Golub Capital BDC (GBDC) 424B230 Nov 23Prospectus for primary offeringFinancial data

Company Profile

Document and Entity Information

Document and Entity Information	Nov. 30, 2023
Cover [Abstract]
Document Type	424B2
Entity Registrant Name	GOLUB CAPITAL BDC, INC.
Entity Central Index Key	0001476765
Amendment Flag	false

N-2

N-2 - USD ($)				3 Months Ended													6 Months Ended	12 Months Ended
N-2 - USD ($)	Nov. 30, 2023	Jun. 09, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2022	Sep. 30, 2021	Jun. 07, 2022	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2011
Cover [Abstract]
Entity Central Index Key	0001476765
Amendment Flag	false
Document Type	424B2
Entity Registrant Name	GOLUB CAPITAL BDC, INC.
Fee Table [Abstract]
Shareholder Transaction Expenses [Table Text Block]		Stockholder transaction expenses: Sales load (as a percentage of offering price) — % (1) Offering expenses (as a percentage of offering price) — % (2) Dividend reinvestment plan expenses None (3) Total stockholder transaction expenses (as a percentage of offering price) — % Annual expenses (as a percentage of net assets attributable to common stock): Management fees 2.75 % (4) Incentive fees payable under the Investment Advisory Agreement 0.00 % (5) Interest payments on borrowed funds 2.94 % (6) Other expenses 0.42 % (7) Acquired fund fees and expenses — % Total annual expenses 6.11 % (8) (1) In the event that the securities to which this prospectus relates are sold to or through underwriters or agents, a corresponding prospectus supplement will disclose the applicable sales load. (2) The related prospectus supplement will disclose the estimated amount of total offering expenses (which may include offering expenses borne by third parties on our behalf), the offering price and the offering expenses borne by us as a percentage of the offering price. (3) The expenses associated with the dividend reinvestment plan are included in “Other expenses.” See “Dividend Reinvestment Plan.”
Dividend Reinvestment and Cash Purchase Fees		$ 0
Other Transaction Expenses [Abstract]
Annual Expenses [Table Text Block]		Stockholder transaction expenses: Sales load (as a percentage of offering price) — % (1) Offering expenses (as a percentage of offering price) — % (2) Dividend reinvestment plan expenses None (3) Total stockholder transaction expenses (as a percentage of offering price) — % Annual expenses (as a percentage of net assets attributable to common stock): Management fees 2.75 % (4) Incentive fees payable under the Investment Advisory Agreement 0.00 % (5) Interest payments on borrowed funds 2.94 % (6) Other expenses 0.42 % (7) Acquired fund fees and expenses — % Total annual expenses 6.11 % (8) (4) Our management fee is calculated at an annual rate equal to 1.375% and is based on the average adjusted gross assets (including assets purchased with borrowed funds and securitization-related assets, leverage, unrealized depreciation or appreciation on derivative instruments and cash collateral on deposit with custodian but adjusted to exclude cash and cash equivalents so that investors do not pay the base management fee on such assets) at the end of the two most recently completed calendar quarters and is payable quarterly in arrears. See “Business — Management Agreements — Investment Advisory Agreement — Management Fee” included in our most recent Annual Report on Form 10-K, as well as any amendments reflected in subsequent filings with the SEC. The management fee referenced in the table above is annualized and based on actual amounts incurred by us during the three months ended March 31, 2022, excluding the one-time waiver recognized during the three months ended March 31, 2022 of $1.9 million. The estimate of our annualized base management fees based on actual expenses for the quarter ended March 31, 2022 assumes net assets of $2,624 million and leverage of $2,981 million, which reflects our net assets and leverage as of March 31, 2022. GC Advisors, as collateral manager for Golub Capital BDC CLO III LLC, a Delaware LLC and our indirect subsidiary, or the 2018 Issuer, under a collateral management agreement, or the 2018 Collateral Management Agreement, is entitled to receive an annual fee in an amount equal to 0.25% of the principal balance of the portfolio loans held by the 2018 Issuer at the beginning of the collection period relating to each payment date, which is payable in arrears on each payment date. Under the 2018 Collateral Management Agreement, the term “collection period” refers to the period commencing on the third business day prior to the preceding payment date and ending on (but excluding) the third business day prior to such payment date. GC Advisors, as collateral manager for GCIC CLO II LLC, a Delaware LLC and our indirect subsidiary, or the GCIC 2018 Issuer, under a collateral management agreement, or the GCIC 2018 Collateral Management Agreement is entitled to receive an annual fee in an amount equal to 0.35% of the principal balance of the portfolio loans held by the GCIC 2018 Issuer at the beginning of the collection period relating to each payment date, which is payable in arrears on each payment date. Under the 2018 GCIC Collateral Management Agreement, the term “collection period” generally refers to a quarterly period commencing on the day after the end of the prior collection period to the tenth business day prior to the payment date. The collateral management fees described above are less than the management fee payable under the Investment Advisory Agreement and are paid directly by the 2018 Issuer and GCIC 2018 Issuer, as applicable, to GC Advisors and are offset against the management fees payable under the Investment Advisory Agreement. Accordingly, the 1.375% base management fee paid by us to GC Advisors under the Investment Advisory Agreement on all of our assets, including those indirectly held through each of the 2018 Issuer and the GCIC 2018 Issuer, is reduced, on a dollar for dollar basis, by an amount equal to the 0.25% and 0.35% fees paid to GC Advisors by the 2018 Issuer and GCIC 2018 Issuer, respectively. For purposes of this table, the SEC requires that the “Management fees” percentage be calculated as a percentage of net assets attributable to common stock, rather than total assets, including assets that have been funded with borrowed monies, because common stockholders bear all of this cost. If the base management fee portion of the “Management fees” percentage were calculated instead as a percentage of our total assets, our base management fee portion of the “Management fees” percentage would be approximately 1.28% of total assets. (5) The incentive fee referenced in the table above is based on actual amounts of the income component of the incentive fee incurred during the three months ended March 31, 2022, annualized for a full year, and the capital gains component payable under the Investment Advisory Agreement as of March 31, 2022. For the three months ended March 31, 2022, there was no amount incurred of the income component of the incentive fee and as of March 31, 2022, there was no capital gains component payable under the Investment Advisory Agreement. We have structured the calculation of the incentive fee to include a fee limitation such that no incentive fee will be paid to GC Advisors for any quarter if, after such payment, the cumulative incentive fees paid to GC Advisors since the effective date of our election to become a business development company would be greater than 20.0% of our cumulative pre-incentive fee net income. For a more detailed discussion of the calculation of the incentive fee, see “Business — Management Agreements — Income and Capital Gains Incentive Fee Calculation” included in our most recent Annual Report on Form 10-K, as well as any amendments reflected in subsequent filings with the SEC. (6) Interest payments on borrowed funds is based on our cost of funds on our outstanding indebtedness for the three months ended March 31, 2022, which consisted of $580.8 million of indebtedness outstanding under Revolving Credit Facilities, $1,446.9 million of principal outstanding less unamortized premium and / or unaccreted original issue discount on our unsecured notes and $953.3 million of principal outstanding less unaccreted discount recognized on the assumption of the GCIC 2018 Debt Securitization in the Merger in notes issued through the Debt Securitizations. For the three months ended March 31, 2022, the annualized cost of funds for our total debt outstanding, which includes all interest and amortization of debt issuance costs on the Debt Securitizations, was 2.8%. Debt issuance costs represent fees and other direct incremental costs incurred in connection with our Debt Securitizations. These fees also include a structuring and placement fee paid to Morgan Stanley & Co. LLC for its services in connection with the initial structuring of the 2018 Debt Securitization and legal fees, accounting fees, rating agency fees and all other costs associated with the 2018 Debt Securitization and GCIC 2018 Debt Securitization. (7) Includes our overhead expenses, including payments under the Administration Agreement based on our allocable portion of overhead and other expenses incurred by the Administrator, and any acquired fund fees and expenses that are not required to be disclosed separately. See “Business — Management Agreements — Administration Agreement” included in our most Annual Report on Form 10-K, as well as any amendments reflected in subsequent filings with the SEC. “Other expenses” are estimated based on the annualized amounts incurred for the three months ended March 31, 2022. (8) “Total annual expenses” as a percentage of consolidated net assets attributable to common stock are higher than the total annual expenses percentage would be for a company that is not leveraged. We borrow money to leverage our net assets and increase our total assets. The SEC requires that the “Total annual expenses” percentage be calculated as a percentage of net assets (defined as total assets less indebtedness and before taking into account any incentive fees payable during the period), rather than the total assets, including assets that have been funded with borrowed monies. The reason for presenting expenses as a percentage of net assets attributable to common stockholders is that our common stockholders bear all of our fees and expenses.
Management Fees [Percent]		2.75%
Interest Expenses on Borrowings [Percent]		2.94%
Incentive Fees [Percent]		0%
Other Annual Expenses [Abstract]
Other Annual Expenses [Percent]		0.42%
Total Annual Expenses [Percent]		6.11%
Expense Example [Table Text Block]		You would pay the following expenses on a $1,000 investment 1 year 3 years 5 years 10 years Assuming a 5% annual return (assumes no return from net realized capital gains or net unrealized capital appreciation) $ 61 $ 181 $ 299 $ 581 Assuming a 5% annual return (assumes return entirely from realized capital gains and thus subject to the capital gain incentive fee) $ 71 $ 209 $ 341 $ 647
Expense Example, Year 01		$ 71
Expense Example, Years 1 to 3		209
Expense Example, Years 1 to 5		341
Expense Example, Years 1 to 10		$ 647
Purpose of Fee Table , Note [Text Block]		The following table is intended to assist you in understanding the costs and expenses that an investor in shares of our common stock will bear directly or indirectly. However, we caution you that some of the percentages indicated in the table below are estimates and may vary. Actual costs and expenses incurred by investors in shares of our common stock may be greater than the percentage estimates in the table below. The following table excludes one-time fees payable to third parties not affiliated with GC Advisors that were incurred in connection with each of the 2018 Debt Securitization (as defined below) and the GCIC 2018 Debt Securitization (as defined below), or, collectively, the Debt Securitizations, but includes all of the applicable ongoing fees and expenses of the Debt Securitizations. Whenever this prospectus contains a reference to fees or expenses paid by “us” or “Golub Capital BDC,” or that “we” will pay fees or expenses, our common stockholders will indirectly bear such fees or expenses.
