10-Q 1 gcicfy2017q310-q.htm FY2017 Q3 10-Q Document

______________________________________________________________________________________________________ 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
______________________________________________________________________________________________________ 
FORM 10-Q

þ                 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended June 30, 2017

OR

o         TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to _____

Commission File Number 814-01128

Golub Capital Investment Corporation
(Exact name of registrant as specified in its charter)

Maryland
 
47-1893276
(State or other jurisdiction of incorporation or organization)
 
 (I.R.S. Employer Identification No.)

666 Fifth Avenue, 18th Floor
New York, NY 10103
(Address of principal executive offices)

(212) 750-6060
(Registrant's telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes o   No þ

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).   Yes o No   o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer  o
Accelerated filer o
Non-accelerated filer  o (Do not check if a smaller reporting company)
Smaller reporting company o
Emerging growth company þ
 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. þ

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  o  No þ

As of August 9, 2017, the Registrant had 49,551,036.707 shares of common stock, $0.001 par value, outstanding.



Part I. Financial Information
  
Item 1.
Financial Statements
 
Consolidated Statements of Financial Condition as of June 30, 2017 (unaudited) and September 30, 2016
 
Consolidated Statements of Operations for the three and nine months ended June 30, 2017 (unaudited) and 2016 (unaudited)
 
Consolidated Statements of Changes in Net Assets for the nine months ended June 30, 2017 (unaudited) and 2016 (unaudited)
 
Consolidated Statements of Cash Flows for the nine months ended June 30, 2017 (unaudited) and 2016 (unaudited)
 
Consolidated Schedules of Investments as of June 30, 2017 (unaudited) and September 30, 2016
 
Notes to Consolidated Financial Statements (unaudited)
Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3.
Quantitative And Qualitative Disclosures About Market Risk
Item 4.
Controls and Procedures
Part II. Other Information
 
Item 1.
Legal Proceedings
Item 1A.
Risk Factors
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
Item 3.
Defaults Upon Senior Securities
Item 4.
Mine Safety Disclosures
Item 5.
Other Information
Item 6.
Exhibits



2


Golub Capital Investment Corporation and Subsidiaries
Consolidated Statements of Financial Condition (unaudited)
(In thousands, except share and per share data)


 
June 30, 2017
 
September 30, 2016
 
(unaudited)
 
 
Assets
  

 
  

Investments, at fair value
  

 
  

Non-controlled/non-affiliate company investments
$
1,255,842

 
$
1,021,754

Controlled affiliate company investments
48,118

 
47,956

Total investments at fair value (amortized cost of $1,290,560 and $1,061,376, respectively)
1,303,960

 
1,069,710

Cash and cash equivalents
5,220

 
4,675

Restricted cash and cash equivalents
42,516

 
71,056

Interest receivable
4,289

 
3,308

Receivable from investments sold

2,118

 

Other assets
185

 
249

Total Assets
$
1,358,288

 
$
1,148,998

Liabilities
  

 
  

Debt
$
630,850

 
$
520,600

Less unamortized debt issuance costs
2,910

 
5,073

Debt less unamortized debt issuance costs
627,940

 
515,527

Interest payable
2,121

 
1,414

Distributions payable
14,210

 
9,869

Management and incentive fees payable
7,315

 
4,960

Payable for investments purchased
3,076

 

Accounts payable and accrued expenses
1,146

 
902

Accrued trustee fees
40

 
19

Total Liabilities
655,848

 
532,691

Commitments and Contingencies (Note 9)
  

 
  

Net Assets
  

 
  

Preferred stock, par value $0.001 per share, 1,000,000 shares authorized, zero shares issued and outstanding as of June 30, 2017 and September 30, 2016

 

Common stock, par value $0.001 per share, 100,000,000 shares authorized, 46,829,343.936 and 41,087,178.250 shares issued and outstanding as of June 30, 2017 and September 30, 2016, respectively
47

 
41

Paid in capital in excess of par
702,145

 
616,018

Capital distributions in excess of net investment income
(12,507
)
 
(7,158
)
Net unrealized appreciation (depreciation) on investments
13,401

 
8,334

Net realized gain (loss) on investments
(646
)
 
(928
)
Total Net Assets
702,440

 
616,307

Total Liabilities and Total Net Assets
$
1,358,288

 
$
1,148,998

Number of common shares outstanding
46,829,343.936

 
41,087,178.250

Net asset value per common share
$
15.00

 
$
15.00


See Notes to Consolidated Financial Statements.



