Item 1.01. Entry into a Material Definitive Agreement.
On March 20, 2020, Golub Capital BDC Funding II LLC ("Funding II"), a
wholly-owned subsidiary of Golub Capital BDC, Inc. (the "Company"), entered into
an amendment (the "Credit Facility Amendment") to the document governing the
senior secured revolving credit facility (as amended, the "MS Credit Facility
II") by and among Funding II, as the borrower, the Company, as the originator
and servicer, Morgan Stanley Senior Funding, Inc., as the administrative agent
("Morgan Stanley"), each of the lenders from time to time party thereto, each of
the securitization subsidiaries from time to time party thereto, and Wells Fargo
Bank, National Association, as collateral agent, account bank, and collateral
custodian. The Credit Facility Amendment was effective as of March 20, 2020.
The Credit Facility Amendment, among other things, changes the date under which
the borrowing capacity under the MS Credit Facility II reverts from $500.0
million to $200.0 million to June 30, 2020 from March 31, 2020. The other
material terms of the MS Credit Facility II were unchanged.
As previously disclosed, the MS Credit Facility II is secured by all of the
assets held by Funding II. Both the Company and Funding II have made customary
representations and warranties and are required to comply with various
covenants, reporting requirements and other customary requirements for similar
credit facilities. Borrowing under the MS Credit Facility II remains subject to
the leverage restrictions contained in the Investment Company Act of 1940, as
amended (the "1940 Act"). In accordance with the 1940 Act, with certain limited
exceptions, the Company is currently allowed to borrow amounts such that its
asset coverage, as defined in the 1940 Act, is at least 150% after such
The description above is only a summary of the material provisions of the Credit
Facility Amendment and is qualified in its entirety by reference to a copy of
the Credit Facility Amendment, which is filed as Exhibit 10.1 to this current
report on Form 8-K.
Item 2.03. Creation of a Direct Financial Obligation or an Obligation under
an Off-Balance Sheet Arrangement of Registrant.
The information contained in Item 1.01 of this current report on Form 8-K is
incorporated by reference in this Item 2.03.
Item 9.01. Financial Statements and Exhibits.
10.1 Fourth Amendment to Loan and Servicing Agreement, dated as of March
20, 2020, by and among Golub Capital BDC Funding II LLC, as the
borrower; Golub Capital BDC, Inc., as the originator and as the
servicer; Morgan Stanley Senior Funding, Inc., as the administrative
agent; and Morgan Stanley Bank, N.A., as the lender.
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