DOCSLIB.ORG

3Q 2019 the Market Can Turn at Any Time

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
3Q 2019 the Market Can Turn at Any Time US PE Middle Market Report 3Q 2019 The market can turn at any time. But we’re prepared. With reliable access to capital. Strong client relationships. Innovative solutions. And a consistent approach to leveraged lending that’s delivered success across changing market cycles for 20+ years. Antares.com Lead sponsor In partnership with Contents Credits & contact Introduction 3 PitchBook Data, Inc. John Gabbert Founder, CEO Overview 4-5 Adley Bowden Vice President, Market Development & Analysis Private debt: Top five things to watch in 2020 6-7 Spotlight: Taking stock of private market returns 8-10 Content Stephen-George Davis Analyst, PE ACG Q&A: Canadian PE veterans look to the future 12-13 Zane Carmean Senior Data Analyst Exits 14-15 Contact PitchBook Fundraising 16-17 Research [email protected] Designed by Conor Hamill Click here for PitchBook’s report methodologies. Introduction Dealmaking in the MM continues to flourish. GPs have MM fundraising is on pace to set annual records. Perennial taken particular interest in tech investments due to the MM shops continue to propel fundraising, sticking to their sector’s high level of growth, which is outpacing the skillset in the interest of consistent returns, but some larger broader market. Take-privates and divestitures were GPs boasting several strategies have also been raising MM also a major focus in the quarter as PE firms have taken funds as LPs seek to diversify their allocations. advantage of companies that performed poorly in the public markets or needed to sell off non-core assets. These sizable transactions helped bolster the median deal size, which sits at an all-time high YTD. Stephen-George Davis Analyst, PE MM exits saw a downturn due to a pullback in corporate acquisitions. Due in part to many deals outgrowing the MM threshold through organic means and add-ons, MM exit count and value are on pace for their lowest annual results in years. SBOs in the quarter helped pick up some of the slack from the decline in corporate acquisitions. Similarly, a few IPOs on the larger end of the MM spectrum have buoyed results. 3 PITCHBOOK 3Q 2019 US PE MIDDLE MARKET REPORT Lead sponsor In partnership with Overview PE MM deal activity 3,066 2,567 2,180 2,361 2,183 2,687 1,890 1,610 1,453 1,293 716 9 0 7 8 4 6 7 0 . 7 9 4 7 1 1 7 5 3 . 7 1 1 5 4 4 0 9 5 449.0 374.3 3 3 3 3 2 2 2 1 7 $ $ $ $ $ $ $ $ $ $ $ 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019* Deal value ($B) Es�mated deal value ($B) Deal count Es�mated deal count Source: PitchBook | Geography: US *As of September 30, 2019 The third quarter saw PE MM deal activity further proliferate, Add-ons as proportion of overall PE MM with $374.3 billion closed over 2,687 deals in 2019 thus far. deal activity This puts 2019 on track to overtake 2018’s highs. One sign 80% of elevated dealmaking activity is the increasing median MM deal size—which has risen to $205.0 million through 3Q 68.7% 70% 66.6% 2019—despite add-ons, which tend to be smaller than non- add-ons, having grown further as a proportion of all deal 57.6% 60% 56.9% flow. A major driver of deal value in 3Q involved GPs sourcing deals from public markets, either through take-privates or 50% large-scale divestitures. Many PE firms successfully targeted companies that performed poorly in the public markets, 40% some of which put themselves up for sale. A continued push for underperforming companies to refocus on core offerings 30% and pay down debt also drove divestiture activity. 20% GPs continue to use add-ons to target lower-multiple acquisitions in the current high-price environment. Although 10% median EV/EBITDA multiples have come down slightly in the most recent quarters, pricing remains aloft. However, 0% continued MM revenue and earnings growth should partially 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019* allay investor worries about headline prices. Companes Deal value Deal count within the MM experienced YoY earnings growth of 13.2% and 1 Source: PitchBook | Geography: US revenue growth of 9.6% in 3Q. These gains are even more *As of September 30, 2019 pronounced in the tech sector, which saw earnings growth of 20.1% and revenue growth of 11.9%. This profound growth has attracted GPs to the sector, which has comprised 21.1% of MM deal value through 3Q 2019, up from 16.4% in 2018. 