Fitch gives Golub notes BBB

Fitch Ratings said it gave Golub Capital BDC, Inc.’s $600 million of 6% senior unsecured notes due July 2029 an expected BBB rating.

The agency also affirmed 's long-term issuer default rating, senior secured debt, and senior unsecured debt ratings at BBB, removing them from rating watch negative and assigning a stable outlook.

“The removal of the negative rating watch and rating affirmation reflects GBDC's continued access to the unsecured debt markets and Fitch's expectation that following the $600 million issuance, unsecured debt will remain greater than 40% of total debt outstanding, pro forma for the merger with Golub Capital BDC, Inc. 3 (GBDC 3), which is expected to close during 2Q24,” Fitch said in a press release.

Fitch said it does not expect the new notes to have a material impact on GBDC's leverage because the proceeds will be used to pay down borrowings.

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