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Golub Capital BDC, Golub Capital Investment complete merger

Golub Capital BDC Inc. completed its merger with Golub Capital Investment Corp.

Golub Capital BDC, the surviving company, now has $4.2 billion of assets at fair value and investments in 228 portfolio companies based on pro forma information as of June 30, according to a news release.

Upon deal completion, Golub Capital Investment stockholders received 0.865 of a Golub Capital BDC common share for each share held. The transaction is estimated to be 4.5% accretive to Golub Capital BDC's net asset value per share as of June 30. Golub Capital BDC will disclose the final NAV accretion resulting from the merger when it reports its results for the fiscal year ending Sept. 30.

The board of Golub Capital BDC has previously disclosed an intention to increase the company's regular quarterly distributions to 33 cents per share after the closing of the merger, provided that the board reserves the right to revisit this intention in its sole discretion.

Keefe Bruyette & Woods Inc. was Golub Capital BDC's financial adviser. UBS Investment Bank served as financial adviser to Golub Capital Investment.

Following the merger, Golub Capital BDC entered into a new investment advisory agreement with GC Advisors LLC, which amends and restates the existing 2014 investment advisory agreement between the parties. The new agreement, approved by Golub Capital BDC's board and stockholders, will have an initial two-year term and thereafter shall continue in effect from year to year if approved annually by the board or by holders of a majority of the company's outstanding voting securities.