1. This is according to the Golub Capital Altman Index (GCAI), which is an index based on revenue and earnings for MM companies. The index measures median revenue and earnings growth for more than 150 private US companies in the loan portfolio of Golub Capital. 4 PITCHBOOK 3Q 2019 US PE MIDDLE MARKET REPORT Lead sponsor In partnership with Overview Along with tech, massive deals in the energy sector have Median PE EV/EBITDA buyout multiples helped buoy deal value as PE firms take advantage of 14x relatively lower prices for oil & gas stocks. As of December 12.9x 3, 2019, the energy sector has lagged all others on the S&P 500 (+12.8%) YoY at -11.3%. PE firms are drawn to the 12x 11.5x space because of the lucrative opportunities for M&A and divestitures that resulted from the current downturn in oil x 7 . 10x x & gas stocks, which began in 2014 and saw further price 5 9 x . 8 x 6 declines at the end of last year. The largest MM deal of . 8 5 . x x 5 the quarter was the $925.0 million buyout of a portion of 1 3 x . 8x . 5 4 5 . Concho Resources’ (NYSE: CXO) New Mexico assets by x 4 6 x . x 1 4 KKR-backed Spur Energy Partners. In this carveout, KKR 5 . 4 was able to capitalize on the trend of oil & gas companies 6x 3 x 1 divesting non-core assets and paying down debt as the . industry combats near-term oversupply and as investors 4 4x x 2 . x x x x lose patience with companies that have produced negative 7 1 x 9 9 x . 8 . 3 3 x x 6 . 5 x 5 . cash flows for years. Another notable deal in the energy 5 6 6 5 3 5 . 4 4 2x x sector was the take-private of Third Coast Midstream 4 9 . by ArcLight Capital Partners, the firm that already had 2 a controlling interest in the entity before the acquisition. 0x ArcLight purchased the remaining stake with favorable 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019* terms given Third Coast Midstream’s rapid stock price drop Debt/EBITDA Equity/EBITDA EV/EBITDA in 2018 due to changes the company made to its scrip Source: PitchBook | Geography: US 2 dividend. The final buyout offer from ArcLight, which was *As of September 30, 2019 finalized in March, was less than the offer the company Note: Totals may not reflect debt and equity figures due to rounding. To clarify, this represents all US PE and not only the the MM. had previously received from ArcLight in September 2018. This deal highlights one way in which GPs may be able to acquire publicly traded assets at more favorable prices following temporary sell-offs. Take-privates as proportion of overall PE MM deals ($) Significant take-private deals also occurred outside 7.0% the energy sector and played a prominent role in the 6.7% quarter, comprising 2.7% of MM deal value, up from 0.6% in 2Q 2019. A notable take-private in the B2C sector saw 5.6% 5.3% Waterstones, a portfolio company of Elliott Advisors’ UK division, purchase Barnes & Noble for $683.0 million. Elliot Advisors is the UK subsidiary of Elliott Management, the famed activist hedge fund. In the last few years, 3.5% 3.3% 3.2% Elliott has diversified beyond simply buying stakes in companies and agitating for change to buying them 2.4% outright. This is a trend we are seeing more frequently 2.0% 1.9% 1.9% at a time when hedge funds are under pressure due to prolonged underperformance and many are looking to 3 2 8 7 8 . adjust their playbooks. While hedge funds have struggled . 0 4 5 9 8 3 2 . 0 . 2 . 3 0 . 1 7 1 8 1 7 6 1 1 8 to outperform passive benchmarks, buyout funds still 5 $ $ $ $ $ $ $ $ $ $ $ put up comfortable gains over the S&P 500. The strategy behind Elliott’s acquisition of Barnes & Noble seems to 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019* double down on the concept of brick & mortar locations Deal value ($B) Take-private % and diverge from the general shift to ecommerce. Going forward, we expect GPs to continue coming up with Source: PitchBook | Geography: US *As of September 30, 2019 atypical methods to procure value from their portfolio companies. 2. A stock dividend as an alternative to a cash dividend. 5 PITCHBOOK 3Q 2019 US PE MIDDLE MARKET REPORT Lead sponsor Antares: Private debt—Top five things to watch in 2020 But first, a few tidbits from 2019… David Brackett Equity markets cheer Fed “put” Chief Executive Officer Antares Capital The Federal Reserve Bank has signaled recently that it may pause its adjustments following three Fed Fund rate Dave is a member of Antares’ cuts since July, hopeful that it has completed a mid-cycle Investment Committee as well adjustment that will support a continued mature economic as Antares’ Board of Directors.