3


Golub Capital Investment Corporation and Subsidiaries
Consolidated Statements of Operations (unaudited)
(In thousands, except share and per share data)


 
Three months ended June 30,
 
Nine months ended June 30,
  
2017
 
2016
 
2017
 
2016
Investment income
  

 
  

 
 
 
 
From non-controlled/non-affiliate company investments:
  

 
  

 
 
 
 
Interest income
$
24,498

 
$
13,856

 
$
66,060

 
$
35,062

Dividend income
157

 
48

 
158

 
65

Fee income
827

 
1

 
1,038

 
376

Total investment income from non-controlled/non-affiliate company investments
25,482

 
13,905

 
67,256

 
35,503

From controlled affiliate company investments:
  

 
  

 
  

 
  

Interest income

 
733

 
732

 
1,948

Dividend income
1,216

 

 
2,879

 

Total investment income from controlled affiliate company investments
1,216

 
733

 
3,611

 
1,948

Total investment income
26,698

 
14,638

 
70,867

 
37,451

Expenses
  

 
  

 
  

 
  

Interest and other debt financing expenses
5,844

 
2,975

 
16,079

 
7,585

Base management fee
4,263

 
2,672

 
11,940

 
6,805

Incentive fee
3,314

 
1,719

 
8,280

 
3,698

Professional fees
502

 
198

 
1,424

 
771

Administrative service fee
401

 
216

 
1,106

 
661

General and administrative expenses
22

 
52

 
48

 
66

Total expenses
14,346

 
7,832

 
38,877

 
19,586

Base management fee waived (Note 4)
(1,162
)
 
(729
)
 
(3,256
)
 
(1,856
)
Incentive fee waived (Note 4)
(733
)
 

 
(749
)
 

Net expenses
12,451

 
7,103

 
34,872

 
17,730

Net investment income
14,247

 
7,535

 
35,995

 
19,721

 
 
 
 
 
 
 
 
Net gain (loss) on investments
  

 
  

 
  

 
  

Net realized gain (loss) on investments:
  

 
  

 
  

 
  

Non-controlled/non-affiliate company investments
91

 
(23
)
 
422

 
710

Net realized gain (loss) on investments
91

 
(23
)
 
422

 
710

Net change in unrealized appreciation (depreciation) on investments:
  

 
  

 
  

 
  

Non-controlled/non-affiliate company investments
12

 
1,973

 
4,905

 
2,777

Controlled affiliate company investments
(140
)
 
548

 
162

 
777

Net change in unrealized appreciation (depreciation) on investments
(128
)
 
2,521

 
5,067

 
3,554

Net gain (loss) on investments
(37
)
 
2,498

 
5,489

 
4,264

Net increase in net assets resulting from operations
$
14,210

 
$
10,033

 
$
41,484

 
$
23,985

Per Common Share Data
  

 
  

 
  

 
  

Basic and diluted earnings per common share
$
0.31

 
$
0.35

 
$
0.96

 
$
0.93

Basic and diluted weighted average common shares outstanding
45,882,813

 
29,278,962

 
43,006,959

 
25,697,689

See Notes to Consolidated Financial Statements.




4


Golub Capital Investment Corporation and Subsidiaries
Consolidated Statements of Changes in Net Assets (unaudited)
(In thousands, except share data)



 
 
 
 
 
 
 
Capital Distributions in Excess of Net Investment Income
 
 
 
 
 
 
 
Common Stock
 
Paid in Capital in Excess of Par
 
 
Net Unrealized Appreciation (Depreciation) on Investments
 
Net Realized Gain (loss) on Investments
 
Total Net Assets
 
Shares
 
Par Amount
 
 
 
 
 
Balance at September 30, 2015
20,843,155.219

 
$
21

 
$
312,626

 
$
(2,521
)
 
$
2,479

 
$
42

 
$
312,647

Issuance of common stock (1)
12,592,917.141

 
13

 
188,881

 

 

 

 
188,894

Net increase in net assets resulting from operations

 

 

 
19,721

 
3,554

 
710

 
23,985

Distributions to stockholders:
  

 
  

 
  

 
  

 
  

 
  

 
 
Stock issued in connection with dividend reinvestment plan
686,474.328

 

 
10,297

 

 

 

 
10,297

Distributions from net investment income

 

 

 
(13,952
)
 

 

 
(13,952
)
Distributions declared and payable

 

 

 
(10,033
)
 

