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EX-32.1 - EXHIBIT 32.1 - GOLUB CAPITAL INVESTMENT Corpgcicexhibit321.htm
EX-31.2 - EXHIBIT 31.2 - GOLUB CAPITAL INVESTMENT Corpgcicexhibit312.htm
EX-31.1 - EXHIBIT 31.1 - GOLUB CAPITAL INVESTMENT Corpgcicexhibit311.htm

______________________________________________________________________________________________________ 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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, 2016

OR

o         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 814-01128

Golub Capital Investment Corporation
(Exact name of registrant as specified in its charter)

Maryland
 
47-1893276
(State or other jurisdiction of incorporation or organization)
 
 (I.R.S. Employer Identification No.)

666 Fifth Avenue, 18th Floor
New York, NY 10103
(Address of principal executive offices)

(212) 750-6060
(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 o   No þ

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 o No   o

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

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

As of February 13, 2017, the Registrant had 41,769,495.016 shares of common stock, $0.001 par value, outstanding.







Part I. Financial Information
  
Item 1.
Financial Statements
 
Consolidated Statements of Financial Condition as of December 31, 2016 (unaudited) and September 30, 2016
 
Consolidated Statements of Operations for the three months ended December 31, 2016 (unaudited) and 2015 (unaudited)
 
Consolidated Statements of Changes in Net Assets for the three months ended December 31, 2016 (unaudited) and 2015 (unaudited)
 
Consolidated Statements of Cash Flows for the three months ended December 31, 2016 (unaudited) and 2015 (unaudited)
 
Consolidated Schedules of Investments as of December 31, 2016 (unaudited) and September 30, 2016
 
Notes to Consolidated Financial Statements (unaudited)
Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3.
Quantitative And Qualitative Disclosures About Market Risk
Item 4.
Controls and Procedures
Part II. Other Information
 
Item 1.
Legal Proceedings
Item 1A.
Risk Factors
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
Item 3.
Defaults Upon Senior Securities
Item 4.
Mine Safety Disclosures
Item 5.
Other Information
Item 6.
Exhibits



2


Golub Capital Investment Corporation and Subsidiaries
Consolidated Statements of Financial Condition (unaudited)
(In thousands, except share and per share data)


 
December 31, 2016
 
September 30, 2016
 
(unaudited)
 
 
Assets
  

 
  

Investments, at fair value
  

 
  

Non-controlled/non-affiliate company investments
$
1,056,795

 
$
1,021,754

Controlled affiliate company investments
56,960

 
47,956

Total investments at fair value (amortized cost of $1,101,842 and $1,061,376, respectively)
1,113,755

 
1,069,710

Cash and cash equivalents
4,883

 
4,675

Restricted cash and cash equivalents
34,417

 
71,056

Interest receivable
3,482

 
3,308

Other assets
370

 
249

Total Assets
$
1,156,907

 
$
1,148,998

Liabilities
  

 
  

Debt
$
518,050

 
$
520,600

Less unamortized debt issuance costs
4,197

 
5,073

Debt less unamortized debt issuance costs
513,853

 
515,527

Interest payable
3,406

 
1,414

Distributions payable
5,553

 
9,869

Management and incentive fees payable
6,254

 
4,960

Accounts payable and accrued expenses
1,261

 
902

Accrued trustee fees
37

 
19

Total Liabilities
530,364

 
532,691

Commitments and Contingencies (Note 9)
  

 
  

Net Assets
  

 
  

Preferred stock, par value $0.001 per share, 1,000,000 shares authorized, zero shares issued and outstanding as of December 31, 2016 and September 30, 2016

 

Common stock, par value $0.001 per share, 100,000,000 shares authorized, 41,769,495.016 and 41,087,178.250 shares issued and outstanding as of December 31, 2016 and September 30, 2016, respectively
42

 
41

Paid in capital in excess of par
626,253

 
616,018

Capital distributions in excess of net investment income
(10,794
)
 
(7,158
)
Net unrealized appreciation (depreciation) on investments
11,913

 
8,334

Net realized gain (loss) on investments
(871
)
 
(928
)
Total Net Assets
626,543

 
616,307

Total Liabilities and Total Net Assets
$
1,156,907

 
$
1,148,998

Number of common shares outstanding
41,769,495.016

 
41,087,178.250

Net asset value per common share
$
15.00

 
$
15.00


See Notes to Consolidated Financial Statements.