Financial Highlights [Abstract]
Senior Securities [Table Text Block]	SENIOR SECURITIES Information about our senior securities is shown as of the dates indicated in the below table which is derived from our consolidated financial statements and related notes. This information about our senior securities should be read in conjunction with our audited consolidated financial statements and related notes thereto and the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in our most recent Annual Report on Form 10-K. Total Amount Outstanding Involuntary Exclusive of Liquidating Average Treasury Asset Coverage Preference per Market Value Class and Year Securities (1) per Unit (2) Unit (3) per Unit (4) (In thousands) 2010 Debt Securitization September 30, 2012 $ 174,000 $ 2,632 — N/A September 30, 2013 $ 203,000 $ 3,717 — N/A September 30, 2014 $ 215,000 $ 2,491 — N/A September 30, 2015 $ 215,000 $ 2,373 — N/A September 30, 2016 $ 215,000 $ 2,488 — N/A September 30, 2017 $ 205,000 $ 2,852 — N/A 2014 Debt Securitization September 30, 2014 $ 246,000 $ 2,491 — N/A September 30, 2015 $ 246,000 $ 2,373 — N/A September 30, 2016 $ 246,000 $ 2,488 — N/A September 30, 2017 $ 246,000 $ 2,852 — N/A September 30, 2018 $ 197,483 $ 2,695 — N/A September 30, 2019 $ 126,344 $ 2,203 — N/A 2018 Debt Securitization September 30, 2019 $ 408,200 $ 2,203 — N/A September 30, 2020 $ 408,200 $ 2,321 — N/A September 30, 2021 $ 408,200 $ 2,000 — N/A September 30, 2022 $ 408,200 $ 1,817 — N/A September 30, 2023 $ 388,697 $ 1,807 — N/A GCIC 2018 Debt Securitization (5) September 30, 2019 $ 541,023 $ 2,203 — N/A September 30, 2020 $ 542,378 $ 2,321 — N/A September 30, 2021 $ 544,167 $ 2,000 — N/A September 30, 2022 $ 545,956 $ 1,817 — N/A September 30, 2023 $ 513,528 $ 1,807 — N/A 2020 Debt Securitization September 30, 2020 $ 189,000 $ 2,321 — N/A Total Amount Outstanding Involuntary Exclusive of Liquidating Average Treasury Asset Coverage Preference per Market Value Class and Year Securities (1) per Unit (2) Unit (3) per Unit (4) (In thousands) Credit Facility September 30, 2012 $ 54,800 $ 2,632 — N/A September 30, 2013 $ 29,600 $ 3,717 — N/A September 30, 2014 $ 27,400 $ 2,491 — N/A September 30, 2015 $ 127,250 $ 2,373 — September 30, 2016 $ 126,700 $ 2,488 — N/A September 30, 2017 $ 63,100 $ 2,852 September 30, 2018 $ 136,000 $ 2,695 — N/A MS Credit Facility September 30, 2018 $ 234,700 $ 2,695 — N/A MS Credit Facility II September 30, 2019 $ 259,946 $ 2,203 — N/A September 30, 2020 $ 313,292 $ 2,321 — N/A September 30, 2021 $ 0 $ 2,000 — N/A JPM Credit Facility September 30, 2021 $ 472,102 $ 2,000 N/A September 30, 2022 $ 692,592 $ 1,817 N/A September 30, 2023 $ 784,373 $ 1,807 — N/A WF Credit Facility September 30, 2019 $ 253,847 $ 2,203 — N/A September 30, 2020 $ 199,554 $ 2,321 — N/A DB Credit Facility September 30, 2019 $ 248,042 $ 2,203 — N/A September 30, 2020 $ 153,524 $ 2,321 — N/A Revolver September 30, 2014 $ 0 $ 2,491 — N/A September 30, 2015 $ 0 $ 2,373 — N/A Adviser Revolver September 30, 2016 $ 0 $ 2,488 — N/A September 30, 2017 $ 0 $ 2,852 — N/A September 30, 2018 $ 0 $ 2,695 — N/A September 30, 2019 $ 0 $ 2,203 — N/A September 30, 2020 $ 0 $ 2,321 — N/A September 30, 2021 $ 0 $ 2,000 — N/A September 30, 2022 $ 0 $ 1,817 — N/A September 30, 2023 $ 0 $ 1,807 — N/A Total Amount Outstanding Involuntary Exclusive of Liquidating Average Treasury Asset Coverage Preference per Market Value Class and Year Securities (1) per Unit (2) Unit (3) per Unit (4) (In thousands) SBA Debentures September 30, 2012 $ 123,500 $ 2,632 — N/A September 30, 2013 $ 179,500 $ 3,717 — N/A September 30, 2014 $ 208,750 $ 2,491 — N/A September 30, 2015 $ 225,000 $ 2,373 — N/A September 30, 2016 $ 277,000 $ 2,488 — N/A September 30, 2017 $ 267,000 $ 2,852 — N/A September 30, 2018 $ 277,500 $ 2,695 — N/A September 30, 2019 $ 287,000 $ 2,203 — N/A September 30, 2020 $ 217,750 $ 2,321 — N/A 2024 Notes (6) September 30, 2021 $ 399,770 $ 2,000 — $ 1,034 September 30, 2022 $ 502,131 $ 1,817 — $ 996 September 30, 2023 $ 500,747 $ 1,807 — $ 969 2026 Notes (7) September 30, 2021 $ 398,927 $ 2,000 — $ 1,004 September 30, 2022 $ 597,930 $ 1,817 — $ 917 September 30, 2023 $ 598,461 $ 1,807 — $ 867 2027 Notes (8) September 30, 2021 $ 346,062 $ 2,000 — $ 990 September 30, 2022 $ 346,794 $ 1,817 — $ 888 September 30, 2023 $ 347,526 $ 1,807 — $ 834 Total Debt (9) September 30, 2012 $ 228,800 $ 2,632 — N/A September 30, 2013 $ 232,600 $ 3,717 — N/A September 30, 2014 $ 488,400 $ 2,491 — N/A September 30, 2015 $ 588,250 $ 2,373 — N/A September 30, 2016 $ 587,700 $ 2,488 — N/A September 30, 2017 $ 514,100 $ 2,852 — N/A September 30, 2018 $ 568,183 $ 2,695 — N/A September 30, 2019 $ 1,837,392 $ 2,203 — N/A September 30, 2020 $ 1,805,948 $ 2,321 — N/A September 30, 2021 $ 2,569,228 $ 2,000 — N/A September 30, 2022 $ 3,093,603 $ 1,817 — N/A September 30, 2023 $ 3,133,332 $ 1,807 — N/A (1) Total amount of each class of senior securities outstanding at the end of the period presented. (2) Asset coverage per unit is the ratio of the carrying value of our total consolidated assets, less all liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness. (3) The amount to which such class of senior security would be entitled upon the voluntary liquidation of the issuer in preference to any security junior to it. The “ — ” in this column indicates that the SEC expressly does not require this information to be disclosed for certain types of senior securities. (4) Not applicable because such senior securities are not registered for public trading, with the exception of the 2024 Notes, the 2026 Notes and the 2027 Notes. The average market value per unit calculated for the 2024 Notes, the 2026 Notes and the 2027 Notes is based on the average monthly prices of such notes and is expressed per $1,000 of indebtedness. (5) Represents amounts outstanding under GCIC 2018 Notes less the unamortized discount recognized on the assumption of the GCIC 2018 Debt Securitization in the merger. (6) Represents amounts outstanding of 2024 Notes less the unamortized discount recognized upon origination. (7) Represents amounts outstanding of 2026 Notes less the unamortized discount recognized upon origination. (8) Represents amounts outstanding of 2027 Notes less the unamortized discount recognized upon origination. (9) These amounts exclude the SBA Debentures pursuant to exemptive relief we received from the SEC on September 13, 2011. There were no SBA Debentures outstanding as of and subsequent to September 30, 2022.	SENIOR SECURITIES Information about our senior securities is shown as of the dates indicated in the below table which is derived from our consolidated financial statements and related notes. This information about our senior securities should be read in conjunction with our audited and unaudited consolidated financial statements and related notes thereto and the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in our most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q, as well as any amendments reflected in subsequent filings with the SEC. Total Amount Outstanding Involuntary Exclusive of Liquidating Average Treasury Asset Coverage Preference per Market Value Class and Year Securities (1) per Unit (2) Unit (3) per Unit (4) (In thousands) TRS September 30, 2011 $ 77,986 $ 2,240 — N/A 2010 Debt Securitization September 30, 2011 $ 174,000 $ 2,240 — N/A September 30, 2012 $ 174,000 $ 2,632 — N/A September 30, 2013 $ 203,000 $ 3,717 — N/A September 30, 2014 $ 215,000 $ 2,491 — N/A September 30, 2015 $ 215,000 $ 2,373 — N/A September 30, 2016 $ 215,000 $ 2,488 — N/A September 30, 2017 $ 205,000 $ 2,852 — N/A 2014 Debt Securitization September 30, 2014 $ 246,000 $ 2,491 — N/A September 30, 2015 $ 246,000 $ 2,373 — N/A September 30, 2016 $ 246,000 $ 2,488 — N/A September 30, 2017 $ 246,000 $ 2,852 — N/A September 30, 2018 $ 197,483 $ 2,695 — N/A September 30, 2019 $ 126,344 $ 2,203 — N/A 2018 Debt Securitization September 30, 2019 $ 408,200 $ 2,203 — N/A September 30, 2020 $ 408,200 $ 2,321 — N/A September 30, 2021 $ 408,200 $ 2,000 — N/A March 31, 2022 (unaudited) $ 408,200 $ 1,876 — N/A GCIC 2018 Debt Securitization (5) September 30, 2019 $ 541.023 $ 2,203 — N/A September 30, 2020 $ 542,378 $ 2,321 — N/A September 30, 2021 $ 544,167 $ 2,000 — N/A March 31, 2022 (unaudited) $ 545,059 $ 1,876 — N/A 2020 Debt Securitization September 30, 2020 $ 189,000 $ 2,321 — N/A Credit Facility September 30, 2011 $ 2,383 $ 2,240 — N/A September 30, 2012 $ 54,800 $ 2,632 — N/A Total Amount Outstanding Involuntary Exclusive of Liquidating Average Treasury Asset Coverage Preference per Market Value Class and Year Securities (1) per Unit (2) Unit (3) per Unit (4) (In thousands) September 30, 2013 $ 29,600 $ 3,717 — N/A September 30, 2014 $ 27,400 $ 2,491 — N/A September 30, 2015 $ 127,250 $ 2,373 — N/A September 30, 2016 $ 126,700 $ 2,488 — N/A September 30, 2017 $ 63,100 $ 2,852 — N/A September 30, 2018 $ 136,000 $ 2,695 — N/A MS Credit Facility September 30, 2018 $ 234,700 $ 2,695 — N/A MS Credit Facility II September 30, 2019 $ 259,946 $ 2,203 — N/A September 30, 2020 $ 313,292 $ 2,321 — N/A September 30, 2021 $ 0 $ 2,000 — N/A March 31, 2022 (unaudited) $ 0 $ 1,876 — N/A JPM Credit Facility September 30, 2021 $ 472,102 $ 2,000 — N/A March 31, 2022 (unaudited) $ 580,788 $ 1,876 — N/A WF Credit Facility September 30, 2019 $ 253,847 $ 2,203 — N/A September 30, 2020 $ 199,554 $ 2,321 — N/A DB Credit Facility September 30, 2019 $ 248,042 $ 2,203 — N/A September 30, 2020 $ 153,524 $ 2,321 — N/A Revolver September 30, 2014 $ 0 $ 2,491 — N/A September 30, 2015 $ 0 $ 2,373 — N/A Adviser Revolver September 30, 2016 $ 0 $ 2,488 — N/A September 30, 2017 $ 0 $ 2,852 — N/A September 30, 2018 $ 0 $ 2,695 — N/A September 30, 2019 $ 0 $ 2,203 — N/A September 30, 2020 $ 0 $ 2,321 — N/A September 30, 2021 $ 0 $ 2,000 — N/A March 31, 2022 (unaudited) $ 0 $ 1,876 — N/A SBA Debentures September 30, 2011 $ 61,300 $ 2,240 — N/A September 30, 2012 $ 123,500 $ 2,632 — N/A September 30, 2013 $ 179,500 $ 3,717 — N/A Total Amount Outstanding Involuntary Exclusive of Liquidating Average Treasury Asset Coverage Preference per Market Value Class and Year Securities (1) per Unit (2) Unit (3) per Unit (4) (In thousands) September 30, 2014 $ 208,750 $ 2,491 — N/A September 30, 2015 $ 225,000 $ 2,373 — N/A September 30, 2016 $ 277,000 $ 2,488 — N/A September 30, 2017 $ 267,000 $ 2,852 — N/A September 30, 2018 $ 277,500 $ 2,695 — N/A September 30, 2019 $ 287,000 $ 2,203 — N/A September 30, 2020 $ 217,750 $ 2,321 — N/A 2024 Notes (6) September 30, 2021 $ 399,770 $ 2,000 — $ 1,034 March 31, 2022 (unaudited) $ 502,824 $ 1,876 — $ 1,017 2026 Notes (7) September 30, 2021 $ 398,927 $ 2,000 — $ 1,004 March 31, 2022 (unaudited) $ 597,664 $ 1,876 — $ 965 2027 Notes (8) September 30, 2021 $ 346,062 $ 2,000 — $ 990 March 31, 2022 (unaudited) $ 346,427 $ 1,876 — $ 943 Total Debt (9) September 30, 2011 $ 254,369 $ 2,240 — N/A September 30, 2012 $ 228,800 $ 2,632 — N/A September 30, 2013 $ 232,600 $ 3,717 — N/A September 30, 2014 $ 488,400 $ 2,491 — N/A September 30, 2015 $ 588,250 $ 2,373 — N/A September 30, 2016 $ 587,700 $ 2,488 — N/A September 30, 2017 $ 514,100 $ 2,852 — N/A September 30, 2018 $ 568,183 $ 2,695 — N/A September 30, 2019 $ 1,837,392 $ 2,203 — N/A September 30, 2020 $ 1,805,948 $ 2,321 — N/A September 30, 2021 $ 2,569,228 $ 2,000 — N/A March 31, 2022 (unaudited) $ 2,980,962 $ 1,876 — N/A (1) Total amount of each class of senior securities outstanding at the end of the period presented. (2) Asset coverage per unit is the ratio of the carrying value of our total consolidated assets, less all liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness. (3) The amount to which such class of senior security would be entitled upon the voluntary liquidation of the issuer in preference to any security junior to it. The “ — ” in this column indicates that the SEC expressly does not require this information to be disclosed for certain types of senior securities. (4) Not applicable because such senior securities are not registered for public trading, with the exception of the 2024 Notes, the 2026 Notes and the 2027 Notes. The average market value per unit calculated for the 2024 Notes, the 2026 Notes and the 2027 Notes is based on the average monthly prices of such notes and is expressed per $1,000 of indebtedness. (5) Represents $546,500,000 of outstanding GCIC 2018 Notes less the unamortized discount recognized on the assumption of the GCIC 2018 Debt Securitization in the Merger. (6) As of September 30, 2021, represents $400,000,000 outstanding of 2024 Notes less the unamortized discount recognized upon origination and as of March 31, 2022 (unaudited), represents $500,000,000 outstanding of 2024 Notes less the unamortized net discount recognized upon origination. (7) As of September 30, 2021, represents $400,000,000 outstanding of 2026 Notes less the unamortized discount recognized upon origination and as of March 31, 2022 (unaudited), represents $600,000,000 outstanding of 2026 Notes less the unamortized net discount recognized upon origination. (8) Represents $400,000,000 outstanding of 2027 Notes less the unamortized discount recognized upon origination. (9) These amounts exclude the SBA Debentures pursuant to exemptive relief we received from the SEC on September 13, 2011. There were no SBA Debentures outstanding as of and subsequent to September 30, 2021.