 

 
(10,033
)
Total increase (decrease) for the period ended June 30, 2016
13,279,391.469

 
13

 
199,178

 
(4,264
)
 
3,554

 
710

 
199,191

Balance at June 30, 2016
34,122,546.688

 
$
34

 
$
511,804

 
$
(6,785
)
 
$
6,033

 
$
752

 
$
511,838

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at September 30, 2016
41,087,178.250

 
$
41

 
$
616,018

 
$
(7,158
)
 
$
8,334

 
$
(928
)
 
$
616,307

Issuance of common stock (2)
4,410,571.066

 
4

 
66,154

 

 

 

 
66,158

Net increase in net assets resulting from operations

 

 

 
35,995

 
5,067

 
422

 
41,484

Distributions to stockholders:
  

 
  

 
  

 
  

 
  

 
  

 
 
Stock issued in connection with dividend reinvestment plan
1,331,594.620

 
2

 
19,973

 

 

 

 
19,975

Distributions from net investment income

 

 

 
(27,134
)
 

 

 
(27,134
)
Distributions from realized gain

 

 

 

 

 
(140
)
 
(140
)
Distributions declared and payable

 

 

 
(14,210
)
 

 

 
(14,210
)
Total increase (decrease) for the period ended June 30, 2017
5,742,165.686

 
6

 
86,127

 
(5,349
)
 
5,067

 
282

 
86,133

Balance at June 30, 2017
46,829,343.936

 
$
47

 
$
702,145

 
$
(12,507
)
 
$
13,401

 
$
(646
)
 
$
702,440

 
(1) 
Refer to Note 3 for a detailed listing of the common stock share issuances for the nine months ended June 30, 2016.
(2) 
Refer to Note 3 for a detailed listing of the common stock share issuances for the nine months ended June 30, 2017.

See Notes to Consolidated Financial Statements.






5


Golub Capital Investment Corporation and Subsidiaries
Consolidated Statements of Cash Flows (unaudited)
(In thousands)


 
Nine months ended June 30,
  
2017
 
2016
Cash flows from operating activities
  

 
 
Net increase in net assets resulting from operations
$
41,484

 
$
23,985

Adjustments to reconcile net increase in net assets resulting from operations
to net cash (used in) provided by operating activities
  

 
 
Amortization of deferred debt issuance costs
2,522

 
1,509

Accretion of discounts and amortization of premiums
(4,590
)
 
(2,055
)
Net realized (gain) loss on investments
(422
)
 
(710
)
Net change in unrealized (appreciation) depreciation on investments
(5,067
)
 
(3,554
)
Proceeds from (fundings of) revolving loans, net
282

 
(2,362
)
Fundings of investments
(432,300
)
 
(588,484
)
Proceeds from principal payments and sales of portfolio investments
208,863

 
236,278

PIK interest
(1,016
)
 
(74
)
Changes in operating assets and liabilities:
 
 
 
Interest receivable
(981
)
 
(1,073
)
Receivable for investments sold
(2,118
)
 

Other assets
64

 
122

Interest payable
707

 
215

Management and incentive fees payable
2,355

 
2,063

Payable for investments purchased
3,076

 
1,858

Accounts payable and accrued expenses
244

 
(260
)
Accrued trustee fees
21

 
(3
)
Net cash (used in) provided by operating activities
(186,876
)
 
(332,545
)
Cash flows from investing activities
  

 
 
Net change in restricted cash and cash equivalents
28,540

 
330

Net cash (used in) provided by investing activities
28,540

 
330

Cash flows from financing activities
  

 
 
Borrowings on debt
397,900

 
627,350

Repayments of debt
(287,650
)
 
(472,700
)
Capitalized debt issuance costs
(359
)
 
(702
)
Proceeds from issuance of common shares
66,158

 
188,894

Distributions paid
(17,168
)
 
(8,527
)
Net cash provided by (used in) financing activities
158,881

 
334,315

Net change in cash and cash equivalents
545

 
2,100

Cash and cash equivalents, beginning of period
4,675

 
2,747

Cash and cash equivalents, end of period
$
5,220

 
$
4,847

Supplemental information:
  

 
 
Cash paid during the period for interest
$
12,850

 
$
5,861

Distributions declared during the period
41,484

 
23,985

Supplemental disclosure of noncash operating activity:
 
 
 
Funding of LLC equity interest in GCIC SLF
$
(34,917
)
 
$

Proceeds from subordinated notes in GCIC SLF principal payment
34,917

 

Supplemental disclosure of noncash financing activity:
 
 
 
Distributions payable
$
14,210

 
$
10,033

See Notes to Consolidated Financial Statements.