3


Golub Capital Investment Corporation and Subsidiaries
Consolidated Statements of Operations (unaudited)
(In thousands, except share and per share data)


 
Three months ended December 31,
  
2016
 
2015
Investment income
  

 
  

From non-controlled/non-affiliate company investments:
  

 
  

Interest income
$
20,749

 
$
10,010

Dividend income
1

 

Fee income
146

 
16

Total investment income from non-controlled/non-affiliate company investments
20,896

 
10,026

From controlled affiliate company investments:
  

 
  

Interest income
732

 
485

Dividend income
421

 

Total investment income from controlled affiliate company investments
1,153

 
485

Total investment income
22,049

 
10,511

Expenses
  

 
  

Interest and other debt financing expenses
4,922

 
2,214

Base management fee
3,796

 
1,990

Incentive fee
2,744

 
802

Professional fees
442

 
325

Administrative service fee
362

 
213

General and administrative expenses
30

 
10

Total expenses
12,296

 
5,554

Base management fee waived (Note 4)
(1,035
)
 
(543
)
Incentive fee waived (Note 4)
(16
)
 

Net expenses
11,245

 
5,011

Net investment income
10,804

 
5,500

 
 
 
 
Net gain (loss) on investments
  

 
  

Net realized gain (loss) on investments:
  

 
  

Non-controlled/non-affiliate company investments
197

 
685

Net realized gain (loss) on investments
197

 
685

Net change in unrealized appreciation (depreciation) on investments:
  

 
  

Non-controlled/non-affiliate company investments
3,378

 
516

Controlled affiliate company investments
201

 
(43
)
Net change in unrealized appreciation (depreciation) on investments
3,579

 
473

Net gain (loss) on investments
3,776

 
1,158

Net increase in net assets resulting from operations
$
14,580

 
$
6,658

Per Common Share Data
  

 
  

Basic and diluted earnings per common share
$
0.35

 
$
0.30

Basic and diluted weighted average common shares outstanding
41,252,583

 
22,146,132

See Notes to Consolidated Financial Statements.




4


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



 
 
 
 
 
 
 
Capital Distributions in Excess of Net Investment Income
 
 
 
 
 
 
 
Common Stock
 
Paid in Capital in Excess of Par
 
 
Net Unrealized Appreciation (Depreciation) on Investments
 
Net Realized Gain (loss) on Investments
 
Total Net Assets
 
Shares
 
Par Amount
 
 
 
 
 
Balance at September 30, 2015
20,843,155.219

 
$
21

 
$
312,626

 
$
(2,521
)
 
$
2,479

 
$
42

 
$
312,647

Issuance of common stock (1)
3,407,646.333

 
3

 
51,112

 
 
 
 
 
 
 
51,115

Net increase in net assets resulting from operations

 

 

 
5,500

 
473

 
685

 
6,658

Distributions to stockholders:
  

 
  

 
  

 
  

 
  

 
  

 
 
Stock issued in connection with dividend reinvestment plan
351,156.449

 

 
5,267

 

 

 

 
5,267

Distributions from net investment income

 

 

 
(4,481
)
 

 

 
(4,481
)
Distributions declared and payable

 

 

 
(2,177
)
 

 

 
(2,177
)
Total increase (decrease) for the period ended December 31, 2015
3,758,802.782

 
3

 
56,379

 
(1,158
)
 
473

 
685

 
56,382

Balance at December 31, 2015
24,601,958.001

 
$
24

 
$
369,005

 
$
(3,679
)
 
$
2,952

 
$
727

 
$
369,029

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at September 30, 2016
41,087,178.250

 
$
41

 
$
616,018

 
$
(7,158
)
 
$
8,334

 
$
(928
)
 
$
616,307

Net increase in net assets resulting from operations

 

 

 
10,804

 
3,579

 
197

 
14,580

Distributions to stockholders:
  

 
  

 
  

 
  

 
  

 
  

 
 
Stock issued in connection with dividend reinvestment plan
682,316.766

 
1

 
10,235

 

 

 

 
10,236

Distributions from net investment income

 

 

 
(8,887
)
 

 

 
(8,887
)
Distributions from realized gain

 

 

 

 

 
(140
)
 
(140
)
Distributions declared and payable

 

 

 
(5,553
)
 

 

 
(5,553
)
Total increase (decrease) for the period ended December 31, 2016
682,316.766

 
1

 
10,235

 
(3,636
)
 
3,579

 
57

 
10,236

Balance at December 31, 2016
41,769,495.016

 
$
42

 
$
626,253

 
$
(10,794
)
 
$
11,913

 
$
(871
)
 
$
626,543

 
(1) 
Refer to Note 3 for a detailed listing of the common stock share issuances for the three months ended December 31, 2015.