Load more

Recommended publications
  • GOLUB CAPITAL BDC, INC. (Exact Name of Registrant As Specified in Its Charter) Delaware 27-2326940 (State Or Other Jurisdiction of (I.R.S
    UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 Form 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended September 30, 2020 or ☐ 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 (I.R.S. Employer Incorporation or Organization) Identification No.) 200 Park Avenue, 25th Floor, New York, NY 10166 (Address of Principal Executive Offices) (Zip Code) (212) 750-6060 (Registrant’s Telephone Number, Including Area Code) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol Name of each exchange on which registered Common Stock, par value $0.001 per share GBDC The Nasdaq Global Select Market Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes ☐ No ☒ 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.
    [Show full text]
  • Opening Remarks and Introduction
    Opening Remarks and Introduction UWF Foundation, Inc. Board of Directors Zoom Meeting September 9, 2020 3:30 - 5:00 p.m. Agenda Opening Remarks/ Introduction Jason Crawford, BOD Chair Call to Order / Agenda Roll Call / Quorum / Approval of Minutes* John Gormley, BOD Secretary Information Reports University Update Martha Saunders, UWF President Advancement Report Howard Reddy, VP for Advancement Audited Financial Statements* Diane Martinez, Molly Murphy and Allison Jones Alumni Report Eric Brammer, Alumni Assoc. President CFO’s Report Dan Lucas, Chief Financial Officer Housing Update Neil McMillion Committee/Officers Reports Executive Committee Jason Crawford, BOD Chair Actions of the Executive Committee* Investment Committee James Hosman, BOD Vice Chair Quarterly Performance Report Earnings and Expenses Comparison Other Investment Assets Actions of the Investment Committee* Audit Budget Committee Rodney Sutton, BOD Treasurer Budget to Actual Reports - Housing & Foundation Statement of Functional Expenses Unspent Budget Report Actions of the Audit Budget Committee* Grant Committee Tim Haag, Chair Next Meeting – Thursday, November 19, 2020 Nominating Committee Gail Dorsey, BOD Immediate Past Chair Next Meeting – Thursday, November 12, 2020 Other Business Jason Crawford, BOD Chair Conflict of Interest Policy & Disclosure form Closing Remarks from Chair Jason Crawford, BOD Chair Adjourn *Indicates possible action item for the Board. UWF FOUNDATION, INC. BOARD OF DIRECTORS MEETING Zoom Meeting June 17, 2020 @ 3:30 p.m. – 5:00 p.m. Present: Members: Dick Baker, Connie Bookman, Eric Brammer, Rick Byars, Jason Crawford, Dr. Matthew Crow, Gail Dorsey, Megan Fry, John Gormley, Tim Haag, David Hightower, James Hosman, Trip Maygarden, Amber McClure, John Peacock, David Peaden, Bill Rone, Dr.