Senior Securities Amount			$ 2,980,962	$ 3,133,332	$ 3,093,603		$ 2,980,962		$ 2,569,228				$ 1,805,948				$ 2,980,962	$ 2,569,228		$ 1,837,392	$ 568,183	$ 514,100	$ 587,700	$ 588,250	$ 488,400	$ 232,600	$ 228,800	$ 254,369
Senior Securities Coverage per Unit			$ 1,876	$ 1,807	$ 1,817		$ 1,876		$ 2,000				$ 2,321				$ 1,876	$ 2,000		$ 2,203	$ 2,695	$ 2,852	$ 2,488	$ 2,373	$ 2,491	$ 3,717	$ 2,632	$ 2,240
General Description of Registrant [Abstract]
Risk Factors [Table Text Block]	RISK FACTORS Investing in our securities involves a number of significant risks. In addition to the other information in this prospectus supplement, the accompanying prospectus, and any free writing prospectus, you should consider carefully the following information and the risk factors incorporated herein by reference to our Annual Report on Form 10-K for the fiscal year ended September 30, 2023 , and all other information contained or incorporated by reference into this prospectus supplement, the accompanying prospectus, and any free writing prospectus, as updated by our subsequent filings under the Exchange Act, before making an investment in our securities. Additional risks and uncertainties not presently known to us or not presently deemed material by us may also impair our operations and performance. Each of the risk factors could materially and adversely affect our business, financial condition and results of operations. In such case, our net asset value and the value of our debt securities may decline, and investors may lose all or part of their investment. Risks Related to the Notes The Notes will be unsecured and therefore will be effectively subordinated to any secured indebtedness we have incurred or may incur in the future. The Notes will not be secured by any of our assets or any of the assets of our subsidiaries. As a result, the Notes will be effectively subordinated, or junior, to any secured indebtedness or other obligations we have outstanding as of the date of this prospectus supplement or that we may incur in the future (or any indebtedness that is initially unsecured in respect of which we subsequently grant security) to the extent of the value of the assets securing such indebtedness. Substantially all of Golub Capital BDC’s assets are currently pledged as collateral under the JPM Credit Facility, and substantially all of the assets of our subsidiaries are pledged as collateral under the Debt Securitizations. In any liquidation, dissolution, bankruptcy or other similar proceeding, the holders of any of our existing or future secured indebtedness and the secured indebtedness of our subsidiaries may assert rights against the assets pledged to secure that indebtedness in order to receive full payment of their indebtedness before the assets may be used to pay other creditors, including the holders of the Notes. As of November 29, 2023, we had approximately $711.9 million of outstanding borrowings under the JPM Credit Facility that are secured by our assets and thus effectively senior to the Notes. The Notes will be structurally subordinated to the indebtedness and other liabilities of our subsidiaries. The Notes will be obligations exclusively of Golub Capital BDC and not of any of our subsidiaries. None of our subsidiaries is a guarantor of the Notes and the Notes are not required to be guaranteed by any subsidiaries we may acquire or create in the future. The assets of such subsidiaries are not directly available to satisfy the claims of our creditors, including holders of the Notes. As of November 29, 2023 our subsidiaries had an aggregate of approximately $869.5 million of outstanding secured borrowings under the Debt Securitizations, which are structurally senior to the Notes. Except to the extent we are a creditor with recognized claims against our subsidiaries, all claims of creditors (including trade creditors) and holders of preferred stock, if any, of our subsidiaries will have priority over our equity interests in such subsidiaries (and therefore the claims of our creditors, including holders of the Notes) with respect to the assets of such subsidiaries. Even if we are recognized as a creditor of one or more of our subsidiaries, our claims would still be effectively subordinated to any security interests in the assets of any such subsidiary and to any indebtedness or other liabilities of any such subsidiary senior to our claims. Consequently, the Notes will be structurally subordinated, or junior, to the Debt Securitizations and the JPM Credit Facility and other liabilities (including trade payables) incurred by any of our existing or future subsidiaries, financing vehicles or similar facilities. All of the existing indebtedness of our subsidiaries is structurally senior to the Notes. In addition, our subsidiaries and any additional subsidiaries that we may form may incur substantial additional indebtedness in the future, all of which would be structurally senior to the Notes. The indenture governing the Notes will contain limited protection for holders of the Notes. The indenture governing the Notes will offer limited protection to holders of the Notes. The terms of the indenture and the Notes will not restrict our or any of our subsidiaries’ ability to engage in, or otherwise be a party to, a variety of corporate transactions, circumstances or events that could have a material adverse impact on an investment in the Notes. In particular, the terms of the indenture and the Notes will not place any restrictions on our or our subsidiaries’ ability to: ● issue securities or otherwise incur additional indebtedness or other obligations, including (1) any indebtedness or other obligations that would be pari passu , or equal, in right of payment to the Notes, (2) any indebtedness or other obligations that would be secured and therefore rank effectively senior in right of payment to the Notes to the extent of the value of the assets securing such indebtedness, (3) indebtedness or other obligations of ours that are guaranteed by one or more of our subsidiaries and which therefore are structurally senior to the Notes and (4) securities, indebtedness or other obligations issued or incurred by our subsidiaries that would be senior to our equity interests in our subsidiaries and therefore rank structurally senior to the Notes with respect to the assets of our subsidiaries, in each case other than an incurrence of indebtedness or other obligations that would cause a violation of Section 18(a)(1)(A) of the 1940 Act as modified by Section 61(a)(1) and (2) of the 1940 Act or any successor provisions, as such obligations may be amended or superseded, giving effect to any exemptive relief granted to us by the SEC. Currently, these provisions generally prohibit us from incurring additional borrowings, including through the issuance of additional debt securities, unless our asset coverage, as defined in the 1940 Act, equals at least 150% after such borrowings; ● pay dividends on, or purchase or redeem or make any payments in respect of, capital stock or other securities ranking junior in right of payment to the Notes; ● sell assets (other than certain limited restrictions on our ability to consolidate, merge or sell all or substantially all of our assets); ● enter into transactions with affiliates, including acquisitions of affiliates; ● create liens (including liens on the shares of our subsidiaries) or enter into sale and leaseback transactions; ● make investments; or ● create restrictions on the payment of dividends or other amounts to us from our subsidiaries. Furthermore, the terms of the indenture and the Notes do not protect holders of the Notes in the event that we experience changes (including significant adverse changes) in our financial condition, results of operations or credit ratings, as they do not require that we or our subsidiaries adhere to any financial tests or ratios or specified levels of net worth, revenues, income, cash flow or liquidity other than as described under “Description of Notes — Events of Default”. Our ability to recapitalize, incur additional debt and take a number of other actions are not limited by the terms of the Notes and may have important consequences for holders of the Notes, including making it more difficult for us to satisfy our obligations with respect to the Notes or negatively affecting the trading value of the Notes. Certain of our current debt instruments include more protections for their holders than the indenture and the Notes. In addition, other debt we issue or incur in the future could contain more protections for its holders than the indenture and the Notes, including additional covenants and events of default. The issuance or incurrence of any such debt with incremental protections could affect the market for and trading levels and prices of the Notes. Our amount of debt outstanding may increase as a result of this offering. Our current indebtedness could adversely affect our business, financial condition and results of operations and our ability to meet our payment obligations under the Notes and our other debt. The use of debt could have significant consequences on our future operations, including: ● making it more difficult for us to meet our payment and other obligations under the Notes and our other outstanding indebtedness; ● resulting in an event of default if we fail to comply with the financial and other restrictive covenants contained in our financing arrangements, which event of default could result in substantially all of our debt becoming immediately due and payable; ● reducing the availability of our cash flow to fund investments, acquisitions and other general corporate purposes, and limiting our ability to obtain additional financing for these purposes; ● subjecting us to the risk of increased sensitivity to interest rate increases on our indebtedness with variable interest rates, including borrowings under our financing arrangements; and ● limiting our flexibility in planning for, or reacting to, and increasing our vulnerability to, changes in our business, the industry in which we operate and the general economy. Any of the above-listed factors could have an adverse effect on our business, financial condition and results of operations and our ability to meet our payment obligations under the Notes and our other debt. Our ability to meet our payment and other obligations under our financing arrangements depends on our ability to generate significant cash flow in the future. To some extent, this is subject to general economic, financial, competitive, legislative and regulatory factors as well as other factors that are beyond our control. We cannot assure you that our business will generate cash flow from operations, or that future borrowings will be available to us under our financing arrangements or otherwise, in an amount sufficient to enable us to meet our payment obligations under the Notes and our other debt and to fund other liquidity needs. If we are not able to generate sufficient cash flow to service our debt obligations, we may need to refinance or restructure our debt, including the Notes, sell assets, reduce or delay capital investments, or seek to raise additional capital. If we are unable to implement one or more of these alternatives, we may not be able to meet our payment obligations under the Notes and our other debt. If an active trading market for the Notes does not develop, you may not be able to resell them. The Notes are a new issue of debt securities and there currently is no trading market for the Notes. We do not intend to apply for listing of the Notes on any securities exchange or for quotation of the Notes on any automated dealer quotation system. If no active trading market develops, you may not be able to resell the Notes at their fair market value or at all. If the Notes are traded after their initial issuance, they may trade at a discount from their initial offering price depending on prevailing interest rates, the market for similar securities, our credit ratings, general economic conditions, our financial condition, performance and prospects and other factors. Certain of the underwriters have advised us that they currently intend to make a market in the Notes after the offering, but they are not obligated to do so. Such underwriters may discontinue any market-making in the Notes at any time at their sole discretion. In addition, any market-making activity will be subject to limits imposed by law. Accordingly, we cannot assure you that a liquid trading market will develop for the Notes, that you will be able to sell the Notes at a particular time or that the price you receive when you sell will be favorable. To the extent an active trading market does not develop, the liquidity and trading price for the Notes may be harmed. Accordingly, you may be required to bear the financial risk of an investment in the Notes for an indefinite period of time. If we default on our obligations to pay our other indebtedness, we may not be able to make payments on the Notes. Any default under the agreements governing our indebtedness, including the Debt Securitizations, the JPM Credit Facility, the 2024 Notes, the 2026 Notes, the 2027 Notes or other indebtedness to which we may be a party that is not waived by the required lenders or holders, and the remedies sought by the holders of such indebtedness could make us unable to pay principal, premium, if any, and interest on the Notes and substantially decrease the market value of the Notes. If we are unable to generate sufficient cash flow and are otherwise unable to obtain funds necessary to meet required payments of principal, premium, if any, and interest on our indebtedness, or if we otherwise fail to comply with the various covenants, including financial and operating covenants, in the instruments governing our indebtedness, we could be in default under the terms of the agreements governing such indebtedness. In the event of such default, the holders of such indebtedness could elect to declare all the funds borrowed thereunder to be due and payable, together with accrued and unpaid interest, the lenders under the JPM Credit Facility or other debt we may incur in the future could elect to terminate their commitments, cease making further loans and institute foreclosure proceedings against our assets, and we could be forced into bankruptcy or liquidation. If our operating performance declines, we may, in the future, need to seek to obtain waivers from the required lenders under the JPM Credit Facility or the required holders of the Debt Securitizations, the 2024 Notes, the 2026 Notes, the 2027 Notes or other debt that we may incur in the future, to avoid being in default. If we breach our covenants and seek a waiver under the Debt Securitizations, the JPM Credit Facility, the 2024 Notes, the 2026 Notes, the 2027 Notes or other debt and seek a waiver, we may not be able to obtain a waiver from the required lenders or holders. If this occurs, we would be in default and our lenders or debt holders could exercise their rights as described above, and we could be forced into bankruptcy or liquidation. If we are unable to repay debt, lenders or holders having secured obligations, including the lenders and holders under the Debt Securitizations and the JPM Credit Facility could proceed against the collateral securing the debt. Because the JPM Credit Facility have, and any future credit facilities will likely have, customary cross-default provisions, we may be unable to repay or finance the amounts due if the indebtedness thereunder or under any future credit facility is accelerated. In the event holders of any debt securities we have outstanding exercise their rights to accelerate following a cross- default, those holders would be entitled to receive the principal amount of their investment, subject to any subordination arrangements that may be in place. We cannot assure you that we will have sufficient liquidity to be able to repay such amounts, in which case we would be in default under the accelerated debt and holders would have the ability to sue us to recover amounts then owing. A downgrade, suspension or withdrawal of the credit rating assigned by a rating agency to us or the Notes, if any, or change in the debt markets, could cause the liquidity or market value of the Notes to decline significantly. Our credit ratings are an assessment by rating agencies of our ability to pay our debts when due. Consequently, real or anticipated changes in our credit ratings will generally affect the market value of the Notes. These credit ratings may not reflect the potential impact of risks relating to the structure or marketing of the Notes. Credit ratings are not a recommendation to buy, sell or hold any security, and may be revised or withdrawn at any time by the issuing organization in its sole discretion. Neither we nor any underwriter undertakes any obligation to maintain our credit ratings or to advise holders of Notes of any changes in our credit ratings. An increase in market interest rates could result in a decrease in the market value of the Notes. The condition of the financial markets and prevailing interest rates have fluctuated in the past and are likely to fluctuate in the future, which could have an adverse effect on the market prices of the Notes. In general, as market interest rates rise, debt securities bearing interest at fixed rates of interest decline in value. Consequently, if you purchase Notes bearing interest at fixed rates and market interest rates increase, the market values of those Notes may decline. We cannot predict the future level of market interest rates. The optional redemption provision may materially adversely affect your return on the Notes. The Notes are redeemable in whole or in part upon certain conditions at any time or from time to time at our option. We may choose to redeem the Notes at times when prevailing interest rates are lower than the interest rate paid on the Notes. In this circumstance, you may not be able to reinvest the redemption proceeds in a comparable security at an effective interest rate as high as the Notes being redeemed. We may not be able to repurchase the Notes upon a Change of Control Repurchase Event. We may not be able to repurchase the Notes upon a Change of Control Repurchase Event because we may not have sufficient funds. Upon a Change of Control Repurchase Event, holders of the Notes may require us to repurchase for cash some or all of the Notes at a repurchase price equal to 100% of the aggregate principal amount of the Notes being repurchased, plus accrued and unpaid interest to, but not including, the repurchase date. Our failure to purchase such tendered Notes upon the occurrence of such Change of Control Repurchase Event would cause an event of default under the indenture governing the Notes and a cross-default under the agreements governing certain of our other indebtedness, which may result in the acceleration of such indebtedness requiring us to repay that indebtedness immediately.	RISK FACTORS Investing in our securities involves a number of significant risks. Before you invest in our securities, you should carefully consider various risks described in the section titled “Risk Factors” in our most recent Annual Report on Form 10-K, as well as in subsequent filings with the SEC that are incorporated by reference into this prospectus in their entirety, together with other information in this prospectus, the documents incorporated by reference, and any prospectus supplement and free writing prospectus that we may authorize for use in connection with this offering. The risks set out in these documents are not the only risks we face. Additional risks and uncertainties not presently known to us or not presently deemed material by us may also impair our operations and performance. If any of these risks occur, our business, financial condition, results of operations and cash flows could be materially and adversely affected. In such case, our net asset value and the trading price of our common stock could decline, and you may lose all or part of your investment. The risk factors described in these documents are the principal risk factors associated with an investment in us as well as those factors generally associated with an investment company with investment objectives, investment policies, capital structure or trading markets similar to ours.
Share Price [Table Text Block]		Premium Premium (Discount) of Dividends of High Low Sales and Closing Sales Price (2) Sales Price to Distributions Period NAV (1) High Low Price (3) NAV (3) Declared Fiscal year ending September 30, 2022 Third quarter (through June 7, 2022) N/A $ 15.48 $ 13.60 N/A N/A $ 0.30 (4) Second quarter $ 15.35 $ 16.10 $ 14.70 4.9 % (4.2) % $ 0.30 First quarter $ 15.26 $ 15.99 $ 14.86 4.8 % (2.6) % $ 0.30 Fiscal year ending September 30, 2021 Fourth quarter $ 15.19 $ 16.01 $ 15.17 5.4 % (0.1) % $ 0.29 Third quarter $ 15.06 $ 16.10 $ 14.72 6.9 % (2.3) % $ 0.29 Second quarter $ 14.86 $ 15.36 $ 14.08 3.4 % (5.2) % $ 0.29 First quarter $ 14.60 $ 14.15 $ 12.66 (3.1) % (13.3) % $ 0.29 Fiscal year ended September 30, 2020 Fourth quarter $ 14.33 $ 13.44 $ 11.31 (6.2) % (21.1) % $ 0.29 Third quarter $ 14.05 $ 12.65 $ 9.58 (10.0) % (31.8) % $ 0.29 Second quarter $ 14.62 $ 18.14 $ 9.55 24.1 % (34.7) % $ 0.33 First quarter $ 16.66 $ 18.56 $ 17.70 11.4 % 6.2 % $ 0.46 (5) (1) Net Asset Value, or NAV per share is determined as of the last day in the relevant quarter and therefore may not reflect the NAV per share on the date of the high and low closing sales prices. The NAVs shown are based on outstanding shares at the end of the each period. (2) On May 15, 2020, we completed a transferable rights offering. The Closing Sales Prices shown have not been adjusted to account for the bonus element associated with the rights issued detailed in Note 11 of the consolidated notes to the financial statements in our most recent Annual Report on Form 10-K. (3) Calculated as of the respective high or low closing sales price divided by the quarter-end NAV. (4) On May 6, 2022, our board of directors declared a quarterly distribution of $0.30 per share payable on June 29, 2022 to holders of record of common stock as of June 3, 2022. (5) Includes a special distribution of $0.13 per share.
