Press Release - Golub Capital

LONDON, January 22, 2024 — Golub Capital acted as Sole Lender on a recurring revenue loan facility to support the growth financing of Orbus Software, a SilverTree Equity portfolio company.

Orbus Software is a leading global provider of digital transformation software, serving over 600 blue chip customers and more than 60,000 users across Europe, the US and APAC. The company has been owned by SilverTree Equity since 2021.

Golub Capital’s deep credit experience and software industry expertise allowed the transaction to close under a tight timeline. This is the Firm’s first transaction with SilverTree Equity.

About Golub Capital Sponsor Finance
Golub Capital is a market-leading, award-winning direct lender and experienced credit asset manager. We specialize in delivering reliable, creative and compelling financing solutions to companies backed by private equity sponsors. The firm’s Direct Lending group provides buy-and-hold financing for sponsor-backed transactions with hold positions up to $700 million and arranges syndicated credit facilities up to $2 billion.

As of January 1, 2024, Golub Capital had over 875 employees and over $65 billion of capital under management, a gross measure of invested capital including leverage. For more information, please visit golubcapital.com.

About Orbus Software
Orbus Software is a leading provider of cloud solutions for enterprise transformation, with offices in the UK and US and regional offices in Australia, Poland, and the UAE. Its enterprise transformation platform provides a comprehensive view of applications, data, processes and capabilities allowing leaders to make informed decisions, optimize cost, minimize risks, and maintain operational resilience in the face of constant change. Customers are predominantly global blue-chip enterprises and government organizations, including AstraZeneca, CIMB Bank, Investec, Three, and Saab. To learn more, follow Orbus Software on LinkedIn.

About SilverTree Equity
SilverTree Equity is a sector specialist private equity firm. SilverTree invests exclusively in software, technology, and technology-enabled businesses. The firm is differentiated by its focus on value creation, sector specialism, and a deep network of operational resources and industry relationships. The SilverTree team has successfully completed or been involved in over 75 transactions. For more information, please visit silvertreeequity.com.

NEW YORK, January 18, 2024 – Golub Capital today announced that Andrea Picard will be joining the Firm as Co-Head of Global Institutional Sales in March. Andrea has over 30 years of industry experience and is joining the Firm after more than a decade in institutional sales leadership roles at BlackRock, most recently as head of its U.S. Pensions business. Andrea will join Michele Joyeux as Co-Head of Global Institutional Sales – a combination that will bring together Golub Capital’s long history of nurturing win-win investor relationships with fresh perspective to raise the bar further.

“We are excited to have Andrea join the Firm,” said Craig Benton, Senior Managing Director, Head of the Investor Partners Group at Golub Capital. “This is another key milestone in our multi-year plan to expand and evolve the Investor Partners Group to provide enhanced global coverage and specialized teams for different investor segments.”

“I am thrilled to be joining Golub Capital and look forward to further expanding the Firm’s U.S. and global investor base,” said Andrea Picard, Co-Head of Global Institutional Sales at Golub Capital.

Golub Capital recently opened new offices in Hong Kong and Seoul, each led by industry veterans with deep local relationships, and expanded the Firm’s U.S. and London-based teams to better serve partners in North America, Latin America, Europe and the Middle East. Recent hires include:

Michael Husson, Managing Director and Co-Head of Consultant Relations. Prior to Golub Capital, Michael worked at Goldman Sachs Asset Management.
Allan Duckett, Managing Director at Golub Capital, focused on West Coast client coverage. Prior to Golub Capital, Allan worked at Schroders.
Dan Kaminski, Managing Director in the Business Development group in New York. Prior to Golub Capital, Dan worked at PIMCO.
Sam Morse, Director at Golub Capital in London, focused on driving more connectivity with U.K. institutions and consultants. Prior to Golub Capital, Sam worked at Park Square.

Today, Golub Capital’s Investor Partners Group has over 120 client service professionals globally.

About Golub Capital
Golub Capital is a market-leading, award-winning direct lender and experienced credit asset manager. We specialize in delivering reliable, creative and compelling financing solutions to companies backed by private equity sponsors. Our sponsor finance expertise also forms the foundation of our Broadly Syndicated Loan and Credit Opportunities investment programs. We nurture long-term, win-win partnerships that inspire repeat business from private equity sponsors and investors.

