578    2,210    1,876 
Administrative service fee   575    655    1,766    1,979 
General and administrative expenses   138    113    457    389 
                     
Total expenses   15,205    12,956    42,900    37,183 
                     
Net investment income   15,205    15,073    43,516    41,685 
                     
Net gain (loss) on investments and secured borrowings                    
Net realized gains (losses):                    
Non-controlled/non-affiliate company investments   (1,746)   1    4,503    (4,906)
Net realized gains (losses)   (1,746)   1    4,503    (4,906)
                     
Net change in unrealized appreciation (depreciation) on investments:                    
Non-controlled/non-affiliate company investments   4,792    989    2,371    7,775 
Non-controlled affiliate company investments   56    (2)   727    272 
Controlled affiliate company investments   (19)   205    203    454 
Net change in unrealized appreciation (depreciation) on investments   4,829    1,192    3,301    8,501 
                     
Net change in unrealized depreciation (appreciation) on secured borrowings   -    14    1    (74)
                     
Net gain on investments and secured borrowings   3,083    1,207    7,805    3,521 
                     
Net increase in net assets resulting from operations  $18,288   $16,280   $51,321   $45,206 
                     
Per Common Share Data                    
Basic and diluted earnings per common share  $0.36   $0.35   $1.06   $1.01 
Dividends and distributions declared per common share  $0.32   $0.32   $0.96   $0.96 
Basic and diluted weighted average common shares outstanding   50,491,035    46,985,908    48,262,048    44,673,591 

 

See Notes to Consolidated Financial Statements.

 

4
 

  

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Statements of Changes in Net Assets (unaudited)

(In thousands, except share data)

 

               Net Unrealized         
             Appreciation         
      Paid in   Undistributed   (Depreciation) on    Net Realized     
   Common Stock   Capital
   Net   Investments and   Gain    
   Shares   Par
Amount		   in Excess
of Par		   Investment
Income		   Secured
Borrowings		   (Loss) on
Investments		   Total
Net Assets		 
Balance at September 30, 2013   43,282,932   $43   $652,669   $2,725   $9,225   $(6,426)  $658,236 
Issuance of common stock, net of offering and underwriting costs (1)   3,666,855    4    64,102    -    -    -    64,106 
Net increase in net assets resulting from operations   -    -    -    41,685    8,427    (4,906)   45,206 
Distributions to stockholders:                                   
Stock issued in connection with dividend reinvestment plan   115,243    -    1,989    -    -    -    1,989 
Dividends and distributions   -    -    -    (42,763)   -    -    (42,763)
Balance at June 30, 2014   47,065,030   $47   $718,760   $1,647   $17,652   $(11,332)  $726,774 
Balance at September 30, 2014   47,119,498   $47   $720,479   $3,627   $12,694   $(4,108)  $732,739 
Issuance of common stock, net of offering and underwriting costs (2)   4,002,292    4    67,248    -    -    -    67,252 
Net increase in net assets resulting from operations   -    -    -    43,516    3,302    4,503    51,321 
Distributions to stockholders:                                   
Stock issued in connection with dividend reinvestment plan   137,644    -    2,298    -    -    -    2,298 
Dividends and distributions   -    -    -    (46,566)   -    -    (46,566)
Balance at June 30, 2015   51,259,434   $51   $790,025   $577   $15,996   $395   $807,044 

 

 

(1)On March 18, 2014, Golub Capital BDC, Inc. priced a public offering of 3,500,000 shares of its common stock at a public offering price of $18.05 per share. On April 23, 2014, Golub Capital BDC, Inc. sold an additional 166,855 shares of its common stock at a public offering price of $18.05 per share pursuant to the underwriters’ partial exercise of the option granted in connection with the public offering in March 2014.

(2)On April 15, 2015, Golub Capital BDC, Inc. priced a public offering of 3,500,000 shares of its common stock at a public offering price of $17.42 per share. On May 7, 2015, Golub Capital BDC, Inc. sold an additional 502,292 shares of its common stock at a public offering price of $17.42 per share pursuant to the underwriters’ partial exercise of the option granted in connection with the public offering in April 2015.

 

See Notes to Consolidated Financial Statements.

 

5
 

  

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Statements of Cash Flows (unaudited)

(In thousands)

 

   Nine months ended June 30, 
   2015   2014 
Cash flows from operating activities          
Net increase in net assets resulting from operations  $51,321   $45,206 
Adjustments to reconcile net increase in net assets resulting from operations
to net cash (used in) provided by operating activities		          
Amortization of deferred financing costs   3,252    2,026 
Accretion of discounts and amortization of premiums   (6,076)   (5,451)
Net realized (gain) loss on investments   (4,503)   4,906 
Net change in unrealized (appreciation) depreciation on investments   (3,301)   (8,501)
Net change in unrealized appreciation (depreciation) on secured borrowings   (1)   74 
Proceeds from (fundings of) revolving loans, net   (2,865)   2,363 
Fundings of investments   (667,096)   (580,522)
Proceeds from principal payments and sales of portfolio investments   461,515    286,778 
PIK interest   (748)   251 
Changes in operating assets and liabilities:          
Interest receivable   323    (906)
Receivable for investments sold   (4,626)   - 
Other assets   (39)   (41)
Interest payable   1,406    2,412 
Management and incentive fees payable   231    318 
Payable for investments purchased   -    (3,677)
Accounts payable and accrued expenses   545    162 
Accrued trustee fees   7    49 
Net cash (used in) provided by operating activities   (170,655)   (254,553)
           
Cash flows from investing activities          
Net change in restricted cash and cash equivalents   24,608    (71,410)
Net cash (used in) provided by investing activities   24,608    (71,410)
           
Cash flows from financing activities          
Borrowings on debt   347,350    759,850 
Repayments of debt   (221,400)   (468,650)
Capitalized debt financing costs   (1,509)   (4,798)
Proceeds from secured borrowings   -    26,082 
Repayments on secured borrowings   (26)   (14,770)
Proceeds from shares sold, net of underwriting costs   67,602    64,170 
Offering costs paid   (350)   (64)
Dividends and distributions paid   (44,268)   (40,774)
Net cash (used in) provided by financing activities   147,399    321,046 
           
Net change in cash and cash equivalents   1,352    (4,917)
           
Cash and cash equivalents, beginning of period   5,135    16,309 
           
Cash and cash equivalents, end of period  $6,487   $11,392 
           
Supplemental information:          
Cash paid during the period for interest  $13,184   $9,024 
Dividends and distributions declared during the period   46,566    42,763 

 

See Notes to Consolidated Financial Statements.

