Golub Capital
A venture capital firm in California provides flexible debt that enables fast-growing technology companies to expand with limited equity dilution
Key facts
| Company Operating Status | Active |
|---|---|
| Full Address | 150 S. Wacker Drive 5th Floor Chicago, Illinois 60606 |
| Stock Symbol | GBDC |
| Wikidata ID | Q22032296 |
Capital structure
$1.8bn total debt
| Instrument | Coupon | Maturity | Amount | Source |
|---|---|---|---|---|
| Letters of Credit · Senior Secured | — | — | USD 48m | source ↗ |
| Contingent Secured Indebtedness (permitted basket) · Secured | — | — | USD 100m | source ↗ |
| Shorter-Term Unsecured Indebtedness (permitted basket) · Unsecured | — | — | USD 750m | source ↗ |
| Special Longer-Term Unsecured Indebtedness (permitted basket) · Unsecured | — | — | USD 600m | source ↗ |
| Special Shorter-Term Unsecured Indebtedness (permitted basket) · Unsecured | — | — | USD 100m | source ↗ |
| GC Advisors Loan Agreement · Unsecured | — | — | USD 200m | source ↗ |
Covenant analysis
| Covenant | Term | vs market | Source |
|---|---|---|---|
| Maximum Commitment Size · Structural / Commitment | Aggregate Commitments shall not exceed $3,000,000,000 at any time | source ↗ | |
| Indebtedness - General Prohibition with Permitted Exceptions · Negative Covenant / Indebtedness | No new Indebtedness except as enumerated in Sections 6.01(a)-(p) | source ↗ | |
| Borrowing Base Certificate Delivery - Monthly · Reporting | Delivered by last Business Day of calendar month following each monthly accounting period | source ↗ | |
| Shorter-Term Unsecured Indebtedness Annual Issuance Cap · Negative Covenant / Indebtedness | No more than $500,000,000 of Shorter-Term Unsecured Indebtedness may be incurred in any annual period | source ↗ | |
| Applicable Margin - High Coverage · Pricing | ABR: 0.525%; Term Benchmark/RFR: 1.525% (Gross Borrowing Base ≥ 2.0x Combined Debt Amount) | market 2x vs coverage median 1.7x (n=40) | source ↗ |
| Valuation of Unquoted Investments - Third-Party Appraiser · Valuation | At least 25% by value of Unquoted Investments in Borrowing Base must be valued with assistance of Approved Third-Party Appraiser quarterly | source ↗ | |
| Minimum Asset Coverage Ratio · Financial Maintenance | 1.50:1.00 at all times | market 1.5x vs coverage median 1.7x (n=40) | source ↗ |
| Restricted Payments - General Basket (Other) · Restricted Payments | Permitted so long as no Borrowing Base Deficiency and Covered Debt Amount does not exceed 90% of Adjusted Gross Borrowing Base, and no Specified Default | loose 90% vs basket median 20% (n=122) | source ↗ |
| Industry Concentration Limit (ACR ≥ 2.00x) · Borrowing Base / Concentration | 0% advance rate on portion exceeding 25% (or 30% for one designated group) of aggregate Borrowing Base Value in any single Industry Classification Group | tight 0% vs borrowing base / concentration median 0% (n=14) | source ↗ |
| Non-Core Investment Concentration (ACR ≥ 2.00x) · Borrowing Base / Concentration | 0% advance rate on Non-Core Investment Borrowing Value exceeding 20% of aggregate Borrowing Value | tight 0% vs borrowing base / concentration median 0% (n=14) | source ↗ |
| Non-Core and Junior Investment Concentration (1.75x ≤ ACR < 2.00x) · Borrowing Base / Concentration | 0% advance rate on Borrowing Value of Junior and Non-Core Investments exceeding 30% | tight 0% vs borrowing base / concentration median 0% (n=14) | source ↗ |
| Performing Late-Stage Loan Concentration · Borrowing Base / Concentration | 0% advance rate on portion of Performing Late-Stage Loans exceeding 30% of aggregate Value of all Portfolio Investments in Borrowing Base | tight 0% vs borrowing base / concentration median 0% (n=14) | source ↗ |
| CLO Securities / Excluded Assets Advance Rate · Borrowing Base / Concentration | 0% advance rate | tight 0% vs borrowing base / concentration median 0% (n=14) | source ↗ |
| Participation Interest Advance Rate (>90 days) · Borrowing Base / Concentration | 0% advance rate for Participation Interests included in Borrowing Base for more than 90 days | tight 0% vs borrowing base / concentration median 0% (n=14) | source ↗ |
| Commitment Fee · Fee | 0.325% per annum on daily unused Commitments | loose 0.325% vs fee median 0.25% (n=19) | source ↗ |
Contact details
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