As of January 1, 2024, Golub Capital had over 875 employees and over $65 billion of capital under management, a gross measure of invested capital including leverage. The firm has lending offices in New York, Chicago, Miami, San Francisco, London, Seoul and Hong Kong. For more information, please visit golubcapital.com.

Grew Capital Under Management to $65+ Billion
Raised a Record $13.9 Billion of New Investment Firepower
Closed $13.7 Billion in Financing Commitments; Q4 Deal Volume was the Highest in 18 Months

NEW YORK, January 16, 2024 – Golub Capital marked the start of its 30^th anniversary year and reported key milestones achieved in 2023. The Firm raised a record $13.9 billion of new investment firepower and grew capital under management to over $65 billion, a new high.¹ The Firm also announced strong credit results and deal activity, closing $13.7 billion in financing commitments.

Founded in 1994, Golub Capital is a market-leading, award-winning direct lender and pioneer of the unitranche loan. Most recently, Golub Capital was named “Lender of the Decade” and “Senior Lender of the Decade,” Americas by Private Debt Investor in 2023.

“Golub Capital is purpose-built to be the best in sponsor finance,” said David Golub, President of Golub Capital. “Over the last 30 years, we have been steadfast in our commitment to building long-term, win-win partnerships and delivering compelling results for investors, sponsors, portfolio companies and the Golub Capital team. We look forward to continuing to raise the bar for excellence in private credit in 2024 and beyond.”

2023 Highlights, based on preliminary results²:

Scaling to Meet Investor Demand:

Golub Capital expanded its global footprint to serve clients across a broader range of investor segments, with a local presence in more geographies and with a wider suite of compelling products to meet their needs.

In addition to record fundraising, Golub Capital was the #1 issuer of U.S. middle market CLOs and the #1 issuer of new CLOs in the United States overall.³
Bolstered client service capabilities in Europe, Asia and Latin America with senior hires to support the Firm’s growing institutional and private wealth investor base. Opened new offices in Seoul and Hong Kong.
Launched Golub Capital Private Credit Fund (“GCRED”), providing private wealth investors with greater access to the Firm’s private credit expertise. GCRED had investments with a total fair value of $1.3 billion as of November 30, 2023.
Delivered strong credit performance, with zero new payment defaults in the 12 months ended December 31, 2023, continuing an 18-year track record of average annual default rates meaningfully below the broadly syndicated loan index.⁴
Golub Capital BDC, Inc. (“GBDC”) reported record quarterly Adjusted Net Investment Income per share and distributions per share. GBDC increased its base dividend by over 12%, declared a new quarterly variable supplemental dividend and permanently reduced its base management fee to an industry-leading level.⁵
Provided a lead investment in Ruby Reinsurance Company, marking the Firm’s inaugural insurance capital transaction.

Delivering Solutions for Sponsors:

Golub Capital was a reliable partner amid market uncertainty and an overall slowdown in M&A. The Firm closed $13.7 billion in financing commitments to support existing portfolio companies and new originations. Transactions ranged in size from below $20 million to over $3 billion.

Select Deal Highlights:

Software & Technology: Led a new $3.4 billion unitranche facility for Hyland Software to refinance existing broadly syndicated debt. Acted as Administrative Agent on the financing supporting TPG Capital’s acquisition of NexTech.
Diversified Industries: Acted as Administrative Agent and Sole Lender on a new unitranche facility for Virginia Green, supporting Golden Gate Capital’s acquisition. Led a $700 million incremental financing for Risk Strategies, completing our 13^th transaction with the company and expanding the total unitranche facility to $4.5 billion with over 45 lenders.
Consumer, Restaurant & Retail: Acted as Administrative Agent on a new unitranche facility for Bazooka Candy Brands. Led our fourth transaction, a dividend recapitalization, for Tropical Smoothie Cafe.
Healthcare: Led the syndication of incremental financings for Southern Veterinary Partners to support the company’s acquisition strategy. Acted as Joint Lead Arranger on a new unitranche facility for Simtra BioPharma Solutions to support Warburg Pincus and Advent International’s acquisition from Baxter International.
Europe: Closed $1.8 billion in deals. Acted as Lead Arranger on a unitranche facility for Civica Group. Acted as Lead Arranger on a unitranche facility to support GTCR’s acquisition of Once for All. Provided financing to insurance company PIB Group to support its acquisition strategy.