6


Golub Capital Investment Corporation and Subsidiaries
Consolidated Schedule of Investments (unaudited)
June 30, 2017
(In thousands)



 
Investment
Type
 
Spread
Above
Index(1)
 
Interest
Rate(2)
 
Maturity
Date
 
Principal ($) /
Shares
(3)
 
Amortized Cost
 
Percentage
of Net
Assets
 
Fair
Value
Investments
  
 
  
 
  
 
  
 
  

 
  

 
  

 
  

Non-controlled/non-affiliate company investments
 
 
  
 
  
 
  
 
  

 
  

 
  

 
  

Debt investments
  
 
  
 
  
 
  
 
  

 
  

 
  

 
  

Aerospace and Defense
  
 
  
 
  
 
  
 
  

 
  

 
  

 
  

ILC Dover, LP
One stop
 
L + 9.00%
 
8.23% cash/
2.00% PIK
 
03/2020
 
$
2,359

 
$
2,315

 
0.3

%
$
2,359

ILC Dover, LP
One stop
 
L + 9.00%
 
8.23% cash/
2.00% PIK
 
03/2019
 
107

 
104

 

 
107

NTS Technical Systems*
One stop
 
L + 6.00%
 
7.05%
 
06/2021
 
3,250

 
3,202

 
0.5

 
3,250

NTS Technical Systems(4)
One stop
 
L + 6.00%
 
N/A (5)
 
06/2021
 

 
(12
)
 

 

NTS Technical Systems(4)
One stop
 
L + 6.00%
 
N/A (5)
 
06/2021
 

 
(16
)
 

 

Tresys Technology Holdings, Inc.(6)
One stop
 
L + 6.75%
 
8.05%
 
12/2017
 
53

 
28

 

 
16

Tresys Technology Holdings, Inc.(6)
One stop
 
L + 6.75%
 
8.01%
 
12/2017
 
9

 
9

 

 
9

Tresys Technology Holdings, Inc.
One stop
 
P + 7.50%
 
11.75%
 
12/2017
 
1

 
1

 

 
1

Tronair Parent, Inc.#
Senior loan
 
L + 4.75%
 
5.84%
 
09/2023
 
191

 
190

 

 
190

Tronair Parent, Inc.
Senior loan
 
L + 4.50%
 
5.59%
 
09/2021
 
20

 
19

 

 
19

Whitcraft LLC#
One stop
 
L + 6.25%
 
7.55%
 
04/2023
 
16,348

 
16,113

 
2.3

 
16,185

Whitcraft LLC
One stop
 
P + 5.25%
 
9.50%
 
04/2023
 
5

 
4

 

 
4

Whitcraft LLC(4)
One stop
 
L + 6.25%
 
N/A (5)
 
04/2023
 

 
(108
)
 

 
(75
)
 
 
 
 
 
 
 
 
 
22,343

 
21,849

 
3.1

 
22,065

Automobile
  
 
  
 
  
 
  
 
  

 
  

 
  

 
  

Dent Wizard International Corporation*
Senior loan
 
L + 4.75%
 
5.97%
 
04/2020
 
2,188

 
2,175

 
0.3

 
2,188

OEConnection LLC#*
Senior loan
 
L + 5.00%
 
6.30%
 
06/2022
 
11,083

 
10,845

 
1.6

 
10,972

OEConnection LLC#*
Senior loan
 
L + 4.75%
 
6.05%
 
06/2022
 
5,868

 
5,809

 
0.8

 
5,809

OEConnection LLC(4)
Senior loan
 
L + 5.00%
 
N/A (5)
 
06/2021
 

 
(1
)
 

 
(1
)
Polk Acquisition Corp.*
Senior loan
 
L + 5.00%
 
6.23%
 
06/2022
 
4,950

 
4,929

 
0.7

 
4,950

T5 Merger Corporation#*
One stop
 
L + 6.25%
 
7.30%
 
03/2022
 
30,134

 
29,639

 
4.3

 
30,134

T5 Merger Corporation
One stop
 
L + 6.25%
 
7.33%
 
03/2022
 
1,104

 
1,094

 
0.2

 
1,104

T5 Merger Corporation
One stop
 
L + 6.25%
 
7.41%
 
03/2022
 
108

 
106

 

