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EX-32.1 - EXHIBIT 32.1 - GOLUB CAPITAL BDC, Inc.v400181_ex32-1.htm
EX-31.2 - EXHIBIT 31.2 - GOLUB CAPITAL BDC, Inc.v400181_ex31-2.htm
EX-31.1 - EXHIBIT 31.1 - GOLUB CAPITAL BDC, Inc.v400181_ex31-1.htm

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

  

 

 

FORM 10-Q

 

þ                QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

 

For the Quarterly Period Ended December 31, 2014

 

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 incorporation or organization)    (I.R.S. Employer Identification No.)

 

150 South Wacker Drive, Suite 800

Chicago, IL 60606

(Address of principal executive offices)

 

(312) 205-5050

(Registrant's telephone number, including area code)

  

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.  Yes þ   No ¨

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).   Yes ¨ No   ¨

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

  Large accelerated filer   þ Accelerated filer ¨
  Non-accelerated filer  ¨  (Do not check if a smaller reporting company) Smaller reporting company ¨

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  ¨  No þ

 

As of February 6, 2015, the Registrant had 47,171,518 shares of common stock, $0.001 par value, outstanding.

 

 

 

 
 

  

Part I. Financial Information  
     
Item 1. Financial Statements 3
     
  Consolidated Statements of Financial Condition as of December 31, 2014 (unaudited) and September 30, 2014 3
     
  Consolidated Statements of Operations for the three months ended December 31, 2014 (unaudited) and 2013 (unaudited) 4
     
  Consolidated Statements of Changes in Net Assets for the three months ended December 31, 2014 (unaudited) and 2013 (unaudited) 5
     
  Consolidated Statements of Cash Flows for the three months ended December 31, 2014 (unaudited) and 2013 (unaudited) 6
     
  Consolidated Schedules of Investments as of December 31, 2014 (unaudited) and September 30, 2014 7
     
  Notes to Consolidated Financial Statements (unaudited) 25
     
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 55
     
Item 3. Quantitative And Qualitative Disclosures About Market Risk 82
     
Item 4. Controls and Procedures 83
     
Part II.  Other Information  
     
Item 1. Legal Proceedings 84
     
Item 1A. Risk Factors 84
     
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 84
     
Item 3. Defaults Upon Senior Securities 84
     
Item 4. Mine Safety Disclosures 84
     
Item 5. Other Information 84
     
Item 6. Exhibits 85

 

2
 

  

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Statements of Financial Condition
(In thousands, except share and per share data)

 

   December 31, 2014   September 30, 2014 
Assets   (unaudited)      
Investments, at fair value          
Non-controlled/non-affiliate company investments  $1,357,614   $1,309,701 
Non-controlled affiliate company investments   3,407    3,080 
Controlled affiliate company investments   39,705    34,831 
Total investments, at fair value (cost of $1,391,805 and $1,337,580, respectively)   1,400,726    1,347,612 
Cash and cash equivalents   5,740    5,135 
Restricted cash and cash equivalents   35,686    74,808 
Interest receivable   6,185    5,791 
Deferred financing costs   9,436    9,515 
Receivable from investments sold   2,232    - 
Other assets   578    527 
Total Assets  $1,460,583   $1,443,388 
           
Liabilities          
Debt  $714,650   $697,150 
Secured borrowings, at fair value (proceeds of $376 and $384, respectively)   380    389 
Interest payable   4,455    3,196 
Management and incentive fees payable   5,853    8,451 
Accounts payable and accrued expenses   1,468    1,397 
Accrued trustee fees   59    66 
Total Liabilities   726,865    710,649 
Commitments and contingencies (Note 8)          
           
Net Assets          
Preferred stock, par value $0.001 per share, 1,000,000 shares authorized, zero shares issued and outstanding as of December 31, 2014 and September 30, 2014   -    - 
Common stock, par value $0.001 per share, 100,000,000 shares authorized, 47,171,518 and 47,119,498 shares issued and outstanding as of December 31, 2014 and September 30, 2014, respectively   47    47 
Paid in capital in excess of par   721,364    720,479 
Undistributed net investment income   3,106    3,627 
Net unrealized appreciation (depreciation) on investments and secured borrowings   11,583    12,694 
Net realized gain (loss) on investments   (2,382)   (4,108)
Total Net Assets   733,718    732,739 
Total Liabilities and Total Net Assets  $1,460,583   $1,443,388 
           
Number of common shares outstanding   47,171,518    47,119,498 
Net asset value per common share  $15.55   $15.55 

 

See Notes to Consolidated Financial Statements.

 

3
 

  

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Statements of Operations (unaudited)
(In thousands, except share and per share data)

 

   Three months ended December 31, 
   2014   2013 
Investment income          
From non-controlled/non-affiliate company investments:          
Interest income  $26,769   $24,157 
Dividend income   18    16 
Fee income   208    829 
Total investment income from non-controlled/non-affiliate company investments   26,995    25,002 
           
From non-controlled affiliate company investments:          
Interest income   -    225 
Fee income   -    171 
Total investment income from non-controlled affiliate company investments   -    396 
           
From controlled affiliate company investments:          
Interest income   550    181 
Total investment income from controlled affiliate company investments   550    181 
           
Total investment income   27,545    25,579 
           
Expenses          
Interest and other debt financing expenses   5,694    4,092 
Base management fee   4,821    3,824 
Incentive fee   1,071    3,032 
Professional fees   629    658 
Administrative service fee   607    582 
General and administrative expenses   166    131 
           
Total expenses   12,988    12,319 
           
Net investment income   14,557    13,260 
           
Net gain (loss) on investments and secured borrowings          
Net realized gains (losses):          
Non-controlled/non-affiliate company investments   1,726    (4,994)
Net realized gains (losses):   1,726    (4,994)
           
Net unrealized appreciation (depreciation):          
Non-controlled/non-affiliate company investments   (1,412)   6,133 
Non-controlled affiliate company investments   327    274 
Controlled affiliate company investments   (26)   240 
Net unrealized appreciation (depreciation)   (1,111)   6,647 
           
Net change in unrealized depreciation (appreciation) on secured borrowings   -    (76)
           
Net gain (loss) on investments and secured borrowings   615    1,577 
           
Net increase in net assets resulting from operations  $15,172   $14,837 
           
Per Common Share Data          
Basic and diluted earnings per common share  $0.32   $0.34 
Dividends and distributions declared per common share  $0.32   $0.32 
Basic and diluted weighted average common shares outstanding   47,121,194    43,285,250 

 

See Notes to Consolidated Financial Statements.