 

6
 

   

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited)

June 30, 2015 807,044.0

(In thousands)

 

        Spread                         Percentage        
    Investment   Above   Interest     Maturity   Principal / Par           of     Fair  
    Type   Index (1)   Rate(2)     Date   Amount     Cost     Net Assets     Value  
                                                     
Investments                                                    
United States                                                    
Debt investments                                                    
Aerospace and Defense                                                    
ILC Dover, LP   One stop   P + 6.00%     9.25 %   03/2019   $ 721     $ 708       0.1 %   $ 637  
ILC Dover, LP*^   One stop   L + 7.00%     8.00 %   03/2020     18,241       18,047       2.1       16,964  
ILC Industries, Inc.(3)   One stop   L + 4.75%     N/A (4)    07/2020     -       (24 )     -       -  
ILC Industries, Inc.*^   One stop   L + 4.75%     5.75 %   07/2020     18,036       17,863       2.2       18,036  
NTS Technical Systems(3)   One stop   L + 6.00%     N/A (4)    06/2021     -       (49 )     -       (50 )
NTS Technical Systems(3)   One stop   L + 6.00%     N/A (4)    06/2021     -       (105 )     -       (106 )
NTS Technical Systems*^   One stop   L + 6.00%     7.00 %   06/2021     26,441       25,983       3.2       25,978  
Tresys Technology Holdings, Inc.   One stop   L + 6.75%     8.00 %   12/2017     349       344       -       349  
Tresys Technology Holdings, Inc.(6)   One stop   L + 6.75%     8.00 %   12/2017     3,899       3,845       0.1       975  
Whitcraft LLC   One stop   P + 4.75%     8.00 %   05/2020     22       21       -       21  
Whitcraft LLC   One stop   L + 6.00%     7.00 %   05/2020     8,675       8,590       1.1       8,588  
                          76,384       75,223       8.8       71,392  
Automobile                                                    
American Driveline Systems, Inc.   Senior loan   P + 4.50%     7.75 %   03/2020     48       40       -       48  
American Driveline Systems, Inc.*   Senior loan   L + 5.50%     6.50 %   03/2020     1,821       1,763       0.2       1,821  
CH Hold Corp. (Caliber Collision)   Senior loan   L + 4.75%     5.75 %   11/2019     216       213       -       216  
CH Hold Corp. (Caliber Collision)   Senior loan   L + 4.75%     5.75 %   11/2019     1,867       1,850       0.2       1,867  
Dent Wizard International Corporation*   Senior loan   L + 4.75%     5.75 %   04/2020     2,208       2,197       0.3       2,196  
Integrated Supply Network, LLC   Senior loan   P + 3.50%     6.75 %   02/2020     758       734       0.1       758  
Integrated Supply Network, LLC*^   Senior loan   L + 4.75%     5.75 %   02/2020     14,754       14,580       1.8       14,754  
K&N Engineering, Inc.   Senior loan   L + 4.25%     5.25 %   07/2019     136       121       -       134  
K&N Engineering, Inc.   Senior loan   L + 4.25%     5.25 %   07/2019     35       31       -       32  
K&N Engineering, Inc.^   Senior loan   L + 4.25%     5.25 %   07/2019     2,890       2,848       0.4       2,833  
Take 5 Oil Change, L.L.C.   Senior loan   L + 4.75%     5.75 %   07/2018     297       292       -       297  
Take 5 Oil Change, L.L.C.*^   Senior loan   L + 4.75%     5.75 %   07/2018     5,244       5,216       0.7       5,244  
                          30,274       29,885       3.7       30,200  
                                                     
Banking                                                    
HedgeServ Holding L.P.(3)   One stop   L + 6.00%     N/A (4)    07/2018     -       (7 )     -       -  
HedgeServ Holding L.P.^   One stop   L + 8.00%     7.00% cash/2.00% PIK     07/2018     17,090       16,969       2.1       17,090  
Prommis Fin Co.*(6)   Senior loan   P + 13.75%     13.75 %   07/2018     119       119       -       -  
Prommis Fin Co.(6)   Senior loan   P + 10.00%     4.44% cash/11.50% PIK     07/2018     82       81       -       -  
                          17,291       17,162       2.1       17,090  
Beverage, Food and Tobacco                                                    
Abita Brewing Co., L.L.C.(3)   One stop   L + 5.75%     N/A (4)    07/2018     -       (1 )     -       (2 )
Abita Brewing Co., L.L.C.   One stop   L + 5.75%     6.75 %   07/2018     8,094       7,937       1.0       8,013  
ABP Corporation   Senior loan   P + 3.50%     7.25 %   07/2018     167       162       -       167  
ABP Corporation*   Senior loan   L + 4.75%     6.00 %   07/2018     4,758       4,704       0.6       4,758  
Atkins Nutritionals, Inc*^   One stop   L + 5.00%     6.25 %   07/2018     17,490       17,300       2.2       17,534  
Atkins Nutritionals, Inc*^   One stop   L + 8.50%     9.75 %   07/2018     21,636       21,378       2.7       21,744  
C. J. Foods, Inc.(3)   One stop   L + 5.50%     N/A (4)    07/2018     -       (10 )     -       -  
C. J. Foods, Inc.(3)   One stop   L + 5.50%     N/A (4)    07/2018     -       (8 )     -       -  
C. J. Foods, Inc.   One stop   L + 5.50%     6.50 %   07/2018     3,200       3,162       0.4       3,200  
Candy Intermediate Holdings, Inc. (Ferrara Candy)^   Senior loan   L + 6.25%     7.50 %   07/2018     4,850       4,766       0.6       4,838  
Firebirds International, LLC   One stop   L + 6.25%     7.50 %   07/2018     304       300       -       304  
Firebirds International, LLC(3)   One stop   L + 6.25%     N/A (4)    07/2018     -       (4 )     -       -  
Firebirds International, LLC(3)   One stop   L + 6.25%     N/A (4)    07/2018     -       (2 )     -       -  
Firebirds International, LLC*   One stop   L + 6.25%     7.50 %   07/2018     1,088       1,076       0.1       1,088  
First Watch Restaurants, Inc.(3)   One stop   L + 6.00%     N/A (4)    07/2018     -       (12 )     -       (13 )
First Watch Restaurants, Inc.(3)   One stop   L + 6.00%     N/A (4)    07/2018     -       (12 )     -       (13 )
First Watch Restaurants, Inc.(3)   One stop   L + 6.00%     N/A (4)    07/2018     -       (11 )     -       (11 )
First Watch Restaurants, Inc.(3)   One stop   L + 6.00%     N/A (4)    07/2018     -       (10 )     -       (30 )
First Watch Restaurants, Inc.^   One stop   L + 6.00%     7.00 %   07/2018     25,926       25,650       3.2       25,668  
IT'SUGAR LLC   Subordinated debt   N/A     5.00 %   07/2018     1,707       1,707       0.2       1,625  
IT'SUGAR LLC   Senior loan   L + 7.50%     9.00 %   07/2018     7,508       7,422       0.9       7,508  
Julio & Sons Company(3)   One stop   L + 5.50%     N/A (4)    07/2018     -       (23 )     -       -  
Julio & Sons Company   One stop   L + 5.50%     6.50 %   07/2018     329       322       -       329  
Julio & Sons Company*   One stop   L + 5.50%     6.50 %   07/2018     6,924       6,880       0.9       6,924  
Northern Brewer, LLC   One stop   P + 7.25%     8.50% cash/2.00% PIK     07/2018     694       684       0.1       508  
Northern Brewer, LLC   One stop   P + 7.25%     8.50% cash/2.00% PIK     07/2018     6,402       6,303       0.6       4,802  
Surfside Coffee Company LLC(3)   One stop   L + 5.25%     N/A (4)    07/2018     -       (10 )     -       (10 )
Surfside Coffee Company LLC   One stop   L + 5.25%     6.25 %   07/2018     3       3       -       3  