 
108

T5 Merger Corporation(4)
One stop
 
L + 6.25%
 
N/A (5)
 
03/2022
 

 
(33
)
 

 

  
 
 
 
 
 
 
 
 
55,435

 
54,563

 
7.9

 
55,264

Beverage, Food and Tobacco
  
 
  
 
  
 
  
 
  

 
  

 
  

 
  

Abita Brewing Co., L.L.C.#
One stop
 
L + 6.25%
 
7.23% cash/
0.25% PIK
 
04/2021
 
3,782

 
3,750

 
0.5

 
3,669

Abita Brewing Co., L.L.C.(4)
One stop
 
L + 6.25%
 
N/A (5)
 
04/2021
 

 
(1
)
 

 
(1
)
ABP Corporation*
Senior loan
 
L + 4.75%
 
6.00%
 
09/2018
 
599

 
599

 
0.1

 
579

ABP Corporation
Senior loan
 
P + 3.50%
 
7.75%
 
09/2018
 
37

 
38

 

 
35

Benihana, Inc.#*
One stop
 
L + 7.00%
 
8.25%
 
01/2019
 
320

 
319

 
0.1

 
317

Benihana, Inc.
One stop
 
L + 7.00%
 
9.09%
 
07/2018
 
20

 
20

 

 
20

C. J. Foods, Inc.#*
One stop
 
L + 6.25%
 
7.55%
 
05/2019
 
12,703

 
12,633

 
1.8

 
12,703

C. J. Foods, Inc.
One stop
 
L + 6.25%
 
7.55%
 
05/2019
 
1,601

 
1,597

 
0.2

 
1,601

C. J. Foods, Inc.
One stop
 
L + 6.25%
 
7.41%
 
05/2019
 
420

 
416

 
0.1

 
420

Firebirds International, LLC*
One stop
 
L + 5.75%
 
7.00%
 
05/2018
 
3,305

 
3,305

 
0.5

 
3,305

Firebirds International, LLC*
One stop
 
L + 5.75%
 
7.00%
 
05/2018
 
928

 
928

 
0.1

 
928

Firebirds International, LLC*
One stop
 
L + 5.75%
 
7.00%
 
05/2018
 
298

 
298

 
0.1

 
298

Firebirds International, LLC
One stop
 
L + 5.75%
 
N/A (5)
 
05/2018
 

 

 

 

First Watch Restaurants, Inc.*
One stop
 
L + 6.00%
 
7.38%
 
12/2020
 
3,541

 
3,518

 
0.5

 
3,541

First Watch Restaurants, Inc.*
One stop
 
L + 6.00%
 
7.30%
 
12/2020
 
174

 
173

 

 
174

First Watch Restaurants, Inc.*
One stop
 
L + 6.00%
 
7.30%
 
12/2020
 
174

 
173

 

 
174

First Watch Restaurants, Inc.
One stop
 
P + 5.00%
 
9.25%
 
12/2020
 
169

 
168

 

 
169

First Watch Restaurants, Inc.
One stop
 
L + 6.00%
 
7.30%
 
12/2020
 
150

 
149

 

 
150

First Watch Restaurants, Inc.(4)
One stop
 
L + 6.00%
 
N/A (5)
 
12/2020
 

 
(2
)
 

 

Hopdoddy Holdings, LLC
One stop
 
L + 8.00%
 
9.23%
 
08/2020
 
422

 
420

 
0.1

 
422

Hopdoddy Holdings, LLC
One stop
 
L + 8.00%
 
N/A (5)
 
08/2020
 

 

 

 

Hopdoddy Holdings, LLC(4)
One stop
 
L + 8.00%
 
N/A (5)
 
08/2020
 

 
(1
)
 

 

Julio & Sons Company*
One stop
 
L + 5.50%
 
6.68%
 
12/2018
 
938

 
935

 
0.1

 
938



7

Golub Capital Investment Corporation and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
June 30, 2017
(In thousands)


 
Investment
Type
 
Spread
Above
Index(1)
 
Interest
Rate(2)
 
Maturity
Date
 
Principal ($) /
Shares
(3)
 
Amortized Cost
 
Percentage
of Net
Assets
 
Fair
Value
Beverage, Food and Tobacco - (continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Julio & Sons Company
One stop
 
L + 5.50%
 
6.68%
 
12/2018
 
$
309

 
$
308

 
0.1

%
$
309

Julio & Sons Company(4)
One stop
 
L + 5.50%
 
N/A (5)
 