 

4
 

  

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Statements of Changes in Net Assets (unaudited)
(In thousands, except share data)

 

                   Net Unrealized         
                   Appreciation         
   Common Stock   Paid in Capital       (Depreciation) on         
       Par   in Excess   Undistributed Net   Investments and   Net Realized Gain   Total 
   Shares   Amount   of Par   Investment Income   Secured Borrowings   (Loss) on Investments   Net Assets 
Balance at September 30, 2013   43,282,932   $43   $652,669   $2,725   $9,225   $(6,426)  $658,236 
Issuance of common stock, net of offering and underwriting costs   -    -    -    -    -    -    - 
Net increase in net assets resulting from operations   -    -    -    13,260    6,571    (4,994)   14,837 
Distributions to stockholders:                                   
Stock issued in connection with dividend reinvestment plan   42,643    -    758    -    -    -    758 
Dividends and distributions   -    -    -    (13,850)   -    -    (13,850)
Balance at December 31, 2013   43,325,575   $43   $653,427   $2,135   $15,796   $(11,420)  $659,981 
Balance at September 30, 2014   47,119,498   $47   $720,479   $3,627   $12,694   $(4,108)  $732,739 
Issuance of common stock, net of offering and underwriting costs   -    -    -    -    -    -    - 
Net increase in net assets resulting from operations   -    -    -    14,557    (1,111)   1,726    15,172 
Distributions to stockholders:                                   
Stock issued in connection with dividend reinvestment plan   52,020    -    885    -    -    -    885 
Dividends and distributions   -    -    -    (15,078)   -    -    (15,078)
Balance at December 31, 2014   47,171,518   $47   $721,364   $3,106   $11,583   $(2,382)  $733,718 

 

See Notes to Consolidated Financial Statements.

 

5
 

  

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Statements of Cash Flows (unaudited)
(In thousands)

 

   Three Months Ended December 31, 
   2014   2013 
Cash flows from operating activities          
Net increase in net assets resulting from operations  $15,172   $14,837 
Adjustments to reconcile net increase in net assets resulting from operations  to net cash (used in) provided by operating activities          
Amortization of deferred financing costs   1,047    439 
Accretion of discounts and amortization of premiums   (1,670)   (1,865)
Net realized (gain) loss on investments   (1,726)   4,994 
Net change in unrealized (appreciation) depreciation on investments   1,111    (6,647)
Net change in unrealized appreciation (depreciation) on secured borrowings   -    76 
Proceeds from (fundings of) revolving loans, net   90    277 
Fundings of investments   (131,470)   (256,213)
Proceeds from principal payments and sales of portfolio investments   80,941    103,570 
PIK interest   (390)   653 
Changes in operating assets and liabilities:          
Interest receivable   (394)   138 
Receivable for investments sold   (2,232)   - 
Other assets   (51)   73 
Interest payable   1,259    1,882 
Management and incentive fees payable   (2,598)   1,172 
Payable for investments purchased   -    (2,020)
Accounts payable and accrued expenses   71    (265)
Accrued trustee fees   (7)   - 
Net cash (used in) provided by operating activities   (40,847)   (138,899)
           
Cash flows from investing activities          
Net change in restricted cash and cash equivalents   39,122    (1,384)
Net cash (used in) provided by investing activities   39,122    (1,384)
           
Cash flows from financing activities          
Borrowings on debt   33,550    215,350 
Repayments of debt   (16,050)   (50,250)
Capitalized debt financing costs   (968)   (1,581)
Proceeds from secured borrowings   -    16,448 
Repayments on secured borrowings   (9)   (11,010)
Dividends and distributions paid   (14,193)   (13,092)
Net cash (used in) provided by financing activities   2,330    155,865 
           
Net change in cash and cash equivalents   605    15,582 
           
Cash and cash equivalents, beginning of period   5,135    16,309 
           
Cash and cash equivalents, end of period  $5,740   $31,891 
           
Supplemental information:          
Cash paid during the period for interest  $3,383   $1,592 
Dividends and distributions declared during the period   15,078    13,850 

 

See Notes to Consolidated Financial Statements.

 

6
 

  

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited)
December 31, 2014
(In thousands)

 

      Spread                 Percentage     
   Investment  Above  Interest   Maturity  Principal / Par       of   Fair 
   Type  Index (1)  Rate(2)   Date  Amount   Cost   Net Assets   Value 
                              
Investments                                  
United States                                  
Debt investments                                  
Aerospace and Defense                                  
ILC Dover, LP  One stop  P + 4.50%   7.75%  03/2019  $600   $593    0.1%  $564 
ILC Dover, LP^  One stop  L + 5.50%   6.50%  03/2020   18,477    18,357    2.4    17,923 
ILC Industries, Inc.(3)  One stop  L + 4.75%   N/A(4)  07/2020   -    (31)   -    - 
ILC Industries, Inc.*^  One stop  L + 4.75%   5.75%  07/2020   28,331    28,069    3.8    28,331 
NTS Technical Systems(3)  One stop  L + 5.50%   N/A(4)  11/2018   -    (30)   -    - 
NTS Technical Systems*^  One stop  L + 5.50%   6.75%  11/2018   18,823    18,540    2.6    18,823 
NTS Technical Systems(3)  One stop  L + 5.50%   N/A(4)  11/2018   -    (63)   -    - 
Tresys Technology Holdings, Inc.  One stop  L + 6.75%   8.00%  12/2017   188    182    -    188 
Tresys Technology Holdings, Inc.  One stop  L + 6.75%   8.00%  12/2017   3,899    3,841    0.3    1,950 
Whitcraft LLC  Subordinated debt  N/A   12.00%  12/2018   1,877    1,858    0.3    1,877 
                  72,195    71,316    9.5    69,656 
Automobile                                  
American Driveline Systems, Inc.  Senior loan  L + 5.50%   7.17%  01/2016   306    303    -    267 
American Driveline Systems, Inc.*  Senior loan  L + 5.50%   7.00%  01/2016   2,790    2,771    0.3    2,511 
K&N Engineering, Inc.(3)  Senior loan  L + 4.25%   N/A(4)  07/2019   -    (4)   -    - 
K&N Engineering, Inc.^  Senior loan  L + 4.25%   5.25%  07/2019   2,905    2,855    0.4    2,905 
K&N Engineering, Inc.(3)  Senior loan  L + 4.25%   N/A(4)  07/2019   -    (18)   -    - 
Take 5 Oil Change, L.L.C.(3)  Senior loan  L + 5.25%   N/A(4)  07/2018   -    (7)   -    - 
Take 5 Oil Change, L.L.C.^  Senior loan  L + 5.25%   6.25%  07/2018   4,860    4,831    0.7    4,860 
                  10,861    10,731    1.4    10,543 
                                   
