Golub capital’s late stage lending offers flexible debt to venture-backed, growth equity and other technology companies.

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 equity investments to companies undergoing rapid 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 $10 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 $10 million to $200 million
  • Customized and flexible covenant packages
  • Golub Capital will typically hold 100% of the credit facility

TECHNOLOGY LENDING LANDSCAPE

lsl-technology-lending-landscape_footnotes
ENLARGE IMAGE FOR IMPORTANT DISCLAIMERS

TYPICAL USE OF CAPITAL

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

SECTOR EXPERIENCE

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

contact us

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

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.
Ian Charles, CFO
Host Analytics

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.

SaaS Meter

Golub Capital Quarterly SaaS Valuation & Investment Trends Report

Welcome to Golub Capital’s SaaS Meter, a report that analyzes valuation and investment trends for SaaS companies. The SaaS Meter leverages data from:

– The Golub Capital Public SaaS Tracker (“GC Public SaaS Tracker”) comprises publicly traded SaaS companies that are listed on the NYSE and Nasdaq

– The Golub Capital Private SaaS Tracker (“GC Private SaaS Tracker”) comprises private SaaS companies that are included in the “Golub Capital Altman Index”

For full definition of the Trackers, please refer to SaaS Meter Definitions at the end of this report.

A conversation with Centrify and Golub Capital

Peter Fair,
Managing Director at Golub Capital

Tim Steinkopf, President at Centrify

Tim Steinkopf,
President at Centrify

With data breaches and cyber attacks in the news seemingly daily, cybersecurity has become a top priority and Centrify is helping to lead the way. For this issue of SaaS Meter, we spoke with the company’s President Tim Steinkopf about the business and what the future holds for Centrify.

Peter: Tell us about Centrify. What challenges does Centrify aim to solve?

Tim: Centrify’s mission is to stop the leading cause of breaches: privileged access abuse. According to Forrester Research, 80% of data breaches involve compromised privileged credentials such as passwords, tokens, keys and certificates. Cyber attackers no longer “hack” in against sophisticated technology. Instead, they use weak, stolen or otherwise compromised credentials to log in. Then they move laterally inside the network to find valuable data, elevate their privilege and extract the data while covering their tracks.

Centrify’s solutions assume that ”bad actors” are already in the system and counter them by verifying the user, analyzing the context of the request and assessing the risk of the access environment to grant the least privilege necessary to fulfill said request. This is known as a Zero Trust Privilege model, designed to give just enough access, just in time.

Peter: What are the biggest challenges and opportunities for growth you anticipate for the SaaS industry in 2019?

Tim: For our particular focus area, which is Privileged Access Management (PAM), there is tremendous growth opportunity as our business becomes increasingly SaaS-based. Right now we still see a lot of on-premises requirements, especially in certain security and compliance-focused industries, including government and public sector, financial services and healthcare. But clearly cloud-delivery is the future of our business and most of our customers already recognize this and have made the move to our cloud-ready Zero Trust Privilege solutions.

According to Gartner’s Forecast Analysis: Information Security, Worldwide, 2Q18 Update, the PAM software market is expected to double from $1.4 billion in 2018 to $2.8 billion in 2022 at about a 15-20% CAGR. So obviously there is a huge market opportunity available for Centrify to capitalize with our dedicated focus on PAM.

Two challenges facing us are education in general about Zero Trust, which is becoming a buzzword many companies are grabbing onto whether rightly or wrongly. The other is cybersecurity spending priorities. Gartner projects $124 billion to be spent next year but perhaps not on the right initiatives. We know from research that we conducted with Dow Jones earlier in 2018 that:

i. 62% of CEOs still think the biggest threat to their organization is malware, while only 35% of technical officers (CIOs, CTOs, CISOs) agree with that statement.

ii. 68% of all executives surveyed whose companies experienced significant breaches indicate it would most likely have been prevented by either privileged user identity and access management or user identity assurance.


Peter: What do you think has been the biggest contributor to Centrify’s success?

Tim: Centrify has industry-leading solutions that help organizations adopt a Zero Trust Privilege approach.