See Notes to Consolidated Financial Statements.






5


Golub Capital Investment Corporation and Subsidiaries
Consolidated Statements of Cash Flows (unaudited)
(In thousands)


 
Three months ended December 31,
  
2016
 
2015
Cash flows from operating activities
  

 
  

Net increase in net assets resulting from operations
$
14,580

 
$
6,658

Adjustments to reconcile net increase in net assets resulting from operations
to net cash (used in) provided by operating activities
  

 
  

Amortization of deferred debt issuance costs
899

 
478

Accretion of discounts and amortization of premiums
(1,390
)
 
(516
)
Net realized (gain) loss on investments
(197
)
 
(685
)
Net change in unrealized (appreciation) depreciation on investments
(3,579
)
 
(473
)
Proceeds from (fundings of) revolving loans, net
(601
)
 
(185
)
Fundings of investments
(103,185
)
 
(140,385
)
Proceeds from principal payments and sales of portfolio investments
65,338

 
113,640

PIK interest
(431
)
 
(28
)
Changes in operating assets and liabilities:
  

 
  

Interest receivable
(174
)
 
64

Receivable for investments sold

 
(5,320
)
Other assets
(121
)
 
95

Interest payable
1,992

 
62

Management and incentive fees payable
1,294

 
377

Payable for investments purchased

 
3,743

Accounts payable and accrued expenses
359

 
(144
)
Accrued trustee fees
18

 
(1
)
Net cash (used in) provided by operating activities
(25,198
)
 
(22,620
)
Cash flows from investing activities
  

 
  

Net change in restricted cash and cash equivalents
36,639

 
3,033

Net cash (used in) provided by investing activities
36,639

 
3,033

Cash flows from financing activities
  

 
  

Borrowings on debt
72,650

 
134,600

Repayments of debt
(75,200
)
 
(161,500
)
Capitalized debt issuance costs
(23
)
 
(22
)
Proceeds from issuance of common shares

 
51,115

Distributions paid
(8,660
)
 
(4,086
)
Net cash provided by (used in) financing activities
(11,233
)
 
20,107

Net change in cash and cash equivalents
208

 
520

Cash and cash equivalents, beginning of period
4,675

 
2,747

Cash and cash equivalents, end of period
$
4,883

 
$
3,267

Supplemental information:
  

 
  

Cash paid during the period for interest
$
2,030

 
$
1,673

Distributions declared during the period
14,580

 
6,658

Supplemental disclosure of noncash operating activity:
 
 
 
Funding of LLC equity interest in GCIC SLF
$
(34,917
)
 
$

Proceeds from subordinated notes in GCIC SLF principal payment
34,917

 

Supplemental disclosure of noncash financing activity:
 
 
 
Distributions payable
$
5,553

 
$
2,177

See Notes to Consolidated Financial Statements.


6


Golub Capital Investment Corporation and Subsidiaries
Consolidated Schedule of Investments (unaudited)
December 31, 2016
(In thousands)



 
Investment
Type
 
Spread
Above
Index(1)
 
Interest
Rate(2)
 
Maturity
Date
 
Principal/Par
Amount(3)
 
Amortized Cost
 
Percentage
of Net
Assets
 
Fair
Value
Investments
  
 
  
 
  
 
  
 
  

 
  

 
  

 
  

Non-controlled/non-affiliate company investments
 
 
  
 
  
 
  
 
  

 
  

 
  

 
  

Debt investments
  
 
  
 
  
 
  
 
  

 
  

 
  

 
  

Aerospace and Defense
  
 
  
 
  
 
  
 
  

 
  

 
  

 
  

ILC Dover, LP
One stop
 
L + 9.00%
 
8.00% cash/2.00% PIK
 
03/2020
 
$
2,366

 
$
2,314

 
0.3

%
$
2,082

ILC Dover, LP
One stop
 
L + 9.00%
 
8.00% cash/2.00% PIK
 
03/2019
 
105

 
102

 