Banking                                  
HedgeServ Holding L.P.^  One stop  L + 8.25%   5.25% cash/4.00% PIK   02/2019   17,416    17,277    2.4    17,416 
HedgeServ Holding L.P.(3)  One stop  L + 4.25%   N/A(4)  02/2019   -    (8)   -    - 
Prommis Fin Co.(6)  Senior loan  P + 10.00%   13.25%  06/2015   82    81    -    2 
Prommis Fin Co.*(6)  Senior loan  N/A   2.25% cash/11.5% PIK   06/2015   119    119    -    3 
                  17,617    17,469    2.4    17,421 
Beverage, Food and Tobacco                                  
ABP Corporation  Senior loan  P + 3.50%   7.25%  09/2018   209    203    -    209 
ABP Corporation*  Senior loan  L + 4.75%   6.00%  09/2018   4,783    4,719    0.7    4,783 
ARG IH Corporation (Arby's)^  Senior loan  L + 3.75%   4.75%  11/2020   2,331    2,306    0.3    2,328 
Atkins Nutritionals, Inc*^  One stop  L + 5.00%   6.25%  01/2019   23,873    23,695    3.2    23,574 
Atkins Nutritionals, Inc*  One stop  L + 8.50%   9.75%  04/2019   21,636    21,343    2.9    21,527 
C. J. Foods, Inc.(3)  One stop  L + 5.50%   N/A(4)  05/2019   -    (9)   -    - 
C. J. Foods, Inc.(3)  One stop  L + 5.50%   N/A(4)  05/2019   -    (12)   -    - 
C. J. Foods, Inc.  One stop  L + 5.50%   6.50%  05/2019   3,216    3,174    0.4    3,216 
Candy Intermediate Holdings, Inc. (Ferrara Candy)^  Senior loan  L + 6.25%   7.50%  06/2018   4,875    4,775    0.6    4,717 
Diversified Foodservice Supply, Inc.(3)  Senior loan  L + 4.50%   N/A(4)  12/2018   -    (3)   -    - 
Diversified Foodservice Supply, Inc.*  Senior loan  L + 4.50%   5.75%  12/2018   4,556    4,520    0.6    4,556 
Firebirds International, LLC(3)  One stop  L + 6.25%   N/A(4)  05/2018   -    (2)   -    - 
Firebirds International, LLC*  One stop  L + 6.25%   7.50%  05/2018   1,090    1,077    0.2    1,090 
Firebirds International, LLC  One stop  L + 6.25%   7.50%  05/2018   304    299    -    304 
Firebirds International, LLC(3)  One stop  L + 6.25%   N/A(4)  05/2018   -    (4)   -    - 
First Watch Restaurants, Inc.(3)  One stop  L + 7.50%   N/A(4)  12/2018   -    (22)   -    - 
First Watch Restaurants, Inc.*^  One stop  L + 7.50%   8.75%  12/2018   14,327    14,174    2.0    14,327 
First Watch Restaurants, Inc.^  One stop  L + 7.50%   8.75%  12/2018   1,748    1,743    0.2    1,748 
IT'SUGAR LLC  Senior loan  L + 7.50%   9.00%  04/2018   7,547    7,445    1.0    7,547 
IT'SUGAR LLC  Subordinated debt  N/A   5.00%  10/2017   1,707    1,707    0.3    1,847 
Julio & Sons Company  One stop  L + 5.50%   6.50%  09/2017   426    417    0.1    426 
Julio & Sons Company*  One stop  L + 5.50%   6.50%  09/2017   6,960    6,903    0.9    6,960 
Julio & Sons Company(3)  One stop  L + 5.50%   N/A(4)  09/2017   -    (31)   -    - 
Northern Brewer, LLC  One stop  P + 9.25%   8.50% cash/4.00% PIK   02/2018   683    672    0.1    475 
Northern Brewer, LLC  One stop  P + 9.25%   8.50% cash/4.00% PIK   02/2018   6,386    6,272    0.6    4,470 
Tate's Bake Shop, Inc.(3)  Senior loan  L + 4.75%   N/A(4)  08/2019   -    (4)   -    - 
Tate's Bake Shop, Inc.^  Senior loan  L + 4.75%   5.75%  08/2019   3,000    2,972    0.4    3,000 
Tate's Bake Shop, Inc.(3)  Senior loan  L + 4.75%   N/A(4)  08/2019   -    (5)   -    - 
Uinta Brewing Company(3)  One stop  L + 6.00%   N/A(4)  08/2019   -    (7)   -    - 
Uinta Brewing Company^  One stop  L + 6.00%   7.00%  08/2019   3,228    3,198    0.5    3,228 
                  112,885    111,515    15.0    110,332 
Building and Real Estate                                  
Accruent, LLC*  One stop  L + 6.25%   7.28%  11/2019   4,757    4,710    0.6    4,709 
Brooks Equipment Company, LLC (3)  One stop  L + 5.75%   N/A(4)  08/2020   -    (19)   -    - 
Brooks Equipment Company, LLC*^  One stop  L + 5.75%   6.75%  08/2020   26,776    26,401    3.7    26,776 
ITEL Laboratories, Inc.(3)  Senior loan  L + 4.75%   N/A(4)  06/2018   -    (1)   -    - 

 

See Notes to Consolidated Financial Statements.

 

7
 

  

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) – (continued)
December 31, 2014
(In thousands)

 

      Spread                 Percentage     
   Investment  Above  Interest   Maturity  Principal / Par       of   Fair 
   Type  Index (1)  Rate(2)   Date  Amount   Cost   Net Assets   Value 
ITEL Laboratories, Inc.*  Senior loan  L + 4.75%   6.00%  06/2018   754    747    0.1    754 
                  32,287    31,838    4.4    32,239 
Cargo Transport                                  
RP Crown Parent (RedPrairie Corp)*  Senior loan  L + 5.00%   6.00%  12/2018   1,965    1,939    0.3    1,836 
                                   