Lowest Price or Bid						$ 13.60	14.70	$ 14.86	15.17	$ 14.72	$ 14.08	$ 12.66	11.31	$ 9.58	$ 9.55	$ 17.70
Highest Price or Bid						$ 15.48	$ 16.10	$ 15.99	$ 16.01	$ 16.10	$ 15.36	$ 14.15	$ 13.44	$ 12.65	$ 18.14	$ 18.56
Highest Price or Bid, Premium (Discount) to NAV [Percent]							4.90%	4.80%	5.40%	6.90%	3.40%	(3.10%)	(6.20%)	(10.00%)	24.10%	11.40%
Lowest Price or Bid, Premium (Discount) to NAV [Percent]							(4.20%)	(2.60%)	(0.10%)	(2.30%)	(5.20%)	(13.30%)	(21.10%)	(31.80%)	(34.70%)	6.20%
Share Price																			$ 13.85
NAV Per Share			$ 15.35				$ 15.35										$ 15.35
Capital Stock, Long-Term Debt, and Other Securities [Abstract]
Capital Stock [Table Text Block]		DESCRIPTION OF OUR CAPITAL STOCK The following description is based on relevant portions of the DGCL and on our certificate of incorporation and bylaws. This summary is not necessarily complete, and we refer you to the DGCL and our certificate of incorporation and bylaws for a more detailed description of the provisions summarized below. Capital Stock Our authorized stock currently consists of 350,000,000 shares of common stock, par value $0.001 per share, and 1,000,000 shares of preferred stock, par value $0.001 per share. Our common stock is traded on The Nasdaq Global Select Market under the ticker symbol “GBDC”. There are no outstanding options or warrants to purchase our stock. No stock has been authorized for issuance under any equity compensation plans. Under Delaware law, our stockholders generally are not personally liable for our debts or obligations. The following are our outstanding classes of securities as of March 31, 2022: (4) Amount (3) Outstanding (2) Amount held by Exclusive of Amount us or for Our Amounts shown Title of Class authorized Account Under (3) Common Stock 350,000,000 — 170,895,670 Preferred Stock 1,000,000 — — All shares of our common stock have equal rights as to earnings, assets, dividends and other distributions and voting and, when they are issued, will be duly authorized, validly issued, fully paid and nonassessable. Distributions may be paid to the holders of our common stock if, as and when authorized by our board of directors and declared by us out of funds legally available therefrom. Shares of our common stock have no preemptive, exchange, conversion or redemption rights and are freely transferable, except when their transfer is restricted by federal and state securities laws or by contract. In the event of our liquidation, dissolution or winding up, each share of our common stock would be entitled to share ratably in all of our assets that are legally available for distribution after we pay all debts and other liabilities and subject to any preferential rights of holders of our preferred stock, if any preferred stock is outstanding at such time. Each share of our common stock is entitled to one vote on all matters submitted to a vote of stockholders, including the election of directors. Except as provided with respect to any other class or series of stock, the holders of our common stock will possess exclusive voting power. There is no cumulative voting in the election of directors, which means that holders of a majority of the outstanding shares of common stock can elect all of our directors, and holders of less than a majority of such shares will not be able to elect any directors.
Long Term Debt [Table Text Block]	DESCRIPTION OF NOTES The following description of the particular terms of the % Notes due supplements and, to the extent inconsistent therewith, replaces the description of the general terms and provisions of the debt securities set forth in the accompanying prospectus. We will issue the Notes under the base indenture, dated as of October 2, 2020, or the base indenture, between us and U.S. Bank Trust Company, National Association (as successor in interest to U.S. Bank National Association), as trustee (“U.S. Bank” or the “trustee”), as supplemented by a fourth supplemental indenture between us and the trustee, or the fourth supplemental indenture, dated as of December , 2023. As used in this section, all references to the indenture mean the base indenture as supplemented by the fourth supplemental indenture. The terms of the Notes include those expressly set forth in the indenture and those made part of the indenture by reference to the Trust Indenture Act of 1939, as amended. The following description is a summary of the material provisions of the Notes and the indenture and does not purport to be complete. This summary is subject to and is qualified by reference to all the provisions of the Notes and the indenture, including the definitions of certain terms used in the indenture. We urge you to read these documents because they, and not this description, define your rights as a holder of the Notes. For purposes of this description, references to “we,” “our” and “us” refer only to Golub Capital BDC and not to any of its current or future subsidiaries and references to “subsidiaries” refer only to consolidated subsidiaries of and exclude any investments held by Golub Capital BDC in the ordinary course of business which are not, under GAAP, consolidated on the financial statements of Golub Capital BDC and its subsidiaries. General The Notes: ● will be our direct, general, unsecured, unsubordinated obligations, ranking equally with our existing and future unsecured, unsubordinated obligations, including the 2024 Notes, the 2026 Notes and the 2027 Notes; ● will initially be issued in an aggregate principal amount of $ ; ● will mature on , unless earlier redeemed or repurchased, as discussed below; ● will bear cash interest from December , 2023, at an annual rate of % payable semi-annually in arrears on and , beginning on , 2024; ● will be subject to redemption at our option as described in this prospectus supplement under “ — Optional Redemption;” ● will be subject to repurchase by us at the option of the holders following a Change of Control Repurchase Event (as defined in this prospectus supplement under “ — Offer to Repurchase Upon a Change of Control Repurchase Event”), at a repurchase price equal to 100% of the principal amount of the Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the date of repurchase; ● will be issued in denominations of $2,000 and integral multiples of $1,000 thereof; and ● will be represented by one or more registered Notes in global form, but in certain limited circumstances may be represented by Notes in definitive form. See “ — Book-Entry, Settlement and Clearance” in this prospectus supplement. Subject to compliance with covenants regarding the asset coverage requirement of the 1940 Act, the indenture does not limit the amount of debt that may be issued by us or our subsidiaries under the indenture or otherwise. The indenture does not contain any financial covenants and does not restrict us from paying dividends or distributions or issuing or repurchasing our other securities. Other than restrictions described under “ — Offer to Repurchase Upon a Change of Control Repurchase Event” and “ — Covenants — Merger, Consolidation or Sale of Assets” below, the indenture does not contain any covenants or other provisions designed to afford holders of the Notes protection in the event of a highly leveraged transaction involving us or in the event of a decline in our credit rating as the result of a takeover, recapitalization, highly leveraged transaction or similar restructuring involving us that could adversely affect such holders. We may, without the consent of the holders, issue additional Notes under the indenture with the same terms (except for the issue date, public offering price, and, if applicable, the initial interest payment date) as the Notes offered hereby in an unlimited aggregate principal amount; provided We do not intend to list the Notes on any securities exchange or any automated dealer quotation system. Payments on the Notes; Paying Agent and Registrar; Transfer and Exchange We will pay the principal of, and interest on, the Notes in global form registered in the name of or held by DTC or its nominee in immediately available funds to DTC or its nominee, as the case may be, as the registered holder of such Global Note (as defined below). Payment of principal of (and premium, if any) and any such interest on the Notes will be made at the corporate trust office of the trustee as paying agent, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided however A holder of Notes may transfer or exchange Notes at the office of the security registrar in accordance with the indenture. The security registrar and the trustee may require a holder, among other things, to furnish appropriate endorsements and transfer documents. No service charge will be imposed by us, the trustee or the security registrar for any registration of transfer or exchange of Notes, but we or the trustee may require a holder to pay a sum sufficient to cover any transfer tax or other similar governmental charge required by law or permitted by the indenture. The registered holder of a Note will be treated as its owner for all purposes. Interest The Notes will bear cash interest at a rate of % per year until maturity. Interest will be payable semiannually in arrears on and of each year, beginning on , 2024. Interest will be paid to the person in whose name a Note is registered at 5:00 p.m. New York City time, or the close of business, on or , as the case may be, immediately preceding the relevant interest payment date. Interest on the Notes will be computed on the basis of a 360-day year composed of twelve 30-day months. If any interest payment date, redemption date, the maturity date or any earlier required repurchase date upon a Change of Control Repurchase Event (defined below) of a Note falls on a day that is not a business day, the required payment will be made on the next succeeding business day and no interest on such payment will accrue in respect of the delay. The term “business day” means, with respect to any Note, each Monday, Tuesday, Wednesday, Thursday and Friday that is not a day on which banking institutions in New York or the city in which the corporate trust office of the trustee is located are authorized or obligated by law or executive order to close. Ranking The Notes will be our direct, general unsecured obligations that rank senior in right of payment to all of our future indebtedness or other obligations that are expressly subordinated, or junior, in right of payment to the Notes. The Notes will rank equally in right of payment with all of our existing and future indebtedness or other obligations that are not so subordinated or junior (including the 2024 Notes, the 2026 Notes and the 2027 Notes). The Notes will rank effectively junior to any of our secured indebtedness or other obligations (including unsecured indebtedness that we later secure) to the extent of the value of the assets securing such indebtedness. The Notes will rank structurally junior to all existing and future indebtedness and other obligations (including trade payables) incurred by our subsidiaries, financing vehicles or similar facilities. In the event of our bankruptcy, liquidation, reorganization or other winding up, our assets that secure secured debt will be available to pay obligations on the Notes only after all indebtedness under such secured debt has been repaid in full from such assets. We advise you that there may not be sufficient assets remaining to pay amounts due on any or all the Notes then outstanding. As of November 29, 2023, we had approximately $3.0 billion of debt outstanding, approximately $1.4 billion of which was unsecured senior indebtedness (represented by the 2024 Notes, the 2026 Notes, and the 2027 Notes) that will rank equal to the Notes, approximately $869.5 million of which was indebtedness secured by substantially all of the assets of our subsidiaries and that will be structurally senior to the Notes, and approximately $711.9 million of which was indebtedness secured by substantially all of our assets and that will be effectively senior to the Notes. After giving effect to the issuance of the Notes and the application of proceeds therefrom as described under “Use of Proceeds,” our total indebtedness would have been approximately $ billion as of November 29, 2023. See “Capitalization” in this prospectus supplement. Optional Redemption Prior to the Par Call Date, we may redeem the Notes at our option, in whole or in part, at any time and from time to time, at a redemption price (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of: (1) (a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date (assuming the Notes matured on the Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus basis points less (b) interest accrued to the date of redemption, and (2) 100% of the principal amount of the Notes to be redeemed, plus, in either case, accrued and unpaid interest thereon to the redemption date. On or after the Par Call Date, we may redeem the Notes, in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the principal amount of the Notes being redeemed plus accrued and unpaid interest thereon to the redemption date. “Treasury Rate” means, with respect to any redemption date, the yield determined by us in accordance with the following two paragraphs. The Treasury Rate shall be determined by us after 4:15 p.m., New York City time (or after such time as yields on U.S. government securities are posted daily by the Board of Governors of the Federal Reserve System), on the third business day preceding the redemption date based upon the yield or yields for the most recent day that appear after such time on such day in the most recent statistical release published by the Board of Governors of the Federal Reserve System designated as “Selected Interest Rates (Daily) — H.15” (or any successor designation or publication) (“H.15”) under the caption “U.S. government securities — Treasury constant maturities — Nominal” (or any successor caption or heading) (“H.15 TCM”). In determining the Treasury Rate, we shall select, as applicable: (1) the yield for the Treasury constant maturity on H.15 exactly equal to the period from the redemption date to the Par Call Date (the “Remaining Life”); or (2) if there is no such Treasury constant maturity on H. 15 exactly equal to the Remaining Life, the two yields — one yield corresponding to the Treasury constant maturity on H.15 immediately shorter than and one yield corresponding to the Treasury constant maturity on H. 15 immediately longer than the Remaining Life — and shall interpolate to the Par Call Date on a straight-line basis (using the actual number of days) using such yields and rounding the result to three decimal places; or (3) if there is no such Treasury constant maturity on H.15 shorter than or longer than the Remaining Life, the yield for the single Treasury constant maturity on H. 15 closest to the Remaining Life. For purposes of this paragraph, the applicable Treasury constant maturity or maturities on H.15 shall be deemed to have a maturity date equal to the relevant number of months or years, as applicable, of such Treasury constant maturity from the redemption date. If on the third business day preceding the redemption date H.15 TCM or any successor designation or publication is no longer published, we shall calculate the Treasury Rate based on the rate per annum equal to the semi-annual equivalent yield to maturity at 11:00 a.m., New York City time, on the second business day preceding such redemption date of the United States Treasury security maturing on, or with a maturity that is closest to, the Par Call Date, as applicable. If there is no United States Treasury security maturing on the Par Call Date but there are two or more United States Treasury securities with a maturity date equally distant from the Par Call Date, one with a maturity date preceding the Par Call Date and one with a maturity date following the Par Call Date, we shall select the United States Treasury security with a maturity date preceding the Par Call Date. If there are two or more United States Treasury securities maturing on the Par Call Date or two or more United States Treasury securities meeting the criteria of the preceding sentence, we shall select from among these two or more United States Treasury securities the United States Treasury security that is trading closest to par based upon the average of the bid and asked prices for such United States Treasury securities at 11:00 a.m., New York City time. In determining the Treasury Rate in accordance with the terms of this paragraph, the semi-annual yield to maturity of the applicable United States Treasury security shall be based upon the average of the bid and asked prices (expressed as a percentage of principal amount) at 11:00 a.m., New York City time, of such United States Treasury security, and rounded to three decimal places. Our actions and determinations in determining the redemption price shall be conclusive and binding for all purposes, absent manifest error. Notice of any redemption will be mailed or electronically delivered (or otherwise transmitted in accordance with the depositary's procedures) at least 30 days but not more than 60 days before the redemption date to each holder of notes to be redeemed. In the case of a partial redemption, selection of the Notes for redemption will be made pro rata, by lot or by such other method as the Trustee in its sole discretion deems appropriate and fair. No Notes of a principal amount of $2,000 or less will be redeemed in part. If any Note is to be redeemed in part only, the notice of redemption that relates to the Note will state the portion of the principal amount of the Note to be redeemed. A new note in a principal amount equal to the unredeemed portion of the Note will be issued in the name of the holder of the Note upon surrender for cancellation of the original Note. For so long as the notes are held by DTC (or another depositary), the redemption of the Notes shall be done in accordance with the policies and procedures of the depositary. Unless the Company defaults in payment of the redemption price, on and after the redemption date interest will cease to accrue on the notes or portions thereof called for redemption. Offer to Repurchase Upon a Change of Control Repurchase Event If a Change of Control Repurchase Event occurs, unless we have exercised our right to redeem the Notes in full, we will make an offer to each holder of Notes to repurchase all or any part (in minimum denominations of $2,000 and integral multiples of $1,000 principal amount in excess thereof) of that holder’s Notes at a repurchase price in cash equal to 100% of the aggregate principal amount of Notes repurchased plus any accrued and unpaid interest on the Notes repurchased to, but not including, the date of purchase. Within 30 days following any Change of Control Repurchase Event or, at our option, prior to any Change of Control, but after the public