 
93

NTS Technical Systems*
One stop
 
L + 6.25%
 
7.25%
 
06/2021
 
3,814

 
3,754

 
0.6

 
3,737

NTS Technical Systems(4)
One stop
 
L + 6.25%
 
N/A(5)
 
06/2021
 

 
(13
)
 

 
(11
)
NTS Technical Systems(4)
One stop
 
L + 6.25%
 
N/A(5)
 
06/2021
 

 
(22
)
 

 
(8
)
Tresys Technology Holdings, Inc.(6)
One stop
 
L + 6.75%
 
8.00%
 
12/2017
 
53

 
28

 

 
16

Tresys Technology Holdings, Inc.
One stop
 
L + 6.75%
 
8.00%
 
12/2017
 
8

 
8

 

 
8

Tronair Parent, Inc.
Senior loan
 
L + 4.50%
 
5.50%
 
09/2021
 
24

 
23

 

 
24

Whitcraft LLC*
One stop
 
L + 6.50%
 
7.50%
 
05/2020
 
6,728

 
6,681

 
1.1

 
6,728

Whitcraft LLC(4)
One stop
 
L + 6.50%
 
N/A(5)
 
05/2020
 

 
(1
)
 

 

 
 
 
 
 
 
 
 
 
13,098

 
12,874

 
2.0

 
12,669

Automobile
  
 
  
 
  
 
  
 
  

 
  

 
  

 
  

CH Hold Corp. (Caliber Collision)*
Senior loan
 
L + 5.25%
 
6.25%
 
11/2019
 
2,289

 
2,275

 
0.4

 
2,289

Dent Wizard International Corporation*
Senior loan
 
L + 4.75%
 
5.75%
 
04/2020
 
1,128

 
1,124

 
0.2

 
1,128

OEConnection LLC#*
Senior loan
 
L + 5.00%
 
6.00%
 
06/2022
 
11,139

 
10,876

 
1.8

 
11,139

OEConnection LLC(4)
Senior loan
 
L + 5.00%
 
N/A(5)
 
06/2021
 

 
(1
)
 

 

Polk Acquisition Corp.*
Senior loan
 
L + 5.00%
 
6.00%
 
06/2022
 
4,975

 
4,952

 
0.8

 
4,975

T5 Merger Corporation#*
One stop
 
L + 6.25%
 
7.25%
 
03/2022
 
28,473

 
28,016

 
4.5

 
28,188

T5 Merger Corporation
One stop
 
L + 6.25%
 
7.25%
 
03/2022
 
30

 
28

 

 
29

  
 
 
 
 
 
 
 
 
48,034

 
47,270

 
7.7

 
47,748

Beverage, Food and Tobacco
  
 
  
 
  
 
  
 
  

 
  

 
  

 
  

Abita Brewing Co., L.L.C.#
One stop
 
L + 8.00%
 
7.00% cash/2.00% PIK
 
04/2021
 
3,856

 
3,819

 
0.6

 
3,470

Abita Brewing Co., L.L.C.
One stop
 
L + 8.00%
 
7.00% cash/2.00% PIK
 
04/2021
 
9

 
8

 

 
7

ABP Corporation*
Senior loan
 
L + 4.75%
 
6.00%
 
09/2018
 
603

 
602

 
0.1

 
572

ABP Corporation
Senior loan
 
P + 3.50%
 
7.25%
 
09/2018
 
38

 
38

 

 
34

Benihana, Inc.#*
One stop
 
L + 7.00%
 
8.25%
 
01/2019
 
321

 
321

 
0.1

 
319

Benihana, Inc.
One stop
 
L + 7.00%
 
8.84%
 
07/2018
 
20

 
20

 

 
20

C. J. Foods, Inc.*
One stop
 
L + 5.00%
 
6.00%
 
05/2019
 
7,628

 
7,628

 
1.2

 
7,628

C. J. Foods, Inc.
One stop
 
L + 5.00%
 
6.00%
 
05/2019
 
1,609

 
1,609

 
0.3

 
1,609

C. J. Foods, Inc.
One stop
 
L + 5.00%
 
6.00%
 
05/2019
 
525

 
525

 
0.1

 
525

Firebirds International, LLC*
One stop
 
L + 5.75%
 
7.00%
 
05/2018
 
3,313

 
3,313

 
0.5

 
3,313

Firebirds International, LLC*
One stop
 
L + 5.75%
 
7.00%
 
05/2018
 
933

 
933

 
0.1

 
933

Firebirds International, LLC
One stop
 
L + 5.75%
 
7.00%
 
05/2018
 
300

 
300

 

