Material Agreement Form 8 K

Item 1.01 Entry into a Material Definitive Agreement.

2024 Debt Securitization

On November 18, 2024 (the "Closing Date"), Golub Capital BDC CLO 8 LLC (the "2024 Issuer"), an indirect, wholly owned, consolidated subsidiary of Golub Capital BDC, Inc. (the "Company") completed a $2,200,500,000 term debt securitization (the "2024 Debt Securitization"). Term debt securitizations are also known as collateralized loan obligations and are a form of secured financing incurred by a subsidiary of the Company, which is consolidated by the Company and subject to the Company's overall asset coverage requirement.

On the Closing Date and in connection with the 2024 Debt Securitization, the 2024 Issuer entered into a Note Purchase Agreement (the "Note Purchase Agreement") with Deutsche Bank Securities Inc., as the initial purchaser (the "Initial Purchaser") pursuant to which the Initial Purchaser agreed to purchase certain of the notes to be issued pursuant to an indenture as part of the 2024 Securitization.

The notes offered in the 2024 Debt Securitization consist of $1,192,400,000 of Aaa/AAA Class A-1R Senior Secured Floating Rate Notes due 2036, which bear interest at the three-month secured overnight financing rate published by the Federal Reserve Bank of New York ("SOFR") plus 1.56% (the "Class A-1R 2024 Notes"), $171,600,000 of AAA Class A-2RR Senior Secured Floating Rate Notes due 2036, which bear interest at SOFR plus 1.75% (the "Class A-2RR 2024 Notes"), $165,000,000 of AA Class B-R Senior Secured Floating Rate Notes due 2036, which bear interest at SOFR plus 1.70% (the "Class B-R Notes") and $154,000,000 of A Class C-R Senior Secured Floating Rate Notes due 2036, which bear interest at SOFR plus 2.10% (the "Class C-R Notes" and, together with the Class A-1R Notes, the Class A-2RR Notes and the Class B-R Notes, the "Secured Notes"). Additionally, on the Closing Date, the Issuer will issue $517,500,000 Subordinated Notes due 2124 (the "Subordinated Notes"), which do not bear interest. The Secured Notes together with the Subordinated Notes are collectively referred to herein as the "2024 Notes". The Company will indirectly retain the Class B-R Notes, the Class C-R Notes, and the Subordinated Notes.

The 2024 Debt Securitization is backed by a diversified portfolio of senior secured and second lien loans. Through October 20, 2028, all principal collections received on the underlying collateral may be used by the 2024 Issuer to purchase new collateral under the direction of GC Advisors LLC, the Company's investment adviser ("GC Advisors"), in its capacity as collateral manager of the 2024 Issuer, in accordance with the Company's investment strategy and subject to customary conditions set forth in the documents governing the 2024 Debt Securitization, allowing the Company to maintain the initial leverage in the 2024 Debt Securitization. The Secured Notes are due October 20, 2036. The Subordinated Notes are due in 2124.

The Company intends to use the proceeds from the 2024 Debt Securitization to, among other things, fully redeem (i) its $602.4 million term debt securitization completed on November 16, 2018, in which Golub Capital BDC CLO III LLC, the Company's indirect subsidiary, issued an aggregate of $602.4 million of notes (the "2018 Debt Securitization"), (ii) its $908.2 million term debt securitization completed on December 13, 2018 that the Company acquired in connection with its merger with Golub Capital Investment Corporation, in which GCIC CLO II LLC, the Company's indirect subsidiary, issued an aggregate of $908.2 million of notes (the "GCIC 2018 Debt Securitization") and (iii) its $398.9 million term debt securitization completed on March 11, 2021, that the Company acquired in connection with its merger with Golub Capital BDC 3, Inc. (the "GBDC 3 Merger"), in which Golub Capital BDC 3 CLO 1 LLC, the Company's indirect subsidiary, issued $398.9 million of notes (the "GBDC 3 Term Debt Securitization").

Under the terms of the loan sale agreement entered into upon the Closing Date (the "Master Loan Sale Agreement") that provided for the sale of assets on the Closing Date as well as future sales from the Company to the 2024 Issuer through Golub Capital BDC CLO 8 Depositor LLC, a direct, wholly-owned and consolidated subsidiary of the Company (the "2024 CLO Depositor"), (1) the Company sold and/or contributed to the 2024 CLO Depositor the remainder of its ownership interest in the portfolio company investments securing the 2024 Debt Securitization and participations for the purchase price and other consideration set forth in the Master Loan Sale Agreement and (2) 2024 CLO Depositor, in turn, sold to the 2024 Issuer all of its ownership interest in such portfolio loans and participations for the purchase price and other consideration set forth in the Master Loan Sale Agreement. Following these transfers, the 2024 Issuer, and not the 2024 CLO Depositor or the Company, holds all of the ownership interest in such portfolio company investments and participations. The Company made customary representations, warranties and covenants in these loan sale agreements.