Containers, Packaging and Glass                                  
Fort Dearborn Company*  Senior loan  P + 3.25%   5.90%  10/2017   7    6    -    7 
Fort Dearborn Company*^  Senior loan  L + 4.25%   5.25%  10/2017   498    496    0.1    498 
Fort Dearborn Company*  Senior loan  P + 3.75%   6.45%  10/2018   24    24    -    24 
Fort Dearborn Company*^  Senior loan  L + 4.75%   5.75%  10/2018   2,174    2,163    0.3    2,174 
Packaging Coordinators, Inc.*^  Senior loan  L + 4.25%   5.25%  08/2021   14,962    14,820    2.0    14,514 
Packaging Coordinators, Inc.  Second Lien  L + 8.00%   9.00%  08/2022   10,000    9,904    1.3    9,750 
                  27,665    27,413    3.7    26,967 
Diversified Conglomerate Manufacturing                                  
Chase Industries, Inc.*^  One stop  L + 5.75%   6.75%  09/2020   21,038    20,838    2.9    21,038 
Chase Industries, Inc.(3)  One stop  L + 5.75%   N/A(4)  09/2020   -    (21)   -    - 
Chase Industries, Inc.(3)  One stop  L + 5.75%   N/A(4)  09/2020   -    (46)   -    - 
ICCN Acquisition Corp.(3)  One stop  L + 5.25%   N/A(4)  03/2019   -    (4)   -    - 
ICCN Acquisition Corp.^  One stop  L + 5.25%   6.25%  03/2019   3,988    3,929    0.5    3,988 
ICCN Acquisition Corp.(3)  One stop  L + 5.25%   N/A(4)  03/2019   -    (13)   -    - 
Metal Spinners, Inc.*  Senior loan  L + 7.50%   9.00%  04/2015   1,280    1,277    0.2    1,280 
Metal Spinners, Inc.*  Senior loan  L + 7.50%   9.00%  04/2015   2,499    2,493    0.3    2,499 
Onicon Incorporated(3)  One stop  L + 4.50%   N/A(4)  12/2017   -    (10)   -    (12)
Onicon Incorporated*  One stop  L + 4.50%   5.84%  12/2017   3,328    3,286    0.4    3,279 
Onicon Incorporated  One stop  P + 3.50%   5.84%  12/2017   1,237    1,221    0.2    1,218 
Pasternack Enterprises, Inc.*  Senior loan  L + 5.00%   6.25%  12/2017   1,079    1,073    0.1    1,079 
Plex Systems, Inc.(3)  One stop  L + 7.50%   N/A(4)  06/2018   -    (26)   -    - 
Plex Systems, Inc.*^  One stop  L + 7.50%   8.75%  06/2018   18,797    18,415    2.6    18,797 
Sunless Merger Sub, Inc.(3)  Senior loan  L + 5.25%   N/A(4)  07/2016   -    (1)   -    (22)
Sunless Merger Sub, Inc.*  Senior loan  L + 5.25%   6.50%  07/2016   1,786    1,779    0.2    1,340 
TIDI Products, LLC(3)  One stop  L + 6.50%   N/A(4)  07/2017   -    (10)   -    - 
TIDI Products, LLC*^  One stop  L + 6.50%   7.75%  07/2018   16,677    16,463    2.3    16,677 
Vintage Parts, Inc.*  One stop  L + 4.50%   5.75%  12/2015   3,924    3,902    0.5    3,924 
Vintage Parts, Inc.*  One stop  L + 4.50%   5.75%  12/2015   54    54    -    54 
Vintage Parts, Inc.*  One stop  L + 4.50%   5.75%  12/2015   820    823    0.1    820 
                  76,507    75,422    10.3    75,959 
Diversified Conglomerate Service                                  
Accellos, Inc.(3)  One stop  L + 5.75%   N/A(4)  07/2020   -    (19)   -    - 
Accellos, Inc.^  One stop  L + 5.75%   6.76%  07/2020   31,035    30,679    4.2    31,035 
Aderant North America, Inc.*  Senior loan  L + 4.25%   5.25%  12/2018   4,220    4,192    0.6    4,220 
Agility Recovery Solutions Inc.(3)  One stop  L + 6.75%   N/A(4)  09/2018   -    (5)   -    - 
Agility Recovery Solutions Inc.*  One stop  L + 6.75%   8.00%  09/2018   8,076    7,952    1.1    8,076 
Bomgar Corporation(3)  One stop  L + 6.00%   N/A(4)  05/2019   -    (17)   -    - 
Bomgar Corporation*  One stop  L + 6.00%   7.00%  05/2020   29,350    28,886    4.0    29,350 
Daxko, LLC(3)  One stop  L + 7.75%   N/A(4)  03/2019   -    (22)   -    - 
Daxko, LLC  One stop  L + 7.75%   8.75%  03/2019   16,840    16,579    2.3    16,840 
DISA Holdings Acquisition Subsidiary Corp.  Senior loan  P + 3.50%   6.75%  12/2020   138    127    -    127 
DISA Holdings Acquisition Subsidiary Corp.^  Senior loan  P + 3.50%   6.75%  12/2020   4,637    4,592    0.6    4,591 
Integration Appliance, Inc.  One stop  L + 8.25%   9.50%  09/2018   719    711    0.1    719 
Integration Appliance, Inc.  One stop  L + 8.25%   9.50%  09/2018   5,396    5,295    0.7    5,396 
Integration Appliance, Inc.  One stop  L + 8.25%   9.50%  06/2019   7,914    7,737    1.1    7,914 
Marathon Data Operating Co., LLC (3)  One stop  L + 6.25%   N/A(4)  08/2017   -    (6)   -    - 
Marathon Data Operating Co., LLC  One stop  L + 6.25%   7.50%  08/2017   4,584    4,523    0.6    4,584 
NetSmart Technologies, Inc.*  One stop  L + 7.52%   8.77%  12/2017   8,014    7,964    1.1    8,014 
NetSmart Technologies, Inc.  One stop  L + 7.48%   8.73%  12/2017   633    629    0.1    633 
PC Helps Support, LLC(3)  Senior loan  L + 5.25%   N/A(4)  09/2017   -    (2)   -    - 
PC Helps Support, LLC  Senior loan  L + 5.00%   6.28%  09/2017   1,674    1,661    0.2    1,674 
Secure-24, LLC(3)  One stop  L + 6.00%   N/A(4)  08/2017   -    (4)   -    - 
Secure-24, LLC*  One stop  L + 6.00%   7.25%  08/2017   10,406    10,239    1.4    10,406 
Secure-24, LLC^  One stop  L + 6.00%   7.25%  08/2017   1,522    1,505    0.2    1,522 
SoftWriters, Inc.(3)  One stop  L + 4.75%   N/A(4)  05/2019   -    (2)   -    (5)
SoftWriters, Inc.(3)  One stop  L + 4.75%   N/A(4)  05/2019   -    (3)   -    (9)
SoftWriters, Inc.  One stop  L + 4.75%   5.75%  05/2019   6,395    6,372    0.9    6,331 
Source Medical Solutions, Inc.  Second Lien  L + 8.00%   9.00%  03/2018   9,294    9,157    1.2    9,015 
Vendavo, Inc.(3)  One stop  L + 8.50%   N/A(4)  10/2019   -    (15)   -    (16)
Vendavo, Inc.  One stop  L + 8.50%   9.50%  10/2019   15,501    15,167    2.1    15,308 
                  166,348    163,872    22.5    165,725 

 

See Notes to Consolidated Financial Statements.