announcement of the Change of Control, we will mail a notice to each holder describing the transaction or transactions that constitute or may constitute the Change of Control Repurchase Event and offering to repurchase Notes on the payment date specified in the notice, which date will be no earlier than 30 days and no later than 60 days from the date such notice is mailed. The notice shall, if mailed prior to the date of consummation of the Change of Control, state that the offer to purchase is conditioned on the Change of Control Repurchase Event occurring on or prior to the payment date specified in the notice. We will comply with the requirements of Rule 14e-1 promulgated under the Exchange Act and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes as a result of a Change of Control Repurchase Event. To the extent that the provisions of any securities laws or regulations conflict with the Change of Control Repurchase Event provisions of the Notes, we will comply with the applicable securities laws and regulations and will not be deemed to have breached our obligations under the Change of Control Repurchase Event provisions of the Notes by virtue of such conflict. On the Change of Control Repurchase Event payment date, subject to extension if necessary to comply with the provisions of the 1940 Act and the rules and regulations promulgated thereunder, we will, to the extent lawful: (1) accept for payment all Notes or portions of Notes properly tendered pursuant to our offer; (2) deposit with the paying agent an amount equal to the aggregate purchase price in respect of all Notes or portions of Notes properly tendered; and (3) deliver or cause to be delivered to the trustee the Notes properly accepted, together with an officers’ certificate stating the aggregate principal amount of Notes being purchased by us. The paying agent will promptly remit to each holder of Notes properly tendered the purchase price for the Notes, and upon written instruction from Golub Capital BDC, the trustee will promptly authenticate and mail (or cause to be transferred by book-entry) to each holder a new Note equal in principal amount to any unpurchased portion of any Notes surrendered; provided We will not be required to make an offer to repurchase the Notes upon a Change of Control Repurchase Event if a third party makes an offer in the manner, at the times and otherwise in compliance with terms required for an offer made by us and such third party purchases all Notes properly tendered and not withdrawn under its offer. The source of funds that will be required to repurchase Notes in the event of a Change of Control Repurchase Event will be our available cash or cash generated from our operations or other potential sources, including funds provided by a purchaser in the Change of Control transaction, borrowings, sales of assets or sales of equity. We cannot assure you that sufficient funds from such sources will be available at the time of any Change of Control Repurchase Event to make required repurchases of Notes tendered. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Financial Condition, Liquidity and Capital Resources” in our most recent Quarterly Report on Form 10-Q and incorporated by reference herein, as well as any amendments reflected in subsequent filings with the SEC. The terms of certain of our subsidiaries’ financing arrangements provide that certain change of control events will constitute an event of default thereunder entitling the lenders to accelerate any indebtedness outstanding under our subsidiaries’ financing arrangements at that time and to terminate the financing arrangements. Our or our subsidiaries’ future financing arrangements may contain similar restrictions and provisions. If the holders of the Notes exercise their right to require us to repurchase Notes upon a Change of Control Repurchase Event, the financial effect of this repurchase could cause a default under our future financing arrangements, even if the Change of Control Repurchase Event itself would not cause a default. It is possible that we will not have sufficient funds at the time of the Change of Control Repurchase Event to make the required repurchase of the Notes and/or our other debt. See “Risk Factors — Risks Related to the Notes — We may not be able to repurchase the Notes upon a Change of Control Repurchase Event” in this prospectus supplement for more information. The definition of “Change of Control” includes a phrase relating to the direct or indirect sale, transfer, conveyance or other disposition of “all or substantially all” of our properties or assets and those of our subsidiaries taken as a whole. Although there is a limited body of case law interpreting the phrase “substantially all,” there is no precise, established definition of the phrase under applicable law. Accordingly, the ability of a holder of Notes to require us to repurchase the Notes as a result of a sale, transfer, conveyance or other disposition of less than all of our assets and the assets of our subsidiaries taken as a whole to another person or group may be uncertain. For purposes of the Notes: “Below Investment Grade Rating Event” means the Notes are downgraded below Investment Grade by all three Rating Agencies on any date from the date of the public notice of an arrangement that results in a Change of Control until the end of the 60-day period following public notice of the occurrence of a Change of Control (which period shall be extended so long as the rating of the Notes is under publicly announced consideration for possible downgrade by either of the Rating Agencies); provided “Change of Control” means the occurrence of any of the following: (1) the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation) in one or a series of related transactions, of all or substantially all of the assets of Golub Capital BDC and its Controlled Subsidiaries taken as a whole to any “person” or “group” (as those terms are used in Section 13(d)(3) of the Exchange Act), other than to any Permitted Holders; provided that, for the avoidance of doubt, a pledge of assets pursuant to any secured debt instrument of Golub Capital BDC or its Controlled Subsidiaries shall not be deemed to be any such sale, lease, transfer, conveyance or disposition; (2) the consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any “person” or “group” (as those terms are used in Section 13(d)(3) of the Exchange Act) (other than any Permitted Holders) becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 promulgated under the Exchange Act), directly or indirectly, of more than 50% of the outstanding Voting Stock of Golub Capital BDC, measured by voting power rather than number of shares; or (3) the approval by Golub Capital BDC’s stockholders of any plan or proposal relating to the liquidation or dissolution of Golub Capital BDC. “Change of Control Repurchase Event” means the occurrence of a Change of Control and a Below Investment Grade Rating Event. “Controlled Subsidiary” means any subsidiary of Golub Capital BDC, 50% or more of the outstanding equity interests of which are owned by Golub Capital BDC and its direct or indirect subsidiaries and of which Golub Capital BDC possesses, directly or indirectly, the power to direct or cause the direction of the management or policies, whether through the ownership of voting equity interests, by agreement or otherwise. “Fitch” means Fitch Ratings, Inc., also known as Fitch Ratings, or any successor thereto. “Investment Grade” means a rating of BBB- or better by Fitch (or its equivalent under any successor rating categories of Fitch), Baa3 or better by Moody’s (or its equivalent under any successor rating categories of Moody’s) and BBB- or better by S&P (or its equivalent under any successor rating categories of S&P) (or, in any case, if such Rating Agency ceases to rate the Notes for reasons outside of our control, the equivalent investment grade credit rating from any Rating Agency selected by us as a replacement Rating Agency). “Moody’s” means Moody’s Investor Services, Inc., or any successor thereof. “Permitted Holders” means (i) us, (ii) one or more of our Controlled Subsidiaries and (iii) GC Advisors or any affiliate of GC Advisors that is organized under the laws of a jurisdiction located in the United States of America and is in the business of managing or advising clients. “Rating Agency” means: (1) each of Fitch, Moody’s and S&P; and (2) if either Fitch, Moody’s or S&P ceases to rate the Notes or fails to make a rating of the Notes publicly available for reasons outside of our control, a “nationally recognized statistical rating organization” as defined in Section 3(a)(62) of the Exchange Act selected by us as a replacement agency for Fitch, Moody’s or S&P, or both, as the case may be. “S&P” means S&P Global Ratings, or any successor thereto. “Voting Stock” as applied to stock of any person, means shares, interests, participations or other equivalents in the equity interest (however designated) in such person having ordinary voting power for the election of a majority of the directors (or the equivalent) of such person, other than shares, interests, participations or other equivalents having such power only by reason of the occurrence of a contingency. Covenants In addition to the covenants described in the base indenture, the following covenants shall apply to the Notes. To the extent of any conflict or inconsistency between the base indenture and the following covenants, the following covenants shall govern: Merger, Consolidation or Sale of Assets The indenture will provide that we will not merge or consolidate with or into any other person (other than a merger of a wholly owned subsidiary into us), or sell, transfer, lease, convey or otherwise dispose of all or substantially all our property ( provided ● we are the surviving person, or the Surviving Person, or the Surviving Person (if other than us) formed by such merger or consolidation or to which such sale, transfer, lease, conveyance or disposition is made shall be a corporation or limited liability company organized and existing under the laws of the United States of America or any state or territory thereof; ● the Surviving Person (if other than us) expressly assumes, by supplemental indenture in form reasonably satisfactory to the trustee, executed and delivered to the trustee by such Surviving Person, the due and punctual payment of the principal of, and premium, if any, and interest on, all the Notes outstanding, and the performance of all the covenants and conditions of the indenture to be performed or observed by us; ● immediately after giving effect to such transaction or series of related transactions, no default or event of default shall have occurred and be continuing; and ● we shall deliver, or cause to be delivered, to the trustee, an officers’ certificate and an opinion of counsel, each stating that such transaction and the supplemental indenture, if any, in respect thereto, comply with this covenant and that all conditions precedent in the indenture relating to such transaction have been complied with. For the purposes of this covenant, the sale, transfer, lease, conveyance or other disposition of all the property of one or more of our subsidiaries, which property, if held by us instead of such subsidiaries, would constitute all or substantially all of our property on a consolidated basis, shall be deemed to be the transfer of all or substantially all of our property. Although there is a limited body of case law interpreting the phrase “substantially all,” there is no precise established definition of the phrase under applicable law. Accordingly, in certain circumstances there may be a degree of uncertainty as to whether a particular transaction would involve “all or substantially all” of the properties or assets of a person. As a result, it may be unclear as to whether the merger, consolidation or sale of assets covenant would apply to a particular transaction as described above absent a decision by a court of competent jurisdiction. Although these types of transactions may be permitted under the indenture, certain of the foregoing transactions could constitute a Change of Control that results in a Change of Control Repurchase Event permitting each holder to require us to repurchase the Notes of such holder as described above. An assumption by any person of obligations under the Notes and the indenture might be deemed for U.S. federal income tax purposes to be an exchange of the Notes for new Notes by the holders thereof, resulting in recognition of gain or loss for such purposes and possibly other adverse tax consequences to the holders. Holders should consult their own tax advisors regarding the tax consequences of such an assumption. Other Covenants ● We agree that for the period of time during which the Notes are outstanding, we will not violate, whether or not we are subject to, Section 18(a)(1)(A) of the 1940 Act as modified by Section 61(a)(1) and (2) of the 1940 Act or any successor provisions, as such obligations may be amended or superseded, giving effect to any exemptive relief granted to us by the SEC. ● If, at any time, we are not subject to the reporting requirements of Sections 13 or 15(d) of the Exchange Act to file any periodic reports with the SEC, we agree to furnish to holders of the Notes and the trustee, for the period of time during which the Notes are outstanding, our audited annual consolidated financial statements, within 90 days of our fiscal year end, and unaudited interim consolidated financial statements, within 45 days of our fiscal quarter end (other than our fourth fiscal quarter). All such financial statements will be prepared, in all material respects, in accordance with GAAP, as applicable. Events of Default Each of the following is an event of default: (1) default in the payment of any interest upon any Note when due and payable and the default continues for a period of 30 days; (2) default in the payment of the principal of (or premium, if any, on) any Note when it becomes due and payable at its maturity including upon any redemption date or required repurchase date; (3) default by us in the performance, or breach, of any covenant or agreement in the indenture or the Notes (other than a covenant or agreement a default in whose performance or whose breach is elsewhere in the indenture specifically dealt with or which has expressly been included in the indenture solely for the benefit of a series of securities other than the Notes), and continuance of such default or breach for a period of 60 consecutive days after there has been given, by registered or certified mail, to us by the trustee or to us and the trustee by the holders of at least 25% in principal amount of the Notes, a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default” under the indenture; (4) default by us or any of our significant subsidiaries, as defined in Article 1, Rule 1-02 of Regulation S-X promulgated under the Exchange Act (but excluding any subsidiary which is (a) a non- recourse or limited recourse subsidiary, (b) a bankruptcy remote special purpose vehicle or (c) is not consolidated with Golub Capital BDC for purposes of GAAP), with respect to any mortgage, agreement or other instrument under which there may be outstanding, or by which there may be secured or evidenced, any indebtedness for money borrowed in excess of $100 million in the aggregate of us and/or any such subsidiary, whether such indebtedness now exists or shall hereafter be created (i) resulting in such indebtedness becoming or being declared due and payable or (ii) constituting a failure to pay the principal or interest of any such debt when due and payable at its stated maturity, upon required repurchase, upon declaration of acceleration or otherwise, unless, in either case, such indebtedness is discharged, or such acceleration is rescinded, stayed or annulled, within a period of 30 calendar days after written notice of such failure is given to us by the trustee or to us and the trustee by the holders of at least 25% in aggregate principal amount of the Notes then outstanding; (5) pursuant to Section 18(a)(1)(C)(ii) and Section 61 of the 1940 Act, on the last business day of each of 24 consecutive calendar months, any
Long Term Debt, Structuring [Text Block]	The Notes: ● will be our direct, general, unsecured, unsubordinated obligations, ranking equally with our existing and future unsecured, unsubordinated obligations, including the 2024 Notes, the 2026 Notes and the 2027 Notes; ● will initially be issued in an aggregate principal amount of $ ; ● will mature on , unless earlier redeemed or repurchased, as discussed below; ● will bear cash interest from December , 2023, at an annual rate of % payable semi-annually in arrears on and , beginning on , 2024; ● will be subject to redemption at our option as described in this prospectus supplement under “ — Optional Redemption;” ● will be subject to repurchase by us at the option of the holders following a Change of Control Repurchase Event (as defined in this prospectus supplement under “ — Offer to Repurchase Upon a Change of Control Repurchase Event”), at a repurchase price equal to 100% of the principal amount of the Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the date of repurchase; ● will be issued in denominations of $2,000 and integral multiples of $1,000 thereof; and ● will be represented by one or more registered Notes in global form, but in certain limited circumstances may be represented by Notes in definitive form. See “ — Book-Entry, Settlement and Clearance” in this prospectus supplement. Subject to compliance with covenants regarding the asset coverage requirement of the 1940 Act, the indenture does not limit the amount of debt that may be issued by us or our subsidiaries under the indenture or otherwise. The indenture does not contain any financial covenants and does not restrict us from paying dividends or distributions or issuing or repurchasing our other securities. Other than restrictions described under “ — Offer to Repurchase Upon a Change of Control Repurchase Event” and “ — Covenants — Merger, Consolidation or Sale of Assets” below, the indenture does not contain any covenants or other provisions designed to afford holders of the Notes protection in the event of a highly leveraged transaction involving us or in the event of a decline in our credit rating as the result of a takeover, recapitalization, highly leveraged transaction or similar restructuring involving us that could adversely affect such holders. We may, without the consent of the holders, issue additional Notes under the indenture with the same terms (except for the issue date, public offering price, and, if applicable, the initial interest payment date) as the Notes offered hereby in an unlimited aggregate principal amount; provided We do not intend to list the Notes on any securities exchange or any automated dealer quotation system.