As of January 1, 2024, Golub Capital had over 875 employees and over $65 billion of capital under management, a gross measure of invested capital including leverage. The firm has offices in New York, Chicago, Miami, San Francisco, London, Seoul and Hong Kong. For more information, please visit golubcapital.com.

Investment firepower reflects equity capital raised by product, multiplied by a product-specific target leverage factor. “Capital under management” is a gross measure of invested capital including leverage as of January 1, 2024.
Preliminary results are good faith estimates based on available data as of January 5, 2024. Actual data may differ materially from final closing numbers.
Source: Pitchbook’s Leveraged Commentary & Data (Pitchbook LCD). Data as of December 31, 2023.
Reflects the Payment Default Rate and Default Rate of all first lien middle market leveraged loans managed by Golub Capital from 2004–Q4 2023. It does not represent the performance of any specific portfolio or fund managed by Golub Capital or its affiliates. Past performance does not guarantee future results. A loan is classified as a Payment Default if there is an uncured payment default with respect to principal or interest. The Payment Default Rate is defined as (a) the aggregate principal amount of first lien middle market leveraged loans on a cost basis that are classified as Payment Defaults during the calendar year divided by (b) the aggregate principal amount of first lien middle market leveraged loans outstanding at the end of the period. In addition to Payment Defaults, we believe certain transactions such as restructurings or deferrals of cash interest could also be classified as Defaults. We believe our Default definition most closely aligns with the Morningstar LSTA US Leveraged Loan Index definition of defaults. A loan is classified as a Default if it falls within one of the three scenarios: (a) there is an uncured payment default with respect to principal or interest or (b) if the loan has been restructured with a full or partial debt-for-equity exchange. Additionally, effective January 1, 2018, a Default also is deemed to have occurred if a loan is amended such that (i) cash interest is reduced to a rate less than LIBOR + 1% or SOFR + 1% for at least two consecutive quarters and (ii) the loan had an Internal Performance Rating of 1 or 2. The Default Rate is defined as (a) the aggregate principal amount of first lien middle market leveraged loans on a cost basis that are classified as Defaults during the calendar year divided by (b) the aggregate principal amount of first lien middle market leveraged loans outstanding at the end of the period. The default rate of the broadly syndicated leveraged loan market is based on the Morningstar LSTA US Leveraged Loan Index, measured by principal amount. The Morningstar LSTA US Leveraged Loan Index is a market value-weighted index designed to measure the performance of the U.S. broadly syndicated loan market based upon market weightings, spreads and interest payments.
Source: SEC filings. Please refer to golubcapitalbdc.com for additional information.

Private Equity Backed Companies Exceed Performance Expectations

The Golub Capital Altman Index can provide early insight into financial performance of public companies and GDP in advance of earnings season.

NEW YORK, January 9, 2024 – Middle market private companies in the Golub Capital Altman Index grew earnings by 16% during the first two months of the fourth quarter of 2023, the highest year-over-year earnings growth since Q2 of 2021. Revenue grew 7% during the same period.

Lawrence E. Golub, CEO of Golub Capital, said, “We expected to see strong growth in Q4 2023 and the data exceeded even our expectations. As we said throughout 2023, private equity-owned middle market companies in general are proving resilient and adapting well to the environment. Our middle market report has also performed well. Every quarter in 2023, our data provided consistently correct early insight that economic growth was exceeding the prevailing consensus. The strong revenue and earnings growth of the Golub Capital Altman Index in Q4 2023, in our view, caps off a year that bodes well for investors in private equity. Despite concern about the potential impact of high interest rates and economic uncertainty on the returns of recent private equity fund vintages, fundamental earnings growth gives investors a reason for cautious optimism.”