 

8
 

  

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) – (continued)
December 31, 2014
(In thousands)

 

      Spread                 Percentage     
   Investment  Above  Interest   Maturity  Principal / Par       of   Fair 
   Type  Index (1)  Rate(2)   Date  Amount   Cost   Net Assets   Value 
                              
Electronics                                  
Appriss Holdings, Inc. (3)  Senior loan  L + 4.75%   5.75%  11/2020   36    (7)   -    7 
Appriss Holdings, Inc.*  Senior loan  L + 4.75%   5.75%  11/2020   18,190    17,922    2.5    18,008 
ECI Acquisition Holdings, Inc.(3)  One stop  L + 6.25%   N/A(4)  03/2019   -    (16)   -    - 
ECI Acquisition Holdings, Inc.^  One stop  L + 6.25%   8.00%  03/2019   22,159    21,810    3.0    22,159 
ECI Acquisition Holdings, Inc.(3)  One stop  L + 6.25%   N/A(4)  03/2019   -    (75)   -    - 
Rogue Wave Holdings, Inc.*^  One stop  L + 9.04%   10.04%  12/2018   10,481    10,374    1.4    10,481 
Sloan Company, Inc., The(3)  One stop  L + 7.50%   N/A(4)  10/2018   -    (13)   -    - 
Sloan Company, Inc., The*^  One stop  L + 7.50%   8.75%  10/2018   12,943    12,820    1.8    12,943 
Sparta Holding Corporation(3)  One stop  L + 5.25%   N/A(4)  07/2020   -    (35)   -    - 
Sparta Holding Corporation*^  One stop  L + 6.75%   6.25% cash/1.50% PIK   07/2020   23,299    23,031    3.2    23,299 
Syncsort Incorporated(3)  Senior loan  L + 4.75%   N/A(4)  03/2019   -    (3)   -    - 
Syncsort Incorporated(3)  Senior loan  L + 4.75%   N/A(4)  03/2019   -    (12)   -    - 
Syncsort Incorporated*  Senior loan  L + 4.75%   5.75%  03/2019   6,127    6,076    0.8    6,127 
Systems Maintenance Services Holding, Inc.^  Senior loan  L + 4.00%   5.00%  10/2019   2,643    2,633    0.4    2,643 
Taxware, LLC*^  Second Lien  L + 8.38%   9.38%  10/2019   19,979    19,694    2.7    19,979 
Watchfire Enterprises, Inc.  Second Lien  L + 8.00%   9.00%  10/2021   9,435    9,276    1.3    9,435 
                  125,292    123,475    17.1    125,081 
                                   
Finance                                  
Ascensus, Inc.(3)  One stop  L + 4.00%   N/A(4)  11/2018   -    (15)   -    - 
Ascensus, Inc.^  One stop  L + 4.00%   5.00%  12/2019   4,182    4,113    0.6    4,182 
Ascensus, Inc.^  One stop  L + 8.00%   9.00%  12/2020   6,337    6,149    0.9    6,337 
Pillar Processing LLC*(6)  Senior loan  L + 5.50%   5.73%  11/2018   447    445    -    - 
Pillar Processing LLC*(6)  Senior loan  N/A   14.50%  05/2019   2,377    2,368    -    - 
                  13,343    13,060    1.5    10,519 
Grocery                                  
MyWebGrocer, Inc.(3)  One stop  L + 8.75%   N/A(4)  05/2018   -    (15)   -    - 
MyWebGrocer, Inc.^  One stop  L + 8.75%   6.00% cash/4.00% PIK   05/2018   14,271    14,072    1.9    14,271 
Teasdale Quality Foods, Inc.*  Senior loan  L + 4.25%   5.25%  10/2020   4,686    4,595    0.6    4,593 
                  18,957    18,652    2.5    18,864 
Healthcare, Education and Childcare                                  
Advanced Pain Management Holdings, Inc.(3)  Senior loan  L + 5.00%   N/A(4)  02/2018   -    (7)   -    - 
Advanced Pain Management Holdings, Inc.*  Senior loan  L + 5.00%   6.25%  02/2018   7,084    7,039    1.0    7,084 
Advanced Pain Management Holdings, Inc.  Senior loan  L + 5.00%   6.25%  02/2018   485    480    0.1    485 
Agilitas USA, Inc.^  Senior loan  L + 4.00%   5.00%  10/2020   2,464    2,441    0.3    2,440 
Avatar International, LLC(3)  One stop  L + 4.94%   N/A(4)  09/2016   -    (3)   -    - 
Avatar International, LLC*  One stop  L + 7.89%   6.19% cash/2.95% PIK   09/2016   7,633    7,589    0.7    4,961 
Avatar International, LLC  One stop  L + 7.89%   6.19% cash/2.95% PIK   09/2016   1,647    1,640    0.1    1,070 
California Cryobank, LLC  One stop  P + 4.25%   7.50%  08/2019   86    84    -    86 
California Cryobank, LLC^  One stop  L + 5.50%   6.50%  08/2019   1,550    1,536    0.2    1,550 
California Cryobank, LLC  One stop  L + 5.50%   6.50%  08/2019   43    41    -    43 
Certara L.P.  One stop  P + 5.00%   8.25%  12/2018   1,027    1,010    0.1    1,027 
Certara L.P.*^  One stop  L + 6.25%   7.25%  12/2018   26,760    26,446    3.6    26,760 
CLP Healthcare Services, Inc.^  Senior loan  L + 4.75%   5.75%  12/2020   4,451    4,406    0.6    4,429 
CPI Buyer, LLC (Cole-Parmer)*^  Senior loan  L + 4.50%   5.50%  08/2021   14,000    13,475    1.9    13,790 
Data Innovations LLC  One stop  L + 7.74%   8.74%  05/2019   8,778    8,607    1.2    8,778 
Delta Educational Systems*  Senior loan  P + 4.75%   8.00%  12/2016   1,646    1,629    0.2    1,580 
Delta Educational Systems(3)  Senior loan  L + 6.00%   N/A(4)  12/2016   -    -    -    (3)
Encore Rehabilitation Services, LLC(3)  One stop  L + 6.00%   N/A(4)  06/2017   -    (8)   -    - 
Encore Rehabilitation Services, LLC  One stop  L + 6.00%   7.25%  06/2017   4,936    4,870    0.7    4,936 
G & H Wire Company, Inc.(3)  Senior loan  L + 5.75%   N/A(4)  12/2017   -    (6)   -    - 
G & H Wire Company, Inc.*^  Senior loan  L + 5.75%   6.75%  12/2017   12,870    12,746    1.8    12,870 
Global Healthcare Exchange, LLC(3)  One stop  L + 7.50%   N/A(4)  03/2020   -    (22)   -    (38)
Global Healthcare Exchange, LLC*^  One stop  L + 7.50%   8.50%  03/2020   37,161    36,314    5.0    36,604 
GSDM Holdings Corp.  Senior loan  L + 4.25%   5.32%  06/2019   767    764    0.1    767 
IntegraMed America, Inc.  One stop  L + 7.25%   8.50%  09/2017   406    396    0.1    406 
IntegraMed America, Inc.*^  One stop  L + 7.25%   8.50%  09/2017   15,095    14,906    2.1    15,095 
Joerns Healthcare, LLC  One stop  L + 5.00%   6.00%  05/2020   9,770    9,682    1.3    9,660 
Maverick Healthcare Group, LLC*  Senior loan  L + 5.50%   7.25%  12/2016   1,979    1,957    0.3    1,939 
Northwestern Management Services, LLC  Senior loan  P + 4.00%   7.25%  10/2017   114    105    -    114 
Northwestern Management Services, LLC*  Senior loan  L + 5.25%   6.50%  10/2017   3,952    3,906    0.5    3,952 
Northwestern Management Services, LLC  Senior loan  L + 5.25%   6.50%  10/2017   47    44    -    47 
Onsite Holding Corp.(3)  One stop  L + 5.25%   N/A(4)  06/2020   -    (41)   -    - 
Onsite Holding Corp.*^  One stop  L + 5.25%   6.25%  06/2020   26,921    26,705    3.7    26,921 
Paradigm Management Services, LLC^  Senior loan  L + 4.50%   5.51%  01/2019   2,740    2,720    0.4    2,740 
Pentec Acquisition Sub, Inc.(3)  Senior loan  L + 5.25%   N/A(4)  05/2017   -    (2)   -    - 
Pentec Acquisition Sub, Inc.*  Senior loan  L + 5.25%   6.50%  05/2018   1,705    1,685    0.2    1,705 

 

See Notes to Consolidated Financial Statements.