 

See Notes to Consolidated Financial Statements

 

7
 

 

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2015 807,044.0

(In thousands)

 

        Spread                         Percentage        
    Investment   Above   Interest     Maturity   Principal / Par           of     Fair  
    Type   Index (1)   Rate(2)     Date   Amount     Cost     Net Assets     Value  
                                           
Surfside Coffee Company LLC^   One stop   L + 5.25%     6.25 %   07/2018     4,526       4,481       0.6       4,481  
Tate's Bake Shop, Inc.(3)   Senior loan   L + 4.75%     N/A (4)    07/2018     -       (5 )     -       -  
Tate's Bake Shop, Inc.(3)   Senior loan   L + 4.75%     N/A (4)    07/2018     -       (4 )     -       -  
Tate's Bake Shop, Inc.^   Senior loan   L + 4.75%     5.75 %   07/2018     2,985       2,960       0.4       2,985  
Uinta Brewing Company   One stop   P + 4.75%     8.00 %   07/2018     277       271       -       277  
Uinta Brewing Company^   One stop   L + 6.00%     7.00 %   07/2018     3,212       3,185       0.4       3,212  
United Craft Brews LLC(3)   One stop   L + 6.25%     N/A (4)    07/2018     -       (16 )     -       -  
United Craft Brews LLC   One stop   L + 6.25%     7.25 %   07/2018     610       594       0.1       610  
United Craft Brews LLC   One stop   L + 6.25%     7.25 %   07/2018     12,188       11,932       1.5       12,188  
                          134,878       133,051       16.5       132,687  
Broadcasting and Entertainment                                                    
Extreme Reach Inc.   Senior loan   L + 5.75%     6.75 %   07/2018     5,860       5,801       0.7       5,849  
TouchTunes Interactive Networks, Inc.^   Senior loan   L + 4.75%     5.75 %   07/2018     1,496       1,488       0.2       1,499  
                          7,356       7,289       0.9       7,348  
Building and Real Estate                                                    
Accruent, LLC*   One stop   L + 6.25%     7.28 %   07/2018     4,733       4,691       0.6       4,733  
Brooks Equipment Company, LLC (3)   One stop   L + 5.75%     N/A (4)    07/2018     -       (17 )     -       -  
Brooks Equipment Company, LLC*^   One stop   L + 5.75%     6.75 %   07/2018     25,776       25,449       3.2       25,776  
ITEL Laboratories, Inc.(3)   Senior loan   L + 4.75%     N/A (4)    07/2018     -       (1 )     -       -  
ITEL Laboratories, Inc.*   Senior loan   L + 4.75%     6.00 %   07/2018     698       693       0.1       698  
                          31,207       30,815       3.9       31,207  
                                          -          
Chemicals, Plastics and Rubber                                                    
Flexan, LLC(3)   One stop   L + 5.75%     N/A (4)    07/2018     -       (6 )     -       -  
Flexan, LLC   One stop   L + 5.75%     6.75 %   07/2018     6,168       6,111       0.8       6,168  
Flexan, LLC   One stop   L + 5.75%     N/A (4)    07/2018     -       -       -       -  
                          6,168       6,105       0.8       6,168  
Containers, Packaging and Glass                                                    
Fort Dearborn Company*(8)   Senior loan   P + 3.25%     6.50 %   07/2018     7       6       -       7  
Fort Dearborn Company*^   Senior loan   L + 4.25%     5.25 %   07/2018     581       578       0.1       581  
Fort Dearborn Company*(8)   Senior loan   P + 3.75%     7.00 %   07/2018     24       24       -       24  
Fort Dearborn Company*^   Senior loan   L + 4.75%     5.75 %   07/2018     2,628       2,615       0.3       2,628  
Packaging Coordinators, Inc.*^   Senior loan   L + 4.25%     5.25 %   07/2018     14,888       14,756       1.9       14,888  
Packaging Coordinators, Inc.   Second lien   L + 8.00%     9.00 %   07/2018     10,000       9,910       1.2       9,900  
                          28,128       27,889       3.5       28,028  
Diversified Conglomerate Manufacturing                                                    
Chase Industries, Inc.   One stop   L + 5.75%     6.75 %   07/2018     3,123       3,081       0.4       3,123  
Chase Industries, Inc.   One stop   P + 4.50%     7.75 %   07/2018     234       216       -       234  
Chase Industries, Inc.*^   One stop   L + 5.75%     6.75 %   07/2018     20,932       20,751       2.6       20,932  
ICC-Nexergy, Inc(3)   One stop   L + 5.50%     N/A (4)    07/2018     -       (4 )     -       (5 )
ICC-Nexergy, Inc^   One stop   L + 5.50%     6.50 %   07/2018     8,612       8,552       1.1       8,526  
Onicon Incorporated(3)   One stop   L + 6.00%     N/A (4)    07/2018     -       (6 )     -       (15 )
Onicon Incorporated*   One stop   L + 6.00%     7.01 %   07/2018     9,345       9,266       1.1       9,204  
Plex Systems, Inc.(3)   One stop   L + 7.50%     N/A (4)    07/2018     -       (26 )     -       -  
Plex Systems, Inc.*^   One stop   L + 7.50%     8.75 %   07/2018     18,797       18,425       2.3       18,797  
Sunless Merger Sub, Inc.   Senior loan   P + 4.00%     7.25 %   07/2018     130       129       -       103  
Sunless Merger Sub, Inc.*   Senior loan   L + 5.25%     6.50 %   07/2018     1,680       1,675       0.1       1,176  
TIDI Products, LLC(3)   One stop   L + 6.50%     N/A (4)    07/2018     -       (8 )     -       -  
TIDI Products, LLC*^   One stop   L + 6.50%     7.75 %   07/2018     16,594       16,410       2.1       16,594  
Vintage Parts, Inc.*   One stop   L + 4.50%     5.75 %   07/2018     3,750       3,740       0.5       3,750  
Vintage Parts, Inc.*   One stop   L + 4.50%     5.75 %   07/2018     52       52       -       52  
Vintage Parts, Inc.*   One stop   L + 4.50%     5.75 %   07/2018     784       785       0.1       784  
                          84,033       83,038       10.3       83,255  
Diversified Conglomerate Service                                                    
Accellos, Inc.(3)   One stop   L + 5.75%     N/A (4)    07/2018     -       (18 )     -       -  
Accellos, Inc.*^   One stop   L + 5.75%     6.76 %   07/2018     32,203       31,868       4.0       32,203  
Actiance, Inc.   One stop   L + 9.00%     N/A (4)    07/2018     -       -       -       -  
Actiance, Inc. *^   One stop   L + 9.00%     10.00 %   07/2018     2,502       2,401       0.3       2,395  
Aderant North America, Inc.^   Senior loan   L + 4.25%     5.25 %   07/2018     447       443       0.1       447  
Agility Recovery Solutions Inc.   One stop   L + 6.50%     7.50 %   07/2018     104       97       -       104  
Agility Recovery Solutions Inc.^   One stop   L + 6.50%     7.50 %   07/2018     10,378       10,280       1.3       10,378  
Bomgar Corporation(3)   One stop   L + 6.00%     N/A (4)    07/2018     -       (15 )     -       -  
Bomgar Corporation*   One stop   L + 6.00%     7.00 %   07/2018     29,202       28,783       3.6       29,202  
Daxko, LLC(3)   One stop   L + 7.25%     N/A (4)    07/2018     -       (20 )     -       -  
Daxko, LLC*   One stop   L + 7.25%     8.25 %   07/2018     15,528       15,312       1.9       15,528  
DTI Holdco, Inc.   Senior loan   L + 5.00%     6.00 %   07/2018     8,527       8,442       1.0       8,441  

