Exhibit 99.1
Goldman Sachs BDC, Inc. Reports June 30, 2020 Financial Results and Announces Quarterly Dividend of $0.45 Per Share
Company Release – August 10, 2020
NEW YORK — (BUSINESS WIRE) — Goldman Sachs BDC, Inc. (“GSBD” or the “Company”) (NYSE: GSBD) today reported financial results for the second quarter ended June 30, 2020 and filed its Form 10-Q with the U.S. Securities and Exchange Commission.
QUARTERLY HIGHLIGHTS
| • | Net investment income for the quarter ended June 30, 2020 was $0.45 per share, equating to an annualized net investment income yield on book value of 11.9%; |
| • | The Company announced a third quarter dividend of $0.45 per share payable to shareholders of record as of September 30, 2020;1 |
| • | No new investments were added to non-accrual status during the quarter. As of June 30, 2020, investments on non-accrual status were 0.1% and 0.9% of the total investment portfolio at fair value and amortized cost, respectively; |
| • | Net asset value per share for the quarter ended June 30, 2020 increased to $15.14 from $14.72 as of March 31, 2020, primarily reflecting an improvement in market credit spreads; and |
| • | During the quarter, Moody’s reaffirmed the Company’s investment grade (IG) rating of Baa3 and stable outlook. In addition, Fitch affirmed the Company’s IG rating of BBB-. |
UPDATES TO PREVIOUSLY ANNOUNCED MERGER
| • | On June 11, 2020, the Company and Goldman Sachs Middle Market Lending Corp. (“MMLC”) entered into and announced that they had amended and restated the Agreement and Plan of Merger. The Company’s amended registration statement on Form N-14, which includes a joint proxy statement of the Company and MMLC and a prospectus of the Company, was declared effective by the Securities Exchange Commission (“SEC”) on July 31, 2020. Special shareholder meetings for the Company’s and MMLC’s shareholders are scheduled for October 2, 2020 to vote on the matters described in the joint proxy statement/prospectus. |
| • | As described previously, GSAM believes the merger of the Company and MMLC will result in significant benefits for each set of shareholders and the Company will benefit from accretion to net investment income, improved portfolio metrics, balance sheet deleveraging, and economies of scale. |
| • | The merger is expected to close shortly after the special shareholder meetings in October 2020, subject to shareholder approval and other customary closing conditions. |
SELECTED FINANCIAL HIGHLIGHTS
| | | | | | | | |
| (in $ millions, except per share data) | | As of June 30, 2020 | | | As of March 31, 2020 | |
Investment portfolio, at fair value2 | | $ | 1,424.5 | | | $ | 1,422.7 | |
Total debt outstanding3 | | $ | 918.5 | | | $ | 917.8 | |
Net assets | | $ | 611.5 | | | $ | 594.9 | |
Net asset value per share | | $ | 15.14 | | | $ | 14.72 | |
| | |
| | | Three Months
Ended June 30, 2020 | | | Three Months
Ended March 31, 2020 | |
Total investment income | | $ | 30.6 | | | $ | 32.0 | |
Net investment income after taxes | | $ | 18.2 | | | $ | 18.2 | |
Net increase in net assets resulting from operations | | $ | 34.8 | | | $ | (63.8 | ) |
Net investment income per share (basic and diluted) | | $ | 0.45 | | | $ | 0.45 | |
Earnings (loss) per share (basic and diluted) | | $ | 0.86 | | | $ | (1.58 | ) |
Regular distribution per share | | $ | 0.45 | | | $ | 0.45 | |
INVESTMENT ACTIVITY2
During the three months ended June 30, 2020, new investment commitments and fundings were $0.5 million and $0.0 million, respectively, including net fundings of $(0.6) million in unfunded prior commitments. The new investment commitments were across one new portfolio company and one existing portfolio company. New investment commitments were comprised of 100% first lien debt investments. The Company had sales and repayments of $18.3 million primarily driven by the full repayment of an investment in one portfolio company.
