GOLUB CAPITAL BDC, Inc. 8-K

What Happened
Golub Capital BDC, Inc. announced it closed an offering of $500.0 million aggregate principal of 6.250% Notes due June 1, 2031 and entered into a Sixth Supplemental Indenture with U.S. Bank Trust Company, N.A., as trustee. The transaction closed on May 27, 2026 and was made under the company’s effective shelf registration (Form N-2).

Key Details

• Amount: $500.0 million aggregate principal of 6.250% Notes due June 1, 2031.
• Interest: 6.250% per year, payable semi‑annually on June 1 and December 1, beginning December 1, 2026.
• Use of proceeds: Net proceeds intended to repay a portion of outstanding borrowings under the company’s senior secured revolving credit facility with JPMorgan Chase (the “JPM Credit Facility”); the company may re-borrow under the JPM Credit Facility or borrow under its unsecured revolver with GC Advisors LLC for general corporate purposes, including investments.
• Redemption/repurchase features: Notes callable at the company’s option prior to May 1, 2031 at a make‑whole style price (based on Treasury rate + 35 bps) or 100% of principal (whichever is greater); on/after May 1, 2031 callable at 100% of principal. No sinking fund. Holders may require repurchase at 100% upon a defined change of control.
• Ranking and covenants: Notes are general unsecured obligations (senior to any subordinated debt, equal to other unsubordinated debt, effectively junior to secured debt to the extent of collateral, and structurally junior to subsidiary obligations). Indenture includes covenants tied to the Investment Company Act and requires certain financial disclosures if the company stops reporting.

Why It Matters
This transaction adds $500M of fixed‑rate, long‑term debt at a 6.25% coupon to Golub Capital BDC’s capital structure and provides immediate liquidity to reduce revolving borrowings. For investors, key takeaways are the interest rate and maturity (fixed cost through 2031), the company’s stated intent to use proceeds to pay down revolving credit (which may reduce short‑term interest exposure), and the notes’ ranking (unsecured and effectively junior to secured debt and subsidiary obligations). Redemption and change‑of‑control protections can affect bondholder outcomes and the company’s flexibility to refinance before maturity.