Zero Trust is becoming widely-recognized as the best way to harden cyber security postures as the traditional network perimeter continues to dissolve. We are consistently recognized for our offerings, strategy and market presence, such as being named a leader in the most recent Forrester Wave Report for Privileged Identity Management (PIM) and the first ever Gartner Magic Quadrant for Privileged Access Management (PAM).

All this is made possible by our amazing team that is dedicated to stopping privileged credential abuse.

Peter: Where is the technology behind cybersecurity headed? Where do you see Centrify in 10 years?

Tim: In short, a lot of where we’re headed is about the cloud. The erosion of traditional perimeters has largely been enabled by the cloud, and that has resulted in a massive expansion of the potential threatscape that now includes Infrastructure-as-a-Service, Big Data, IoT, DevOps, containers and microservices, and more.

While the cloud is one of the drivers of new security concerns, the good news is that it’s also the delivery vehicle to secure this new expanded threatscape. Looking down the road, we anticipate growing our business both organically and inorganically, and innovating so we can stay ahead of the leading attack vector. Today that threat is privileged credential abuse, and while we still rely on passwords that will continue to be the case. But there are some great things coming in the identity space that can help to close some of those human-fallibility weaknesses, like biometrics and AI.

We plan to be at the forefront of that innovation.

Peter: What keeps you up at night?

Tim: The biggest thing that keeps me up at night is the question of whether we are moving at a fast enough pace. We have a dynamic market and demanding customers—and the bad actors are trying to stay ahead of the solutions—we need to outpace both.

Peter: What is the first thing you think about in the morning?

Tim: Sadly, one of the first things I do when I wake up is to see who has made headlines for the latest breach, because it feels like it’s about one per day. Companies must do a better job of securing their data and the privacy of their customers, and it’s not just large enterprises: 61% of SMBs were breached in 2017. A lot of that starts with low-hanging fruit like implementing multi-factor authentication and taking a Zero Trust approach to security.

Quick Meter Reading

  • While the perception is that the leading cyber threat is malware, most breaches result from compromised credentials
  • The fastest growing public SaaS companies reached Revenue Multiples of over 15% in Q3 20181
  • The number of Series A deals was greater than that of Seed deals in Q3 2018, with percentages being reversed from Q2 2018 (Q2 Series A: 28.2%, Q2 Seed: 31.3%; Q3 Series A: 31.5%, Q3 Seed: 28.0%)2

1. Source: CapIQ, Golub Capital
2. Source: Pitchbook, Golub Capital

Q3 2018 GC Public SaaS Tracker Companies1 Sorted by Market Cap

New Companies to the GC Public SaaS Tracker are highlighted

 

 