Summary of Investment Activity for the three months ended June 30, 2020 was as follows:
| | | | | | | | | | | | | | | | |
| | | New Investment Commitments | | | Sales and Repayments | |
Investment Type | | $ Millions | | | % of Total | | | $ Millions | | | % of Total | |
1st Lien/Senior Secured Debt | | $ | 0.5 | | | | 100.0 | % | | $ | 7.7 | | | | 42.1 | % |
1st Lien/Last-Out Unitranche | | | — | | | | — | | | | 0.1 | | | | 0.6 | |
2nd Lien/Senior Secured Debt | | | — | | | | — | | | | 10.0 | | | | 54.6 | |
Unsecured Debt | | | — | | | | — | | | | 0.5 | | | | 2.7 | |
Total | | $ | 0.5 | | | | 100.0 | % | | $ | 18.3 | | | | 100.0 | % |
PORTFOLIO SUMMARY2
As of June 30, 2020, the Company’s investment portfolio consisted of the following:
| | | | | | | | |
| | | Investments at Fair Value | |
Investment Type | | $ Millions | | | % of Total | |
1st Lien/Senior Secured Debt | | $ | 1,080.7 | | | | 75.9 | % |
1st Lien/Last-Out Unitranche | | | 34.8 | | | | 2.4 | |
2nd Lien/Senior Secured Debt | | | 205.4 | | | | 14.4 | |
Unsecured Debt | | | 7.2 | | | | 0.5 | |
Preferred Stock | | | 59.8 | | | | 4.2 | |
Common Stock | | | 36.6 | | | | 2.6 | |
Total | | $ | 1,424.5 | | | | 100.0 | % |
The following table presents certain selected information regarding the Company’s investment portfolio:
| | | | | | | | |
| | | As of | |
| | | June 30, 2020 | | | March 31, 2020 | |
Number of portfolio companies | | | 107 | | | | 107 | |
Percentage of performing debt bearing a floating rate4 | | | 98.7 | % | | | 98.5 | % |
Percentage of performing debt bearing a fixed rate4 | | | 1.3 | % | | | 1.5 | % |
Weighted average yield on debt and income producing investments, at amortized cost5 | | | 8.3 | % | | | 8.5 | % |
Weighted average yield on debt and income producing investments, at fair value5 | | | 10.2 | % | | | 10.7 | % |
Weighted average leverage (net debt/EBITDA)6 | | | 5.4x | | | | 5.6x | |
Weighted average interest coverage6 | | | 2.7x | | | | 2.6x | |
Median EBITDA6 | | $ | 37.92 million | | | $ | 37.83 million | |
As of June 30, 2020, investments on non-accrual status represented 0.1% and 0.9% of the total investment portfolio at fair value and amortized cost, respectively.
RESULTS OF OPERATIONS
Total investment income for the three months ended June 30, 2020 and March 31, 2020 was $30.6 million and $32.0 million, respectively. The decrease in investment income was primarily driven by a decrease in interest income due to a decrease in LIBOR. The $30.6 million of total investment income was comprised of $30.0 million from interest income, original issue discount accretion, payment-in-kind income and dividend income, $0.3 million from prepayment-related income and $0.3 million from other income.7
Net expenses before taxes for the three months ended June 30, 2020 and March 31, 2020 were $12.0 million and $13.4 million, respectively. The $1.4 million decrease in expenses was primarily driven by the voluntary management fee waiver. The $12.0 million of net expenses before taxes were comprised of $9.1 million of interest and other debt expenses, $1.5 million of net management fees, and $1.4 million of other operating expenses.
Net investment income after taxes for the three months ended June 30, 2020 was $18.2 million, or $0.45 per share, as compared with $18.2 million, or $0.45 per share for the three months ended March 31, 2020.
During the three months ended June 30, 2020, the Company had net realized and unrealized gains (losses) of $16.6 million, primarily driven by credit spread tightening.
Net increase in net assets resulting from operations for the three months ended June 30, 2020 was $34.8 million, or $0.86 per share.
