Form N-2 POSASR GOLUB CAPITAL BDC, Inc.

As filed with the Securities and Exchange Commission on August 23, 2021

Securities Act File No. 333-232387

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

Form N-2

x Registration Statement under the Securities Act of 1933

¨ Pre-Effective Amendment No.

x Post-Effective Amendment No. 3

 

 

GOLUB CAPITAL BDC, INC.

(Exact name of registrant as specified in charter)

 

 

200 Park Avenue

25th Floor
New York, NY 10166

(Address and telephone number, including area code, of principal executive offices)

 

 

David B. Golub
Golub Capital BDC, Inc.
200 Park Avenue

25th Floor

New York, NY 10166

(Name and address of agent for service)

 

 

COPIES TO:

Thomas J. Friedmann
Matthew J. Carter

David J. Harris
Dechert LLP
One International Place, 40th Floor
100 Oliver Street

Boston, Massachusetts 02110-2605
(617) 728-7100

 

 

Approximate date of commencement of proposed public offering: From time to time after the effective date of this Registration Statement.

 

If the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans, check the following box ¨

 

If any securities being registered on this Form will be offered on a delayed or continuous basis in reliance on Rule 415 under the Securities Act of 1933 (“Securities Act”), other than securities offered in connection with a dividend reinvestment plan, check the following box.  x

 

If this Form is a registration statement pursuant to General Instruction A.2 or a post-effective amendment thereto, check the following box.  x

 

If this Form is a registration statement pursuant to General Instruction B or a post-effective amendment thereto that will become effective upon filing with the Commission pursuant to Rule 462(e) under the Securities Act, check the following box.  x

 

If this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction B to register additional securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act, check the following box x

 

It is proposed that this filing will become effective (check appropriate box):

 

¨ when declared effective pursuant to Section 8(c) of the Securities Act.

 

Check each box that appropriately characterizes the Registrant:

 

¨ Registered Closed-End Fund (closed-end company that is registered under the Investment Company Act of 1940 (the “Investment Company Act”)).

 

x Business Development Company (closed-end company that intends or has elected to be regulated as a business development company under the Investment Company Act).

 

¨ Interval Fund (Registered Closed-End Fund or a Business Development Company that makes periodic repurchase offers under Rule 23c-3 under the Investment Company Act).

 

x A.2 Qualified (qualified to register securities pursuant to General Instruction A.2 of this Form).

 

x Well-Known Seasoned Issuer (as defined by Rule 405 under the Securities Act).

 

¨ Emerging Growth Company (as defined by Rule 12b-2 under the Securities and Exchange Act of 1934).

 

¨ 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 7(a)(2)(B) of the Securities Act.

 

¨ New Registrant (registered or regulated under the Investment Company Act for less than 12 calendar months preceding this filing).

 

 

CALCULATION OF REGISTRATION FEE UNDER THE SECURITIES ACT OF 1933

 

Title of Securities Being Registered	Proposed Maximum Aggregate Offering Price (1) (2)	Amount of Registration Fee (1) (2)
Common Stock, $0.001 par value per share (3)
Preferred Stock, $0.001 par value per share (3)
Warrants (3)
Subscription Rights (4)
Debt Securities (5)
Total	$3,800,000,000 (5)(6)	$424,260

 

(1)

Estimated pursuant to Rule 457(o) under the Securities Act, solely for the purpose of determining the registration fee. The proposed maximum offering price per security will be determined, from time to time, by the Registrant in connection with the sale by the Registrant of the securities registered under this registration statement.

(2)

The Registrant previously registered a maximum aggregate offering price of $800,000,000 under the Registrant’s Registration Statement on Form N-2 (File No. 333-232387), initially filed with the Commission on June 26, 2019 (the “Original Registration Statement”), for which a filing fee of $96,960 was previously paid. The Registrant previously registered an additional aggregate offering price of $1,000,000,000 under Post-Effective Amendment No. 2 to the Original Registration Statement filed with the Commission on February 11, 2021 (the Original Registration Statement, as amended, the “Existing Registration Statement”), for which a filing fee of $109,100 was previously paid. In accordance with Rule 462(e) under the Securities Act, an additional proposed maximum offering price of $2,000,000,000 is hereby registered and an additional filing fee of $218,200 is being paid in connection with such registration.

(3)

Subject to Note 5 in the Original Registration Statement, there is being registered hereunder an indeterminate number of shares of common stock, preferred stock or warrants as may be sold, from time to time. Warrants may represent rights to purchase common stock, preferred stock or debt securities.