 

See Notes to Consolidated Financial Statements

 

8
 

  

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2015 807,044.0

(In thousands)

 

        Spread                         Percentage        
    Investment   Above   Interest     Maturity   Principal / Par           of     Fair  
    Type   Index (1)   Rate(2)     Date   Amount     Cost     Net Assets     Value  
                                                     
HealthcareSource HR, Inc.(3)   Senior loan   L + 6.75%     N/A (4)    07/2018     -       (2 )     -       (1 )
HealthcareSource HR, Inc.   One stop   L + 6.75%     7.75 %   07/2018     17,948       17,530       2.2       17,769  
Host Analytics, Inc.(3)   One stop   L + 0.00%     N/A (4)    07/2018     -       (6 )     -       -  
Host Analytics, Inc.   One stop   N/A     10.75 %   07/2018     2,943       2,895       0.4       2,943  
Integration Appliance, Inc.   One stop   L + 8.25%     9.50 %   07/2018     719       712       0.1       719  
Integration Appliance, Inc.   One stop   L + 8.25%     9.50 %   07/2018     7,914       7,756       1.0       7,914  
Integration Appliance, Inc.   One stop   L + 8.25%     9.50 %   07/2018     5,396       5,308       0.7       5,396  
NetSmart Technologies, Inc.   One stop   P + 4.25%     7.50 %   07/2018     225       193       -       225  
NetSmart Technologies, Inc.*^   One stop   L + 5.25%     6.25 %   07/2018     25,327       25,095       3.1       25,327  
PC Helps Support, LLC   Senior loan   P + 4.25%     7.50 %   07/2018     66       65       -       66  
PC Helps Support, LLC   Senior loan   L + 5.25%     6.51 %   07/2018     1,532       1,522       0.2       1,532  
Secure-24, LLC(3)   One stop   L + 6.00%     N/A (4)    07/2018     -       (4 )     -       -  
Secure-24, LLC*   One stop   L + 6.00%     7.25 %   07/2018     10,054       9,922       1.2       10,054  
Secure-24, LLC^   One stop   L + 6.00%     7.25 %   07/2018     1,471       1,456       0.2       1,471  
Source Medical Solutions, Inc.   Second lien   L + 8.00%     9.00 %   07/2018     9,294       9,179       1.2       9,294  
Transaction Data Systems, Inc.   Senior loan   L + 4.50%     N/A (4)    07/2018     -       -       -       -  
Transaction Data Systems, Inc.   Senior loan   L + 4.50%     5.50 %   07/2018     4,545       4,500       0.6       4,499  
Vendavo, Inc.(3)   One stop   L + 8.50%     N/A (4)    07/2018     -       (13 )     -       -  
Vendavo, Inc.   One stop   L + 8.50%     9.50 %   07/2018     15,501       15,202       1.9       15,501  
                          201,826       198,883       25.0       201,407  
                                                     