12/2018
 

 
(1
)
 

 

Julio & Sons Company(4)
One stop
 
L + 5.50%
 
N/A (5)
 
12/2018
 

 
(2
)
 

 

Mid-America Pet Food, L.L.C.#
One stop
 
L + 6.25%
 
7.55%
 
12/2021
 
6,411

 
6,325

 
0.9

 
6,411

Mid-America Pet Food, L.L.C.(4)
One stop
 
L + 6.25%
 
N/A (5)
 
12/2021
 

 
(1
)
 

 

P&P Food Safety US Acquisition, Inc.#
One stop
 
L + 6.50%
 
7.77%
 
11/2021
 
4,102

 
4,057

 
0.6

 
4,102

P&P Food Safety US Acquisition, Inc.
One stop
 
L + 6.50%
 
N/A (5)
 
11/2021
 

 

 

 

Purfoods, LLC#*
One stop
 
L + 6.25%
 
7.45%
 
05/2021
 
7,986

 
7,894

 
1.2

 
7,986

Purfoods, LLC
One stop
 
N/A
 
7.00% PIK
 
05/2026
 
101

 
101

 

 
102

Purfoods, LLC
One stop
 
L + 6.25%
 
7.42%
 
05/2021
 
65

 
64

 

 
65

Purfoods, LLC
One stop
 
L + 6.25%
 
7.34%
 
05/2021
 
15

 
15

 

 
15

Purfoods, LLC
One stop
 
L + 6.25%
 
7.34%
 
05/2021
 
14

 
14

 

 
14

Purfoods, LLC
One stop
 
L + 6.25%
 
7.55%
 
05/2021
 
10

 
10

 

 
10

Purfoods, LLC(4)
One stop
 
L + 6.25%
 
N/A (5)
 
05/2021
 

 
(1
)
 

 

Smashburger Finance LLC*
Senior loan
 
L + 5.50%
 
6.80%
 
05/2018
 
503

 
502

 
0.1

 
478

Smashburger Finance LLC(4)
Senior loan
 
L + 5.50%
 
N/A (5)
 
05/2018
 

 
(6
)
 

 

Surfside Coffee Company LLC*
One stop
 
L + 5.25%
 
6.55%
 
06/2020
 
2,327

 
2,313

 
0.3

 
2,327

Surfside Coffee Company LLC
One stop
 
L + 5.25%
 
6.54%
 
06/2020
 
176

 
175

 

 
176

Surfside Coffee Company LLC
One stop
 
L + 5.25%
 
6.46%
 
06/2020
 
26

 
25

 

 
26

Tate's Bake Shop, Inc.#
Senior loan
 
L + 5.00%
 
6.30%
 
08/2019
 
143

 
142

 

 
143

Uinta Brewing Company#
One stop
 
L + 8.50%
 
9.73%
 
08/2019
 
900

 
900

 
0.1

 
873

Uinta Brewing Company
One stop
 
L + 8.50%
 
9.72%
 
08/2019
 
130

 
129

 

 
125

 
 
 
 
 
 
 
 
 
52,799

 
52,398

 
7.5

 
52,604

Broadcasting and Entertainment
 
 
 
 
 
 
 
 
  

 
  

 
 
 
  

TouchTunes Interactive Networks, Inc.*
Senior loan
 
L + 4.75%
 
6.05%
 
05/2021
 
692

 
690

 
0.1

 
696

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Building and Real Estate
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Brooks Equipment Company, LLC*
One stop
 
L + 5.00%
 
6.21%
 
08/2020
 
6,068

 
6,068

 
0.9

 
6,068

Brooks Equipment Company, LLC*
One stop
 
L + 5.00%
 
6.20%
 
08/2020
 
1,495

 
1,485

 
0.2

 
1,495

Brooks Equipment Company, LLC
One stop
 
L + 5.00%
 
N/A (5)
 
08/2020
 

 

 

 

Jensen Hughes, Inc.#
Senior loan
 
L + 5.00%
 
6.23%
 
12/2021
 
115

 
114

 

 
115

MRI Software LLC#*
One stop
 
L + 6.00%
 
7.30%
 
06/2023
 
18,876

 
18,546

 
2.6

 
18,688

MRI Software LLC(4)
One stop
 
L + 6.00%
 
N/A (5)
 
06/2023
 

 
(63
)
 

 
(63
)
MRI Software LLC(4)
One stop
 
L + 6.00%
 
N/A (5)
 