Ticker

Mkt Cap

Price

EV

LTM Rev

FWD Rev

EV/LTM Rev

EV/FWD Rev

1 Year Rev Growth

LTM Gross Profit

CRM $ 120,338.00 $ 159.03 $ 121,309.00 $ 11,793.01 $ 14,466.74 10.29x 8.39x 25.29% 73.98%
NOW $ 34,811.57 $ 195.63 $ 33,919.04 $ 2,276.28 $ 2,956.75 14.9x 11.47x 40.48% 75.48%
WDAY $ 31,677.66 $ 145.98 $ 29,869.57 $ 2,428.23 $ 3,121.66 12.3x 9.57x 30.67% 70.65%
SPLK $ 17,728.52 $ 120.91 $ 16,905.46 $ 1,463.74 $ 1,866.11 11.55x 9.06x 38.32% 79.50%
VEEV $ 15,732.74 $ 108.87 $ 14,722.31 $ 763.16 $ 915.52 19.29x 16.08x 22.99% 69.66%
GDDY $ 13,831.63 $ 83.39 $ 15,618.73 $ 2,469.20 $ 2,805.97 6.33x 5.57x 23.12% 66.03%
DBX $ 10,793.88 $ 26.83 $ 9,979.88 $ 1,247.70 $ 1,480.63 8x 6.74x 28.15% 68.48%
ULTI $ 10,042.66 $ 322.19 $ 9,867.39 $ 1,035.46 $ 1,245.36 9.53x 7.92x 20.30% 62.62%
DATA $ 9,268.11 $ 111.74 $ 8,355.97 $ 992.77 $ 1,052.26 8.42x 7.94x 14.18% 87.12%
PAYC $ 9,110.94 $ 155.41 $ 9,091.51 $ 498.03 $ 621.67 18.26x 14.62x 30.08% 85.95%
TWLO $ 8,407.66 $ 86.28 $ 8,036.12 $ 492.65 $ 665.91 16.31x 12.07x 46.30% 53.15%
DOCU $ 8,243.43 $ 52.57 $ 7,424.63 $ 602.32 $ –    12.33x 57.90% 73.88%
OKTA $ 7,682.11 $ 70.36 $ 7,409.62 $ 325.61 $ 428.33 22.76x 17.3x 59.86% 70.53%
ZEN $ 7,523.08 $ 71.00 $ 7,284.88 $ 506.18 $ 668.98 14.39x 10.89x 38.56% 70.00%
RNG $ 7,408.31 $ 93.05 $ 7,201.59 $ 580.55 $ 724.07 12.4x 9.95x 33.92% 76.20%
TTD $ 6,476.56 $ 150.91 $ 6,334.88 $ 380.06 $ 524.11 16.67x 12.09x 51.10% 76.84%
RP $ 5,964.38 $ 65.90 $ 6,189.63 $ 774.29 $ 938.48 7.99x 6.6x 26.67% 60.58%
HUBS $ 5,855.81 $ 150.95 $ 5,613.96 $ 441.40 $ 557.59 12.72x 10.07x 38.64% 80.22%
WIX $ 5,787.45 $ 119.70 $ 5,437.46 $ 513.48 $ 677.50 10.59x 8.03x 44.30% 81.30%
CDAY $ 5,785.24 $ 42.03 $ 6,284.94 $ 792.30 $ 763.97 7.93x 8.23x 27.09% 45.00%
PFPT $ 5,588.31 $ 106.33 $ 5,658.33 $ 611.55 $ 795.53 9.25x 7.11x 37.53% 71.49%
ATHN $ 5,411.07 $ 133.60 $ 5,452.67 $ 1,286.50 $ 1,417.82 4.24x 3.85x 11.73% 54.22%
NEWR $ 5,324.93 $ 94.23 $ 4,994.86 $ 383.18 $ 489.36 13.04x 10.21x 34.46% 83.09%
PVTL $ 5,039.61 $ 19.58 $ 4,368.57 $ 582.36 $ 725.99 7.5x 6.02x 39.90% 59.90%
ZS $ 4,884.35 $ 40.78 $ 4,585.81 $ 190.17 $ 259.20 24.11x 17.69x 51.27% 80.08%
LOGM $ 4,621.50 $ 89.10 $ 4,622.65 $ 1,130.17 $ 1,227.90 4.09x 3.76x 83.01% 78.25%
COUP $ 4,592.75 $ 79.10 $ 4,318.03 $ 219.10 $ 271.16 19.71x 15.92x 37.67% 68.86%
MDSO $ 4,371.77 $ 73.31 $ 4,346.42 $ 586.96 $ 693.40 7.4x 6.27x 15.50% 76.48%
TWOU $ 4,317.77 $ 75.19 $ 3,853.55 $ 346.64 $ 475.63 11.12x 8.1x 44.96% 78.12%
MDB $ 4,258.21 $ 81.55 $ 3,946.08 $ 192.24 $ 267.49 20.53x 14.75x 54.75% 72.06%
PCTY $ 4,238.26 $ 80.32 $ 4,101.07 $ 377.53 $ 452.47 10.86x 9.06x 25.84% 60.48%
JCOM $ 4,079.76 $ 82.85 $ 4,730.09 $ 1,158.51 $ 1,257.45 4.08x 3.76x 17.05% 84.10%
TENB $ 3,617.15 $ 38.88 $ 3,883.41 $ 225.80 $ 294.47 17.2x 13.19x 81.55% 84.76%
AYX $ 3,482.68 $ 57.21 $ 3,320.32 $ 162.36 $ 224.26 20.45x 14.81x 52.75% 86.48%
QLYS $ 3,474.68 $ 89.10 $ 3,152.16 $ 255.44 $ 303.95 12.34x 10.37x 20.70% 76.79%