Long Term Debt, Dividends and Covenants [Text Block]	Covenants In addition to the covenants described in the base indenture, the following covenants shall apply to the Notes. To the extent of any conflict or inconsistency between the base indenture and the following covenants, the following covenants shall govern: Merger, Consolidation or Sale of Assets The indenture will provide that we will not merge or consolidate with or into any other person (other than a merger of a wholly owned subsidiary into us), or sell, transfer, lease, convey or otherwise dispose of all or substantially all our property ( provided ● we are the surviving person, or the Surviving Person, or the Surviving Person (if other than us) formed by such merger or consolidation or to which such sale, transfer, lease, conveyance or disposition is made shall be a corporation or limited liability company organized and existing under the laws of the United States of America or any state or territory thereof; ● the Surviving Person (if other than us) expressly assumes, by supplemental indenture in form reasonably satisfactory to the trustee, executed and delivered to the trustee by such Surviving Person, the due and punctual payment of the principal of, and premium, if any, and interest on, all the Notes outstanding, and the performance of all the covenants and conditions of the indenture to be performed or observed by us; ● immediately after giving effect to such transaction or series of related transactions, no default or event of default shall have occurred and be continuing; and ● we shall deliver, or cause to be delivered, to the trustee, an officers’ certificate and an opinion of counsel, each stating that such transaction and the supplemental indenture, if any, in respect thereto, comply with this covenant and that all conditions precedent in the indenture relating to such transaction have been complied with. For the purposes of this covenant, the sale, transfer, lease, conveyance or other disposition of all the property of one or more of our subsidiaries, which property, if held by us instead of such subsidiaries, would constitute all or substantially all of our property on a consolidated basis, shall be deemed to be the transfer of all or substantially all of our property. Although there is a limited body of case law interpreting the phrase “substantially all,” there is no precise established definition of the phrase under applicable law. Accordingly, in certain circumstances there may be a degree of uncertainty as to whether a particular transaction would involve “all or substantially all” of the properties or assets of a person. As a result, it may be unclear as to whether the merger, consolidation or sale of assets covenant would apply to a particular transaction as described above absent a decision by a court of competent jurisdiction. Although these types of transactions may be permitted under the indenture, certain of the foregoing transactions could constitute a Change of Control that results in a Change of Control Repurchase Event permitting each holder to require us to repurchase the Notes of such holder as described above. An assumption by any person of obligations under the Notes and the indenture might be deemed for U.S. federal income tax purposes to be an exchange of the Notes for new Notes by the holders thereof, resulting in recognition of gain or loss for such purposes and possibly other adverse tax consequences to the holders. Holders should consult their own tax advisors regarding the tax consequences of such an assumption. Other Covenants ● We agree that for the period of time during which the Notes are outstanding, we will not violate, whether or not we are subject to, Section 18(a)(1)(A) of the 1940 Act as modified by Section 61(a)(1) and (2) of the 1940 Act or any successor provisions, as such obligations may be amended or superseded, giving effect to any exemptive relief granted to us by the SEC. ● If, at any time, we are not subject to the reporting requirements of Sections 13 or 15(d) of the Exchange Act to file any periodic reports with the SEC, we agree to furnish to holders of the Notes and the trustee, for the period of time during which the Notes are outstanding, our audited annual consolidated financial statements, within 90 days of our fiscal year end, and unaudited interim consolidated financial statements, within 45 days of our fiscal quarter end (other than our fourth fiscal quarter). All such financial statements will be prepared, in all material respects, in accordance with GAAP, as applicable.
TRS [Member]
Financial Highlights [Abstract]
Senior Securities Amount																												$ 77,986
Senior Securities Coverage per Unit																												$ 2,240
Debt 2010 Securitization [Member]
Financial Highlights [Abstract]
Senior Securities Amount																						$ 205,000	$ 215,000	$ 215,000	$ 215,000	$ 203,000	$ 174,000	$ 174,000
Senior Securities Coverage per Unit																						$ 2,852	$ 2,488	$ 2,373	$ 2,491	$ 3,717	$ 2,632	$ 2,240
Debt 2014 Securitization [Member]
Financial Highlights [Abstract]
Senior Securities Amount																				$ 126,344	$ 197,483	$ 246,000	$ 246,000	$ 246,000	$ 246,000
Senior Securities Coverage per Unit																				$ 2,203	$ 2,695	$ 2,852	$ 2,488	$ 2,373	$ 2,491
Debt 2018 Securitization [Member]
Financial Highlights [Abstract]
Senior Securities Amount			$ 408,200	$ 388,697	$ 408,200		$ 408,200		$ 408,200				$ 408,200				$ 408,200	$ 408,200		$ 408,200
Senior Securities Coverage per Unit			$ 1,876	$ 1,807	$ 1,817		$ 1,876		$ 2,000				$ 2,321				$ 1,876	$ 2,000		$ 2,203
GCIC 2018 Debt Securitization [Member]
Financial Highlights [Abstract]
Senior Securities Amount			$ 545,059	$ 513,528	$ 545,956		$ 545,059		$ 544,167				$ 542,378				$ 545,059	$ 544,167		$ 541,023
Senior Securities Coverage per Unit			$ 1,876	$ 1,807	$ 1,817		$ 1,876		$ 2,000				$ 2,321				$ 1,876	$ 2,000		$ 2,203
Debt 2020 Securitization [Member]
Financial Highlights [Abstract]
Senior Securities Amount													$ 189,000
Senior Securities Coverage per Unit													$ 2,321
Credit Facility [Member]
Financial Highlights [Abstract]
Senior Securities Amount																					$ 136,000	$ 63,100	$ 126,700	$ 127,250	$ 27,400			$ 2,383
Senior Securities Coverage per Unit																					$ 2,695	$ 2,852	$ 2,488	$ 2,373	$ 2,491	$ 3,717	$ 2,632	$ 2,240
MS Credit Facility [Member]
Financial Highlights [Abstract]
Senior Securities Amount																					$ 234,700
Senior Securities Coverage per Unit																					$ 2,695
MS Credit Facility II [Member]
Financial Highlights [Abstract]
Senior Securities Amount			$ 0				$ 0		$ 0				$ 313,292				$ 0	$ 0		$ 259,946
Senior Securities Coverage per Unit			$ 1,876				$ 1,876		$ 2,000				$ 2,321				$ 1,876	$ 2,000		$ 2,203
JPM Credit Facility [Member]
Financial Highlights [Abstract]
Senior Securities Amount			$ 580,788	$ 784,373	$ 692,592		$ 580,788		$ 472,102								$ 580,788	$ 472,102
Senior Securities Coverage per Unit			$ 1,876	$ 1,807	$ 1,817		$ 1,876		$ 2,000								$ 1,876	$ 2,000
WF Credit Facility [Member]
Financial Highlights [Abstract]
Senior Securities Amount													$ 199,554							$ 253,847
Senior Securities Coverage per Unit													$ 2,321							$ 2,203
DB Credit Facility [Member]
Financial Highlights [Abstract]
Senior Securities Amount													$ 153,524							$ 248,042
Senior Securities Coverage per Unit													$ 2,321							$ 2,203
Revolver [Member]
Financial Highlights [Abstract]
Senior Securities Amount																								$ 0	$ 0
Senior Securities Coverage per Unit																								$ 2,373	$ 2,491
Adviser Revolver [Member]
Financial Highlights [Abstract]
Senior Securities Amount			$ 0	$ 0	$ 0		$ 0		$ 0				$ 0				$ 0	$ 0		$ 0	$ 0	$ 0	$ 0
Senior Securities Coverage per Unit			$ 1,876	$ 1,807	$ 1,817		$ 1,876		$ 2,000				$ 2,321				$ 1,876	$ 2,000		$ 2,203	$ 2,695	$ 2,852	$ 2,488
SBA Debentures [Member]
Financial Highlights [Abstract]
Senior Securities Amount													$ 217,750							$ 287,000	$ 277,500	$ 267,000	$ 277,000	$ 225,000	$ 208,750	$ 179,500	$ 123,500	$ 61,300
Senior Securities Coverage per Unit													$ 2,321							$ 2,203	$ 2,695	$ 2,852	$ 2,488	$ 2,373	$ 2,491	$ 3,717	$ 2,632	$ 2,240
Notes 2024 [Member]
Financial Highlights [Abstract]
Senior Securities Amount			$ 502,824	$ 500,747	$ 502,131		$ 502,824		$ 399,770								$ 502,824	$ 399,770
Senior Securities Coverage per Unit			$ 1,876	$ 1,807	$ 1,817		$ 1,876		$ 2,000								$ 1,876	$ 2,000
Senior Securities Average Market Value per Unit				$ 969	$ 996				$ 1,034								$ 1,017	$ 1,034
Notes 2026 [Member]
Financial Highlights [Abstract]
Senior Securities Amount			$ 597,664	$ 598,461	$ 597,930		$ 597,664		$ 398,927								$ 597,664	$ 398,927
Senior Securities Coverage per Unit			$ 1,876	$ 1,807	$ 1,817		$ 1,876		$ 2,000								$ 1,876	$ 2,000
Senior Securities Average Market Value per Unit				$ 867	$ 917				$ 1,004								$ 965	$ 1,004
Notes 2027 [Member]
Financial Highlights [Abstract]
Senior Securities Amount			$ 346,427	$ 347,526	$ 346,794		$ 346,427		$ 346,062								$ 346,427	$ 346,062
Senior Securities Coverage per Unit			$ 1,876	$ 1,807	$ 1,817		$ 1,876		$ 2,000								$ 1,876	$ 2,000
Senior Securities Average Market Value per Unit				$ 834	$ 888				$ 990								$ 943	$ 990
Common Shares [Member]
Capital Stock, Long-Term Debt, and Other Securities [Abstract]
Security Title [Text Block]		common stock
Security Dividends [Text Block]		Distributions may be paid to the holders of our common stock if, as and when authorized by our board of directors and declared by us out of funds legally available therefrom
Security Voting Rights [Text Block]		Each share of our common stock is entitled to one vote on all matters submitted to a vote of stockholders, including the election of directors. Except as provided with respect to any other class or series of stock, the holders of our common stock will possess exclusive voting power. There is no cumulative voting in the election of directors, which means that holders of a majority of the outstanding shares of common stock can elect all of our directors, and holders of less than a majority of such shares will not be able to elect any directors
Security Liquidation Rights [Text Block]		In the event of our liquidation, dissolution or winding up, each share of our common stock would be entitled to share ratably in all of our assets that are legally available for distribution after we pay all debts and other liabilities and subject to any preferential rights of holders of our preferred stock, if any preferred stock is outstanding at such time
Security Preemptive and Other Rights [Text Block]		Shares of our common stock have no preemptive, exchange, conversion or redemption rights and are freely transferable, except when their transfer is restricted by federal and state securities laws or by contract
Outstanding Securities [Table Text Block]		(4) Amount (3) Outstanding (2) Amount held by Exclusive of Amount us or for Our Amounts shown Title of Class authorized Account Under (3) Common Stock 350,000,000 — 170,895,670 Preferred Stock 1,000,000 — —
Outstanding Security, Authorized [Shares]			350,000,000
Outstanding Security, Not Held [Shares]			170,895,670
Preferred Shares [Member]
Capital Stock, Long-Term Debt, and Other Securities [Abstract]
Security Title [Text Block]		preferred stock
Security Liquidation Rights [Text Block]		For any series of preferred stock that we issue, our board of directors will determine and the articles supplementary and the prospectus supplement relating to such series will describe: ● the designation and number of shares of such series; ● the rate and time at which, and the preferences and conditions under which, any dividends or ● other distributions will be paid on shares of such series, as well as whether such dividends or other distributions are participating or non-participating; ● any provisions relating to convertibility or exchangeability of the shares of such series, including adjustments to the conversion price of such series; ● the rights and preferences, if any, of holders of shares of such series upon our liquidation, dissolution or winding up of our affairs; ● the voting powers, if any, of the holders of shares of such series; ● any provisions relating to the redemption of the shares of such series;
Security Liabilities [Text Block]		● any limitations on our ability to pay dividends or make distributions on, or acquire or redeem, other securities while shares of such series are outstanding;
Security Preemptive and Other Rights [Text Block]		● any other relative powers, preferences and participating, optional or special rights of shares of such series, and the qualifications, limitations or restrictions thereof.