Dr. Edward I. Altman said, “The Golub Capital Altman Index for Q4 2023 shows that the middle market is in robust shape. Quarterly EBITDA growth of 16.3% year-over-year was the highest in the eight-year history of the Index, apart from the anomalous rebound from 2020 Covid shutdowns in Q2 2021. While Index results were strong across all subsectors, technology continued to outperform. The latest employment data shows that the labor market remains tight, and small- to medium-sized businesses face ongoing shortages of skilled labor. It is not surprising that mission-critical providers of productivity-enhancing enterprise software would benefit from these trends. Our middle market firm indexes, especially the growth rate of aggregate and sectoral EBITDA, have proven to be excellent predictors of overall GDP and larger firm growth in 2023 and we expect these indexes of primarily private equity-owned firms, diversified across several industrial sectors, bodes well for 2024.”

The Golub Capital Altman Index (“GCAI”), which is produced by Golub Capital in collaboration with credit expert Dr. Edward I. Altman, is the first and longest-running index based on actual revenue and earnings (defined as earnings before interest, taxes, depreciation and amortization, or “EBITDA”) for middle market companies. It measures the median revenue and earnings growth of approximately 110–150 private U.S. companies in the loan portfolio of Golub Capital, a leading middle market lender. Reported shortly before public company quarterly earnings season, the GCAI has served as a reliable indicator of the overall growth rates in revenue and earnings of public companies in market indexes such as the S&P 500 and S&P SmallCap 600 (“S&P 600”), as well as quarterly Gross Domestic Product (“GDP”), according to statistical back-testing dating back to 2012, when data began to be tracked.

The size and diversity of the Golub Capital loan portfolio ensure that the confidentiality of all company-specific information used in the index is maintained in both the aggregate and industry segment data.

We believe the results (1) are representative of the general performance of middle market companies, which are a major contributor to U.S. private sector employment; (2) can be easily compared to the performance of the public companies that make up major stock indexes; (3) are relevant to the aggregate economic performance of the U.S. economy and (4) provide timely information for the investment community.

The companies in the GCAI operate in a wide range of industries. Results are provided for the total universe of GCAI constituents and by industry segment. Given the index’s limited exposure to Financials, Utilities, Energy and Materials, comparisons are made to the S&P 500 and S&P 600 as well as to “adjusted” versions of those indexes that exclude the aforementioned sectors.

About the Golub Capital Middle Market Report
The Golub Capital Middle Market Report analyzes the results of the Golub Capital Altman Index (“GCAI”), which measures the median revenue and earnings growth of approximately 110–150 privately owned companies in the Golub Capital loan portfolio for the first two months of each calendar quarter. It compares these results to the financial performance of well-known market indexes, including the S&P 500 and S&P SmallCap 600. The GCAI is produced by Golub Capital in collaboration with credit expert Dr. Edward I. Altman. Effective Q2 2022, the Golub Capital Altman Index (GCAI) excludes Golub Capital portfolio companies that have recurring revenue-based credit facilities. The data referenced herein may not reflect all companies in the loan portfolio of Golub Capital during the time periods indicated.

As of January 1, 2024, Golub Capital had over 875 employees and over $65 billion of capital under management, a gross measure of invested capital including leverage. The firm has lending offices in New York, Chicago, Miami, San Francisco and London. For more information, please visit golubcapital.com.

About Dr. Edward I. Altman
A leading expert on credit markets, Dr. Edward I. Altman is the Max L. Heine Professor of Finance, Emeritus at the NYU Stern School of Business, and Director of Research in Credit and Debt Markets at the NYU Salomon Center for the Study of Financial Institutions. He is currently an advisor to several foreign central banks. Professor Altman has published or edited two-dozen books and over 150 articles in scholarly finance, accounting and economic journals. He has been inducted into the Fixed Income Analysts Society Hall of Fame, served as President of the Financial Management Association, was an FMA Fellow, and was amongst the inaugural inductees into the Turnaround Management Association Hall of Fame. He received his MBA and Ph.D. in Finance from the University of California, Los Angeles.

Important Disclosure
The Golub Capital Altman Index is provided as an indicator only and does not constitute investment advice or the offer to sell or a solicitation to buy any security. Some of these statements constitute forward-looking statements, which may be predictions about future events, future performance, or future financial conditions. Some of these statements reflect opinions based upon the data presented in the Index, and these opinions may be incorrect. Actual results could vary materially from those implied or expressed in such forward-looking statements for any reason. The Golub Capital Altman Index has been created on the basis of information provided by third-party sources that are believed to be reliable, but the information has not been verified independently by Golub Capital. Golub Capital makes no warranty or representation as to the accuracy or completeness of such third-party information.