BOX $ 3,385.90 $ 23.91 $ 3,275.30 $ 554.71 $ 668.84 5.9x 4.9x 22.48% 72.70%
CSOD $ 3,334.97 $ 56.75 $ 3,232.70 $ 519.38 $ 532.59 6.22x 6.07x 16.71% 71.70%
ELLI $ 3,282.83 $ 94.77 $ 3,039.88 $ 461.17 $ 537.02 6.59x 5.66x 17.14% 59.38%
FEYE $ 3,258.12 $ 17.00 $ 3,122.22 $ 776.37 $ 852.46 4.02x 3.66x 3.85% 65.15%
SMAR $ 3,212.15 $ 31.26 $ 3,008.64 $ 141.05 $ –    21.33x 110.64% 80.66%
BL $ 3,045.92 $ 56.47 $ 2,931.05 $ 203.61 $ 251.63 14.4x 11.65x 37.85% 77.71%
APPF $ 2,683.01 $ 78.40 $ 2,630.29 $ 165.38 $ 205.86 15.9x 12.78x 33.18% 61.95%
CLDR $ 2,667.15 $ 17.65 $ 2,288.77 $ 411.06 $ 486.38 5.57x 4.71x 32.81% 68.03%
QTWO $ 2,595.96 $ 60.55 $ 2,494.81 $ 215.20 $ 265.49 11.59x 9.4x 24.67% 49.51%
FIVN $ 2,547.34 $ 43.69 $ 2,478.99 $ 225.51 $ 265.98 10.99x 9.32x 25.33% 59.04%
KXS $ 2,525.73 $ 97.13 $ 2,313.50 $ 143.75 $ 219.52 16.09x 10.54x 14.46% 70.75%
EBIX $ 2,492.49 $ 79.15 $ 3,016.18 $ 430.34 $ 547.17 7.01x 5.51x 34.00% 63.63%
ZUO $ 2,489.38 $ 23.11 $ 2,327.61 $ 205.67 $ 255.73 11.32x 9.1x 82.00% 50.83%
AVLR $ 2,321.88 $ 34.93 $ 2,178.20 $ 238.39 $ 283.14 9.14x 7.69x 34.23% 72.24%
VRNS $ 2,140.39 $ 73.25 $ 1,981.71 $ 244.06 $ 286.89 8.12x 6.91x 32.37% 90.13%
APPN $ 2,098.83 $ 33.10 $ 2,048.47 $ 206.79 $ 221.80 9.91x 9.24x 41.62% 62.33%
PS $ 2,013.30 $ 32.00 $ 1,932.56 $ 193.91 $ 257.71 9.97x 7.5x 47.08% 70.34%
SVMK $ 1,995.33 $ 16.03 $ 2,361.92 $ 233.51 $ –    10.11x 12.65% 71.05%
MB $ 1,940.34 $ 40.65 $ 1,860.73 $ 211.74 $ 280.46 8.79x 6.63x 32.52% 70.74%
HDP $ 1,855.63 $ 22.81 $ 1,774.18 $ 309.41 $ 375.83 5.73x 4.72x 42.40% 71.25%
SPSC $ 1,734.32 $ 99.24 $ 1,561.58 $ 234.78 $ 255.24 6.65x 6.12x 13.80% 66.66%
WK $ 1,710.86 $ 39.50 $ 1,649.15 $ 225.61 $ 255.89 7.31x 6.44x 17.27% 71.39%
EVBG $ 1,693.80 $ 57.64 $ 1,679.97 $ 122.83 $ 163.32 13.68x 10.29x 37.89% 69.22%
APTI $ 1,647.48 $ 36.96 $ 1,506.39 $ 212.48 $ 249.03 7.09x 6.05x 22.04% 69.29%
FSCT $ 1,579.81 $ 37.76 $ 1,379.14 $ 256.01 $ 302.53 5.39x 4.56x 34.51% 75.21%
CBLK $ 1,436.71 $ 21.18 $ 1,258.21 $ 186.80 $ 226.73 6.74x 5.55x 60.71% 78.07%
BNFT $ 1,289.81 $ 40.45 $ 1,364.93 $ 266.97 $ 269.84 5.11x 5.06x 14.39% 53.41%
INST $ 1,232.96 $ 35.40 $ 1,116.42 $ 183.84 $ 231.73 6.07x 4.82x 36.48% 70.48%
LRN $ 700.35 $ 17.70 $ 495.26 $ 917.73 $ 951.12 0.54x 0.52x 3.29% 35.44%
UPLD $ 696.53 $ 32.31 $ 836.54 $ 121.48 $ 149.43 6.89x 5.6x 46.98% 66.98%
DOMO $ 564.93 $ 21.45 $ 423.24 $ 124.59 $ 148.84 3.4x 2.84x 67.14% 60.98%
MOBL $ 544.50 $ 5.30 $ 446.44 $ 181.12 $ 204.28 2.46x 2.19x 5.16% 82.99%
CDLX $ 533.28 $ 25.04 $ 530.33 $ 138.96 $ 174.34 3.82x 3.04x 9.17% 38.02%
EVER $ 370.59 $ 14.86 $ 463.54 $ 146.30 $ 177.30 3.17x 2.61x 19.15% 93.43%
ECOM $ 339.67 $ 12.45 $ 290.31 $ 128.31 $ 134.48 2.26x 2.16x 8.65% 80.17%
ZIXI $ 300.63 $ 5.55 $ 282.93 $ 67.55 $ 72.78 4.19x 3.89x 6.95% 79.49%
AMBR $ 264.75 $ 9.62 $ 279.23 $ 81.97 $ 89.28 3.41x 3.13x 7.45% 53.80%
MRIN $ 18.51 $ 3.20 $ 5.03 $ 65.57 $ –    0.08x -23.77% 53.66%