    [Show full text]
  • High-Powered, the Energy Revolution Uncorrelated, LLC
    The Investment Lab Learn. Apply. Brainstorm. High-Powered, The Energy Revolution Uncorrelated, LLC Downloaded from www.hvst.com by IP address 192.168.160.10 on 09/23/2021 “For decision makers trying to reconcile economic, energy security and environmental objectives, it is essential to be aware of the dynamics at the heart of today’s energy market. We have the tools to deal with such profound market change. Those that anticipate global energy developments successfully can derive an advantage, while those that do not risk taking poor policy and investment decisions.” Maria van der Hoeven, Executive Director, IEA World Energy Outlook 2013 2 Downloaded from www.hvst.comAll Rights Reserved, Uncorrelated, by IP address LLC 2014, 192.168.160.10 The Investment Lab on 09/23/2021 All Rights Reserved, Uncorrelated, LLC 2014, The Investment Lab A ragtag team of wildcatters, dreamers, and the just plain desperate changed the course of the nation during the dark days of the financial crisis. In the backyards of Pennsylvania homes, under the headquarters of Exxon, and in the plains of North Dakota, these men found a way to extract energy from the deepest, most densely packed parts of the earth. Almost overnight, this country transitioned from a crotchety chorus of Peak Oil pessimists into flag-waving energy optimists. For investors, this signaled a rare opportunity. On June 19, 2014, a select group of pension, family office, and endowment and foundation investment officers gathered in New York City along with asset managers and Fund Evaluation Group consultants to wrestle with the investment implications of our energy independence, both in the short and long run.
    [Show full text]
  • 10TH ANNUAL MID-MARKET AWARDS by Mary Kathleen Flynn, Demitri Diakantonis, Danielle Fugazy, Kamaron Leach and Keith Button
    APRIL 2017 | THEMIDDLEMARKET.COM Roundtable: Lower middle market keeps up busy pace, p.29 DJ DEB SNAGS DELL’S SOFTWARE GROUP AND EARNS ONE OF THE 10TH ANNUAL MID-MARKET Dipanjan “DJ” Deb CEO, Francisco Partners AWARDS Private Equity Firm of the Year PUBLISHED IN PARTNERSHIP WITH 001_MAJ040117 1 3/8/2017 2:25:30 PM CONSISTENT EXECUTION TAKES YOU HIGHER. Side-by-side. That’s where we start and where we remain throughout the lifecycle of a transaction. For more than two decades, our innovative financing solutions, reliable deal execution and sophisticated perspective on the middle market have made all the difference. View our completed transactions at Antares.com Consistency by design. 002_MAJ0417007053_01_ANT_Sponsor_Full_Page_7875x105_v2.indd 2 1 3/7/20172/24/17 11:27:59 12:50 AM PM Contents April 2017 | Volume 52 | Number 04 Cover Story M&A Mid-Market Awards DJ Deb snags Dell’s software group and earns Private Equity Firm of the Year 16 Watercooler Roundtable 4 Earvin “Magic” Johnson 29 Lower Middle Market Keeps keynotes InterGrowth Up Busy Pace • Waiting for clarity on ACA 6 Rising interest in chemicals DATA 7 Robust M&A in 28 Mid-Market industrials Pulse: Consumer 9 SaaS deals carry on Goods and Retail Columns 44 Mid-Market 10 Private Equity Perspective: Conditions Our Redesigned Wesbite Index 12 The Buyside: 46 Dealflow Packaging Frozen Food Deals 14 Finance Finesse: Small Pond, Guest Article 42 Good Time To Buy Companies Bigger Returns Cover Photograph by GaryLaufman.com April 2017 MERGERS & ACQUISITIONS 1 001_MAJ040117_001 1 3/8/2017
    [Show full text]
  • For Golub Capital, the Chance to Participate in a Middle-Market
    v o i c e o f t h e d e a l e c o n o m y v o l . 9 n o . 8 m a y 9 — m a y 22 2011 n March 16, andrew Steuerman, a senior managing director AnAtomy at new York-based Golub capital Inc., of A knew there was an excellent chance he middle-mArket and his team had won the mandate lender on a highly coveted loan. With the first quarter drawing to a close, lenders to the middle mar- ket like Golub were just beginning to glimpse a better deal market on the horizon. So many transactions had Obeen slated for year-end 2010 because of what turned For out to be a moot tax issue that the start of the new Year Golub Capital, was frustratingly slow. corporate lenders had already devoured more than enough refinancings and needed the ChanCe time to digest them. refinancings in the middle market would account for $20.6 billion in the quarter, compared to partiCipate with $14.3 billion in new money, according to statistics from Thomson reuters Loan Pricing corp. and the debt in a market had become overheated, with investors coming into the loan market seeking yield wherever they could middle-market find it, even in the middle market or in exotic financing structures not seen since before the financial crisis. buyout however, debt investors salivated at the prospects of companies just beginning to show the earnings consis- meant weeks oF tency that could attract acquisition interest. March 16 was just a single day in the life of the middle prepar ation, market, but for Steuerman and his team at Golub capi- tal it represented the culmination of weeks of thinking, thouGht and preparation and planning.