Electronics                                                    
Appriss Holdings, Inc.   Senior loan   L + 4.75%     5.75 %   11/2020     902       863       0.1       902  
Appriss Holdings, Inc.*   Senior loan   L + 4.75%     5.75 %   11/2020     18,099       17,855       2.2       18,099  
Compusearch Software Holdings, Inc.^   Senior loan   L + 4.50%     5.50 %   05/2021     1,325       1,321       0.2       1,321  
ECI Acquisition Holdings, Inc.   One stop   L + 6.25%     7.25 %   03/2019     1,410       1,344       0.2       1,410  
ECI Acquisition Holdings, Inc.(3)   One stop   L + 6.25%     N/A (4)    03/2019     -       (14 )     -       -  
ECI Acquisition Holdings, Inc.*^   One stop   L + 6.25%     7.25 %   03/2019     21,779       21,475       2.7       21,779  
Gamma Technologies, LLC(3)   One stop   L + 5.50%     N/A (4)    06/2021     -       (1 )     -       (1 )
Gamma Technologies, LLC^   One stop   L + 5.50%     6.50 %   06/2021     18,229       18,047       2.2       18,047  
Rogue Wave Holdings, Inc.*^   One stop   L + 9.01%     10.01 %   12/2018     10,007       9,917       1.2       10,007  
Sloan Company, Inc., The   One stop   L + 6.25%     7.25 %   04/2020     8       7       -       8  
Sloan Company, Inc., The   One stop   L + 6.25%     7.25 %   04/2020     7,609       7,517       0.9       7,532  
Sparta Holding Corporation(3)   One stop   L + 5.50%     N/A (4)    07/2020     -       (32 )     -       -  
Sparta Holding Corporation*^   One stop   L + 5.50%     6.50 %   07/2020     23,183       22,939       2.9       23,183  
Syncsort Incorporated(3)   Senior loan   L + 4.75%     N/A (4)    03/2019     -       (3 )     -       -  
Syncsort Incorporated(3)   Senior loan   L + 4.75%     N/A (4)    03/2019     -       (1 )     -       -  
Syncsort Incorporated*   Senior loan   L + 4.75%     5.75 %   03/2019     1,989       1,974       0.2       1,989  
Systems Maintenance Services Holding, Inc.^   Senior loan   L + 4.00%     5.25 %   10/2019     2,637       2,627       0.3       2,637  
Taxware, LLC(3)   One stop   L + 6.50%     N/A (4)    04/2022     -       (5 )     -       (5 )
Taxware, LLC*^   One stop   L + 6.50%     7.50 %   04/2022     19,949       19,648       2.5       19,750  
Watchfire Enterprises, Inc.   Second lien   L + 8.00%     9.00 %   10/2021     9,434       9,234       1.2       9,434  
                          136,560       134,712       16.8       136,092  
                                          -          
Finance                                                    
Ascensus, Inc.(3)   One stop   L + 4.00%     N/A (4)    11/2018     -       (13 )     -       -  
Ascensus, Inc.^   One stop   L + 4.00%     5.00 %   12/2019     3,964       3,902       0.5       3,964  
Ascensus, Inc.*^   One stop   L + 8.00%     9.00 %   12/2020     6,337       6,165       0.8       6,337  
                          10,301       10,054       1.3       10,301  
Grocery                                                    
AG Kings Holdings Inc.(3)   One stop   L + 5.50%     N/A (4)    04/2020     -       (8 )     -       (8 )
AG Kings Holdings Inc.   One stop   L + 5.50%     6.50 %   04/2020     6,191       6,132       0.8       6,129  
MyWebGrocer, Inc.(3)   One stop   L + 8.75%     N/A (4)    05/2018     -       (12 )     -       -  
MyWebGrocer, Inc.^   One stop   L + 8.75%     10.00 %   05/2018     14,271       14,101       1.8       14,271  
                          20,462       20,213       2.6       20,392  
Healthcare, Education and Childcare                                                    
Agilitas USA, Inc.^   Senior loan   L + 4.00%     5.00 %   10/2020     2,452       2,431       0.3       2,452  
Avatar International, LLC   One stop   L + 7.89%     6.19% cash/2.95% PIK     09/2016     1,656       1,651       0.1       828  
Avatar International, LLC   One stop   L + 7.89%     6.19% cash/2.95% PIK     09/2016     542       539       0.1       542  
Avatar International, LLC*   One stop   L + 7.89%     6.19% cash/2.95% PIK     09/2016     7,675       7,645       0.5       3,838  
California Cryobank, LLC^   One stop   L + 5.50%     6.50 %   08/2019     1,550       1,538       0.2       1,550  
California Cryobank, LLC   One stop   L + 5.50%     6.50 %   08/2019     43       42       -       43  
California Cryobank, LLC   One stop   P + 4.25%     7.50 %   08/2019     86       84       -       86  
Certara L.P.(3)   One stop   L + 6.25%     N/A (4)    12/2018     -       (15 )     -       -  
Certara L.P.*^   One stop   L + 6.25%     7.25 %   12/2018     30,925       30,610       3.8       30,925  
CPI Buyer, LLC (Cole-Parmer)*^   Senior loan   L + 4.50%     5.50 %   08/2021     7,960       7,682       1.0       7,960  

 

See Notes to Consolidated Financial Statements

 

9
 

 

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2015 807,044.0

(In thousands)

 

        Spread                         Percentage        
    Investment   Above   Interest     Maturity   Principal / Par           of     Fair  
    Type   Index (1)   Rate(2)     Date   Amount     Cost     Net Assets     Value  
                                                     