 
300

Firebirds International, LLC
One stop
 
L + 5.75%
 
N/A(5)
 
05/2018
 

 

 

 

First Watch Restaurants, Inc.*
One stop
 
L + 6.00%
 
7.23%
 
12/2020
 
3,560

 
3,533

 
0.6

 
3,560

First Watch Restaurants, Inc.
One stop
 
P + 5.00%
 
8.15%
 
12/2020
 
198

 
197

 

 
198

First Watch Restaurants, Inc.*
One stop
 
L + 6.00%
 
7.00%
 
12/2020
 
175

 
174

 

 
175

First Watch Restaurants, Inc.*
One stop
 
L + 6.00%
 
7.00%
 
12/2020
 
175

 
173

 

 
175

First Watch Restaurants, Inc.(4)
One stop
 
L + 6.00%
 
N/A(5)
 
12/2020
 

 
(1
)
 

 

Hopdoddy Holdings, LLC
One stop
 
L + 8.00%
 
9.00%
 
08/2020
 
424

 
421

 
0.1

 
424

Hopdoddy Holdings, LLC
One stop
 
L + 8.00%
 
N/A(5)
 
08/2020
 

 

 

 

Hopdoddy Holdings, LLC(4)
One stop
 
L + 8.00%
 
N/A(5)
 
08/2020
 

 
(2
)
 

 

Julio & Sons Company*
One stop
 
L + 5.50%
 
6.50%
 
12/2018
 
943

 
939

 
0.2

 
943

Julio & Sons Company
One stop
 
P + 4.25%
 
7.34%
 
12/2018
 
186

 
185

 

 
186

Julio & Sons Company
One stop
 
L + 5.50%
 
6.50%
 
12/2018
 
147

 
146

 

 
147



7

Golub Capital Investment Corporation and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2016
(In thousands)


 
Investment
Type
 
Spread
Above
Index(1)
 
Interest
Rate(2)
 
Maturity
Date
 
Principal/Par
Amount(3)
 
Amortized Cost
 
Percentage
of Net
Assets
 
Fair
Value
Beverage, Food and Tobacco - (continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mid-America Pet Food, L.L.C.#
One stop
 
L + 6.25%
 
7.25%
 
12/2021
 
$
6,444

 
$
6,347

 
1.0

%
$
6,379

Mid-America Pet Food, L.L.C.
One stop
 
L + 6.25%
 
7.25%
 
12/2021
 
3

 
2

 

 
2

P&P Food Safety US Acquisition, Inc.#
One stop
 
L + 6.50%
 
7.50%
 
11/2021
 
4,123

 
4,073

 
0.7

 
4,082

P&P Food Safety US Acquisition, Inc.
One stop
 
L + 6.50%
 
N/A(5)
 
11/2021
 

 

 

 

Purfoods, LLC#*
One stop
 
L + 6.25%
 
7.25%
 
05/2021
 
8,027

 
7,922

 
1.3

 
8,027

Purfoods, LLC
One stop
 
L + 7.00%
 
7.00% PIK
 
05/2026
 
95

 
95

 

 
99

Purfoods, LLC
One stop
 
L + 6.25%
 
7.25%
 
05/2021
 
40

 
39

 

 
40

Purfoods, LLC(4)
One stop
 
L + 6.25%
 
N/A(5)
 
05/2021
 

 
(1
)
 

 

Smashburger Finance LLC*
Senior loan
 
L + 5.50%
 
6.75%
 
05/2018
 
506

 
504

 
0.1

 
496

Smashburger Finance LLC(4)
Senior loan
 
L + 5.50%
 
N/A(5)
 
05/2018
 

 
(10
)
 

 

Surfside Coffee Company LLC*
One stop
 
L + 5.25%
 
6.25%
 
06/2020
 
2,339

 
2,323

 
0.4

 
2,339

Surfside Coffee Company LLC
One stop
 
L + 5.25%
 
6.25%
 
06/2020
 
177

 
173

 

 
177

Surfside Coffee Company LLC
One stop
 
L + 5.25%
 
6.25%
 
06/2020
 
25

 
25

 

 
25

Tate's Bake Shop, Inc.#
Senior loan
 
L + 5.00%
 
6.00%
 
08/2019
 
143

 
142

 

