Golub Capital’s business development company priced 3.5 million of its shares at $18.05 on the Nasdaq stock exchange Tuesday morning, the firm announced in a statement.
A portion of the net proceeds from the BDC’s latest public offering will be used to capitalise the firm’s GC SBIC V fund and its Senior Loan Fund offering. Other proceeds will be used to invest in portfolio companies and to pay outstanding balances on the BDC’s credit facilities, according to a statement from the firm.
The Senior Loan Fund, which is co-managed alongside the United Insurance Company, invests in senior secured loans of mid-market companies. Golub BDC typically invests between $5 million and $25 million of capital in the debt and equity securities of mid-market companies, according to its website.
As of 31 December, Golub Capital BDC’s portfolio included $768.3 million in debt and equity investments across 129 companies, according to its website.
The BDC made $261.1 million new mid-market investment commitments in the fourth quarter. Approximately 80 percent of the BDC’s assets are dedicated to unitranche and senior secured products. The remainder includes mezzanine, equity and second lien loans.