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Golub Capital BDC estimates book value fell 12%-13% during FQ2
2020-04-13 12:32
Golub Capital BDC (NASDAQ:GBDC) estimates fiscal Q2 adjusted net investment income of 32 cents-34 cents per share vs. 32 cents consensus.
Estimates net asset value per share of $14.43-$14.68 as of March 31, 2020; that's down from 12%-13% from $16.66 at Dec. 31, 2019.
Board decides GBDC can maintain a substantial cash dividend and has declared a cash dividend for the fiscal Q3 of 29 cents per share payable in June; that's down from the previous dividend of 33 cents per share.
As of March 1, 2020, GBDC says it was in compliance with all of its covenants under its revolving credit facilities and debt securitizations.
Total investments at fair value estimated to have decreased by $227.9M-$247.9M during the quarter after factoring in debt repayments, sales of securities, net fundings on revolvers, and net change in unrealized gains (losses).
Of course, Q2 won't reflect the full impact of the COVID-19 pandemic on GBDC's portfolio companies. As a Bloomberg story relates today, analysts and ratings companies are warning about BDCs' rush to bolster finances and support their borrowers. It specifically points to GBDC as raising funds during a period that may significantly dilute existing shares.
Expects to hold Q2 conference call on or around May 11, 2020.
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