Curo Health Services LLC   Senior loan   L + 5.50%     6.50 %   02/2022     1,995       1,976       0.2       2,014  
Delta Educational Systems*   Senior loan   P + 4.75%     8.00 %   12/2016     1,631       1,618       0.2       1,387  
Delta Educational Systems(3)   Senior loan   L + 6.00%     N/A (4)    12/2016     -       -       -       (12 )
Dental Holdings Corporation(3)   One stop   L + 5.50%     N/A (4)    02/2020     -       (17 )     -       -  
Dental Holdings Corporation(3)   One stop   L + 5.50%     N/A (4)    02/2020     -       (13 )     -       -  
Dental Holdings Corporation   One stop   L + 5.50%     6.50 %   02/2020     6,591       6,453       0.8       6,591  
Encore GC Acquisition, LLC(3)   Senior loan   L + 4.50%     N/A (4)    01/2020     -       (9 )     -       -  
Encore GC Acquisition, LLC*   Senior loan   L + 4.50%     5.50 %   01/2020     3,493       3,445       0.4       3,493  
G & H Wire Company, Inc.(3)   Senior loan   L + 5.75%     N/A (4)    12/2017     -       (5 )     -       -  
G & H Wire Company, Inc.*^   Senior loan   L + 5.75%     6.75 %   12/2017     12,577       12,481       1.6       12,577  
Global Healthcare Exchange, LLC(3)   One stop   L + 7.50%     N/A (4)    03/2020     -       (20 )     -       -  
Global Healthcare Exchange, LLC*^   One stop   L + 7.50%     8.50 %   03/2020     36,976       36,212       4.6       36,976  
GSDM Holdings Corp.   Senior loan   L + 4.25%     5.25 %   06/2019     875       871       0.1       875  
IntegraMed America, Inc.   One stop   L + 7.25%     8.50 %   09/2017     811       803       0.1       795  
IntegraMed America, Inc.*^   One stop   L + 7.25%     8.50 %   09/2017     15,015       14,862       1.8       14,715  
Katena Holdings, Inc.(3)   One stop   L + 6.25%     N/A (4)    06/2021     -       (8 )     -       (8 )
Katena Holdings, Inc.(3)   One stop   L + 6.25%     N/A (4)    06/2021     -       (1 )     -       (1 )
Katena Holdings, Inc.^   One stop   L + 6.25%     7.25 %   06/2021     8,162       8,081       1.0       8,080  
Maverick Healthcare Group, LLC*   Senior loan   L + 5.50%     7.25 %   12/2016     1,948       1,923       0.2       1,948  
Pentec Acquisition Sub, Inc.(3)   Senior loan   L + 5.00%     N/A (4)    05/2017     -       (2 )     -       -  
Pentec Acquisition Sub, Inc.*   Senior loan   L + 5.00%     6.25 %   05/2018     1,627       1,611       0.2       1,627  
PPT Management, LLC(3)   One stop   L + 5.00%     N/A (4)    04/2020     -       (1 )     -       (1 )
PPT Management, LLC*^   One stop   L + 5.00%     6.00 %   04/2020     11,819       11,706       1.5       11,701  
Premise Health Holding Corp.(3)   One stop   L + 5.00%     N/A (4)    06/2020     -       (21 )     -       -  
Premise Health Holding Corp.   One stop   L + 5.00%     6.00 %   06/2020     15,000       14,891       1.9       15,000  
Pyramid Healthcare, Inc.(3)   One stop   L + 5.75%     N/A (4)    08/2019     -       (4 )     -       -  
Pyramid Healthcare, Inc.^   One stop   L + 5.75%     6.75 %   08/2019     8,460       8,395       1.1       8,460  
Radiology Partners, Inc.(3)   One stop   L + 5.00%     N/A (4)    09/2020     -       (40 )     -       -  
Radiology Partners, Inc.(3)   One stop   L + 5.00%     N/A (4)    09/2020     -       (7 )     -       -  
Radiology Partners, Inc.*^   One stop   L + 5.00%     6.00 %   09/2020     17,080       16,843       2.1       17,080  
Reliant Pro ReHab, LLC   Senior loan   P + 4.00%     7.25 %   06/2017     253       248       -       253  
Reliant Pro ReHab, LLC*   Senior loan   L + 5.00%     6.00 %   06/2017     3,247       3,223       0.4       3,247  
Southern Anesthesia and Surgical(3)   One stop   L + 5.50%     N/A (4)    11/2017     -       (30 )     -       -  
Southern Anesthesia and Surgical(3)   One stop   L + 5.50%     N/A (4)    11/2017     -       (7 )     -       -  
Southern Anesthesia and Surgical   One stop   L + 5.50%     6.50 %   11/2017     5,653       5,576       0.7       5,653  
Spear Education, LLC*^   One stop   L + 5.00%     6.00 %   08/2019     5,976       5,938       0.8       5,976  
Spear Education, LLC   One stop   L + 5.00%     N/A (4)    08/2019     -       -       -       -  
Spear Education, LLC(3)   One stop   L + 5.00%     N/A (4)    08/2019     -       (5 )     -       -  
Surgical Information Systems, LLC^   Senior loan   L + 3.50%     4.51 %   09/2018     1,962       1,959       0.2       1,962  
U.S. Anesthesia Partners, Inc.   One stop   L + 5.00%     6.00 %   12/2019     5,957       5,932       0.7       5,957  
WIL Research Company, Inc.*   Senior loan   L + 4.50%     5.75 %   02/2018     758       753       0.1       735  
Young Innovations, Inc.   Senior loan   P + 3.25%     6.50 %   01/2018     29       29       -       29  
Young Innovations, Inc.*   Senior loan   L + 4.25%     5.25 %   01/2019     1,150       1,144       0.1       1,150  
                          221,934       218,990       26.8       216,483  
Home and Office Furnishings, Housewares, and Durable Consumer                                                    
Plano Molding Company, LLC*   One stop   L + 6.00%     7.00 %   05/2021     18,161       17,983       2.2       17,979  
WII Components, Inc.   Senior loan   L + 4.50%     N/A (4)    07/2018     -       -       -       -  
WII Components, Inc.*   Senior loan   L + 4.25%     5.25 %   07/2018     1,063       1,058       0.1       1,063  
Zenith Products Corporation(6)   One stop   P + 3.75%     7.00 %   09/2013     81       48       -       41  
Zenith Products Corporation*(6)   One stop   P + 5.50%     8.75 %   09/2013     4,376       3,926       0.3       2,188  
                          23,681       23,015       2.6       21,271  
Hotels, Motels, Inns, and Gaming                                                    
Aimbridge Hospitality, LLC(3)   Senior loan   L + 4.50%     N/A (4)    10/2018     -       (12 )     -       (12 )
Aimbridge Hospitality, LLC   Senior loan   L + 4.50%     5.76 %   10/2018     5,251       5,201       0.6       5,198  
                          5,251       5,189       0.6       5,186  
Insurance                                                    
Captive Resources Midco, LLC (3)   One stop   L + 5.75%     N/A (4)    06/2020     -       (23 )     -       (23 )
Captive Resources Midco, LLC (3)   One stop   L + 5.75%     N/A (4)    06/2020     -       (21 )     -       (21 )
Captive Resources Midco, LLC*^   One stop   L + 5.75%     6.75 %   06/2020     26,911       26,575       3.3       26,575  
                          26,911       26,531       3.3       26,531  
Investment Funds and Vehicles                                                    
Senior Loan Fund LLC (7)(8)   Subordinated debt   L + 8.00%     8.18 %   05/2020     65,864       65,864       8.2       65,864  
                                          -          

 

See Notes to Consolidated Financial Statements

 

10
 

 

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2015 807,044.0

(In thousands)

 

        Spread                         Percentage        
    Investment   Above   Interest     Maturity   Principal / Par           of     Fair  
    Type   Index (1)   Rate(2)     Date   Amount     Cost     Net Assets     Value  
                                                     