 

9
 

  

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) – (continued)
December 31, 2014
(In thousands)

 

      Spread                 Percentage     
   Investment  Above  Interest   Maturity  Principal / Par       of   Fair 
   Type  Index (1)  Rate(2)   Date  Amount   Cost   Net Assets   Value 
Pyramid Healthcare, Inc.^  One stop  P + 4.50%   7.75%  08/2019   254    249    -    254 
Pyramid Healthcare, Inc.^  One stop  L + 5.75%   6.75%  08/2019   7,588    7,527    1.0    7,588 
Radiology Partners, Inc.(3)  One stop  L + 5.00%   N/A(4)  09/2020   -    (7)   -    - 
Radiology Partners, Inc.*^  One stop  L + 5.00%   6.00%  09/2020   17,166    16,906    2.3    17,166 
Radiology Partners, Inc.(3)  One stop  L + 5.00%   N/A(4)  09/2020   -    (44)   -    - 
Reliant Pro ReHab, LLC  Senior loan  P + 4.00%   7.25%  06/2017   119    112    -    119 
Reliant Pro ReHab, LLC*  Senior loan  L + 5.00%   6.00%  06/2017   3,280    3,251    0.4    3,280 
Renaissance Pharma (U.S.) Holdings Inc.  Senior loan  P + 3.00%   6.25%  05/2018   118    115    -    118 
Renaissance Pharma (U.S.) Holdings Inc.*^  Senior loan  L + 4.00%   5.00%  05/2018   4,006    3,959    0.5    4,006 
Southern Anesthesia and Surgical(3)  One stop  L + 5.50%   N/A(4)  11/2017   -    (9)   -    - 
Southern Anesthesia and Surgical  One stop  L + 5.50%   6.50%  11/2017   5,997    5,899    0.8    5,997 
Southern Anesthesia and Surgical(3)  One stop  L + 5.50%   N/A(4)  11/2017   -    (37)   -    - 
Spear Education, LLC(3)  One stop  L + 5.50%   N/A(4)  08/2019   -    (6)   -    - 
Spear Education, LLC*^  One stop  L + 5.50%   6.50%  08/2019   6,005    5,964    0.8    6,005 
Spear Education, LLC  One stop  L + 5.50%   N/A(4)  08/2019   -    -    -    - 
Surgical Information Systems, LLC^  Senior loan  L + 3.50%   4.50%  09/2018   2,018    2,014    0.3    2,018 
U.S. Anesthesia Partners, Inc.  One stop  L + 5.00%   6.00%  12/2019   5,985    5,957    0.8    5,985 
WIL Research Company, Inc.*  Senior loan  L + 4.50%   5.75%  02/2018   774    768    0.1    751 
Young Innovations, Inc.(3)  Senior loan  L + 4.25%   N/A(4)  01/2018   -    (3)   -    - 
Young Innovations, Inc.*^  Senior loan  L + 4.25%   5.25%  01/2019   5,430    5,400    0.7    5,430 
                  254,857    251,149    33.9    250,515 
                                   
Home and Office Furnishings, Housewares, and Durable Consumer                                  
Plano Molding Company, LLC^  Senior loan  L + 4.25%   5.25%  10/2018   1,971    1,960    0.3    1,971 
WII Components, Inc.  Senior loan  L + 4.50%   N/A(4)  07/2018   -    -    -    - 
WII Components, Inc.*  Senior loan  L + 4.50%   5.50%  07/2018   1,123    1,118    0.2    1,123 
Zenith Products Corporation(6)  One stop  P + 3.75%   7.00%  09/2013   81    48    -    40 
Zenith Products Corporation*(6)  One stop  P + 5.50%   8.75%  09/2013   4,376    3,926    0.3    2,188 
                  7,551    7,052    0.8    5,322 
Insurance                                  
Captive Resources Midco, LLC (3)  One stop  L + 5.00%   N/A(4)  01/2019   -    (15)   -    - 
Captive Resources Midco, LLC*^  One stop  L + 5.00%   6.50%  01/2019   19,603    19,437    2.7    19,603 
                  19,603    19,422    2.7    19,603 
Investment Funds and Vehicles                                  
Senior loan Fund LLC (7)(8)  Subordinated debt  L + 8.00%   8.16%  05/2020   28,871    28,871    3.9    28,871 
                                   
Leisure, Amusement, Motion Pictures and Entertainment                                  
Competitor Group, Inc.  One stop  P + 6.75%   9.76%  11/2018   884    874    0.1    760 
Competitor Group, Inc.*  One stop  L + 9.25%   9.00% cash/1.50% PIK   11/2018   12,840    12,697    1.6    11,556 
Octane Fitness, LLC(3)  One stop  L + 5.25%   N/A(4)  10/2018   -    (3)   -    - 
Octane Fitness, LLC*  One stop  L + 5.25%   6.50%  10/2018   7,972    7,941    1.1    7,972 
Pride Manufacturing Company, LLC*  Senior loan  L + 6.00%   7.75%  11/2015   452    450    0.1    452 
Self Esteem Brands, LLC(3)  Senior loan  L + 4.00%   N/A(4)  02/2020   -    (4)   -    - 
Self Esteem Brands, LLC^  Senior loan  L + 4.00%   5.00%  02/2020   7,299    7,260    1.0    7,299 
Starplex Operating, L.L.C.  One stop  L + 7.00%   8.00%  12/2017   192    179    -    192 
Starplex Operating, L.L.C.*^  One stop  L + 7.00%   8.00%  12/2017   10,054    9,900    1.4    10,054 
Titan Fitness, LLC (3)  One stop  L + 6.50%   N/A(4)  09/2019   -    (21)   -    - 
Titan Fitness, LLC*  One stop  L + 6.50%   7.75%  09/2019   13,568    13,319    1.8    13,568 
Titan Fitness, LLC (3)  One stop  L + 6.50%   N/A(4)  09/2019   -    (21)   -    - 
                  53,261    52,571    7.1    51,853 
Mining, Steel, Iron and Non-Precious Metals                                  
Benetech, Inc.  One stop  P + 7.75%   11.00%  10/2017   273    265    -    273 
Benetech, Inc.*  One stop  L + 9.00%   10.25%  10/2017   4,950    4,915    0.7    4,950 
                  5,223    5,180    0.7    5,223 
Oil and Gas                                  
Drilling Info, Inc.(3)(5)  One stop  L + 5.00%   N/A(4)  06/2018   -    (1)   -    - 
Drilling Info, Inc.(5)^  One stop  L + 5.00%   6.00%  06/2018   1,307    1,299    0.2    1,307 
Drilling Info, Inc.(3)(5)  One stop  L + 5.00%   N/A(4)  06/2018   -    (6)   -    - 
                  1,307    1,292    0.2    1,307 
Personal and Non-Durable Consumer Products                                  
C.B. Fleet Company, Incorporated(3)  Senior loan  L + 4.50%   N/A(4)  10/2020   -    (10)   -    (8)
C.B. Fleet Company, Incorporated(3)  Senior loan  L + 4.50%   N/A(4)  10/2020   -    (22)   -    (18)
C.B. Fleet Company, Incorporated^  Senior loan  L + 4.50%   5.50%  10/2020   5,659    5,590    0.8    5,602 
Massage Envy, LLC(3)  One stop  L + 7.25%   N/A(4)  09/2018   -    (12)   -    - 
Massage Envy, LLC*  One stop  L + 7.25%   8.50%  09/2018   15,999    15,752    2.2    15,999 
Rug Doctor LLC(3)  Senior loan  L + 5.25%   N/A(4)  12/2016   -    (8)   -    - 
Rug Doctor LLC*  Senior loan  L + 5.25%   6.25%  12/2016   5,296    5,261    0.7    5,296 