 
143

Uinta Brewing Company#
One stop
 
L + 8.50%
 
9.50%
 
08/2019
 
900

 
900

 
0.1

 
873

Uinta Brewing Company
One stop
 
L + 8.50%
 
9.50%
 
08/2019
 
93

 
93

 

 
90

 
 
 
 
 
 
 
 
 
47,878

 
47,508

 
7.5

 
47,310

Broadcasting and Entertainment
 
 
 
 
 
 
 
 
  

 
  

 
 
 
  

Extreme Reach Inc.*
Senior loan
 
L + 6.25%
 
7.25%
 
02/2020
 
927

 
903

 
0.1

 
938

TouchTunes Interactive Networks, Inc.*
Senior loan
 
L + 4.75%
 
5.75%
 
05/2021
 
696

 
693

 
0.1

 
701

 
 
 
 
 
 
 
 
 
1,623

 
1,596

 
0.2

 
1,639

Building and Real Estate
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Brooks Equipment Company, LLC*
One stop
 
L + 5.00%
 
6.00%
 
08/2020
 
6,068

 
6,068

 
1.0

 
6,068

Brooks Equipment Company, LLC
One stop
 
L + 5.00%
 
N/A(5)
 
08/2020
 

 

 

 

Paradigm DKD Group, LLC#
Senior loan
 
L + 4.50%
 
5.75%
 
11/2018
 
2,154

 
2,130

 
0.3

 
2,111

Paradigm DKD Group, LLC
Senior loan
 
L + 4.50%
 
5.75%
 
11/2018
 
97

 
88

 

 
82

 
 
 
 
 
 
 
 
 
8,319

 
8,286

 
1.3

 
8,261

Cargo Transport
  
 
  
 
  
 
  
 
  

 
  

 
  

 
  

Worldwide Express Operations, LLC*
Senior loan
 
L + 5.00%
 
6.00%
 
07/2019
 
1,755

 
1,742

 
0.3

 
1,755

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Checmicals, Plastics and Rubber
 
 
 
 
 
 
 
 
  

 
  

 
 
 
  

Flexan, LLC*
One stop
 
L + 5.75%
 
6.75%
 
02/2020
 
1,049

 
1,039

 
0.2

 
1,039

Flexan, LLC
One stop
 
L + 5.75%
 
N/A(5)
 
02/2020
 

 

 

 

 
 
 
 
 
 
 
 
 
1,049

 
1,039

 
0.2

 
1,039

Diversified Conglomerate Manufacturing
  
 
  
 
  
 
  
 
  

 
  

 
  

 
  

Chase Industries, Inc.#*
One stop
 
L + 5.75%
 
6.82%
 
09/2020
 
6,991

 
6,989

 
1.1

 
6,991

Chase Industries, Inc.*
One stop
 
L + 5.75%
 
7.20%
 
09/2020
 
1,553

 
1,553

 
0.2

 
1,553

Chase Industries, Inc.
One stop
 
L + 5.75%
 
N/A(5)
 
09/2020
 

 

 

 

Inventus Power, Inc#
One stop
 
L + 5.50%
 
6.50%
 
04/2020
 
10,481

 
10,432

 
1.6

 
9,695

Inventus Power, Inc(4)
One stop
 
L + 5.50%
 
N/A(5)
 
04/2020
 

 
(3
)
 

 
(49
)
Onicon Incorporated*
One stop
 
L + 6.00%
 
7.00%
 
04/2020
 
183

 
181

 

 
183

Onicon Incorporated
One stop
 
L + 6.00%
 
N/A(5)
 
04/2020
 

 

 

 

PetroChoice Holdings, Inc.*
Senior loan
 
L + 5.00%
 
6.00%
 
08/2022
 
1,641

 
1,596

 
0.3

 
1,641

Reladyne, Inc.#*
Senior loan
 
L + 5.25%
 
6.25%
 
07/2022
 
9,850

 
9,704

 
1.6

 
9,850

Reladyne, Inc.*
Senior loan
 
L + 5.25%
 
6.25%
 
07/2022
 
111

 
110

 

 
111

Reladyne, Inc.
Senior loan
 
L + 5.25%
 
6.25%
 
07/2022
 
36

 
36

 

 
36

Reladyne, Inc.
Senior loan
 
L + 5.25%
 
6.25%
 
07/2022
 
26

 
24

 

 
26

Reladyne, Inc.(4)
Senior loan
 
L + 5.25%
 
N/A(5)
 
