GBDC: Golub Capital BDC Instablogs

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Friday, May 3, 3:21 PM "We (typically) see a large proportion of the deals that we turn down not get done, (but) in today's environment almost all of those transactions are getting done, just not with us," says Golub Capital (GBDC +1.7%) CEO David Golub on the earnings call (transcript). Decreasing credit standards, declining spreads, and higher leverage in middle-market lending are turning him cautious, even as he still sees attractive opportunities crossing his desk. Comment! [Financials]
Friday, May 3, 8:52 AM Golub Capital (GBDC): FQ2 EPS of $0.38 beats by $0.07. (PR) Comment! [Earnings, Breaking News, Financials]
Friday, May 3, 12:05 AM Notable earnings before Friday’s open: ADP, AXL, BBEP, BPL, CBOE, DUK, FBN, GBDC, GTXI, HST, LNT, MCO, NGLS, NRF, NVE, NWL, PNW, POM, PPC, REGN, SE, SEP, SMP, UPL, WCG, XLS, YRCW Comment! [Earnings]
Thursday, May 2, 5:30 PM Notable earnings before Friday’s open: ADP, AXL, BBEP, BPL, CBOE, DUK, FBN, GBDC, GTXI, HST, LNT, MCO, NGLS, NRF, NVE, NWL, PNW, POM, PPC, REGN, SE, SEP, SMP, UPL, WCG, XLS, YRCW Comment! [Earnings]
Monday, April 22, 10:46 AM A selection of BDCs (HTGC, GBDC, NMFC, ARCC, FSC) are on the rise after a weekend Barron's article suggests high-yield fans (HYG, JNK) receiving around a 5% yield might consider a bit of "valuation arbitrage." BDCs yielding north of 8% loan money to non-IG companies, but their paper is better-protected than junk bonds. Rising recognition of this could narrow the gap, suggests Wells' Jonathan Bock. BIZD +1.2%. 4 Comments [Financials]
Tuesday, March 26, 10:36 AM Investors may want to take profits in BDCs, says Wells Fargo, downgrading the sector to Hold. New investment yields are near historic lows despite higher leverage multiples and a spike in covenant-lite deals, says Wells, a risky combination. Individual downgrades: AINV, PSEC, BKCC, TICC, HRZN, PNNT, TCRD, MCC. A few upgrades make the mix: HTGG, GBDC, ARCC, NMFC. 14 Comments [Financials]
Friday, February 8, 12:54 PM In 2013 Q1, BDCs might find themselves paying for a robust 2012 Q4 (when companies rushed to close deals ahead of tax hikes). "Our deal pipeline in Q1 is much slower than it was last quarter," said Golub Capital (GBDC) CEO David Golub on the earnings call (transcript). "It's not anemic ... but there's no question that we and others in the market are feeling the full-forward effect of last quarter." 6 Comments [Financials]
Thursday, February 7, 8:55 AM Golub Capital (GBDC): Q4 EPS of $0.33 beats by $0.03. Revenue of $18.6M beats by $0.99M. (PR) Comment! [Earnings, Breaking News, Financials]
Monday, January 14, 5:01 PM Golub Capital (GBDC) takes advantage of a nice run with a 4.5M share secondary offering. Combined with an additional 675K shares offered to the underwriters, it could add 20% to the float. Shares -2.5% AH. (PR) Comment! [Financials, On the Move]
Sunday, December 16, 2012, 9:10 AM Yield starved investors are not without hope, says Jim Grant, suggesting (the 9 min. mark) two BDCs - Ares Capital (ARCC) and Golub Capital (GBDC) - both of whom had very good credit experience even in the last brutal cycle. Also consider leveraged loan funds - yes, they invest in leveraged companies, but they have the senior-most claims, and the loans performed well even during 2007-09. Andrew Boral has a nice article describing a few. 4 Comments [Financials, Quick Ideas]
Thursday, November 29, 2012, 8:28 AM Golub Capital BDC (GBDC): FQ4 EPS of $0.34 beats by $0.04. (PR) Comment! [Earnings, Financials]
Wednesday, November 14, 2012, 5:51 PM Panic-selling in income producers (I, II) infected the BDC's as well, notably Main Street (MAIN) and Triangle (TCAP), both down more than 10%. Fed meddling seemingly can't hurt their returns, but most names in the popular sector trade well above their net asset values (MAIN is 57% above Sept. 30 NAV after today's decline, TCAP 47%), making them vulnerable to a change in sentiment even if business is doing fine. 19 Comments [Financials]
Monday, October 15, 2012, 6:22 PM Golub Capital BDC (GBDC) slips after announcing a 2.6M share secondary offering . Wells Fargo and UBS are acting as joint book-running managers for the offering, and the company intends to use the net proceeds to invest in portfolio companies in accordance with its investment objective and strategies, as well as for general corporate purposes. Shares -2.6% AH. Comment! [Financials, On the Move]
Monday, August 6, 2012, 8:41 AM Golub Capital (GBDC): FQ4 EPS of $0.21 misses by $0.09. (PR) Comment! [Earnings, Financials]
Thursday, March 29, 2012, 2:56 PM Golub Capital (GBDC +2.3%) gains after Wells Fargo upgraded the shares to Outperform on valuation earlier today, and raised its price target range to $14.50 - $15.25 from $14.00 - $14.50. Comment! [Financials, On the Move]
Monday, February 6, 2012, 5:16 PM Golub Capital (GBDC): Q4 EPS of $0.29 misses by $0.01. (PR) Comment! [Earnings, Financials]

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