LIQUIDITY AND CAPITAL RESOURCES
As of June 30, 2020, the Company had $918.5 million of total principal amount of debt outstanding, comprised of $403.5 million of outstanding borrowings under its senior secured revolving credit facility, $155.0 million of unsecured convertible notes and $360.0 million of unsecured notes. The combined weighted average interest rate on debt outstanding was 3.29% for the three months ended June 30, 2020. As of June 30, 2020, the Company had $391.7 million of availability under its senior secured revolving credit facility and $105.8 million in cash and cash equivalents.3,8
The Company’s ending net debt to equity leverage ratio was 1.33x as of June 30, 2020, as compared to 1.40x as of March 31, 2020.9
CONFERENCE CALL
The Company will host an earnings conference call on Tuesday, August 11, 2020 at 9:00 am Eastern Time. All interested parties are invited to participate in the conference call by dialing (866) 884-8289; international callers should dial +1 (631) 485-4531; conference ID 3895223. All participants are asked to dial in approximately 10-15 minutes prior to the call, and reference “Goldman Sachs BDC, Inc.” when prompted. For a slide presentation that the Company may refer to on the earnings conference call, please visit the Investor Resources section of the Company’s website at www.goldmansachsbdc.com. The conference call will be webcast simultaneously on the Company’s website. An archived replay of the call will be available from approximately 12:00pm Eastern Time on August 11, 2020 through September 11, 2020. To hear the replay, participants should dial (855) 859-2056; international callers should dial +1 (404) 537-3406; conference ID 3895223. An archived replay will also be available on the Company’s webcast link located on the Investor Resources section of the Company’s website.
Please direct any questions regarding the conference call to Goldman Sachs BDC, Inc. Investor Relations, via e-mail, at
gsbdc-investor-relations@gs.com.
ENDNOTES
| 1) | The $0.45 per share dividend is payable on October 15, 2020 to shareholders of record as of September 30, 2020. |
| 2) | The discussion of the investment portfolio of the Company excludes its investment in a money market fund managed by an affiliate of The Goldman Sachs Group, Inc. As of June 30, 2020, the Company’s investment in the money market fund was $89.5 million. |
| 3) | Total debt outstanding excludes netting of debt issuance costs of $9.2 million and $9.7 million, respectively, as of June 30, 2020 and March 31, 2020. |
| 4) | The fixed versus floating composition has been calculated as a percentage of performing debt investments measured on a fair value basis, including income producing stock investments and excludes investments, if any, placed on non-accrual. |
| 5) | Computed based on the (a) annual actual interest rate or yield earned plus amortization of fees and discounts on the performing debt and other income producing investments as of the reporting date, divided by (b) the total performing debt and other income producing investments (excluding investments on non-accrual) at amortized cost or fair value, respectively. This calculation excludes exit fees that are receivable upon repayment of the loan. |
| 6) | For a particular portfolio company, we calculate the level of contractual indebtedness net of cash (“net debt”) owed by the portfolio company and compare that amount to measures of cash flow available to service the net debt. To calculate net debt, we include debt that is both senior and pari passu to the tranche of debt owned by us but exclude debt that is legally and contractually subordinated in ranking to the debt owned by us. We believe this calculation method assists in describing the risk of our portfolio investments, as it takes into consideration contractual rights of repayment of the tranche of debt owned by us relative to other senior and junior creditors of a portfolio company. We typically calculate cash flow available for debt service at a portfolio company by taking net income before net interest expense, income tax expense, depreciation and amortization (“EBITDA”) for the trailing twelve month period. Weighted average net debt to EBITDA is weighted based on the fair value of our debt investments and excludes investments where net debt to EBITDA may not be the appropriate measure of credit risk, such as cash collateralized loans and investments that are underwritten and covenanted based on recurring revenue. |
For a particular portfolio company, we also calculate the level of contractual interest expense owed by the portfolio company, and compare that amount to EBITDA (“interest coverage ratio”). We believe this calculation method assists in describing the risk of our portfolio investments, as it takes into consideration contractual interest obligations of the portfolio company. Weighted average interest coverage is weighted based on the fair value of our performing debt investments and excluding investments where interest coverage may not be the appropriate measure of credit risk, such as cash collateralized loans and investments that are underwritten and covenanted based on recurring revenue.
Median EBITDA is based on our debt investments and excludes investments where net debt to EBITDA may not be the appropriate measure of credit risk, such as cash collateralized loans and investments that are underwritten and covenanted based on recurring revenue.