    [Show full text]
  • GOLUB CAPITAL BDC, Inc. Form POS 8C Filed 2018-04-27
    SECURITIES AND EXCHANGE COMMISSION FORM POS 8C Post-effective amendments filed by certain investment companies [Section 8(c)] Filing Date: 2018-04-27 SEC Accession No. 0001144204-18-023176 (HTML Version on secdatabase.com) FILER GOLUB CAPITAL BDC, Inc. Mailing Address Business Address 666 FIFTH AVENUE 666 FIFTH AVENUE CIK:1476765| IRS No.: 471893276 | State of Incorp.:MD | Fiscal Year End: 0930 18TH FLOOR 18TH FLOOR Type: POS 8C | Act: 33 | File No.: 333-215285 | Film No.: 18784619 NEW YORK NY 10103 NEW YORK NY 10103 212.750.6060 Copyright © 2018 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document TABLE OF CONTENTS As filed with the Securities and Exchange Commission on April 27, 2018 Securities Act File No. 333-215285 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-2 ☐ REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 ☐ Pre-effective Amendment ☒ Post-effective Amendment No. 4 GOLUB CAPITAL BDC, INC. (Exact Name of Registrant as Specified in Charter) 666 Fifth Avenue 18th Floor New York, NY 10103 (Address of Principal Executive Offices) (212) 750-6060 (Registrant’s Telephone Number, Including Area Code) David B. Golub Golub Capital BDC, Inc. 666 Fifth Avenue 18th Floor New York, NY 10103 (Name and Address of Agent for Service) Copies to: Thomas J. Friedmann David J. Harris William J. Tuttle Dechert LLP One International Place, 40th Floor 100 Oliver Street Boston, Massachusetts 02110-2605 (617) 728-7100 Approximate date of proposed public offering: As soon as practicable after the effective date of this Registration Statement.
    [Show full text]
  • 2Q 2019 the Market Can Turn at Any Time
    Lead sponsor In partnership with US PE Middle Market Report 2Q 2019 The market can turn at any time. But we’re prepared. With reliable access to capital. Strong client relationships. Innovative solutions. And a consistent approach to leveraged lending that’s delivered success across changing market cycles for 20+ years. Antares.com Lead sponsor In partnership with Credits & contact Contents PitchBook Data, Inc. Introduction 3 John Gabbert Founder, CEO Overview 4-5 Adley Bowden Vice President, Market Development & Analysis Antares Q&A: Daniel Barry 6-7 Content Spotlight: Sovereign wealth funds 8-10 Stephen-George Davis Analyst, PE ACG Q&A: Andrew McCabe 11-12 Darren Klees Senior Data Analyst Exits 14-15 Contact PitchBook Fundraising 16-17 Research [email protected] 2Q 2019 US PE MM lending league tables 18 Report & cover design by Kelilah King Click here for PitchBook’s report methodologies. Introduction Through the first half of 2019, US PE MM dealmaking MM fundraising figures were down in 2Q 2019; however, is matching 2018’s record-setting pace. This activity the average and median MM fund size are on pace to has been driven by an accumulation of dry powder, a reach the highest levels on record. The number of first- low interest rate environment and continued economic time funds in the MM is also on the decline, falling sharply expansion. In 2Q, manufacturing deals played an outsized from 2018 highs. Although fundraising was down, LPs role in MM activity, with four of the top 10 deals coming were busy allocating to fund strategies that perform well from the vertical.
