Golub Capital Private Credit unit gets facility totaling $500 million

By Mary-Katherine Stinson

Lexington, Ky., July 6 – Golub Capital Private Credit Fund announced that the collateralized loan obligation vehicle GCP SG Warehouse 2022-1 on July 1 amended its credit facility and entered an amended and restated credit agreement and amended and restated collateral management agreement, according to an 8-K filing with the Securities and Exchange Commission.

The credit facility totals $500 million, with both revolving and term loans capped at $250 million each.

There is an accordion feature that allows the CLO vehicle to increase total commitments to $1 billion.

The facility matures June 7, 2030 and allows multicurrency borrowings under the revolver of either dollars, Canadian dollars or euros, while the term loans are available in dollars only.

Loans will accrue interest in either SOFR, CDOR or Euribor beginning June 8 for the next nine months plus a margin of 275 basis points, after nine months until the end of the reinvestment period at a margin of 285 bps and after the reinvestment period at a margin of 300 bps or 350 bps, respectively, dependent on if the rating effective date has occurred.

The collateral manager will receive customary management fees in connection with its services.

Wilmington Trust, NA is the collateral agent, collateral administrator, custodian and collateral custodian.

GC revolver

On July 3, Golub Capital Private Credit Fund entered a revolving credit facility with its adviser GC Advisors LLC, providing a maximum credit limit of $50 million.

It expires July 3, 2026 and bears interest at the short-term applicable federal rate for quarterly compounding.

Golub Capital acquired the CLO vehicle for a purchase price of approximately $442 million, which may be adjusted following the fund’s board of trustee’s approval of the final net asset value, which is expected to occur on or around July 31.

The fund has agreed to pay 90% of the estimated purchase price in cash and the remaining amount with a promissory note. The adviser, GC Advisors LLC, has agreed to pay any interest under the note.

The acquisition of the CLO vehicle was funded with cash on hand, which primarily consists of proceeds from the fund’s offering of its class F common shares.

Golub Capital Private Credit is structured as an externally managed, non-diversified closed-end management investment company based in New York.

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