Portfolio company statistics are derived from the financial statements most recently provided to us of each portfolio company as of the reported end date. Statistics of the portfolio companies have not been independently verified by us and may reflect a normalized or adjusted amount. As of June 30, 2020 and March 31, 2020, investments where net debt to EBITDA may not be the appropriate measure of credit risk represented 29.2% and 29.2%, respectively, of total debt investments at fair value. Portfolio company statistics have not been independently verified by us and may reflect a normalized or adjusted amount.
| 7) | Interest income excludes prepayment premiums, accelerated accretion of upfront loan origination fees and unamortized discounts. Prepayment related income includes prepayment premiums and accelerated accretion of upfront loan origination fees and unamortized discounts. |
| 8) | The Company’s revolving credit facility has debt outstanding denominated in currencies other than U.S. Dollars (“USD”). These balances have been converted to USD using applicable foreign currency exchange rates as of June 30, 2020. As a result, the revolving credit facility’s outstanding borrowings and the available debt amounts may not sum to the total debt commitment amount. |
| 9) | The ending net debt to equity leverage ratios exclude unfunded commitments. |
Goldman Sachs BDC, Inc.
Consolidated Statements of Assets and Liabilities
(in thousands, except share and per share amounts)
| | | | | | | | |
| | | June 30, 2020
(Unaudited) | | | December 31,
2019 | |
Assets | | | | | | | | |
Investments, at fair value | | | | | | | | |
Non-controlled/non-affiliated investments (cost of $1,364,946 and $1,338,268) | | $ | 1,283,565 | | | $ | 1,298,133 | |
Non-controlled affiliated investments (cost of $83,410 and $83,460) | | | 94,492 | | | | 82,580 | |
Controlled affiliated investments (cost of $85,603 and $88,119) | | | 46,410 | | | | 73,539 | |
Investments in affiliated money market fund (cost of $89,470 and $—) | | | 89,470 | | | | — | |
Cash | | | 16,318 | | | | 9,409 | |
Receivable for investments sold | | | 153 | | | | 93 | |
Unrealized appreciation on foreign currency forward contracts | | | 33 | | | | 32 | |
Interest and dividends receivable | | | 8,406 | | | | 5,702 | |
Deferred financing costs | | | 8,618 | | | | 4,427 | |
Deferred offering costs | | | — | | | | 276 | |
Other assets | | | 3,139 | | | | 1,084 | |
| | | | | | | | |
Total assets | | $ | 1,550,604 | | | $ | 1,475,275 | |
| | | | | | | | |
Liabilities | | | | | | | | |
Debt (net of debt issuance costs of $9,229 and $3,680) | | $ | 909,263 | | | $ | 769,727 | |
Interest and other debt expenses payable | | | 7,659 | | | | 2,304 | |
Management fees payable | | | 1,467 | | | | 3,653 | |
Incentive fees payable | | | — | | | | 1,850 | |
Distribution payable | | | 18,181 | | | | 18,165 | |
Directors’ fees payable | | | 135 | | | | — | |
Accrued offering costs | | | — | | | | 28 | |
Accrued expenses and other liabilities | | | 2,403 | | | | 3,423 | |
| | | | | | | | |
Total liabilities | | $ | 939,108 | | | $ | 799,150 | |
| | | | | | | | |
Commitments and Contingencies | | | | | | | | |
Net Assets | | | | | | | | |
Preferred stock, par value $0.001 per share (1,000,000 shares authorized, no shares issued and outstanding) | | $ | — | | | $ | — | |
Common stock, par value $0.001 per share (200,000,000 shares authorized, 40,401,637 and 40,367,071 shares issued and outstanding as of June 30, 2020 and December 31, 2019) | | | 40 | | | | 40 | |
Paid-in capital in excess of par | | | 778,827 | | | | 778,132 | |
Distributable earnings | | | (165,950 | ) | | | (100,626 | ) |
Allocated income tax expense | | | (1,421 | ) | | | (1,421 | ) |
| | | | | | | | |
TOTAL NET ASSETS | | $ | 611,496 | | | $ | 676,125 | |
| | | | | | | | |
TOTAL LIABILITIES AND NET ASSETS | | $ | 1,550,604 | | | $ | 1,475,275 | |
| | | | | | | | |
Net asset value per share | | $ | 15.14 | | | $ | 16.75 | |
Goldman Sachs BDC, Inc.