07/2022
 

 
(2
)
 

 

Sunless Merger Sub, Inc.#
Senior loan
 
L + 5.00%
 
6.25%
 
07/2019
 
295

 
253

 

 
295



8

Golub Capital Investment Corporation and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2016
(In thousands)


 
Investment
Type
 
Spread
Above
Index(1)
 
Interest
Rate(2)
 
Maturity
Date
 
Principal/Par
Amount(3)
 
Amortized Cost
 
Percentage
of Net
Assets
 
Fair
Value
Diversified Conglomerate Manufacturing - (continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Sunless Merger Sub, Inc.
Senior loan
 
P + 3.75%
 
7.50%
 
07/2019
 
$
29

 
$
26

 

%
$
29

  
 
 
 
 
 
 
 
 
31,196

 
30,899

 
4.8

 
30,361

Diversified Conglomerate Service
  
 
  
 
  
 
  
 
  

 
  

 
  

 
  

Actiance, Inc.
One stop
 
L + 9.00%
 
10.00%
 
10/2019
 
1,918

 
1,852

 
0.3

 
1,908

Actiance, Inc.
One stop
 
L + 9.00%
 
N/A(5)
 
10/2019
 

 

 

 

Agility Recovery Solutions Inc.*
One stop
 
L + 6.50%
 
7.50%
 
03/2020
 
6,264

 
6,205

 
1.0

 
6,264

Agility Recovery Solutions Inc.(4)
One stop
 
L + 6.50%
 
N/A(5)
 
03/2020
 

 
(3
)
 

 

Bomgar Corporation#*
One stop
 
L + 7.50%
 
8.50%
 
06/2022
 
28,569

 
28,046

 
4.6

 
28,569

Bomgar Corporation(4)
One stop
 
L + 7.50%
 
N/A(5)
 
06/2022
 

 
(2
)
 

 

CIBT Holdings, Inc*
Senior loan
 
L + 5.25%
 
6.25%
 
06/2022
 
1,882

 
1,864

 
0.3

 
1,882

CIBT Holdings, Inc.
Senior loan
 
L + 5.25%
 
N/A(5)
 
06/2022
 

 

 

 

Clearwater Analytics, LLC#*
One stop
 
L + 7.50%
 
8.50%
 
09/2022
 
9,314

 
9,160

 
1.5

 
9,314

Clearwater Analytics, LLC(4)
One stop
 
L + 7.50%
 
N/A(5)
 
09/2022
 

 
(2
)
 

 

Daxko Acquisition Corporation#
One stop
 
L + 6.50%
 
7.50%
 
09/2022
 
8,466

 
8,345

 
1.4

 
8,466

Daxko Acquisition Corporation
One stop
 
L + 6.50%
 
N/A(5)
 
09/2022
 

 

 

 

DISA Holdings Acquisition Subsidiary Corp.*
Senior loan
 
L + 4.50%
 
5.50%
 
12/2020
 
1,371

 
1,361

 
0.2

 
1,330

DISA Holdings Acquisition Subsidiary Corp.
Senior loan
 
L + 4.50%
 
5.50%
 
12/2020
 
48

 
46

 

 
38

EGD Security Systems, LLC#*
One stop
 
L + 6.25%
 
7.25%
 
06/2022
 
10,371

 
10,253

 
1.7

 
10,371

EGD Security Systems, LLC*
One stop
 
L + 6.25%
 
7.25%
 
06/2022
 
98

 
97

 

 
98

EGD Security Systems, LLC(4)
One stop
 
L + 6.25%
 
N/A(5)
 
06/2022
 

 
(1
)
 

 

EGD Security Systems, LLC(4)
One stop
 
L + 6.25%
 
N/A(5)
 
06/2022
 

 
(2
)
 

 

HealthcareSource HR, Inc.*
One stop
 
L + 6.75%
 
7.75%
 
05/2020
 
8,346

 
8,246

 
1.3

 
8,346

HealthcareSource HR, Inc.(4)
One stop
 
L + 6.75%
 
N/A(5)
 
05/2020
 

 
(1
)
 

 

Host Analytics, Inc.
One stop
 
N/A
 
8.50% cash/2.25% PIK
 
02/2020
 
1,357

 
1,344

 
0.2

 
1,357

Host Analytics, Inc.
One stop
 
N/A
 
8.50% cash/2.25% PIK
 
08/2021
 
1,138

 
1,070

 
0.2

 
1,138

Host Analytics, Inc.(4)
One stop
 
L + 0.00%
 
N/A(5)
 