Preferred Stock Restrictions, Other [Text Block]		● any conditions or restrictions on our ability to issue additional shares of such series or other securities;
Outstanding Security, Authorized [Shares]			1,000,000
Subscription Rights [Member]
Capital Stock, Long-Term Debt, and Other Securities [Abstract]
Capital Stock [Table Text Block]		DESCRIPTION OF OUR SUBSCRIPTION RIGHTS The following is a general description of the terms of the subscription rights we could issue from time to time. Particular terms of any subscription rights we offer will be described in the prospectus supplement relating to such subscription rights. We could issue subscription rights to purchase common stock. Subscription rights may be issued independently or together with any other offered security and may or may not be transferable by the person purchasing or receiving the subscription rights. In connection with any subscription rights offering to our stockholders, we may enter into a standby underwriting, backstop or other arrangement with one or more persons pursuant to which such persons would purchase any offered securities remaining unsubscribed for after such subscription rights offering. In connection with a subscription rights offering to our stockholders, we would distribute certificates evidencing the subscription rights and a prospectus supplement to our stockholders on the record date that we set for receiving subscription rights in such subscription rights offering. Our common stockholders will indirectly bear all of the expenses incurred by us in connection with any subscription rights offerings, regardless of whether any common stockholder exercises any subscription rights. A prospectus supplement will describe the particular terms of any subscription rights we issue, including the following: ● the period of time the offering would remain open (which shall be open a minimum number of days such that all record holders would be eligible to participate in the offering and shall not be open longer than 120 days); ● the title and aggregate number of such subscription rights; ● the exercise price for such subscription rights (or method of calculation thereof); ● the currency or currencies, including composite currencies, in which the price of such subscription rights may be payable; ● if applicable, the designation and terms of the securities with which the subscription rights are issued and the number of subscription rights issued with each such security or each principal amount of such security; ● the ratio of the offering (which, in the case of transferable rights, will require a minimum of three shares to be held of record before a person is entitled to purchase an additional share); ● the number of such subscription rights issued to each stockholder; ● the extent to which such subscription rights are transferable and the market on which they may be traded if they are transferable; ● the date on which the right to exercise such subscription rights shall commence, and the date on which such right shall expire (subject to any extension); ● if applicable, the minimum or maximum number of subscription rights that may be exercised at one time; ● the extent to which such subscription rights include an over-subscription privilege with respect to unsubscribed securities and the terms of such over-subscription privilege; ● any termination right we may have in connection with such subscription rights offering; ● the terms of any rights to redeem, or call such subscription rights; ● information with respect to book-entry procedures, if any; ● the terms of the securities issuable upon exercise of the subscription rights; ● the material terms of any standby underwriting, backstop or other purchase arrangement that we may enter into in connection with the subscription rights offering; ● if applicable, a discussion of certain U.S. federal income tax considerations applicable to the issuance or exercise of such subscription rights; and ● any other terms of such subscription rights, including exercise, settlement and other procedures and limitations relating to the transfer and exercise of such subscription rights. Each subscription right will entitle the holder of the subscription right to purchase for cash or other consideration such amount of shares of common stock at such subscription price as shall in each case be set forth in, or be determinable as set forth in, the prospectus supplement relating to the subscription rights offered thereby. Subscription rights may be exercised as set forth in the prospectus supplement beginning on the date specified therein and continuing until the close of business on the expiration date for such subscription rights set forth in the prospectus supplement. After the close of business on the expiration date, all unexercised subscription rights will become void. Upon receipt of payment and the subscription rights certificate properly completed and duly executed at the corporate trust office of the subscription rights agent or any other office indicated in the prospectus supplement we will forward, as soon as practicable, the shares of common stock purchasable upon such exercise. If less than all of the rights represented by such subscription rights certificate are exercised, a new subscription certificate will be issued for the remaining rights. Prior to exercising their subscription rights, holders of subscription rights will not have any of the rights of holders of the securities purchasable upon such exercise. To the extent permissible under applicable law, we may determine to offer any unsubscribed offered securities directly to persons other than stockholders, to or through agents, underwriters or dealers or through a combination of such methods, as set forth in the applicable prospectus supplement.
Security Title [Text Block]		SUBSCRIPTION RIGHTS
Warrants or Rights, Called Title		subscription rights
Warrants [Member]
Capital Stock, Long-Term Debt, and Other Securities [Abstract]
Capital Stock [Table Text Block]		DESCRIPTION OF WARRANTS The following is a general description of the terms of the warrants we could issue from time to time. Particular terms of any warrants we offer will be described in the prospectus supplement relating to such warrants. We could issue warrants to purchase shares of our common stock, preferred stock or debt securities. Such warrants may be issued independently or together with shares of common stock, preferred stock or debt securities and may be attached or separate from such securities. We will issue each series of warrants under a separate warrant agreement to be entered into between us and a warrant agent. The warrant agent will act solely as our agent and will not assume any obligation or relationship of agency for or with holders or beneficial owners of warrants. A prospectus supplement will describe the particular terms of any series of warrants we issue, including the following: ● the title and aggregate number of such warrants; ● the price or prices at which such warrants will be issued; ● the currency or currencies, including composite currencies, in which the price of such warrants may be payable; ● if applicable, the designation and terms of the securities with which the warrants are issued and the number of warrants issued with each such security or each principal amount of such security; ● in the case of warrants to purchase debt securities, the principal amount of debt securities purchasable upon exercise of one warrant and the price at which and the currency or currencies, including composite currencies, in which this principal amount of debt securities may be purchased upon such exercise; ● in the case of warrants to purchase common stock or preferred stock, the number of shares of common stock or preferred stock, as the case may be, purchasable upon exercise of one warrant and the price at which and the currency or currencies, including composite currencies, in which these shares may be purchased upon such exercise; ● the date on which the right to exercise such warrants shall commence and the date on which such right will expire (subject to any extension); ● whether such warrants will be issued in registered form or bearer form; ● if applicable, the minimum or maximum amount of such warrants that may be exercised at any one time; ● if applicable, the date on and after which such warrants and the related securities will be separately transferable; ● the terms of any rights to redeem, or call such warrants; ● information with respect to book-entry procedures, if any; ● the terms of the securities issuable upon exercise of the warrants; ● if applicable, a discussion of certain U.S. federal income tax considerations; and ● any other terms of such warrants, including terms, procedures and limitations relating to the exchange and exercise of such warrants. We and the warrant agent may amend or supplement the warrant agreement for a series of warrants without the consent of the holders of the warrants issued thereunder to effect changes that are not inconsistent with the provisions of the warrants and that do not materially and adversely affect the interests of the holders of the warrants. Each warrant will entitle the holder to purchase for cash such common stock or preferred stock at the exercise price or such principal amount of debt securities as shall in each case be set forth in, or be determinable as set forth in, the prospectus supplement relating to the warrants offered thereby. Warrants may be exercised as set forth in the prospectus supplement beginning on the date specified therein and continuing until the close of business on the expiration date set forth in the prospectus supplement. After the close of business on the expiration date, unexercised warrants will become void. Upon receipt of payment and a warrant certificate properly completed and duly executed at the corporate trust office of the warrant agent or any other office indicated in the prospectus supplement, we will, as soon as practicable, forward the securities purchasable upon such exercise. If less than all of the warrants represented by such warrant certificate are exercised, a new warrant certificate will be issued for the remaining warrants. If we so indicate in the applicable prospectus supplement, holders of the warrants may surrender securities as all or part of the exercise price for warrants. Prior to exercising their warrants, holders of warrants will not have any of the rights of holders of the securities purchasable upon such exercise, including, in the case of warrants to purchase debt securities, the right to receive principal, premium, if any, or interest payments, on the debt securities purchasable upon exercise or to enforce covenants in the applicable indenture or, in the case of warrants to purchase common stock or preferred stock, the right to receive dividends or other distributions, if any, or payments upon our liquidation, dissolution or winding up or to exercise any voting rights. Under the 1940 Act, we may generally only offer warrants provided that (a) the warrants expire by their terms within ten years, (b) the exercise or conversion price is not less than the current market value at the date of issuance, (c) our stockholders authorize the proposal to issue such warrants, and our board of directors approves such issuance on the basis that the issuance is in the best interests of Golub Capital BDC, Inc. and its stockholders and (d) if the warrants are accompanied by other securities, the warrants are not separately transferable unless no class of such warrants and the securities accompanying them has been publicly distributed. The 1940 Act also provides that the amount of our voting securities that would result from the exercise of all outstanding warrants, as well as options and rights, at the time of issuance may not exceed 25% of our outstanding voting securities.
Security Title [Text Block]		WARRANTS
Warrants or Rights, Called Title		warrants
Debt Security [Member]
Capital Stock, Long-Term Debt, and Other Securities [Abstract]
Capital Stock [Table Text Block]		DESCRIPTION OF OUR DEBT SECURITIES We could issue debt securities in one or more series. The specific terms of each series of debt securities will be described in the particular prospectus supplement relating to that series. The prospectus supplement may or may not modify the general terms found in this prospectus and will be filed with the SEC. For a complete description of the terms of a particular series of debt securities, you should read both this prospectus, the prospectus supplement relating to that particular series and any related free writing prospectus. As required by federal law for all bonds and notes of companies that are publicly offered, the debt securities are governed by a document called an “indenture.” An indenture is a contract between us and U.S. Bank National Association, a financial institution acting as trustee on your behalf, and is subject to and governed by the Trust Indenture Act of 1939, as amended. The trustee has two main roles. First, the trustee can enforce your rights against us if we default. There are some limitations on the extent to which the trustee acts on your behalf, described in the second paragraph under “ — Events of Default — Remedies if an Event of Default Occurs.” Second, the trustee performs certain administrative duties for us. Because this section is a summary, it does not describe every aspect of the debt securities and the indenture. We urge you to read the indenture because it, and not this description, defines your rights as a holder of debt securities. For example, in this section, we use capitalized words to signify terms that are specifically defined in the indenture. We have filed the indenture with the SEC. See “Available Information” for information on how to obtain a copy of the indenture. A prospectus supplement, which will accompany this prospectus, will describe the particular terms of any series of debt securities being offered, including the following: ● the designation or title of the series of debt securities; ● the total principal amount of the series of debt securities; ● the percentage of the principal amount at which the series of debt securities will be offered; ● the date or dates on which principal will be payable; ● the rate or rates (which may be either fixed or variable) and/or the method of determining such rate or rates of interest, if any; ● the date or dates from which any interest will accrue, or the method of determining such date or dates, and the date or dates on which any interest will be payable; ● the terms for redemption, extension or early repayment, if any; ● the currencies in which the series of debt securities are issued and payable; ● whether the amount of payments of principal, premium or interest, if any, on a series of debt securities will be determined with reference to an index, formula or other method (which could be based on one or more currencies, commodities, equity indices or other indices) and how these amounts will be determined; ● the place or places, if any, other than or in addition to the City of New York, of payment, transfer, conversion and/or exchange of the debt securities; ● the denominations in which the offered debt securities will be issued; ● the provision for any sinking fund; ● any restrictive covenants; ● any Events of Default; ● whether the series of debt securities are issuable in certificated form; ● any provisions for defeasance or covenant defeasance; ● if applicable, U.S. federal income tax considerations relating to original issue discount; ● whether and under what circumstances we will pay additional amounts in respect of any tax, assessment or governmental charge and, if so, whether we will have the option to redeem the debt securities rather than pay the additional amounts (and the terms of this option); ● any provisions for convertibility or exchangeability of the debt securities into or for any other securities; ● whether the debt securities are subject to subordination and the terms of such subordination; ● the listing, if any, on a securities exchange; and ● any other terms. The debt securities may be secured or unsecured obligations. Unless the prospectus supplement states otherwise, principal (and premium, if any) and interest, if any, will be paid by us in immediately available funds. We are permitted, under specified conditions, to issue multiple classes of indebtedness if our asset coverage, as defined in the 1940 Act, is at least equal to 150% (subject to certain ongoing disclosure requirements) immediately after each such issuance. In addition, while any indebtedness and other senior securities remain outstanding, we must make provisions to prohibit any distribution to our stockholders or the repurchase of such securities or shares unless we meet the applicable asset coverage ratios at the time of the distribution or repurchase. We may also borrow amounts up to 5% of the value of our total assets for temporary or emergency purposes without regard to asset coverage. For a discussion of the risks associated with leverage, see “Risk Factors — Risks Relating to Our Business and Structure — Regulations governing our operation as a business development company affect our ability to, and the way in which we, raise additional capital. As a business development company, the necessity of raising additional capital exposes us to risks, including the typical risks associated with leverage” in our most recent Annual Report on Form 10-K, as well as any amendments reflected in subsequent filings with the SEC. General The indenture provides that any debt securities proposed to be sold under this prospectus and the attached prospectus supplement (“offered debt securities”) and any debt securities issuable upon the exercise of warrants or upon conversion or exchange of other offered securities (“underlying debt securities”), may be issued under the indenture in one or more series. For purposes of this prospectus, any reference to the payment of principal of or premium or interest, if any, on debt securities will include additional amounts if required by the terms of the debt securities. The indenture does not limit the amount of debt securities that may be issued thereunder from time to time. Debt securities issued under the indenture, when a single trustee is acting for all debt securities issued under the indenture, are called the “indenture securities.” The indenture also provides that there may be more than one trustee thereunder, each with respect to one or more different series of indenture securities. See “Resignation of Trustee” section below. At a time when two or more trustees are acting under the indenture, each with respect to only certain series, the term “indenture securities” means the one or more series of debt securities with respect to which each respective trustee is acting. In the event that there is more than one trustee under the indenture, the powers and trust obligations of each trustee described in this prospectus will extend only to the one or more series of indenture securities for which it is trustee. If two or more trustees are acting under the indenture, then the indenture securities for which each trustee is acting would be treated as if issued under separate indentures. We refer you to the prospectus supplement for information with respect to any deletions from, modifications of or additions to the Events of Default or our covenants that are described below, including any addition of a covenant or other provision providing event risk or similar protection. We have the ability to issue indenture securities with terms different from those of indenture securities previously issued and, without the consent of the holders thereof, to reopen a previous issue of a series of indenture securities and issue additional indenture securities of that series unless the reopening was restricted when that series was created. We expect that we will usually issue debt securities in book-entry only form represented by global securities. Conversion and Exchange If any debt securities are convertible into or exchangeable for other securities, the prospectus supplement will explain the terms and conditions of the conversion or exchange, including the conversion price or exchange ratio (or the calculation method), the conversion or exchange period (or how the period will be determined), if conversion or exchange will be mandatory or at the option of the holder or us, provisions for adjusting the conversion price or the exchange ratio and provisions affecting conversion or exchange in the event of the redemption of the underlying debt securities. These terms may also include provisions under which the number or amount of other securities to be received by the holders of the debt securities upon conversion or exchange would be calculated according to the market price of the other securities as of a time stated in the prospectus supplement. Payment and Paying Agents We will pay interest to the person listed in the applicable trustee’s records as the owner of the debt security at the close of business on a particular day in advance of each due date for interest, even if that person no longer owns the debt security on the interest due date. That day, often approximately two weeks in advance of the interest due date, is called the “record date.” Because we will pay all the interest for an interest period to the holders on the record date, holders buying and selling debt securities must work out between themselves the appropriate purchase price. The most common manner is to adjust the sales price of the debt securities to prorate interest fairly between buyer and seller based on their respective ownership periods within the particular interest period. This prorated interest amount is called “accrued interest.” Payments on Global Securities We will make payments on a global security in accordance with the