Golub Capital provides a lead investment in Ruby Re

NEW YORK, December 6, 2023 – Golub Capital announced today that it is one of the lead investors in Ruby Reinsurance Company (“Ruby Re”), a newly formed reinsurance sidecar vehicle sponsored by Reinsurance Group of America, Incorporated (“RGA”) that enhances RGA’s access to capital for their growing U.S. asset intensive business. RGA and Golub Capital have strategically partnered on a number of projects with over $1 billion invested or committed across multiple products. Deal terms were not disclosed.

Golub Capital has provided investment solutions to RGA since 2010 across an array of products. The transaction with RGA is a culmination of a valuable long-term partnership, a shared investment approach and a strategic growth opportunity for both firms. The lead investment in Ruby Re also marks Golub Capital’s inaugural insurance capital sidecar transaction.

“While we have an established track record of providing capital efficient investment solutions to insurance companies, this expanded partnership with RGA marks a foundational milestone for Golub Capital as a provider of strategic capital to our insurance partners,” said Gregory Robbins, Vice Chair of Golub Capital. “We view capital solutions as an important avenue of future partnership with insurance company clients alongside our longstanding investment and capital efficient structuring capabilities. This transaction provides a replicable model for similar opportunities in the future.”

“Golub Capital has been a trusted strategic partner for RGA, delivering excellent investment returns over many years,” said Leslie Barbi, Executive Vice President and Chief Investment Officer, RGA. “This investment is another example of our growing relationship, supporting creative insurance solutions.”

Wells Fargo Securities served as the exclusive financial advisor and Milliman, Inc. served as actuarial advisor to Golub Capital on the transaction. Additional terms are not being disclosed at this time.

As of October 1, 2023, Golub Capital had over 850 employees and over $60 billion of capital under management, a gross measure of invested capital including leverage. The firm has lending offices in New York, Chicago, Miami, San Francisco and London. For more information, please visit golubcapital.com.

NEW YORK, November 30, 2023/ HONG KONG, December 1, 2023 – Golub Capital today announced that Amy Chiang has joined as Managing Director, Greater China and Southeast Asia and will be based in the Firm’s newly-opened Hong Kong office. In her new role, she will be dedicated to building and strengthening relationships with investors in the Greater China and Southeast Asia region.

“We are excited to continue building our presence and commitment to investors in the APAC region,” said Craig Benton, Senior Managing Director, Head of the Investor Partners Group at Golub Capital. “Amy brings over a decade of experience in the region and will enhance Golub Capital’s ability to deliver high quality client service to our growing global investor base.”

Amy has been based in Hong Kong and Singapore for most of her fund career. She most recently served as Head of Greater China and Southeast Asia at Cerberus Capital Management and was previously a Director at Park Hill Group of PJT Partners.

“I look forward to expanding Golub Capital’s market leading private credit strategies to the growing capital base in Greater China and Southeast Asia; complementing our existing investor base in developed markets to deliver resilient returns across market cycles,” said Amy Chiang, Managing Director, Greater China and Southeast Asia at Golub Capital. “Golub Capital is a market leader in private credit and I am thrilled to be part of the Firm’s continued growth and increased commitment to Asia.”

Golub Capital has made several strategic hires focused on investors in key markets, most recently Korea and Latin America, as part of the Firm’s continued commitment to provide compelling solutions for all of its stakeholders.

CHICAGO, November 21, 2023 — Golub Capital acted as Left Lead Arranger on a $490 million incremental first lien term loan for Colibri Group (“Colibri”). The proceeds will be used to fund two acquisitions and repay an existing second lien term loan. The deal initially launched at $400 million and was then upsized by $90 million to fund a new tuck-in acquisition.

Colibri is an online learning management platform for licensing, continuing education, test preparation and professional development. It has been a portfolio company of Gridiron Capital since 2019.