(4)

Subject to Note 5 in the Original Registration Statement, there is being registered hereunder an indeterminate number of subscription rights as may be sold, from time to time, representing rights to purchase common stock.

(5)

Subject to Note 5 in the Original Registration Statement, there is being registered hereunder an indeterminate principal amount of debt securities as may be sold, from time to time. If any debt securities are issued at an original issue discount, then the offering price shall be in such greater principal amount as shall result in an aggregate price to investors not to exceed $3,800,000,000.

(6)

In no event will the aggregate offering price of all securities issued from time to time pursuant to this registration statement exceed $3,800,000,000.

 

The Registration Statement shall become effective upon filing with the Securities and Exchange Commission in accordance with Rule 462(e) under the Securities Act of 1933, as amended.

 

 

 

EXPLANATORY NOTE AND INCORPORATION BY REFERENCE

 

This Post-Effective Amendment No. 3 to Registration Statement on Form N-2 is being filed by Golub Capital BDC, Inc. (the “Registrant”) with the U.S. Securities and Exchange Commission (the “Commission”) to register an additional $2,000,000,000 of proposed maximum offering price of securities. This Registration Statement incorporates by reference the contents of the Registrant’s Registration Statement on Form N-2 (File No. 333-232387), initially filed with the Commission on June 26, 2019 (the “Original Registration Statement”), which became immediately effective, as amended by Post-Effective Amendment No. 2 thereto filed with the Commission on February 11, 2021 (the “Amendment”) and, together with the Original Registration Statement, the “Existing Registration Statement”) including each of the documents filed by the Registrant with the Commission and all the exhibits thereto. The required opinions of counsel and related consents and accountant’s consent are attached hereto and filed herewith. The contents of the Existing Registration Statement, including the exhibits thereto and incorporated by reference therein, are incorporated by reference into this Registration Statement.

 

Other Information

 

Item 25. Financial Statements and Exhibits

 

2) Exhibits

 

(l)

Opinion and Consent of Dechert LLP, special counsel for Registrant.*

         

(n)

Consent of Ernst & Young LLP.*

 

*

Filed herewith.

 

 

 

Signatures

 

Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant has duly caused this Post-Effective Amendment No. 3 to Registration Statement on Form N-2 to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York, in the State of New York, on the 23rd day of August, 2021.

 

	GOLUB CAPITAL BDC, INC.
	By:	/s/ David B. Golub
	Name:	David B. Golub
	Title:	Chief Executive Officer

 

Pursuant to the requirements of the Securities Act of 1933, this Post-Effective Amendment No. 2 to Registration Statement on Form N-2 has been signed below by the following persons in the capacities and on the dates indicated:

 

Signature		Title		Date
/s/ David B. Golub		Chief Executive Officer and Director		August 23, 2021
David B. Golub		(Principal Executive Officer)
/s/ Ross A. Teune		Chief Financial Officer		August 23, 2021
Ross A. Teune		(Principal Financial Officer and Accounting Officer)
*		Chairman of the Board of Directors		August 23, 2021
Lawrence E. Golub
*		Director		August 23, 2021
John T. Baily
*		Director		August 23, 2021
Kenneth F. Bernstein
*		Director		August 23, 2021
Anita R. Rosenberg
*		Director		August 23, 2021
William M. Webster IV
*		Director		August 23, 2021
Lofton Holder

 

 

*By:	/s/ David B. Golub
	Attorney-in-Fact

 

 

 

 

 

Exhibit (l)

 

One International Place, 40th Floor 100 Oliver Street Boston, MA 02110-2605 +1 617 728 7100 Main +1 617 426 6567 Fax www.dechert.com

 

August 23, 2021

 

Golub Capital BDC, Inc.

200 Park Avenue, 25^th Floor

New York, NY 10166

 

Re:

Registration Statement on Form N-2

 

Ladies and Gentlemen:

 

We have acted as counsel to Golub Capital BDC, Inc., a Delaware corporation (the “Company”), in connection with the preparation and filing of Post-Effective Amendment No. 3 (the “Post-Effective Amendment”) to the Company’s Registration Statement on Form N-2 (File No. 333-232387) (as amended, the “Registration Statement”), filed on the date hereof, with the U.S. Securities and Exchange Commission (the “Commission”) under the Securities Act of 1933, as amended (the “Securities Act”), relating to possible offerings from time to time of up to an aggregate of $3,800,000,000 of the following securities of the Company: (1) shares of common stock, par value $0.001 per share, of the Company (“Common Stock”), (2) shares of preferred stock, par value $0.001 per share, of the Company (“Preferred Stock”), (3) warrants of the Company to purchase Debt Securities, Common Stock or Preferred Stock (“Warrants”), (4) rights to purchase Common Stock (“Subscription Rights”) and (5) debt securities (“Debt Securities”) to be issued pursuant to an indenture between the Company and a trustee (the “Trustee”). The Common Stock, Preferred Stock, Warrants, Subscription Rights and Debt Securities are collectively referred to herein as the “Securities.”