Consolidated Statements of Operations
(in thousands, except share and per share amounts)
(Unaudited)
| | | | | | | | | | | | | | | | |
| | | For the Three Months Ended | | | For the Six Months Ended | |
| | | June 30,
2020 | | | June 30,
2019 | | | June 30,
2020 | | | June 30,
2019 | |
Investment Income: | | | | | | | | | | | | | | | | |
From non-controlled/non-affiliated investments: | | | | | | | | | | | | | | | | |
Interest income | | $ | 28,509 | | | $ | 34,713 | | | $ | 58,024 | | | $ | 66,282 | |
Payment-in-kind | | | 535 | | | | 174 | | | | 1,149 | | | | 476 | |
Other income | | | 245 | | | | 870 | | | | 492 | | | | 1,521 | |
| | | | | | | | | | | | | | | | |
Total investment income from non-controlled/non-affiliated investments | | | 29,289 | | | | 35,757 | | | | 59,665 | | | | 68,279 | |
From non-controlled affiliated investments: | | | | | | | | | | | | | | | | |
Interest income | | | 423 | | | | 576 | | | | 1,088 | | | | 1,194 | |
Payment-in-kind | | | 385 | | | | 376 | | | | 575 | | | | 745 | |
Dividend income | | | 38 | | | | 53 | | | | 43 | | | | 85 | |
Other income | | | 41 | | | | 11 | | | | 46 | | | | 22 | |
| | | | | | | | | | | | | | | | |
Total investment income from non-controlled affiliated investments | | | 887 | | | | 1,016 | | | | 1,752 | | | | 2,046 | |
From controlled affiliated investments: | | | | | | | | | | | | | | | | |
Payment-in-kind | | | 366 | | | | 565 | | | | 996 | | | | 1,100 | |
Interest income | | | 60 | | | | 63 | | | | 161 | | | | 63 | |
Dividend income | | | — | | | | 1,000 | | | | — | | | | 3,450 | |
| | | | | | | | | | | | | | | | |
Total investment income from controlled affiliated investments | | | 426 | | | | 1,628 | | | | 1,157 | | | | 4,613 | |
| | | | | | | | | | | | | | | | |
Total investment income | | $ | 30,602 | | | $ | 38,401 | | | $ | 62,574 | | | $ | 74,938 | |
| | | | | | | | | | | | | | | | |
Expenses: | | | | | | | | | | | | | | | | |
Interest and other debt expenses | | $ | 9,114 | | | $ | 9,501 | | | $ | 18,008 | | | $ | 17,954 | |
Management fees | | | 3,617 | | | | 3,742 | | | | 7,283 | | | | 7,278 | |
Incentive fees | | | — | | | | 4,144 | | | | — | | | | 4,637 | |
Professional fees | | | 623 | | | | 689 | | | | 1,337 | | | | 1,331 | |
Administration, custodian and transfer agent fees | | | 228 | | | | 239 | | | | 469 | | | | 479 | |
Directors’ fees | | | 139 | | | | 114 | | | | 278 | | | | 227 | |
Other expenses | | | 462 | | | | 433 | | | | 834 | | | | 769 | |
| | | | | | | | | | | | | | | | |
Total expenses | | $ | 14,183 | | | $ | 18,862 | | | $ | 28,209 | | | $ | 32,675 | |
| | | | | | | | | | | | | | | | |
Fee waiver | | | (2,150 | ) | | | — | | | | (2,810 | ) | | | — | |
| | | | | | | | | | | | | | | | |
Net expenses | | $ | 12,033 | | | $ | 18,862 | | | $ | 25,399 | | | $ | 32,675 | |
| | | | | | | | | | | | | | | | |
NET INVESTMENT INCOME BEFORE TAXES | | $ | 18,569 | | | $ | 19,539 | | | $ | 37,175 | | | $ | 42,263 | |
| | | | | | | | | | | | | | | | |
Income tax expense, including excise tax | | $ | 389 | | | $ | 452 | | | $ | 816 | | | $ | 891 | |
| | | | | | | | | | | | | | | | |
NET INVESTMENT INCOME AFTER TAXES | | $ | 18,180 | | | $ | 19,087 | | | $ | 36,359 | | | $ | 41,372 | |
| | | | | | | | | | | | | | | | |
Net realized and unrealized gains (losses) on investment transactions: | | | | | | | | | | | | | | | | |
Net realized gain (loss) from: | | | | | | | | | | | | | | | | |
Non-controlled/non-affiliated investments | | $ | (1,182 | ) | | $ | (8,570 | ) | | $ | (6,616 | ) | | $ | (33,292 | ) |
Non-controlled affiliated investments | | | (211 | ) | | | — | | | | (211 | ) | | | — | |
Controlled affiliated investments | | | — | | | | (673 | ) | | | (4,704 | ) | | | (673 | ) |
Foreign currency forward contracts | | | 52 | | | | 34 | | | | 80 | | | | 52 | |
Foreign currency transactions | | | (23 | ) | | | (10 | ) | | | (18 | ) | | | (16 | ) |
Net change in unrealized appreciation (depreciation) from: | | | | | | | | | | | | | | | | |