“This transaction is reflective of the deal activity we are seeing in the current environment, with sponsors showing a particular interest in add-on acquisitions” said Spyro Alexopoulos, Co-Head of Direct Lending at Golub Capital. “Our ability to provide flexible, compelling solutions allows us to support companies like Colibri even in periods of market uncertainty.”

Golub Capital has partnered with Gridiron Capital for over ten years on seven unique portfolio companies.

“Golub Capital’s leadership on Colibri is another steppingstone in our long-term partnership where they have consistently proven their ability to deliver no matter the market conditions,” said Will Hausberg, Senior Managing Director at Gridiron Capital. “Their depth of expertise and breadth of financing solutions makes them a dependable partner that we are always pleased to work with.”

Golub Capital first became a lender to Colibri in 2021 and subsequently acted as Joint Lead Arranger on a $720 million refinancing in 2022.

About Golub Capital Sponsor Finance
Golub Capital is a market-leading, award-winning direct lender and experienced credit asset manager. We specialize in delivering reliable, creative and compelling financing solutions to companies backed by private equity sponsors. The firm’s Direct Lending group provides buy-and-hold financing for sponsor-backed transactions with hold positions up to $700 million and arranges syndicated credit facilities up to $2 billion.

As of October 1, 2023, Golub Capital had over 850 employees and over $60 billion of capital under management, a gross measure of invested capital including leverage. The firm has lending offices in New York, Chicago, Miami, San Francisco and London. For more information, please visit golubcapital.com.

About Colibri Group
Colibri Group is building the future of professional education. Today, millions of licensed professionals start and advance their careers through the company’s online and in-person learning solutions for licensing, continuing education, test preparation and professional development. Headquartered in St. Louis, Missouri, Colibri Group provides a holistic learning experience for students and professionals to achieve more and thrive throughout their careers in real estate, financial services, teacher education, healthcare, valuation and property services, among other professions. Visit colibrigroup.com for more information

About Gridiron Capital
Gridiron Capital is an investment firm focused on partnering with founders, entrepreneurs, and management teams, and creating value by building middle-market companies into industry-leaders in branded consumer, B2B and B2C services, and niche industrial segments in the United States and Canada. We help transform growing companies by winning together through hard work, partnerships grounded in shared values and a unique culture that comes from hands-on experience building and running businesses. As a team led by former operators and entrepreneurs, we know what it takes to run successful businesses on a day-to-day basis. Additional information is available on the firm’s website: www.gridironcapital.com.

The Golub Capital Altman Index can provide early insight into financial performance of public companies and GDP in advance of earnings season.

NEW YORK, October 12, 2023 – Middle market private companies in the Golub Capital Altman Index grew earnings by 13% during the first two months of the third quarter of 2023, the highest year-over-year earnings growth since Q3 of 2021. Revenue grew 8% during the same period.

Lawrence E. Golub, CEO of Golub Capital, said, “Growth exceeded our expectations in the third quarter of 2023. Middle market companies in general continued to demonstrate resilience and adaptability to the challenging environment. The strong results of the Consumer sector are encouraging. Consumer sector revenue growth outpaced inflation and profitability held up well, despite the pressure consumers have faced from higher gas prices, higher interest payments on debt and dwindling pandemic-era savings. These are real headwinds, but we did not see their impact in Q3 results. Instead, we saw continued economic momentum.”

Dr. Edward I. Altman said, “Middle market cash flow growth year-over-year was quite remarkable in Q3 2023 despite the reduction in inflation during the period. This suggests the companies tracked by the Index likely made cost reductions which helped boost earnings growth. Technology stood out once again as the sector posted revenue and earnings growth nearly twice as high as the Index in aggregate. It is not surprising to see continue the trend we highlighted in prior quarters: mission-critical providers of enterprise software are the beneficiaries of the pressure on businesses to increase productivity. Solid growth in the Healthcare and Industrials sectors rounds out the picture of economic resilience from our vantage point.”

As of July 1, 2023, Golub Capital had over 825 employees and over $60 billion of capital under management, a gross measure of invested capital including leverage. The firm has lending offices in Chicago, New York, San Francisco and London. For more information, please visit golubcapital.com.