 

The Registration Statement provides that the Securities may be offered separately or together, in separate series, in amounts, at prices and on terms to be set forth in one or more supplements to the prospectus included in the Registration Statement (each, a “Prospectus Supplement”) at the time it becomes effective or in one or more free writing prospectuses. This opinion letter is being furnished to the Company in accordance with the requirements of Item 25 of Form N-2 under the Investment Company Act of 1940, as amended, and no opinion is expressed herein as to any matter other than as to the legality of the Securities.

 

 

August 23, 2021 Page 2

 

In rendering the opinions expressed below, we have examined and relied on originals or copies, certified or otherwise identified to our satisfaction, of such documents, corporate records and other instruments and such agreements, certificates and receipts of public officials, certificates of officers or other representatives of the Company and others, and such other documents as we have deemed necessary or appropriate as a basis for the opinions set forth below, including the following documents:

 

(i)

the Registration Statement;

 

(ii)

the Certificate of Incorporation of the Company (the “Certificate of Incorporation”);

 

(iii)

the Bylaws of the Company (the “Bylaws”);

 

(iv)

forms of certificates evidencing the Common Stock and the Subscription Rights;

 

(v)

the Indenture, dated as of October 2, 2020, between the Company and U.S. Bank National Association (the “Trustee”), governing the Debt Securities (as may be amended or supplemented from time to time, the “Indenture”);

 

(vi)

the form of certificate of designations for Preferred Stock;

 

(vii)

the form of warrant agreement;

 

(viii)

the form of underwriting agreement for equity securities;

 

(ix)

the form of underwriting agreement for debt securities;

 

(x)

a certificate of good standing with respect to the Company issued by the Secretary of State of the State of Delaware as of a recent date; and

 

(xi)

resolutions of the board of directors of the Company (the “Board of Directors”), relating to, among other things, the authorization and approval of the preparation and filing of the Registration Statement.

 

As to the facts upon which this opinion is based, we have relied, to the extent we deem proper, upon certificates of public officials and certificates and written statements of agents, officers, directors and representatives of the Company without having independently verified such factual matters.

 

In our examination, we have assumed the genuineness of all signatures, the authenticity of all documents submitted to us as original documents and the conformity to original documents of all documents submitted to us as copies. In addition, we have assumed (i) the legal capacity of all natural persons and (ii) the legal power and authority of all persons signing on behalf of the parties to such documents.

 

 

August 23, 2021 Page 3

 

On the basis of the foregoing and subject to the assumptions, qualifications and limitations set forth in this letter, we are of the opinion that:

 

1.

The Common Stock, when (a) duly issued and sold in accordance with the Registration Statement, applicable Prospectus Supplement and any related free writing prospectuses, upon conversion or exchange of Debt Securities or Preferred Stock or upon exercise of Subscription Rights or Warrants as contemplated by the Registration Statement, applicable Prospectus Supplement and any related free writing prospectuses and (b) delivered to the purchaser or purchasers thereof against receipt by the Company of such lawful consideration therefor as the Board of Directors (or a duly authorized committee thereof) may lawfully determine and at a price per share not less than the per share par value of the Common Stock, will be validly issued, fully paid and nonassessable.

  

2.

The Preferred Stock, when (a) duly issued and sold in accordance with the Registration Statement, applicable Prospectus Supplement and any related free writing prospectuses, upon conversion or exchange of Debt Securities or upon exercise of Warrants as contemplated by the Registration Statement, applicable Prospectus Supplement and any related free writing prospectuses, and (b) delivered to the purchaser or purchasers thereof against receipt by the Company of such lawful consideration therefor as the Board of Directors (or a duly authorized committee thereof) may lawfully determine and at a price per share not less than the per share par value of the Preferred Stock, will be validly issued, fully paid and nonassessable.

 

3.

