Published on 1/29/2024 in the Prospect News Investment Grade Daily.
New Issue: Golub sells $600 million 6% five-year notes at 225 bps spread
By Wendy Van Sickle
Columbus, Ohio, Jan. 29 – Golub Capital BDC, Inc. sold $600 million of 6% five-year senior notes (Baa3/BBB-/BBB) on Monday at spread of 225 basis points over Treasuries, according to an FWP filed with the Securities and Exchange Commission.
The notes priced at 98.872 to yield 6.248%.
The notes initially may be redeemed at the greater of a par call and a make-whole call until one month prior to maturity, then are callable at par.
Wells Fargo Securities, LLC, J.P. Morgan Securities LLC, SMBC Nikko Securities America, Inc, Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, MUFG Securities Americas Inc., Regions Securities LLC, Santander US Capital Markets LLC and SG Americas Securities, LLC were the bookrunners.
Proceeds will be used to repay outstanding debt, including borrowings under the company’s revolving credit facilities.
The business development company is based in New York.
| Issuer: | Golub Capital BDC, Inc.
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| Amount: | $600 million
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| Issue: | Senior notes
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| Maturity: | July 15, 2029
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| Bookrunners: | Wells Fargo Securities, LLC, J.P. Morgan Securities LLC, SMBC Nikko Securities America, Inc, Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, MUFG Securities Americas Inc., Regions Securities LLC, Santander US Capital Markets LLC and SG Americas Securities, LLC
|
| Co-managers: | Academy Securities, Inc., Capital One Securities, Inc., CIBC World Markets Corp., Comerica Securities, Inc., Oppenheimer & Co. Inc. and WauBank Securities LLC
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| Coupon: | 6%
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| Price: | 98.872
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| Yield: | 6.248%
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| Spread: | Treasuries plus 225 bps
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| Call: | Make-whole call at Treasuries plus 35 bps until June 15, 2029, then a par call
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| Pricing date: | Jan. 29
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| Settlement date: | Feb. 1
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| Ratings: | Moody’s: Baa3
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| S&P: BBB-
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| Fitch: BBB
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| Distribution: | SEC registered
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| Cusip: | 38173MAE2
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