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Goldman Sachs BDC to seek stockholder approval to cut asset coverage requirement

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Goldman Sachs BDC to seek stockholder approval to cut asset coverage requirement

Goldman Sachs BDC Inc. is seeking stockholder approval to reduce the company's asset coverage requirement at the June 15 annual stockholder meeting.

The Small Business Credit Availability Act, which was passed into law on March 23, permits Goldman Sachs BDC to reduce its asset coverage requirement, subject to receipt of approval from either the board or its stockholders. Lower asset coverage requirement would help the company expand its lending activities into lower risk, lower yield assets, President and CEO Brendan McGovern said in a statement.

If the proposal is approved, the base management fee payable by the company to its investment adviser Goldman Sachs Asset Management LP will be reduced to 1.0% of gross assets from 1.5% of gross assets beginning immediately upon receipt of stockholder approval.