The Warrants, when (a) duly executed, authenticated, issued and sold in accordance with the Registration Statement, applicable Prospectus Supplement and any related free writing prospectuses and the provisions of an applicable, valid and binding warrant agreement and (b) delivered to the purchaser or purchasers thereof against receipt by the Company of such lawful consideration therefor as the Board of Directors (or a duly authorized committee thereof or a duly authorized officer of the Company) may lawfully determine, will be valid and binding obligations of the Company enforceable against the Company in accordance with their respective terms.

 

4.

The Subscription Rights, when duly issued in accordance with the Registration Statement, applicable Prospectus Supplement and any related free writing prospectuses and the provisions of an applicable subscription certificate and any applicable and valid and binding subscription agreement, will be validly issued.

 

 

August 23, 2021 Page 4

 

5.

The Debt Securities, when (a) duly executed by the Company and authenticated by the Trustee in accordance with the provisions of the Indenture and (x) issued and sold in accordance with the Registration Statement, applicable Prospectus Supplement and any related free writing prospectuses or (y) issued upon exchange or conversion of Preferred Stock or upon exercise of Warrants as contemplated by the Registration Statement, applicable Prospectus Supplement and any related free writing prospectuses and (b) delivered to the purchaser or purchasers thereof against receipt by the Company of such lawful consideration therefor as the Board of Directors (or a duly authorized committee thereof or a duly authorized officer of the Company) may lawfully determine, will be valid and binding obligations of the Company enforceable against the Company in accordance with their respective terms.

 

The opinions set forth herein are subject to the following assumptions, qualifications, limitations and exceptions being true and correct at or before the time of the delivery of any Securities offered pursuant to the Registration Statement, applicable Prospectus Supplement and any related free writing prospectuses:

 

(i)

the Board of Directors, including any appropriate committee appointed thereby, and/or appropriate officers of the Company shall have duly (x) established the terms of the Securities and (y) authorized and taken any other necessary corporate or other action to approve the creation, if applicable, issuance and sale of the Securities and related matters (including with respect to Preferred Stock, the execution, acknowledgment and filing of a Certificate of Designation in accordance with the applicable provisions of the General Corporation Law of the State of Delaware) and any Securities consisting of Common Stock or Preferred Stock, and any Common Stock or Preferred Stock for or into which any other Securities are exercisable, exchangeable or convertible, shall have been duly reserved for issuance and such authorizations and actions have not been rescinded;

 

(ii)

the resolutions establishing the definitive terms and authorizing the Company to register, offer, sell and issue the Securities shall remain in effect and unchanged at all times during which the Securities are offered, sold or issued by the Company;

 

 

August 23, 2021 Page 5

 

(iii)

the definitive terms of each class and series of the Securities not presently provided for in the Registration Statement, or the Certificate of Incorporation, and the terms of the issuance and sale of the Securities (x) shall have been duly established in accordance with all applicable law and the Certificate of Incorporation and Bylaws (collectively, the “Charter”), any Indenture, underwriting agreement, warrant agreement and subscription agreement and any other relevant agreement relating to the terms and the offer and sale of the Securities (collectively, the “Documents”) and the authorizing resolutions of the Board of Directors, reflected in appropriate documentation reviewed by us, and (y) shall not violate any applicable law, the Charter or the Documents (subject to the further assumption that such Charter and Documents have not been amended from the date hereof in a manner that would affect the validity of any of the opinions rendered herein), or result in a default under or breach of (nor constitute any event which with notice, lapse of time or both would constitute a default under or result in any breach of) any agreement or instrument binding upon the Company and so as to comply with any restriction imposed by any court or governmental body having jurisdiction over the Company;

 

(iv)

upon issuance of any shares of Preferred Stock or Common Stock, including upon exercise, conversion or exchange of Securities, the total number of shares of Preferred Stock and Common Stock issued and outstanding shall not exceed the total number of shares of Preferred Stock and Common Stock that the Company is then authorized to issue under its Certificate of Incorporation;

 

(v)

the interest rate on the Debt Securities shall not be higher than the maximum lawful rate permitted from time to time under applicable law;

 

(vi)

the Securities (including any Securities issuable upon exercise, conversion or exchange of other Securities), and any certificates representing the relevant Securities (including any Securities issuable upon exercise, conversion or exchange of other Securities), have been duly authenticated, executed, countersigned, registered and delivered upon payment of the agreed-upon legal consideration therefor and have been duly issued and sold in accordance with any relevant agreement and, if applicable, duly executed and delivered by the Company and any other appropriate party;

 