06/2023
 

 
(97
)
 

 
(2
)
Paradigm DKD Group, LLC#
Senior loan
 
L + 4.75%
 
6.12%
 
11/2018
 
2,143

 
2,125

 
0.3

 
2,143

Paradigm DKD Group, LLC
Senior loan
 
P + 3.50%
 
7.34%
 
11/2018
 
566

 
560

 
0.1

 
566

 
 
 
 
 
 
 
 
 
29,263

 
28,738

 
4.1

 
29,010

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Chemicals, Plastics and Rubber
 
 
 
 
 
 
 
 
  

 
  

 
 
 
  

Flexan, LLC*
One stop
 
L + 5.75%
 
7.05%
 
02/2020
 
1,044

 
1,035

 
0.1

 
1,044

Flexan, LLC
One stop
 
L + 5.75%
 
N/A (5)
 
02/2020
 

 

 

 

 
 
 
 
 
 
 
 
 
1,044

 
1,035

 
0.1

 
1,044

Diversified/Conglomerate Manufacturing
  
 
  
 
  
 
  
 
  

 
  

 
  

 
  

Chase Industries, Inc.#*
One stop
 
L + 5.75%
 
6.90%
 
09/2020
 
11,670

 
11,617

 
1.7

 
11,553

Chase Industries, Inc.*
One stop
 
L + 5.75%
 
6.90%
 
09/2020
 
1,545

 
1,545

 
0.2

 
1,529

Chase Industries, Inc.
One stop
 
L + 5.75%
 
6.84%
 
09/2020
 
104

 
105

 

 
98

Inventus Power, Inc.#
One stop
 
L + 6.50%
 
7.73%
 
04/2020
 
10,147

 
10,083

 
1.4

 
9,538

Inventus Power, Inc.(4)
One stop
 
L + 6.50%
 
N/A (5)
 
04/2020
 

 
(4
)
 

 
(39
)
Onicon Incorporated*
One stop
 
L + 6.00%
 
7.30%
 
04/2020
 
180

 
178

 

 
180

Onicon Incorporated
One stop
 
L + 6.00%
 
N/A (5)
 
04/2020
 

 

 

 

PetroChoice Holdings, Inc.*
Senior loan
 
L + 5.00%
 
6.12%
 
08/2022
 
1,633

 
1,592

 
0.2

 
1,633

Reladyne, Inc.#*
Senior loan
 
L + 5.25%
 
6.40%
 
07/2022
 
10,293

 
10,156

 
1.5

 
10,190

Reladyne, Inc.*
Senior loan
 
L + 5.25%
 
6.33%
 
07/2022
 
3,042

 
3,012

 
0.4

 
3,012

Reladyne, Inc.*
Senior loan
 
L + 5.25%
 
6.40%
 
07/2022
 
111

 
110

 

 
110

Reladyne, Inc.
Senior loan
 
L + 5.25%
 
6.35%
 
07/2022
 
70

 
69

 

 
69



8

Golub Capital Investment Corporation and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
June 30, 2017
(In thousands)


 
Investment
Type
 
Spread
Above
Index(1)
 
Interest
Rate(2)
 
Maturity
Date
 
Principal ($) /
Shares
(3)
 
Amortized Cost
 
Percentage
of Net
Assets
 
Fair
Value
Diversified/Conglomerate Manufacturing - (continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reladyne, Inc.*
Senior loan
 
L + 5.25%
 
6.40%
 
07/2022
 
$
36

 
$
36

 

%
$
36

Reladyne, Inc.
Senior loan
 
L + 5.25%
 
6.40%
 
07/2022
 
13

 
11

 

 
11

Reladyne, Inc.
Senior loan
 
L + 5.25%
 
6.36%
 
07/2022
 
5

 
4

 

 
6

Reladyne, Inc.(4)
Senior loan
 
L + 5.25%
 
N/A (5)
 
07/2022
 

 
(14
)
 

 
(14
)
Sunless Merger Sub, Inc.#
Senior loan
 
L + 5.00%
 
6.25%
 
07/2019
 
289

 
255

 

 
289

Sunless Merger Sub, Inc.
Senior loan
 
P + 3.75%
 
7.75%
 
07/2019
 
65

 
63

 

 
65

  
 
 
 
 
 
 
 
 
39,203

 
38,818

 
5.4

 
38,266

Diversified/Conglomerate Service
  
 
  
 
  
 
  
 
  

 
  