1. The SaaS Trackers described or illustrated herein are not actively managed or available for investment. The Public and Private SaaS Trackers are for illustrative and discussion purposes only and any information pertaining to these trackers should not be construed as investment advice. Companies are added to the tracker in the quarter of their initial public offering and are removed when they are no longer publicly traded, when subscription based software is no longer their primary product or primary source of YTD revenue or when information on their revenue sourcing is not available or reliable due to extraneous circumstances (inability of company to file, etc.).

Please refer to Important Disclosures at the end of this report for more information on methodology.

All data as of 9.30.2018.

SaaS Meter Definitions

The Golub Capital Public SaaS Tracker (“GC Public SaaS Tracker”) comprises publicly traded SaaS companies that are listed on the NYSE and Nasdaq. Golub Capital defines Software as a Service (SaaS) companies as software companies that show a year-to-date (YTD) share of revenue above 51% being sourced from subscriptions and sub- scription related services. Such companies are added to the tracker in the quarter of their initial public offering and are removed when they are no longer publicly traded, when subscription based software is no longer their primary product or primary source of YTD revenue or when information on their revenue sourcing is not available or reliable due to extraneous circumstances (inability of company to file, etc.). The GC Public SaaS Tracker is updated on a quar- terly basis and is not actively managed or available for direct investment. The GC Public SaaS Tracker and companies therein are provided for informational purposes only and are not intended as investment advice or recommendations of any kind. The GC Public SaaS Tracker should not be relied upon in making any investment or business decisions. All data included is public information.

The Golub Capital Private SaaS Tracker (“GC Private SaaS Tracker”) comprises private SaaS companies that are included in the “Golub Capital Altman Index.” Golub Capital defines Software as a Service (SaaS) companies based on their revenue model and product/service. These companies are typically subscription-based software compa- nies, used by enterprises for functions such as analytics, workflow and data collection.

PitchBook defines Software as a Service (SaaS) as “Information technology companies which provide their software using client-server architectures that host the application in a centralized, off-site location.”

The GC SaaS Trackers described or illustrated herein are not actively managed or available for investment. The Public and Private Saas Trackers are for illustrative and discussion purposes only, and therefore, any information pertaining to these trackers should not be misconstrued as investment advice. Trackers are shown for illustrative purposes only and are intended to provide general market data as a demonstration of current trends. Trackers should not be con- strued as investment advice and are not available for direct investment. No representation is made that any tracker is an appropriate measure for comparison or predictive of market trends. Golub Capital does not verify the accuracy or completeness of third party data used in this report and Golub Capital is not responsible or liable for any such content that may be inaccurate or incomplete. Third party data is provided for informational purposes only.