 

See Notes to Consolidated Financial Statements.

 

10
 

  

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) – (continued)
December 31, 2014
(In thousands)

 

      Spread                 Percentage     
   Investment  Above  Interest   Maturity  Principal / Par       of   Fair 
   Type  Index (1)  Rate(2)   Date  Amount   Cost   Net Assets   Value 
Team Technologies Acquisition Company^  Senior loan  L + 5.00%   6.25%  12/2017   4,819    4,781    0.7    4,819 
Team Technologies Acquisition Company  Senior loan  P + 3.75%   7.00%  12/2017   152    150    -    152 
                  31,925    31,482    4.4    31,842 
Personal, Food and Miscellaneous Services                                  
Affordable Care Inc.(3)  Senior loan  L + 4.50%   N/A(4)  12/2017   -    (2)   -    - 
Affordable Care Inc.^  Senior loan  L + 4.50%   5.50%  12/2018   4,006    3,973    0.5    4,006 
Focus Brands Inc.^  Second Lien  L + 9.00%   10.25%  08/2018   11,195    11,099    1.5    11,278 
Ignite Restaurant Group, Inc (Joe's Crab Shack)^  One stop  L + 7.00%   8.00%  02/2019   6,155    6,070    0.8    6,155 
PetVet Care Centers LLC(3)  Senior loan  L + 4.50%   N/A(4)  12/2019   -    (25)   -    (14)
PetVet Care Centers LLC(3)  Senior loan  L + 4.50%   N/A(4)  12/2020   -    (46)   -    (25)
PetVet Care Centers LLC*^  Senior loan  L + 4.50%   5.50%  12/2020   11,941    11,719    1.6    11,821 
R.G. Barry Corporation*  Senior loan  L + 5.00%   6.00%  09/2019   6,787    6,703    0.9    6,787 
Vetcor Merger Sub LLC  One stop  L + 6.50%   7.75%  12/2017   472    467    0.1    472 
Vetcor Merger Sub LLC*^  One stop  L + 6.50%   7.75%  12/2017   5,825    5,786    0.8    5,825 
Vetcor Merger Sub LLC(3)  One stop  L + 6.50%   N/A(4)  12/2017   -    (1)   -    - 
Vetcor Merger Sub LLC^  One stop  L + 6.50%   7.75%  12/2017   370    370    0.1    370 
Vetcor Merger Sub LLC^  One stop  L + 6.50%   7.75%  12/2017   571    571    0.1    571 
Vetcor Merger Sub LLC^  One stop  L + 6.50%   7.75%  12/2017   382    382    0.1    382 
Vetcor Merger Sub LLC  One stop  L + 6.50%   7.75%  12/2017   646    646    0.1    646 
Vetcor Merger Sub LLC  One stop  L + 6.50%   7.75%  12/2017   62    62    -    62 
                  48,412    47,774    6.6    48,336 
Printing and Publishing                                  
Market Track, LLC(3)  One stop  L + 6.00%   N/A(4)  10/2019   -    (17)   -    - 
Market Track, LLC*^  One stop  L + 6.00%   7.25%  10/2019   29,197    28,963    4.0    29,197 
Market Track, LLC  One stop  L + 6.00%   7.25%  10/2019   1,213    1,197    0.2    1,213 
                  30,410    30,143    4.2    30,410 
Retail Stores                                  
Benihana, Inc.(3)  One stop  L + 5.50%   N/A(4)  07/2018   -    (57)   -    - 
Benihana, Inc.*^  One stop  L + 5.50%   6.75%  01/2019   15,554    15,168    2.1    15,554 
Boot Barn, Inc.*^  One stop  L + 5.75%   6.75%  05/2019   8,939    8,727    1.2    8,939 
Boot Barn, Inc.*  One stop  L + 5.75%   6.75%  05/2019   2,827    2,803    0.4    2,827 
Capital Vision Services, LLC(3)  One stop  L + 6.00%   N/A(4)  12/2019   -    (21)   -    (9)
Capital Vision Services, LLC*^  One stop  L + 6.00%   7.00%  12/2019   26,785    26,540    3.6    26,619 
Capital Vision Services, LLC^  One stop  L + 6.00%   7.00%  12/2019   1,510    1,497    0.2    1,500 
Capital Vision Services, LLC  One stop  L + 6.00%   7.00%  12/2019   1,521    1,515    0.2    1,512 
Capital Vision Services, LLC  One stop  L + 6.00%   7.00%  12/2019   773    763    0.1    763 
DentMall MSO, LLC  One stop  L + 5.00%   6.00%  07/2019   678    655    0.1    678 
DentMall MSO, LLC  One stop  L + 5.00%   6.00%  07/2019   10,328    10,235    1.4    10,328 
DTLR, Inc.*^  One stop  L + 8.00%   11.00%  12/2015   15,675    15,623    2.1    15,675 
Express Oil Change, LLC  Senior loan  L + 4.75%   6.12%  12/2017   149    147    -    149 
Express Oil Change, LLC*  Senior loan  P + 3.50%   6.75%  12/2017   1,918    1,906    0.3    1,918 
Express Oil Change, LLC  Senior loan  P + 3.50%   6.75%  12/2017   109    108    -    109 
Floor & Decor Outlets of America, Inc.*^  One stop  L + 6.50%   7.75%  05/2019   11,216    11,114    1.5    11,216 
Marshall Retail Group, LLC, The(3)  One stop  L + 6.00%   N/A(4)  08/2019   -    (26)   -    - 
Marshall Retail Group, LLC, The(3)  One stop  L + 6.00%   N/A(4)  08/2020   -    (11)   -    - 
Marshall Retail Group, LLC, The^  One stop  L + 6.00%   7.00%  08/2020   12,424    12,278    1.7    12,424 
Paper Source, Inc.  One stop  L + 6.25%   N/A(4)  09/2018   -    (10)   -    - 
Paper Source, Inc.*^  One stop  L + 6.25%   7.25%  09/2018   12,545    12,450    1.7    12,545 
Restaurant Holding Company, LLC  Senior loan  L + 7.75%   8.75%  02/2019   4,964    4,922    0.6    4,368 
Rubio's Restaurants, Inc*^  Senior loan  L + 4.75%   6.00%  11/2018   9,353    9,346    1.3    9,353 
Sneaker Villa, Inc.  One stop  P + 7.00%   11.50%  12/2017   1,253    1,236    0.2    1,253 
Sneaker Villa, Inc.  One stop  L + 8.50%   10.00%  12/2017   4,404    4,318    0.6    4,404 
Sneaker Villa, Inc.^  One stop  L + 8.50%   10.00%  12/2017   627    618    0.1    627 
Sneaker Villa, Inc.^  One stop  L + 8.50%   10.00%  12/2017   1,230    1,214    0.2    1,230 
Sneaker Villa, Inc.(3)  One stop  L + 8.50%   N/A(4)  12/2017   -    (15)   -    - 
Sneaker Villa, Inc.^  One stop  L + 8.50%   10.00%  12/2017   4,234    4,196    0.6    4,191 
Sneaker Villa, Inc.  One stop  L + 8.50%   10.00%  12/2017   1,253    1,230    0.2    1,228 
Specialty Catalog Corp.(3)  One stop  L + 6.00%   N/A(4)  07/2017   -    (4)   -    - 
Specialty Catalog Corp.  One stop  L + 6.00%   7.50%  07/2017   4,502    4,471    0.6    4,502 
Vision Source L.P.  One stop  L + 6.00%   7.00%  08/2019   205    202    -    198 
Vision Source L.P.*^  One stop  L + 6.00%   7.00%  08/2019   17,715    17,607    2.4    17,537 
                  172,691    170,745    23.4    171,638 
Telecommunications                                  
Arise Virtual Solutions, Inc.(3)  One stop  L + 5.50%   N/A(4)  12/2018   -    (10)   -    - 
Arise Virtual Solutions, Inc.*^  One stop  L + 5.50%   6.75%  12/2018   13,781    13,672    1.9    13,781 
Hosting.com Inc.  Senior loan  P + 3.25%   6.50%  12/2017   27    26    -    27 
Hosting.com Inc.*  Senior loan  L + 4.50%   5.75%  12/2017   843    834    0.1    843 
ITC Global, Inc.  One stop  P + 5.50%   8.42%  07/2018   867    856    0.1    867 

