lsl

Late Stage Lending

Golub Capital has provided over $4 billion of loan commitments to software and technology companies. Golub Capital’s Late Stage Lending offers flexible debt that enables high growth companies to achieve their goals with less equity dilution.

Golub Capital’s Late Stage Lending business provides financing solutions to venture-backed, growth equity and other technology companies. Our solutions are customized to meet the growth thesis without extensive equity dilution. We provide senior debt, subordinated debt and co-investment equity to companies undergoing exceptional growth due to new services, increased adoption and/or entry into new markets. Our firm usually underwrites and holds the entire credit facility.

TARGET COMPANY CHARACTERISTICS

  • Expanding revenues with minimum recurring or durable revenue of $15 million
  • Current earnings may be reduced or negative due to continued reinvestment in growth
  • Backed by growth equity or venture capital firms
  • Strong customer revenue retention rates
  • Diversified customer base

TERMS OF FINANCING

  • Facilities from $15 million to $100 million
  • Customized and flexible covenant packages
  • Golub Capital will typically hold 100% of the credit facility

SECTOR EXPERIENCE

  • Enterprise software
  • Application software
  • FinTech
  • Healthcare IT
  • Data analytics
  • Security
  • Mobile
  • Cloud

bsl-quote

Golub Capital’s Late Stage Lending group provided a compelling debt financing that allowed the company to accelerate its growth without meaningful dilution to current stakeholders. The Golub Capital team has significant expertise working with the needs of rapidly growing and expanding SaaS companies, making them excellent partners. Their debt solution is unique as it has a long-term horizon, allows us the flexibility to invest in the business and has greater scale than any other debt product in the market.”

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Ian Charles, CFO
Host Analytics
QuEST

Technology Lending Landscape

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TYPICAL USE OF CAPITAL

  • Accelerated growth
  • Strategic acquisitions
  • Product expansion
  • Investor liquidity
  • Conversion to SaaS

CONTACT US

For more information on Golub Capital Late Stage Lending please contact Andrew Steuerman or Peter Fair.

HOW CAN GOLUB CAPITAL LATE STAGE LENDING HELP YOUR SAAS BUSINESS GROW?

Golub Capital’s Late Stage Lending offers flexible debt to venture-backed, growth equity and other technology companies. Our solutions are customized to meet the growth thesis of the company without extensive equity dilution.

In a hurry but want to learn more? Watch the breezy one minute summary below and email us if you’d like more specifics on the product: lsl@golubcapital.com.

UNDISCLOSED

Late Stage Lending FacilityJune 2016— Administrative Agent, Sole Bookrunner— Insight Venture Partners

UNDISCLOSED

Late Stage Lending FacilityApril 2015— Administrative Agent, Sole Bookrunner— Sutter Hill Ventures, JK&B Capital, Scale Ventures, Credit Suisse First Boston Next Fund

UNDISCLOSED

Late Stage Lending Facility

February 2015— Administrative Agent, Sole Bookrunner— Centerview Capital

$65,000,000

GOLD Facility*

May 2014— Administrative Agent, Sole Bookrunner— TA Associates

$22,000,000

Senior Credit FacilityMarch 2014— Sole Bookrunner, Administrative Agent— Great Hill Partners

UNDISCLOSED

Late Stage Lending Facility

October 2014— Administrative Agent, Sole Bookrunner— Francisco Partners