Important Disclosures

Golub Capital (including its various affiliates) creates and manages multiple investment funds. GC Advisors LLC (“GC Advisors”) and GC OPAL Advisors (“GC OPAL Advisors”, and together with GC Advisors, the “Regis- tered Advisers”) are investment advisers registered with the United States Securities and Exchange Commission (“SEC”) under the Investment Advisers Act of 1940. A number of other investment advisers, such as GC Invest- ment Management LLC (“GC Investment Management”), GC Synexus Advisors, LLC and OPAL BSL LLC (Manage- ment Series) (collectively, the “Relying Advisers”) are registered in reliance upon GC OPAL Advisors’ registration. The Registered Advisers and the Relying Advisers (collectively, the “Advisers”) manage certain of Golub Capital’s affiliated funds and accounts. For a detailed description of the Advisers and each of their investment advisory fees, please see the Registered Advisers’ Form ADV Part 1 and 2A on file with the SEC. The beneficial owners of Golub Capital are also the beneficial owners of the Advisers. Certain references to Golub Capital relating to its private fund business may include activities other than the activities of the Advisers, or may include the activities of other Golub Capital affiliates in addition to the activities of the Advisers.

No equity, debt or capital is being offered by means of these materials. These materials are for informational purposes only and are not an offer or solicitation to buy or sell any securities, make an investment, or participate in any loans. You should not rely on these materials in making any business decisions and these materials are not intended and should not be construed as investment advice. The information contained herein is preliminary and subject to change. While information herein has been obtained from sources believed to be reliable, no representa- tion is made as to its completeness and accuracy.

Past performance does not guarantee future results. Certain statements herein constitute forward-looking statements, which relate to future events, future performance or financial condition, and are subject to change for any reason.

Golub Capital investments are valued at each quarter-end at their fair value consistent with ASC Topic 820 and Golub Capital’s valuation policies and procedures. The current fair value of outstanding portfolio loans or other investments that are not actively traded is determined by the valuation policies and procedures the Advisers, which are summa- rized in the Registered Advisers’ Form ADV Part 2A.

This material contains proprietary information, and the distribution of any of the contents herein to any other person without the prior written consent of Golub Capital is strictly prohibited.

UNDISCLOSED

Late Stage Lending Facility
August 2018 Administrative Agent
Joint Lead Arranger & Joint Bookrunner

UNDISCLOSED

Late Stage Lending Facility
July 2018 Administrative Agent
Sole Lead Arranger & Sole Bookrunner

$28,000,000

Late Stage Lending Facility
June 2018 Administrative Agent
Sole Lead Arranger & Sole Bookrunner

UNDISCLOSED

Late Stage Lending Facility
June 2018 Administrative Agent
Sole Bookrunner

UNDISCLOSED

Late Stage Lending Facility
June 2018 Administrative Agent
Sole Lead Arranger & Sole Bookrunner

UNDISCLOSED

Late Stage Lending Facility
May 2018 Administrative Agent
Sole Lead Arranger & Sole Bookrunner

UNDISCLOSED

Late Stage Lending Facility
March 2018 Administrative Agent
Sole Lead Arranger & Sole Bookrunner

UNDISCLOSED

Late Stage Lending Facility
March 2018 Administrative Agent
Sole Bookrunner

UNDISCLOSED

Late Stage Lending Facility
February 2018 Administrative Agent
Sole Bookrunner

$75,000,000

Late Stage Lending Facility
January 2018 Administrative Agent
Sole Lead Arranger & Sole Bookrunner

UNDISCLOSED

Late Stage Lending Facility
December 2017 Joint Lead Arranger
Joint Bookrunner

UNDISCLOSED

Late Stage Lending Facility
November 2017 Administrative Agent

$55,000,000

Late Stage Lending Facility
June 2017 Administrative Agent

UNDISCLOSED

Late Stage Lending Facility
April 2017 Administrative Agent
Sole Bookrunner

UNDISCLOSED

Late Stage Lending Facility
October 2016 Administrative Agent
Sole Bookrunner
* GOLD facilities are Golub Capital One-Loan Debt (one-stop) facilities.