Golub Capital Direct Lending and units up revolver to $220 million

By Mary-Katherine Stinson

Lexington, Ky., Nov. 22 – Golub Capital Direct Lending Corp., with subsidiary GDLC Funding LLC, amended and upsized its credit agreement with PNC Bank, NA as administrative agent and lender, according to an 8-K filing with the Securities and Exchange Commission.

GDLC Feeder Fund, LP joins the initial borrowers.

The fourth amendment, which was effective Nov. 15, upsized the facility’s borrowing capacity to $220 million from $170 million.

The margin was also updated, with borrowings bearing interest at SOFR, or the currency-appropriate rate, plus a margin ranging from 210 basis points to 245 bps depending on the degree of uncalled capital commitments coverage of the facility’s borrowing base versus the assets of GDLC Funding securing the facility.

The borrowers also paid an annualized fee based on the commitments increase.

No further terms of the facility were changed.

PNC Capital Markets LLC is the structuring agent.

PNC Bank also serves as collateral agent.

Golub is an externally managed, non-diversified closed-end management investment company based in New York.

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