Leisure, Amusement, Motion Pictures and Entertainment                                                    
Competitor Group, Inc.   One stop   L + 7.75%     9.00 %   11/2018     884       875       0.1       765  
Competitor Group, Inc.*   One stop   L + 9.25%     9.00% cash/1.50% PIK     11/2018     12,873       12,748       1.4       11,586  
Self Esteem Brands, LLC(3)   Senior loan   L + 4.00%     N/A (4)    02/2020     -       (4 )     -       -  
Self Esteem Brands, LLC^   Senior loan   L + 4.00%     5.00 %   02/2020     3,669       3,652       0.5       3,669  
Starplex Operating, L.L.C.(3)   One stop   L + 7.00%     N/A (4)    12/2017     -       (10 )     -       -  
Starplex Operating, L.L.C.*^   One stop   L + 7.00%     8.00 %   12/2017     10,004       9,876       1.2       10,004  
Titan Fitness, LLC   One stop   P + 5.25%     8.50 %   09/2019     140       121       -       140  
Titan Fitness, LLC*   One stop   L + 6.50%     7.75 %   09/2019     13,360       13,140       1.7       13,360  
Titan Fitness, LLC (3)   One stop   L + 6.50%     N/A (4)    09/2019     -       (19 )     -       -  
                          40,930       40,379       4.9       39,524  
Mining, Steel, Iron and Non-Precious Metals                                                    
Benetech, Inc.   One stop   P + 7.75%     11.00 %   10/2017     272       266       -       272  
Benetech, Inc.*   One stop   L + 9.00%     10.25 %   10/2017     4,814       4,785       0.6       4,814  
                          5,086       5,051       0.6       5,086  
Oil and Gas                                                    
Drilling Info, Inc.(3)(5)   One Stop   L + 5.00%     N/A (4)    06/2018     -       (1 )     -       -  
Drilling Info, Inc.^(5)   One Stop   L + 5.00%     6.00 %   06/2018     1,273       1,263       0.1       1,273  
Drilling Info, Inc.(3)(5)   One Stop   L + 5.00%     N/A (4)    06/2018     -       (5 )     -       -  
                          1,273       1,257       0.1       1,273  
Personal and Non-Durable Consumer Products                                                    
The Hygenic Corporation(3)   Senior loan   L + 5.00%     N/A (4)    10/2019     -       (5 )     -       -  
The Hygenic Corporation*   Senior loan   L + 5.00%     6.00 %   10/2020     3,284       3,237       0.4       3,284  
Massage Envy, LLC(3)   One stop   L + 7.25%     N/A (4)    09/2018     -       (10 )     -       -  
Massage Envy, LLC*   One stop   L + 7.25%     8.50 %   09/2018     15,570       15,359       1.9       15,570  
Orthotics Holdings, Inc(3)(8)   One stop   L + 5.00%     N/A (4)    02/2020     -       (2 )     -       -  
Orthotics Holdings, Inc*(8)   One stop   L + 5.00%     6.00 %   02/2020     1,390       1,374       0.2       1,390  
Orthotics Holdings, Inc(3)   One stop   L + 5.00%     N/A (4)    02/2020     -       (16 )     -       -  
Orthotics Holdings, Inc(3)   One stop   L + 5.00%     N/A (4)    02/2020     -       (15 )     -       -  
Orthotics Holdings, Inc*   One stop   L + 5.00%     6.00 %   02/2020     8,481       8,382       1.1       8,481  
Rug Doctor LLC(3)   Senior loan   L + 5.25%     N/A (4)    12/2016     -       (6 )     -       -  
Rug Doctor LLC*   Senior loan   L + 5.25%     6.25 %   12/2016     5,156       5,131       0.6       5,156  
Team Technologies Acquisition Company(3)   Senior loan   L + 4.75%     N/A (4)    12/2017     -       (2 )     -       (4 )
Team Technologies Acquisition Company^   Senior loan   L + 4.75%     6.00 %   12/2017     4,794       4,763       0.6       4,734  
Team Technologies Acquisition Company   Senior loan   L + 5.50%     6.75 %   12/2017     881       870       0.1       870  
                          39,556       39,060       4.9       39,481  
Personal, Food and Miscellaneous Services                                                    
Focus Brands Inc.*^   Second lien   L + 9.00%     10.25 %   08/2018     11,195       11,114       1.4       11,306  
Ignite Restaurant Group, Inc (Joe's Crab Shack)^   One stop   L + 7.00%     8.00 %   02/2019     6,124       6,049       0.7       6,124  
PetVet Care Centers LLC   Senior loan   L + 4.50%     5.50 %   12/2020     648       627       0.1       648  
PetVet Care Centers LLC(3)   Senior loan   L + 4.50%     N/A (4)    12/2019     -       (11 )     -       -  
PetVet Care Centers LLC^   Senior loan   L + 4.50%     5.50 %   12/2020     5,911       5,810       0.7       5,911  
Vetcor Merger Sub LLC(3)   One stop   L + 6.00%     N/A (4)    04/2021     -       (15 )     -       (15 )
Vetcor Merger Sub LLC   One stop   L + 6.00%     7.00 %   04/2021     46       41       -       44  
Vetcor Merger Sub LLC*^   One stop   L + 6.00%     7.00 %   04/2021     25,245       24,756       3.1       24,993  
Veterinary Specialists of North America, LLC   One stop   L + 5.00%     N/A (4)    05/2020     -       -       -       -  
Veterinary Specialists of North America, LLC*   One stop   L + 5.00%     6.00 %   05/2020     589       583       0.1       583  
                          49,758       48,954       6.1       49,594  
Printing and Publishing                                                    
Market Track, LLC   One stop   P + 5.00%     8.25 %   10/2019     554       534       0.1       554  
Market Track, LLC*^   One stop   L + 6.00%     7.25 %   10/2019     29,049       28,772       3.6       29,049  
Market Track, LLC*   One stop   L + 6.00%     7.25 %   10/2019     2,203       2,183       0.3       2,203  
Market Track, LLC   One stop   L + 6.00%     7.25 %   10/2019     414       382       -       414  
                          32,220       31,871       4.0       32,220  
Retail Stores                                                    
Benihana, Inc.   One stop   P + 4.75%     8.00 %   07/2018     217       168       -       174  
Benihana, Inc.*^   One stop   L + 6.00%     7.25 %   01/2019     15,475       15,138       1.9       15,166  
Boot Barn, Inc.*^   Senior loan   L + 4.50%     5.50 %   06/2021     10,802       10,640       1.3       10,694  
Capital Vision Services, LLC*   One stop   L + 6.00%     7.00 %   12/2019     1,514       1,508       0.2       1,514  
Capital Vision Services, LLC^   One stop   L + 6.00%     7.00 %   12/2019     1,502       1,491       0.2       1,502  
Capital Vision Services, LLC   One stop   L + 6.00%     7.00 %   12/2019     1,653       1,645       0.2       1,653  
Capital Vision Services, LLC   One stop   P + 4.75%     8.00 %   12/2019     372       353       -       372  
Capital Vision Services, LLC*^   One stop   L + 6.00%     7.00 %   12/2019     26,650       26,434       3.3       26,650  
Cycle Gear, Inc.(3)   One stop   L + 6.00%     N/A (4)    01/2020     -       (16 )     -       -  
Cycle Gear, Inc.   One stop   L + 6.00%     7.00 %   01/2020     6,502       6,370       0.8       6,502  
DTLR, Inc.*^   One stop   L + 8.00%     11.00 %   12/2015     15,243       15,219       1.9       15,243  

 

See Notes to Consolidated Financial Statements

 

11
 

 

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2015 807,044.0

(In thousands)

 

        Spread                         Percentage        
    Investment   Above   Interest     Maturity   Principal / Par           of     Fair  
    Type   Index (1)   Rate(2)     Date   Amount     Cost     Net Assets     Value  
                                                     