NEW YORK, September 25, 2023 – Golub Capital today announced that Karim Salazar Antoni has joined the Firm as a Director based in Miami. In his new role, he will be dedicated to serving the U.S. offshore market alongside institutional and private wealth investors in Latin America.

“As we continue to expand our U.S. offshore private wealth offering and our investor base, Karim’s deep market expertise will further bolster our Latin American presence and help accelerate our reach in this key region,” said Craig Benton, Senior Managing Director, Head of the Investor Partners Group at Golub Capital.

Karim brings over 30 years of U.S. offshore and retail investment experience in Latin America, having held previous positions as Director, Offshore Wealth at Lazard Asset Management and Director at BlackRock where he served as Relationship Manager within their Latin America offshore retail team.

“Golub Capital has a leading market reputation and has long been at the forefront of the private credit space in Latin America,” added Karim Salazar Antoni, Director, Private Wealth Americas at Golub Capital. “I am thrilled to be part of the next phase of growth for the Firm in Miami as we seek to meet the increasing demand from institutional investors and wealth advisors for premium private credit strategies.”

About Golub Capital

Golub Capital is a market-leading, award-winning direct lender and experienced credit asset manager. We specialize in delivering reliable, creative and compelling financing solutions to companies backed by private equity sponsors. Our sponsor finance expertise also forms the foundation of our Broadly Syndicated Loan and Credit Opportunities investment programs. We nurture long-term, win-win partnerships that inspire repeat business from private equity sponsors and investors.

As of July 1, 2023, Golub Capital had over 825 employees and over $60 billion of capital under management, a gross measure of invested capital including leverage. The firm has lending offices in New York, Chicago, Miami, San Francisco and London. For more information, please visit golubcapital.com.

NEW YORK, September 20, 2023 — Golub Capital acted as Administrative Agent, Left Lead Arranger and Joint Bookrunner on a $3.4 billion unitranche facility for Hyland Software (“Hyland”). The proceeds will be used to refinance Hyland’s existing broadly syndicated debt which is made up of a first lien loan, second lien loan and revolving credit facility.

Hyland provides enterprise content management software to corporate clients worldwide and has been a portfolio company of Thoma Bravo since 2007.

“We are excited to provide leadership on a compelling private financing solution to Hyland, a premier provider of B2B software backed by a premier sponsor,” said Spyro Alexopoulos, Co-Head of Direct Lending at Golub Capital. “We were able to offer an efficient execution at a competitive rate in support of the company’s financing needs.”

The unitranche facility includes a $3.25 billion term loan and a $150 million multi-currency revolver.

“The speed and certainty of working with Golub Capital on this transaction is a testament to the Firm’s depth of unitranche experience and software expertise,” said Erwin Mock, Managing Director and Head of Capital Markets at Thoma Bravo.

In the past 12 months¹, Golub Capital has completed more than 55 platform and add-on transactions with software and technology companies. The Firm acted as a lead agent in over 85% of these deals.

About Golub Capital Sponsor Finance

Golub Capital is a market-leading, award-winning direct lender and experienced credit asset manager. We specialize in delivering reliable, creative and compelling financing solutions to companies backed by private equity sponsors. The firm’s Direct Lending group provides buy-and-hold financing for sponsor-backed transactions with hold positions up to $700 million and arranges syndicated credit facilities up to $2 billion.

About Hyland

Hyland provides industry-leading technology foundations that empower its customers to create better human connections. Trusted by thousands of organizations worldwide, including more than half of the Fortune 100, Hyland’s intelligent solutions seamlessly integrate content, data and processes to improve each interaction.

About Thoma Bravo

Thoma Bravo is one of the largest software investors in the world, with more than US$131 billion in assets under management as of June 30, 2023. Through its private equity, growth equity and credit strategies, the firm invests in growth-oriented, innovative companies operating in the software and technology sectors. Leveraging Thoma Bravo’s deep sector expertise and strategic and operational capabilities, the firm collaborates with its portfolio companies to implement operating best practices and drive growth initiatives. Over the past 20 years, the firm has acquired or invested in more than 440 companies representing over US$250 billion in enterprise value (including control and non-control investments). The firm has offices in Chicago, London, Miami, New York and San Francisco. For more information, visit Thoma Bravo’s website at thomabravo.com.

As of July 1, 2023.