    [Show full text]
  • Middle Market Middle Market
    ATLANTIC CONFERENCES INC. 5 6 ST 21 3 4 Symposium on ANNUAL! THE SUMMIT FOR 1 2 MEZZANINEMEZZANINE MIDDLE MARKET L M & ™ MIDDLEMIDDLE MARKET MARKET DEBT FINANCE DOOR DOOR OPEN CLOSE FINANCEFINANCE 2014 2014 May 13-14, 2014, at The Roosevelt Hotel, NYC TED KOENIG President & CEO, Monroe Capital LLC 62 HIGH-LEVEL SPEAKERS CYNTHIA KRUS Partner, Sutherland Asbill & Brennan LLP CHAIR EMERITUS: ED LEWIS Senior Managing Director, Head of Alternative Assets, Cigna Investment Management RON KAHN Managing Director, Lincoln International STEVEN LILLY Chief Financial Officer, Triangle Capital Corporation ADVISORY PANEL CHAIR: DAVID LOBEL Founder & Managing Partner, Sentinel Capital Partners DAVID BLAIR Partner, PNC Mezzanine Capital PETER LOMBARD Managing Director, Head of TMT M&A, Investment Banking, Piper Jaffray 2014 CHAIR: RYAN MCGOVERN Managing Director, Star Mountain Capital, LLC BOB HORAK Managing Director, Lincoln International PHIL MCNEILL Managing Partner, Farragut Capital Partners, LLC RICK MILLER Group Managing Director, TCW Direct Lending Group ALLAN ALLWEISS Managing Director, LBC Credit Partners JEFF MORALES Managing Director, Newstone Capital Partners, LLC GARY B. APPEL Vice Chairman, Corporate Investment–North America ROB NEWBOLD Managing Principal, Graham Partners, Inc. Investcorp International Inc BRETT PALMER President, Small Business Investor Alliance BOB ASHCOM Managing Director, SunTrust Robinson Humphrey, Inc. DAYL PEARSON Chief Executive Officer, KCAP Financial, Inc. DAVID BLAIR Partner, PNC Mezzanine Capital GRETCHEN PERKINS
    [Show full text]
  • GOLUB CAPITAL BDC, Inc. Form 424B5 Filed 2021-07-27
    SECURITIES AND EXCHANGE COMMISSION FORM 424B5 Prospectus filed pursuant to Rule 424(b)(5) Filing Date: 2021-07-27 SEC Accession No. 0001104659-21-096116 (HTML Version on secdatabase.com) FILER GOLUB CAPITAL BDC, Inc. Mailing Address Business Address 200 PARK AVENUE 200 PARK AVENUE CIK:1476765| IRS No.: 471893276 | State of Incorp.:MD | Fiscal Year End: 0930 25TH FLOOR 25TH FLOOR Type: 424B5 | Act: 33 | File No.: 333-232387 | Film No.: 211116024 NEW YORK NY 10166 NEW YORK NY 10166 212.750.6060 Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document TABLE OF CONTENTS Filed Pursuant to 424(b)(5) Registration No. 333-232387 Subject to Completion Preliminary Prospectus Supplement dated July 27, 2021 PRELIMINARY PROSPECTUS SUPPLEMENT (To Prospectus dated June 26, 2019) $ GOLUB CAPITAL BDC, INC. % Notes due We are offering for sale $ in aggregate principal amount of % notes due , which we refer to as the Notes. The Notes will mature on , . We will pay interest on the Notes semi-annually in arrears on and of each year, beginning on , 2022. We may redeem the Notes in whole or in part at any time, or from time to time, at the applicable redemption price discussed under the caption “Description of Notes — Optional Redemption” in this prospectus supplement. In addition, holders of the Notes can require us to repurchase some or all of the Notes at a purchase price equal to 100% of their principal amount, plus accrued and unpaid interest to, but not including, the repurchase date upon the occurrence of a Change of Control Repurchase Event (as defined herein).