Elite Sportswear, L.P.   Senior loan   L + 5.00%     6.00 %   03/2020     147       140       -       147  
Elite Sportswear, L.P.   Senior loan   L + 5.00%     6.00 %   03/2020     2,856       2,802       0.4       2,856  
Express Oil Change, LLC*   Senior loan   L + 5.00%     6.00 %   12/2017     106       105       -       106  
Express Oil Change, LLC*   Senior loan   L + 5.00%     6.00 %   12/2017     1,389       1,383       0.2       1,389  
Express Oil Change, LLC   Senior loan   P + 4.00%     7.10 %   12/2017     64       61       -       64  
Express Oil Change, LLC*   Senior loan   L + 5.00%     6.00 %   12/2017     3,722       3,694       0.4       3,722  
Floor & Decor Outlets of America, Inc.*^   One stop   L + 6.50%     7.75 %   05/2019     11,158       11,069       1.4       11,158  
Marshall Retail Group, LLC, The(3)   One stop   L + 6.00%     N/A (4)    08/2020     -       (10 )     -       (27 )
Marshall Retail Group, LLC, The   One stop   L + 6.00%     7.00 %   08/2019     585       562       0.1       519  
Marshall Retail Group, LLC, The^   One stop   L + 6.00%     7.00 %   08/2020     12,362       12,229       1.5       11,991  
Paper Source, Inc.(3)   One stop   L + 6.25%     N/A (4)    09/2018     -       (8 )     -       -  
Paper Source, Inc.*^   One stop   L + 6.25%     7.25 %   09/2018     12,480       12,400       1.5       12,480  
RCPSI Corporation   One stop   L + 5.75%     6.75 %   04/2020     23       19       -       21  
RCPSI Corporation*^   One stop   L + 5.75%     6.75 %   04/2021     22,456       22,022       2.8       22,231  
Restaurant Holding Company, LLC   Senior loan   L + 7.75%     8.75 %   02/2019     4,939       4,903       0.5       4,346  
Rubio's Restaurants, Inc   Senior loan   L + 4.75%     6.00 %   11/2018     3,994       3,994       0.5       3,994  
Sneaker Villa, Inc.^   One stop   L + 8.50%     10.00 %   12/2017     627       619       0.1       627  
Sneaker Villa, Inc.   One stop   L + 8.50%     10.00 %   12/2017     752       739       0.1       752  
Sneaker Villa, Inc.^   One stop   L + 8.50%     10.00 %   12/2017     1,214       1,201       0.2       1,214  
Sneaker Villa, Inc.   One stop   P + 7.00%     11.50 %   12/2017     1,253       1,239       0.2       1,253  
Sneaker Villa, Inc.   One stop   L + 8.50%     10.00 %   12/2017     2,506       2,487       0.3       2,506  
Sneaker Villa, Inc.^   One stop   L + 8.50%     10.00 %   12/2017     4,180       4,149       0.5       4,180  
Sneaker Villa, Inc.   One stop   L + 8.50%     10.00 %   12/2017     4,346       4,275       0.5       4,346  
Specialty Commerce Corp.(3)   One stop   L + 6.00%     N/A (4)    07/2017     -       (3 )     -       -  
Specialty Commerce Corp.   One stop   L + 6.00%     7.50 %   07/2017     4,177       4,154       0.5       4,177  
Vision Source L.P.(3)   One stop   L + 6.00%     N/A (4)    08/2019     -       (3 )     -       -  
Vision Source L.P.*^   One stop   L + 6.00%     7.00 %   08/2019     17,626       17,530       2.2       17,626  
                          192,892       190,702       23.7       191,148  
Telecommunications                                                    
Arise Virtual Solutions, Inc.(3)   One stop   L + 5.50%     N/A (4)    12/2018     -       (1 )     -       -  
Arise Virtual Solutions, Inc.^   One stop   L + 5.50%     6.75 %   12/2018     1,510       1,504       0.2       1,510  
Hosting.com Inc.   Senior loan   P + 3.25%     6.50 %   12/2017     48       47       -       48  
Hosting.com Inc.*   Senior loan   L + 4.50%     5.75 %   12/2017     808       801       0.1       808  
ITC Global, Inc.   One stop   L + 6.75%     7.75 %   07/2018     867       857       0.1       867  
ITC Global, Inc.^   One stop   L + 6.75%     7.75 %   07/2018     1,391       1,381       0.2       1,391  
ITC Global, Inc.*   One stop   L + 6.75%     7.75 %   07/2018     8,150       8,093       1.0       8,150  
ITC Global, Inc.   One stop   L + 6.75%     7.75 %   07/2018     1,555       1,541       0.2       1,555  
                          14,329       14,223       1.8       14,329  
Textile and Leather                                                    
5.11, Inc.*^   Senior loan   L + 5.00%     6.00 %   02/2020     1,023       1,019       0.1       1,026  
Southern Tide, LLC(3)   One stop   L + 6.75%     N/A (4)    06/2019     -       (7 )     -       -  
Southern Tide, LLC^   One stop   L + 6.75%     7.75 %   06/2019     4,065       4,033       0.5       4,065  
                          5,088       5,045       0.6       5,091  
Utilities                                                    
PowerPlan Holdings, Inc. (3)   Senior loan   L + 5.25%     N/A (4)    02/2021     -       (7 )     -       -  
PowerPlan Holdings, Inc.   Senior loan   L + 5.25%     6.25 %   02/2022     4,885       4,816       0.6       4,885  
                          4,885       4,809       0.6       4,885  
                                                     
Total debt investments United States                       $ 1,514,526     $ 1,495,259       185.0 %   $ 1,493,533  
                                                     
Fair Value as a percentage of Principal Amount                                                 98.6 %

 

See Notes to Consolidated Financial Statements

 

12
 

 

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2015 807,044.0

(In thousands)

 

      Spread                   Percentage     
   Investment  Above   Interest   Maturity   Shares /       of   Fair 
   Type  Index (1)   Rate(2)   Date   Contracts   Cost   Net Assets   Value 
                                       
Equity Investments (9)                                      
Aerospace and Defense                                      
NTS Technical Systems  Common stock   N/A    N/A    N/A    2   $1,506    0.3%  $2,075 
Tresys Technology Holdings, Inc.  Common stock   N/A    N/A    N/A    295    295    -    - 
Whitcraft LLC  Preferred stock B   N/A    N/A    N/A    1    670    0.1    661 
Whitcraft LLC  Warrant   N/A    N/A    N/A    -    -    -    129 
                           2,471    0.4    2,865 
Automobile                                      
K&N Engineering, Inc.  Preferred stock A   N/A    N/A    N/A    -    -    -    5 
K&N Engineering, Inc.  Preferred stock B   N/A    N/A    N/A    -    -    -    6 
K&N Engineering, Inc.  Common stock   N/A    N/A    N/A