Golub Capital Investment Corp. on Dec. 13 completed a $908.2 million term debt securitization.

The notes offered in the securitization were issued by Golub Capital subsidiary GCIC CLO II LLC and are backed by a portfolio of senior secured and second lien loans, according to a Dec. 19 SEC filing.

The transaction was completed through a private placement of about $490.0 million of notes that bear interest at the three-month London interbank offered rate plus 1.48%; $38.5 million of 4.665% notes; $18.0 million of notes that bear interest at the three-month Libor plus 2.25%; $27.0 million of notes carrying interest at the three-month Libor plus 1.75%; $95.0 million of notes with interest at the three-month Libor plus 2.30%; $60.0 million of notes bearing interest at the three-month Libor plus 2.75%; and $179.7 million of subordinated notes, which do not carry interest.

The subordinated notes matured Dec. 13, while the other notes are due Jan. 20, 2031. Cash proceeds from the placement were used to redeem certain outstanding secured notes issued in 2016 by Golub Capital Investment Corp. CLO 2016(M) LLC.

Golub Capital unit GCIC Funding LLC decreased the borrowing capacity under its senior secured revolving credit facility, which is secured by all of the assets held by the unit, to $275.0 million from $550.0 million via prepayment. Other terms of the credit facility remain unchanged.