    [Show full text]
  • Overview of Golub Capital 04
    Golub Capital Partners 11 Fund Summary Sector: Cash Flow Lending Strategy: U.S. Middle Market Lending Sub-Strategy: Sr. Sponsor Focus Firm Overview Founded in 1994, Golub Capital (“Golub”) is a leading private credit asset manager focused on lending senior debt to private equity owned companies. Golub currently manages close to $18 billion in credit assets and is a leading originator and manager of middle market debt facilities. Golub’s platform is comprised of two primary sub-strategies: (i) direct lending (first lien loans, unitranche loans and some sub debt) and (ii) broadly syndicated loans (first lien loans). Investments are executed and managed in various fund structures designed to meet specific investor requirements (e.g. leverage, taxes, returns, regulatory, etc.). Golub currently employs close to 300 professionals including approximately 100 investment professionals across four primary offices: NY (headquarters), Chicago, Charlotte and San Francisco. In addition, there are two satellite offices in the U.S. Virgin Islands (St. Thomas and St. Croix) where Kevin Falvey (Head of Portfolio Monitoring) and his team of over 20 employees are located; per management, this location is partially for tax reasons. Fund Summary General Partner Golub Capital Sector Cash Flow Lending Strategy U.S. Middle Market Lending Sub-Strategy Sr. Sponsor Focus Main Office New York Geography U.S. Target Size $1 billion target 1.25% on gross assets (50 bps fee paid on broadly Management Fees syndicated loans) Carried Interest 20% Closing Schedule: First Close expected early 2017 Investment Period 5.5 years Extensions None Harvest Period 3-4 years following investment period Extensions None Strategy Golub is raising capital for the latest vintage of its GCP fund series - Golub Capital Partners 11 (“GCP 11”), which commenced fund raising early 2017.
    [Show full text]
  • GOLUB CAPITAL BDC, INC. (Exact Name of Registrant As Specified in Its Charter) Delaware 27-2326940 (State Or Other Jurisdiction of (I.R.S
    UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 Form 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended September 30, 2018 or ☐ 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 (I.R.S. Employer Incorporation or Organization) Identification No.) 666 Fifth Avenue, 18th Floor, New York, NY 10103 (Address of Principal Executive Offices) (Zip Code) (212) 750-6060 (Registrant’s Telephone Number, Including Area Code) Securities registered pursuant to Section 12(b) of the Act: Title of Each Class Name of Each Exchange on Which Registered Common Stock, par value $0.001 per share The NASDAQ Stock Market LLC Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes ☐ No ☒ 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.
    [Show full text]
  • Download=Yes>
    Alternative Investment Analyst Review Editor's Letter: An Alternative Examination of the Costs and Benefits of Allocations to Alternatives Hossein Kazemi, Aaron Filbeck, CAIA, CAIA Association Wozu (Whereto) Hedge Funds? The Case of Equity Long-Short Strategy Masao Matsuda, CAIA, Crossgates Investment and Risk Management Fallen Angels: The Last Free Lunch Paul L. Benson, CAIA, Manuel Hayes, Mellon Value is Dead, Long Live Value Chris Meredith, O'Shaughnessy Asset Management Hedging the Real Risk of Private Equity Peter van Dooijeweert, Man Institute Diversification Study – Trend Towards More Concentrated Primary Portfolios Andrea Carnelli Dompé, Pantheon The Technology Frontier: Investment Implications of Disruptive Change David Klausner, Taimur Hyat, PGIM Why the Market Gets Sustainable Investing Wrong Wendy M. Cromwell, Wellington Management The CAIA Endowment Investable Index Hossein Kazemi, CAIA Association, and Kathryn Wilkens, CAIA, Pearl Quest The List: Alternative Indices CAIA Association Q4 2019, Volume 8, Issue 4 Chartered Alternative Investment Analyst Association® Call for Articles Article submissions for future issues of Alternative Investment Analyst Review (AIAR) are always welcome. Articles should cover a topic of interest to CAIA members and should be single-spaced. Additional information on submissions can be found at the end of this issue. Please e-mail your submission or any questions to: [email protected]. Chosen pieces will be featured in future issues of AIAR, archived on CAIA.org, and promoted throughout the CAIA community. Quarter 4 • 2019 Alternative Investment Analyst Review Editor’s Letter An Alternative Examination of the Costs and Benefits of Allocations to Alternatives The benefits of allocating to alternative investments are by now well documented.
    [Show full text]