Non controlled/non-affiliated investments | | | 31,798 | | | | (1,435 | ) | | | (41,246 | ) | | | 5,771 | |
Non-controlled affiliated investments | | | 8,169 | | | | 5,840 | | | | 11,962 | | | | 3,084 | |
Controlled affiliated investments | | | (21,214 | ) | | | 2,440 | | | | (24,613 | ) | | | 1,546 | |
Foreign currency forward contracts | | | (81 | ) | | | (45 | ) | | | 1 | | | | 33 | |
Foreign currency translations | | | (670 | ) | | | (507 | ) | | | (55 | ) | | | 295 | |
| | | | | | | | | | | | | | | | |
Net realized and unrealized gains (losses) | | $ | 16,638 | | | $ | (2,926 | ) | | $ | (65,420 | ) | | $ | (23,200 | ) |
| | | | | | | | | | | | | | | | |
(Provision) benefit for taxes on realized gain/loss on investments | | | — | | | | 121 | | | | — | | | | 121 | |
(Provision) benefit for taxes on unrealized appreciation/depreciation on investments | | | — | | | | (152 | ) | | | 99 | | | | 52 | |
| | | | | | | | | | | | | | | | |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 34,818 | | | $ | 16,130 | | | $ | (28,962 | ) | | $ | 18,345 | |
| | | | | | | | | | | | | | | | |
Weighted average shares outstanding | | | 40,401,637 | | | | 40,297,090 | | | | 40,398,978 | | | | 40,279,173 | |
Net investment income per share (basic and diluted) | | $ | 0.45 | | | $ | 0.47 | | | $ | 0.90 | | | $ | 1.03 | |
Earnings (loss) per share (basic and diluted) | | $ | 0.86 | | | $ | 0.40 | | | $ | (0.72 | ) | | $ | 0.46 | |
ABOUT GOLDMAN SACHS BDC, INC.
Goldman Sachs BDC, Inc. is a specialty finance company that has elected to be regulated as a business development company under the Investment Company Act of 1940. GSBD was formed by The Goldman Sachs Group, Inc. (“Goldman Sachs”) to invest primarily in middle-market companies in the United States, and is externally managed by Goldman Sachs Asset Management, L.P., an SEC-registered investment adviser and a wholly-owned subsidiary of Goldman Sachs. GSBD seeks to generate current income and, to a lesser extent, capital appreciation primarily through direct originations of secured debt, including first lien, first lien/last-out unitranche and second lien debt, and unsecured debt, including mezzanine debt, as well as through select equity investments. For more information, visit www.goldmansachsbdc.com. Information on the website is not incorporated by reference into this press release and is provided merely for convenience.
FORWARD-LOOKING STATEMENTS
This press release may contain forward-looking statements that involve substantial risks and uncertainties, including the impact of COVID-19 on the business, future operating results, access to capital and liquidity of the Company and its portfolio companies. You can identify these statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expect,” “anticipate,” “project,” “target,” “estimate,” “intend,” “continue,” or “believe” or the negatives thereof or other variations thereon or comparable terminology. You should read statements that contain these words carefully because they discuss our plans, strategies, prospects and expectations concerning our business, operating results, financial condition and other similar matters. These statements represent the Company’s belief regarding future events that, by their nature, are uncertain and outside of the Company’s control. Any forward-looking statement made by us in this press release speaks only as of the date on which we make it. Factors or events that could cause our actual results to differ, possibly materially from our expectations, include, but are not limited to, the risks, uncertainties and other factors we identify in the sections entitled “Risk Factors” and “Cautionary Statement Regarding Forward-Looking Statements” in filings we make with the Securities and Exchange Commission, and it is not possible for us to predict or identify all of them. We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Goldman Sachs BDC, Inc.
Investor Contact: Florina Mendez, 917-343-7823
Media Contact: Patrick Scanlan, 212-902-6164
Source: Goldman Sachs BDC, Inc.
