Golub unit enters into $250 million credit facility with Deutsche

By Sarah Lizee

Olympia, Wash., Jan. 7 – Golub Capital Investment Corp. wholly owned subsidiary GCIC Funding II LLC entered into an up to $250 million loan financing and servicing agreement on Dec. 31 with Deutsche Bank AG, New York Branch as agent, according to an 8-K filing with the Securities and Exchange Commission.

Golub Capital Investment is the equity holder and servicer under the agreement. Wells Fargo Bank, NA is the collateral agent and collateral custodian.

GCIC Funding II may request drawdowns under the facility through the revolving period ending Dec. 31, 2021 unless there is an earlier termination or event of default.

The facility will mature on the earliest of three years from the termination of the revolving period or the occurrence of an event of default.

During the revolving period, borrowings will bear interest at Libor plus 190 basis points. After that, interest will be Libor plus 200 bps for the remaining term of the facility.

The company paid an up-front commitment fee equal to 1% of each lender’s commitment at close.

A non-usage fee of 25 bps per annum is payable on the undrawn amount under the facility, and, during the revolving period, an additional fee based on unfunded commitments of the lenders may be payable if borrowings do not exceed a minimum use percentage threshold.

In addition, a syndication/agent fee is payable to the facility agent each quarter and is calculated based on the total commitments outstanding each day during the preceding collection period at a rate of 1/360 of 0.25% of the total commitments on each day.

A prepayment fee would be payable in the event of any permanent reduction in commitments of the facility in the amount of 0.50% or 0.25% of the amount of the reduction during the first or second year after the closing date.

The facility is secured by all of the assets held by GCIC Funding II.

Golub is a credit asset manager with headquarters in New York.

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