SA Transcripts • Wed, Nov. 19
From other sites
Golub Capital BDC, Inc. Announces The Distribution Of Shares By A Fund Managed By Its Investment Adviserat CNBC.com (Jan 2, 2014)
at MarketWatch.com (May 16, 2012)
There are 2 articles on this stock available only to PRO subscribers.
- This article uses my ‘optimal leverage’ analysis to assess dividend coverage for Golub Capital BDC.
- The BDC industry is experiencing yield compression and 7 out of the 26 BDCs that I cover have recently cut dividends.
- I will use this series to project which BDCs are more likely to increase or cut dividends in the future.
Would A Growing Dividend Make Golub Capital A Buy?
This Stock Is Poised To Outperform With A Yield Over 8%
Tue, Nov. 18, 4:50 PM
Mon, Nov. 17, 5:35 PM
Thu, Oct. 30, 8:39 AM
- It's 9th transaction with Francisco Partners, Golub Capital (NASDAQ:GBDC) acts as lead arranger, sole bookrunner, and administrative agent to provide a senior credit facility to support the acquisition of Vendavo, a provider of revenue and price optimization and management solutions for B2B mid-market and enterprise companies,"
- The deal was made by Golub's Late Stage Lending group.
- Source: Press Release
Mon, Oct. 13, 4:43 PM
- The company originated $331.5M in new investments for the three months ended on September 30. About 11% of the new commitments were senior secured loans, 81% were one-stop loans, 6% were second-lien, and 2% was equity.
- In addition, GBDC also invested $1.1M in Senior Loan Fund, LLC.
- CEO David Golub says the quarter was a strong one for repayments along with originations, and the net addition to investments during the Q was $22.7M.
- Source: Press Release
Thu, Aug. 21, 7:17 AM
- The deal allows Golub Capital (NASDAQ:GBDC) at its discretion to offer and sell up to $75M of stock through the sales agent, UBS. The sales agent will receive a commission of 2% of the gross price of any sales.
- At last night's closing price of $16.78 (above June 30 book value of $15.44), it would allow for the sale of nearly 4.5M shares.
- SEC Form 497
Thu, Aug. 7, 10:02 AM
- FQ3 net investment income of $15.1M or $0.32 per share vs. $13.4M and $0.31 the previous quarter.
- Net increase in net assets resulting from operations of $16.3M vs. $14.1M previous.
- Net asset value per share of $15.44 vs. $15.41. Current price of $16.59 is 1.07x book.
- Previously: Golub Capital BDC NII in-line, misses on investment income
- GBDC +0.5%
Thu, Aug. 7, 7:31 AM| Comment!
Wed, Aug. 6, 5:30 PM
- AAON, AES, AFSI, AINV, AMCX, ATHM, AUXL, BCE, BDBD, BPI, BR, CBB, CCOI, CECE, CECO, CNQ, CQB, CRIS, CTB, DUK, EAT, FUR, FWLT, GBDC, GDP, GLP, GOLD, GTN, HAR, HII, HIMX, HRC, HSC, HSNI, HZNP, ICE, IDCC, IRC, KERX, LAMR, LEAF, LG, LINE, LMIA, LNCE, LPI, LQDT, LXP, LXRX, MFC, MMS, MNK, MONT, MPEL, MPW, MYL, NCT, NRF, NRG, NVO, NXST, NXTM, OGE, ONE, OWW, PBH, PHMD, POZN, PRIM, QIWI, RDN, RGLD, RSTI, RTK, SABR, SATS, SFUN, SGM, SNI, SPH, SRE, SRPT, SSYS, SUNE, TDC, TGH, THS, TICC, TK, TPH, VNDA, WEN, WIN, WMC, WWAV, ZEUS
Tue, Jul. 15, 4:24 PM
Thu, Jul. 10, 9:13 AM
- GBDC originated $155.7M in new middle-market commitments for the three months ended June 30, with about 19% of those senior secured loans, 80% one-stop loans, and 1% equity deals.
- Additionally, Golub invested $3M in Senior Loan Fund, LLC - a company investing in senior secured loans and co-managed by Golub and United Insurance Company.
- After factoring in repayments, security sales, net fundings on revolvers, and net change in unrealized gains, total investments at fair value increased by $71.3M for the quarter.
- Source: Press Release
Thu, Jun. 26, 7:35 AM
Thu, May. 29, 10:51 AM
- High risk or high opportunity? That the market now views Prospect Capital (PSEC +0.6%) as high-risk can be inferred from the dividend yield, says KBW's Greg Kelly - a whopping 13.3% compared to, for instance, the more-conservatively run Golub Capital (GBDC +0.6%) which yields just 7.5%.
- While most BDCs are lenders, Prospect buys companies outright - the only of the 30 BDCs covered by Kelly which does this (though SLRC has done so with one).
- As has been noted before by other analysts and Prospect management itself, if the SEC prevails in the accounting dispute, it will actually boost money going to shareholders while cutting management compensation. Another positive: Equity raises are off the table until the issue is resolved.
- Prospect management paints the selling in the stock as "sell first, ask questions later," but The Street's Dan Freed muses that maybe owners are thinking twice about investing in a management which plays accounting games to line its pockets at the expense of earnings.
- In other news, Evercore upgrades Prospect from Underweight to Equal Weight.
Fri, May. 23, 11:51 AM
- The May 15 deadline for the SEC to change BDC's fee-reporting standards has come and gone with no action, meaning the sector's stocks will be removed from Russell's indices on June 27. A tick higher in the struggling sector since May 15 suggests maybe investors have discounted the news.
- Looking for what to buy now, the team at Wells has put together an Adjusted Cash Flow Coverage metric. From Wells: "It is important for investors to discern which BDCs are overly reliant on fee income as a percentage of total revenues, which BDCs are not covering their dividend and which BDCs book meaningful non-cash income such as PIK."
- The sector adjusted cash flow coverage average is 81%. Among those coming in above: GLAD, HRZN, TCAP, TCPC, HTGC, GBDC, ARCC. Among those below: TPVG, BKCC, PNNT, MCC, FSC. Struggling the most of late, Prospect Capital is pretty close to the sector average at 79%.
- Full list here
- ETFs: BDCL, BDCS, BIZD
Thu, May. 8, 8:07 AM| Comment!
Wed, May. 7, 5:30 PM
- AEE, AES, AGO, AMCX, AMED, AMRC, APA, APO, BBEP, BCRX, BDBD, BITA, BPI, CAJ, CBB, CCC, CCOI, CDW, CECE, CECO, CRIS, CRNT, CSTE, CVC, DF, DISH, DNDN, FLY, FSYS, FUN, FXCM, GBDC, GLP, GOLD, GTN, GTXI, HCN, HII, HIMX, HSC, ICE, IRC, JASO, KEM, KERX, LIOX, LNCE, LPI, LPX, LQDT, LXP, LXRX, MGA, MMS, MNK, MPEL, NICE, NPSP, NXST, NXTM, ONE, PCLN, PCP, PKD, POZN, PRFT, REGN, RGEN, RSTI, SKYW, SNI, SPH, SRPT, STE, SUNE, TDC, THS, VC, VITC, VNDA, VRX, WAC, WD, WEN, WIN, WMC, WWAV.
Tue, Mar. 18, 8:59 AM
GBDC vs. ETF Alternatives
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