 
  

 
  

Actiance, Inc.
One stop
 
L + 9.00%
 
10.23%
 
10/2019
 
1,918

 
1,863

 
0.3

 
1,918

Actiance, Inc.
One stop
 
L + 9.00%
 
10.23%
 
10/2019
 
20

 
20

 

 
20

Agility Recovery Solutions Inc.*
One stop
 
L + 6.50%
 
7.67%
 
03/2020
 
6,205

 
6,155

 
0.9

 
6,205

Agility Recovery Solutions Inc.(4)
One stop
 
L + 6.50%
 
N/A (5)
 
03/2020
 

 
(2
)
 

 

Bomgar Corporation#*
One stop
 
L + 7.50%
 
8.80%
 
06/2022
 
28,425

 
27,951

 
4.1

 
28,425

Bomgar Corporation(4)
One stop
 
L + 7.50%
 
N/A (5)
 
06/2022
 

 
(2
)
 

 

Clearwater Analytics, LLC#*
One stop
 
L + 7.50%
 
8.55%
 
09/2022
 
8,913

 
8,777

 
1.3

 
8,913

Clearwater Analytics, LLC
One stop
 
L + 7.50%
 
8.72%
 
09/2022
 
11

 
9

 

 
11

Daxko Acquisition Corporation#
One stop
 
L + 6.50%
 
7.73%
 
09/2022
 
8,424

 
8,314

 
1.2

 
8,424

Daxko Acquisition Corporation
One stop
 
L + 6.50%
 
N/A (5)
 
09/2022
 

 

 

 

DISA Holdings Acquisition Subsidiary Corp.*
Senior loan
 
L + 4.25%
 
5.40%
 
12/2020
 
1,324

 
1,315

 
0.2

 
1,324

DISA Holdings Acquisition Subsidiary Corp.#
Senior loan
 
L + 4.25%
 
5.47%
 
12/2020
 
129

 
128

 

 
129

DISA Holdings Acquisition Subsidiary Corp.
Senior loan
 
L + 4.25%
 
5.48%
 
12/2020
 
24

 
22

 

 
24

EGD Security Systems, LLC#*
One stop
 
L + 6.25%
 
7.37%
 
06/2022
 
10,372

 
10,265

 
1.5

 
10,372

EGD Security Systems, LLC*
One stop
 
L + 6.25%
 
7.55%
 
06/2022
 
98

 
97

 

 
98

EGD Security Systems, LLC
One stop
 
L + 6.25%
 
7.37%
 
06/2022
 
30

 
28

 

 
30

EGD Security Systems, LLC(4)
One stop
 
L + 6.25%
 
N/A (5)
 
06/2022
 

 
(1
)
 

 

HealthcareSource HR, Inc.#*
One stop
 
L + 6.75%
 
8.05%
 
05/2020
 
9,816

 
9,700

 
1.4

 
9,816

HealthcareSource HR, Inc.(4)
One stop
 
L + 6.75%
 
N/A (5)
 
05/2020
 

 
(1
)
 

 

Host Analytics, Inc.
One stop
 
N/A
 
8.50% cash/
2.25% PIK
 
08/2021
 
1,373

 
1,360

 
0.2

 
1,373

Host Analytics, Inc.
One stop
 
N/A
 
8.50% cash/
2.25% PIK
 
08/2021
 
1,151

 
1,090

 
0.2

 
1,151

Host Analytics, Inc.(4)
One stop
 
N/A
 
N/A (5)
 
08/2021
 

 
(3
)
 

 

III US Holdings, LLC(4)
One stop
 
L + 6.00%
 
N/A (5)
 
09/2022
 

 
(1
)
 

 

Integration Appliance, Inc.
One stop
 
L + 8.25%
 
9.50%
 
09/2020
 
1,550

 
1,539

 
0.2

 
1,550

Integration Appliance, Inc.
One stop
 
L + 8.25%
 
9.50%
 
09/2020
 
124

 
123

 

 
124

Integration Appliance, Inc.
One stop
 
L + 8.25%
 
9.50%
 
09/2020
 
13

 
12

 

 
13

Maverick Bidco Inc.#
One stop
 
L + 6.25%
 
7.42%
 
04/2023
 
23,099

 
22,643

 
3.3

 
22,753

Maverick Bidco Inc.
One stop
 
L + 6.25%
 
7.48%
 
04/2023
 
27

 
25

 

 
25

Maverick Bidco Inc.(4)
One stop