02/2020
 

 
(3
)
 

 

III US Holdings, LLC#
One stop
 
L + 6.00%
 
7.09%
 
09/2022
 
5,451

 
5,347

 
0.9

 
5,451

III US Holdings, LLC(4)
One stop
 
L + 6.00%
 
N/A(5)
 
09/2022
 

 
(1
)
 

 

Integration Appliance, Inc.
One stop
 
L + 8.25%
 
9.50%
 
09/2020
 
1,550

 
1,538

 
0.2

 
1,550

Jensen Hughes, Inc.#
Senior loan
 
L + 5.00%
 
6.00%
 
12/2021
 
115

 
114

 

 
115

Kinnser Software, Inc.#
One stop
 
L + 6.50%
 
7.50%
 
12/2022
 
9,781

 
9,659

 
1.5

 
9,683

Kinnser Software, Inc.(4)
One stop
 
L + 6.50%
 
N/A(5)
 
12/2021
 

 
(1
)
 

 
(1
)
Netsmart Technologies, Inc.#
Senior loan
 
L + 4.50%
 
5.50%
 
04/2023
 
1,645

 
1,630

 
0.3

 
1,654

Netsmart Technologies, Inc.(4)
Senior loan
 
L + 4.75%
 
N/A(5)
 
04/2023
 

 
(9
)
 

 

Project Alpha Intermediate Holding, Inc.#
One stop
 
L + 8.25%
 
9.25%
 
08/2022
 
16,467

 
16,002

 
2.6

 
16,467

PT Intermediate Holdings III, LLC#*
One stop
 
L + 6.50%
 
7.50%
 
06/2022
 
23,449

 
23,128

 
3.7

 
23,449

PT Intermediate Holdings III, LLC
One stop
 
P + 5.50%
 
9.25%
 
06/2022
 
25

 
22

 

 
25

Quickbase, Inc. #
One stop
 
L + 7.50%
 
8.50%
 
04/2022
 
11,439

 
11,238

 
1.8

 
11,439

Quickbase, Inc. (4)
One stop
 
L + 7.50%
 
N/A(5)
 
04/2022
 

 
(2
)
 

 

Secure-24, LLC*
One stop
 
L + 5.00%
 
6.00%
 
08/2019
 
1,871

 
1,858

 
0.3

 
1,852

Secure-24, LLC
One stop
 
L + 5.00%
 
N/A(5)
 
08/2019
 

 

 

 

Severin Acquisition, LLC*
Senior loan
 
L + 5.38%
 
6.38%
 
07/2021
 
1,438

 
1,426

 
0.2

 
1,457

Severin Acquisition, LLC*
Senior loan
 
L + 5.00%
 
6.00%
 
07/2021
 
1,280

 
1,270

 
0.2

 
1,280

Severin Acquisition, LLC#
Senior loan
 
L + 5.00%
 
6.00%
 
07/2021
 
1,087

 
1,077

 
0.2

 
1,087

Severin Acquisition, LLC#
Senior loan
 
L + 5.38%
 
6.38%
 
07/2021
 
979

 
970

 
0.2

 
991

Severin Acquisition, LLC*
Senior loan
 
L + 4.88%
 
5.88%
 
07/2021
 
316

 
313

 
0.1

 
314

Steelwedge Software, Inc.
One stop
 
L + 10.00%
 
9.00% cash/2.00% PIK
 
09/2020
 
1,776

 
1,710

 
0.3

 
1,776

Steelwedge Software, Inc.
One stop
 
L + 10.00%
 
N/A(5)
 
09/2020
 

 

 

 

TA MHI Buyer, Inc. *
One stop
 
L + 6.50%
 
7.50%
 
09/2021
 
6,605

 
6,559

 
1.1

 
6,605

TA MHI Buyer, Inc. #
One stop
 
L + 6.50%
 
7.50%
 
09/2021
 
1,030

 
1,020

 
0.2

 
1,030



9

Golub Capital Investment Corporation and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2016
(In thousands)


 
Investment
Type
 
Spread
Above
Index(1)
 
Interest
Rate(2)
 
Maturity
Date
 
Principal/Par
Amount(3)
 
Amortized Cost
 
Percentage
of Net
Assets