Golub Capital Private Credit Fund 8-K

What Happened

• On January 14, 2026, GCRED BSL CLO 1 — an indirect, wholly owned and primarily controlled subsidiary of Golub Capital Private Credit Fund — completed a $400,150,000 term debt securitization (a collateralized loan obligation or CLO).
• The issuer sold secured notes and issued subordinated notes: secured classes (Class A‑1, A‑2, B and C) bearing floating interest tied to 3‑month SOFR plus spreads, and $65,150,000 of non‑interest‑bearing subordinated notes that the Company will indirectly retain.
• The CLO is backed by a diversified pool of senior secured, senior unsecured and second‑lien loans, and the deal is governed by a Note Purchase Agreement, an Indenture, a Collateral Management Agreement (GC Advisors LLC acts as collateral manager) and a Master Loan Sale Agreement under which the Company can sell portfolio loans to the issuer over time.

Key Details

• Closing date: January 14, 2026.
• Total securities issued: $400,150,000, consisting of:
  • $264,000,000 Class A‑1 (AAA) floating, SOFR + 1.05% (due 2034)
  • $8,000,000 Class A‑2 (AAA) floating, SOFR + 1.30% (due 2034)
  • $35,000,000 Class B (AA) floating, SOFR + 1.45% (due 2034)
  • $28,000,000 Class C deferrable floating (due 2034), SOFR + 1.70%
  • $65,150,000 Subordinated Notes (due 2126), non‑interest bearing (retained by the Company)
• Use of proceeds: The 2026 Issuer intends to use proceeds to purchase loans from the Company pursuant to the Master Loan Sale Agreement; principal collections on collateral generally may not be used to buy new collateral.
• Registration and management: The secured notes are not registered under the Securities Act and are not freely tradable in the U.S.; GC Advisors LLC is collateral manager and its collateral management fee will be offset against the Company’s management fee under the Investment Advisory Agreement.
• Corporate impact: The transaction creates consolidated secured obligations of the subsidiary (reported under Items 1.01 and 2.03 of the 8‑K); underlying deal documents are filed as exhibits.

Why It Matters

• This CLO is a form of secured financing for a consolidated subsidiary and therefore affects the Company’s consolidated balance sheet and asset coverage considerations — investors should note the new long‑dated secured notes due in 2034 and the retained subordinated notes (equity‑like exposure).
• Retaining the subordinated notes means the Company keeps the first‑loss/equity tranche economic exposure to the collateral, while the secured classes provide external funding. The agreement limiting reinvestment of principal collections and the unregistered status of the secured notes are important operational and liquidity details for holders and potential buyers.
• Relevant transaction documents (indenture, purchase agreement, collateral management agreement, master loan sale agreement) are attached as exhibits to the 8‑K for investors who want full legal detail.