(vii)

each Indenture, warrant agreement and subscription agreement and any other relevant agreement has been duly authorized, executed and delivered by, and will constitute a valid and binding obligation of, each party thereto (other than the Company);

 

(viii)

the Registration Statement, as amended (including all necessary post-effective amendments), and any additional registration statement filed under Rule 462 under the Securities Act, shall be effective under the Securities Act, and such effectiveness shall not have been terminated or rescinded;

 

 

August 23, 2021 Page 6

 

(ix)

an appropriate Prospectus Supplement and any related free writing prospectuses shall have been prepared, delivered and filed in compliance with the Securities Act and the applicable rules and regulations thereunder describing the Securities offered thereby;

 

(x)

the Securities shall be issued and sold in compliance with all U.S. federal and state securities laws and solely in the manner stated in the Registration Statement, the applicable Prospectus Supplement and any related free writing prospectuses and there shall not have occurred any change in law affecting the validity of the opinions rendered herein;

 

(xi)

if the Securities will be sold pursuant to a firm commitment underwritten offering, the underwriting agreement with respect to the Securities in the form filed as an exhibit to the Registration Statement or any post-effective amendment thereto, or incorporated by reference therein, has been duly authorized, executed and delivered by the Company and the other parties thereto;

 

(xii)

the Indenture shall have been duly qualified under the Trust Indenture Act of 1939, as amended; and

 

(xiii)

in the case of an agreement or instrument pursuant to which any Securities are to be issued, there shall be no terms or provisions contained therein which would affect the validity of any of the opinions rendered herein.

 

The opinions set forth herein as to enforceability of obligations of the Company are subject to: (i) bankruptcy, insolvency, reorganization, fraudulent conveyance, moratorium or similar laws now or hereinafter in effect affecting the enforcement of creditors’ rights generally, and by general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law) and the discretion of the court or other body before which any proceeding may be brought; (ii) the unenforceability under certain circumstances under law or court decisions of provisions providing for the indemnification of, or contribution to, a party with respect to a liability where such indemnification or contribution is contrary to public policy; (iii) provisions of law which may require that a judgment for money damages rendered by a court in the United States be expressed only in U.S. dollars; (iv) requirements that a claim with respect to any Debt Securities denominated other than in U.S. dollars (or a judgment denominated other than in U.S. dollars in respect of such claim) be converted into U.S. dollars at a rate of exchange prevailing on a date determined pursuant to applicable law; and (v) governmental authority to limit, delay or prohibit the making of payments outside the United States or in foreign currency or composite currency.

 

 

August 23, 2021 Page 7

 

We express no opinion as to the validity, legally binding effect or enforceability of any provision in any agreement or instrument that (i) requires or relates to payment of any interest at a rate or in an amount which a court may determine in the circumstances under applicable law to be commercially unreasonable or a penalty or forfeiture or (ii) relates to governing law and submission by the parties to the jurisdiction of one or more particular courts.

 

We are members of the bar of the State of New York, and the foregoing opinions are limited to the laws of the State of New York and the General Corporation Law of the State of Delaware.

 

This opinion letter has been prepared for your use solely in connection with the Registration Statement. We assume no obligation to advise you of any changes in the foregoing subsequent to the effectiveness of the Registration Statement.

 

We hereby consent to the filing of this opinion letter as an exhibit to the Registration Statement and to the reference to this firm under the caption “Legal Matters” in the prospectus which forms a part of the Registration Statement. In giving such consent, we do not thereby admit that we are in the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations of the Commission thereunder.

 

Very truly yours,

 

/s/ Dechert LLP

TJF

MJC/cr

 

 

 

 

 

 

Exhibit (n)

 

Consent of Independent Registered Public Accounting Firm

 

We consent to the incorporation by reference in Amendment No. 3 to the Registration Statement on Form N-2 filed pursuant to Rule 462(e) of the Securities Act of 1933 of the reference to our firm under the caption “Independent Registered Public Accounting Firm” in the Registration Statement (Form N-2 No. 333-232387) and related Prospectus of Golub Capital BDC, Inc. and Subsidiaries and to the incorporation by reference of our reports dated November 30, 2020, with respect to the consolidated financial statements of Golub Capital BDC, Inc. and Subsidiaries and the effectiveness of internal control over financial reporting of Golub Capital BDC, Inc. and Subsidiaries included in its Annual Report (Form 10-K) for the year ended September 30, 2020, filed with the Securities and Exchange Commission. 

 

 

/s/ Ernst & Young LLP

 

Chicago, Illinois
August 23, 2021

 

 

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