 

See Notes to Consolidated Financial Statements.

 

11
 

  

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) – (continued)
December 31, 2014
(In thousands)

 

      Spread                 Percentage     
   Investment  Above  Interest   Maturity  Principal / Par       of   Fair 
   Type  Index (1)  Rate(2)   Date  Amount   Cost   Net Assets   Value 
ITC Global, Inc.*  One stop  L + 6.75%   7.75%  07/2018   8,280    8,214    1.1    8,280 
ITC Global, Inc.^  One stop  L + 6.75%   7.75%  07/2018   1,413    1,401    0.2    1,413 
                  25,211    24,993    3.4    25,211 
Textile and Leather                                  
5.11, Inc.*^  Senior loan  L + 5.00%   6.00%  02/2020   1,029    1,024    0.1    1,027 
Southern Tide, LLC (3)  One stop  L + 6.75%   N/A(4)  06/2019   -    (8)   -    - 
Southern Tide, LLC^  One stop  L + 6.75%   7.75%  06/2019   4,085    4,049    0.6    4,085 
                  5,114    5,065    0.7    5,112 
Utilities                                  
PowerPlan Consultants, Inc.(3)  Senior loan  L + 4.25%   N/A(4)  10/2018   -    (1)   -    - 
PowerPlan Consultants, Inc.*^  Senior loan  L + 4.25%   5.28%  10/2019   3,310    3,269    0.5    3,310 
                  3,310    3,268    0.5    3,310 
                                   
Total debt investments United States                $1,363,668   $1,345,709    183.1%  $1,343,695 
                                   
Fair Value as a percentage of Principal Amount                                98.5%

 

See Notes to Consolidated Financial Statements.

 

12
 

  

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2014
(In thousands)

 

      Spread                   Percentage     
   Investment  Above   Interest   Maturity   Shares /       of   Fair 
   Type  Index (1)   Rate(2)   Date   Contracts   Cost   Net Assets   Value 
                                
Equity Investments (9)                                      
Aerospace and Defense                                      
NTS Technical Systems  Common stock   N/A    N/A    N/A    2   $1,506    0.2%  $1,829 
Tresys Technology Holdings, Inc.  Common stock   N/A    N/A    N/A    295    295    -    - 
Whitcraft LLC  Common stock   N/A    N/A    N/A    1    670    0.1    513 
Whitcraft LLC  Warrant   N/A    N/A    N/A    -    -    -    100 
                           2,471    0.3   2,442 
Automobile                                      
K&N Engineering, Inc.  Preferred stock A   N/A    N/A    N/A    -    -    -    10 
K&N Engineering, Inc.  Preferred stock B   N/A    N/A    N/A    -    -    -    10 
K&N Engineering, Inc.  Common stock   N/A    N/A    N/A    -    -    -    77 
                           -    -   97 
Beverage, Food and Tobacco                                      
Atkins Nutritionals, Inc.  LLC interest   N/A    N/A    N/A    57    746    0.2    1,250 
C. J. Foods, Inc.  Preferred stock A   N/A    N/A    N/A    -    157    -    161 
First Watch Restaurants, Inc.  Common stock   N/A    N/A    N/A    8    816    0.1    898 
Goode Seed Co-Invest, LLC  LLC units   N/A    N/A    N/A    356    356    0.1    415 
Julio & Sons Company  LLC interest   N/A    N/A    N/A    521    521    0.1    469 
Northern Brewer, LLC  LLC interest   N/A    N/A    N/A    438    362    -    - 
Richelieu Foods, Inc.  LP interest   N/A    N/A    N/A    220    220    -    173 
Tate's Bake Shop, Inc.  LP interest   N/A    N/A    N/A    -    462    0.1    462 
Uinta Brewing Company  LP interest   N/A    N/A    N/A    -    462    0.1    462 
                           4,102    0.7   4,290 
                                       
Buildings and Real Estate                                      
Brooks Equipment Company, LLC  Common stock </