applicable policies of the depositary as in effect from time to time. Under those policies, we will make payments directly to the depositary, or its nominee, and not to any indirect holders who own beneficial interests in the global security. An indirect holder’s right to those payments will be governed by the rules and practices of the depositary and its participants. Payments on Certificated Securities We will make payments on a certificated debt security as follows. We will pay interest that is due on an interest payment date by check mailed on the interest payment date to the holder at his or her address shown on the trustee’s records as of the close of business on the regular record date. We will make all payments of principal and premium, if any, by check at the office of the applicable trustee in New York, New York and/or at other offices that may be specified in the prospectus supplement or in a notice to holders against surrender of the debt security. Alternatively, if the holder asks us to do so, we will pay any amount that becomes due on the debt security by wire transfer of immediately available funds to an account at a bank in New York City, on the due date. To request payment by wire, the holder must give the applicable trustee or other paying agent appropriate transfer instructions at least 15 business days before the requested wire payment is due. In the case of any interest payment due on an interest payment date, the instructions must be given by the person who is the holder on the relevant regular record date. Any wire instructions, once properly given, will remain in effect unless and until new instructions are given in the manner described above. Payment when Offices are Closed If any payment is due on a debt security on a day that is not a business day, we will make the payment on the next day that is a business day. Payments made on the next business day in this situation will be treated under the indenture as if they were made on the original due date, except as otherwise indicated in the attached prospectus supplement. Such payment will not result in a default under any debt security or the indenture, and no interest will accrue on the payment amount from the original due date to the next day that is a business day. Book-entry and other indirect holders should consult their banks or brokers for information on how they will receive payments on their debt securities. Events of Default You will have rights if an Event of Default occurs in respect of the debt securities of your series and is not cured, as described later in this subsection. The term “Event of Default” in respect of the debt securities of your series means any of the following (unless the prospectus supplement relating to such debt securities states otherwise): ● we do not pay the principal of, or any premium on, a debt security of the series on its due date, and do not cure this default within five days; ● we do not pay interest on a debt security of the series when due, and such default is not cured within 30 days; ● we do not deposit any sinking fund payment in respect of debt securities of the series on its due date, and do not cure this default within five days; ● we remain in breach of a covenant in respect of debt securities of the series for 60 days after we receive a written notice of default stating we are in breach. The notice must be sent by either the trustee or holders of at least 25% of the principal amount of debt securities of the series; ● we file for bankruptcy or certain other events of bankruptcy, insolvency or reorganization occur and remain undischarged or unstayed for a period of 60 days; ● on the last business day of each of 24 consecutive calendar months, we have an asset coverage of less than 100%; and ● any other Event of Default in respect of debt securities of the series described in the applicable prospectus supplement occurs. An Event of Default for a particular series of debt securities does not necessarily constitute an Event of Default for any other series of debt securities issued under the same or any other indenture. The trustee may withhold notice to the holders of debt securities of any default, except in the payment of principal, premium or interest or in the payment of any sinking or purchase fund installment, if it considers the withholding of notice to be in the best interests of the holders. Remedies if an Event of Default Occurs If an Event of Default has occurred and has not been cured, the trustee or the holders of at least 25% in principal amount of the debt securities of the affected series may declare the entire principal amount of all the debt securities of that series to be due and immediately payable. This is called a declaration of acceleration of maturity. In certain circumstances, a declaration of acceleration of maturity may be canceled by the holders of a majority in principal amount of the debt securities of the affected series. The trustee is not required to take any action under the indenture at the request of any holders unless the holders offer the trustee reasonable protection from expenses and liability (called an “indemnity”). If reasonable indemnity is provided, the holders of a majority in principal amount of the outstanding debt securities of the relevant series may direct the time, method and place of conducting any lawsuit or other formal legal action seeking any remedy available to the trustee. The trustee may refuse to follow those directions in certain circumstances. No delay or omission in exercising any right or remedy will be treated as a waiver of that right, remedy or Event of Default. Before you are allowed to bypass your trustee and bring your own lawsuit or other formal legal action or take other steps to enforce your rights or protect your interests relating to the debt securities, the following must occur: ● the holder must give your trustee written notice that an Event of Default has occurred and remains uncured; ● the holders of at least 25% in principal amount of all outstanding debt securities of the relevant series must make a written request that the trustee take action because of the default and must ● offer reasonable indemnity to the trustee against the cost and other liabilities of taking that action; ● the trustee must not have taken action for 60 days after receipt of the above notice and offer of indemnity; and ● the holders of a majority in principal amount of the debt securities must not have given the trustee a direction inconsistent with the above notice during that 60 day period. However, you are entitled at any time to bring a lawsuit for the payment of money due on your debt securities on or after the due date. Holders of a majority in principal amount of the debt securities of the affected series may waive any past defaults other than: ● the payment of principal, any premium or interest; or ● in respect of a covenant that cannot be modified or amended without the consent of each holder. Book-entry and other indirect holders should consult their banks or brokers for information on how to give notice or direction to or make a request of the trustee and how to declare or cancel an acceleration of maturity. Each year, we will furnish to each trustee a written statement of certain of our officers certifying that to their knowledge we are in compliance with the indenture and the debt securities, or else specifying any default. Merger or Consolidation Under the terms of the indenture, we are generally permitted to consolidate or merge with another entity. We may also be permitted to sell all or substantially all of our assets to another entity. However, unless the prospectus supplement relating to certain debt securities states otherwise, we may not take any of these actions unless all the following conditions are met: ● where we merge out of existence or sell our assets, the resulting entity must agree to be legally responsible for our obligations under the debt securities; ● immediately after giving effect to such transaction, no Default or Event of Default shall have happened and be continuing; ● we must deliver certain certificates and documents to the trustee; and ● we must satisfy any other requirements specified in the prospectus supplement relating to a particular series of debt securities. Modification or Waiver There are three types of changes we can make to the indenture and the debt securities issued thereunder. Changes Requiring Approval First, there are changes that we cannot make to debt securities without specific approval of all of the holders. The following is a list of those types of changes: ● change the stated maturity of the principal of or interest on a debt security; ● reduce any amounts due on a debt security; ● reduce the amount of principal payable upon acceleration of the maturity of a security following a default; ● adversely affect any right of repayment at the holder’s option; ● change the place (except as otherwise described in the prospectus or prospectus supplement) or currency of payment on a debt security; ● impair your right to sue for payment; ● adversely affect any right to convert or exchange a debt security in accordance with its terms; ● modify the subordination provisions in the indenture in a manner that is adverse to holders of the debt securities; ● reduce the percentage of holders of debt securities whose consent is needed to modify or amend the indenture; ● reduce the percentage of holders of debt securities whose consent is needed to waive compliance with certain provisions of the indenture or to waive certain defaults; ● modify any other aspect of the provisions of the indenture dealing with supplemental indentures, modification and waiver of past defaults, changes to the quorum or voting requirements or the waiver of certain covenants; and ● change any obligation we have to pay additional amounts. Changes Not Requiring Approval The second type of change does not require any vote by the holders of the debt securities. This type is limited to clarifications and certain other changes that would not adversely affect holders of the outstanding debt securities in any material respect. We also do not need any approval to make any change that affects only debt securities to be issued under the indenture after the change takes effect. Changes Requiring Majority Approval Any other change to the indenture and the debt securities would require the following approval: ● if the change affects only one series of debt securities, it must be approved by the holders of a majority in principal amount of that series; and ● if the change affects more than one series of debt securities issued under the same indenture, it must be approved by the holders of a majority in principal amount of all of the series affected by the change, with all affected series voting together as one class for this purpose. The holders of a majority in principal amount of all of the series of debt securities issued under an indenture, voting together as one class for this purpose, may waive our compliance with some of our covenants in that indenture. However, we cannot obtain a waiver of a payment default or of any of the matters covered by the bullet points included above under “ — Changes Requiring Your Approval.” Further Details Concerning Voting When taking a vote, we will use the following rules to decide how much principal to attribute to a debt security: ● for original issue discount securities, we will use the principal amount that would be due and payable on the voting date if the maturity of these debt securities were accelerated to that date because of a default; ● for debt securities whose principal amount is not known (for example, because it is based on an index), we will use a special rule for that debt security described in the prospectus supplement; and ● for debt securities denominated in one or more foreign currencies, we will use the U.S. dollar equivalent. Debt securities will not be considered outstanding, and therefore not eligible to vote, if we have deposited or set aside in trust money for their payment or redemption. Debt securities will also not be eligible to vote if they have been fully defeased as described later under “Defeasance — Full Defeasance.” We will generally be entitled to set any day as a record date for the purpose of determining the holders of outstanding indenture securities that are entitled to vote or take other action under the indenture. If we set a record date for a vote or other action to be taken by holders of one or more series, that vote or action may be taken only by persons who are holders of outstanding indenture securities of those series on the record date and must be taken within eleven months following the record date. Book-entry and other indirect holders should consult their banks or brokers for information on how approval may be granted or denied if we seek to change the indenture or the debt securities or request a waiver. Defeasance The following provisions will be applicable to each series of debt securities unless we state in the applicable prospectus supplement that the provisions of covenant defeasance and full defeasance will not be applicable to that series. Covenant Defeasance Under current U.S. federal tax law, we can make the deposit described below and be released from some of the restrictive covenants in the indenture under which the particular series was issued. This is called “covenant defeasance.” In that event, you would lose the protection of those restrictive covenants but would gain the protection of having money and government securities set aside in trust to repay your debt securities. If applicable, you also would be released from the subordination provisions as described under the “Indenture Provisions — Subordination” section below. In order to achieve covenant defeasance, we must do the following: ● if the debt securities of the particular series are denominated in U.S. dollars, we must deposit in trust for the benefit of all holders of such debt securities a combination of money and U.S. government or U.S. government agency notes or bonds that will generate enough cash to make interest, principal and any other payments on the debt securities on their various due dates; ● we must deliver to the trustee a legal opinion of our counsel confirming that, under current U.S. federal income tax law, we may make the above deposit without causing you to be taxed on the debt securities any differently than if we did not make the deposit and just repaid the debt securities ourselves at maturity; and ● we must deliver to the trustee a legal opinion of our counsel stating that the above deposit does not require registration by us under the 1940 Act, as amended, and a legal opinion and officers’ certificate stating that all conditions precedent to covenant defeasance have been complied with. If we accomplish covenant defeasance, you can still look to us for repayment of the debt securities if there were a shortfall in the trust deposit or the trustee is prevented from making payment. For example, if one of the remaining Events of Default occurred (such as our bankruptcy) and the debt securities became immediately due and payable, there might be a shortfall. Depending on the event causing the default, you may not be able to obtain payment of the shortfall. Full Defeasance If there is a change in U.S. federal tax law, as described below, we can legally release ourselves from all payment and other obligations on the debt securities of a particular series (called “full defeasance”) if we put in place the following other arrangements for you to be repaid: ● if the debt securities of the particular series are denominated in U.S. dollars, we must deposit in trust for the benefit of all holders of such debt securities a combination of money and United States government or United States government agency notes or bonds that will generate enough cash to make interest, principal and any other payments on the debt securities on their various due dates. ● we must deliver to the trustee a legal opinion confirming that there has been a change in current U.S. federal tax law or an IRS ruling that allows us to make the above deposit without causing you to be taxed on the debt securities any differently than if we did not make the deposit and just repaid the debt securities ourselves at maturity. Under current U.S. federal tax law, the deposit and our legal release from the debt securities would be treated as though we paid you your share of the cash and notes or bonds at the time the cash and notes or bonds were deposited in trust in exchange for your debt securities and you would recognize gain or loss on the debt securities at the time of the deposit; and ● we must deliver to the trustee a legal opinion of our counsel stating that the above deposit does not require registration by us under the 1940 Act, as amended, and a legal opinion and officers’ certificate stating that all conditions precedent to defeasance have been complied with. If we ever did accomplish full defeasance, as described above, you would have to rely solely on the trust deposit for repayment of the debt securities. You could not look to us for repayment in the unlikely event of any shortfall. Conversely, the trust deposit would most likely be protected from claims of our lenders and other creditors if we ever became bankrupt or insolvent. If applicable, you would also be released from the subordination provisions described later under “Indenture Provisions — Subordination.” Form, Exchange and Transfer of Certificated Registered Securities Holders may exchange their certificated securities, if any, for debt securities of smaller denominations or combined into fewer debt securities of larger denominations, as long as the total principal amount is not changed. Holders may exchange or transfer their certificated securities, if any, at the office of their trustee. We have appointed the trustee to act as our agent for registering debt securities in the names of holders transferring debt securities. We may appoint another entity to perform these functions or perform them ourselves. Holders will not be required to pay a service charge to transfer or exchange their certificated securities, if any, but they may be required to pay any tax or other governmental charge associated with the transfer or exchange. The transfer or exchange will be made only if our transfer agent is satisfied with the holder’s proof of legal ownership. If we have designated additional transfer agents for your debt security, they will be named in your prospectus supplement. We may appoint additional transfer agents or cancel the appointment of any particular transfer agent. We may also approve a change in the office through which any transfer agent acts. If any certificated securities of a particular series are redeemable and we redeem less than all the debt securities of that series, we may block the transfer or exchange of those debt securities during the period beginning 15 days before the day we mail the notice of redemption and ending on the day of that mailing, in order to freeze the list of holders to prepare the mailing. We may also refuse to register transfers or exchanges of any certificated securities selected for redemption, except that we will continue to permit transfers and exchanges of the unredeemed portion of any debt security that will be partially redeemed. Resignation of Trustee Each trustee may resign or be removed with respect to one or more series of indenture securities provided that a successor trustee is appointed to act with respect to these series. In the event that two or more persons are acting as trustee with respect to different series of indenture securities under the indenture, each of the trustees will be a trustee of a trust separate and apart from the trust administered by any other trustee. Indenture Provisions — Subordination Upon any distribution of our assets upon our dissolution, winding up, liquidation or reorganization, the payment of the principal of (and premium, if any) and interest, if any, on any indenture securities denominated as subordinated debt securities is to be subordinated to the extent provided in the indenture in right of payment to the prior payment in full of all Senior Indebtedness (as defined below), but our obligation to you to make payment of the principal of (and premium, if any) and interest, if any, on such subordinated debt securities will not otherwise be affected. In addition, no payment on account of principal (or premium, if any), sinking fund or interest, if any, may be made on such subordinated debt securities at any time unless full payment of all amounts due in respect of the principal (and premium, if any), sinking fund and interest on Senior Indebtedness has been made or duly provided for in money or money’s worth. In the event that, notwithstanding the foregoing, any payment by us is received by the trustee in respect of subordinated debt securities or by the holders of any of such subordinated debt securities before all Senior Indebtedness is paid in full, the payment or distribution must be paid over to the holders of the Senior Indebtedness or on their behalf for application to the payment of all the Senior Indebtedness remaining unpaid until all the Senior Indebtedness has been paid in full, after giving effect to any concurrent payment or distribution to the holders of the Senior Indebtedness. Subject to the payment in full of all Senior Indebtedness upon this distribution by us, the holders of such subordinated debt securities will be subrogated to the rights of the holders of the Senior Indebtedness to the extent of payments made to the holders of the Senior Indebtedness out of the distributive share of such subordinated debt securities. By reason of this subordination, in the event of a distribution of our assets upon our insolvency, certain of our senior creditors may recover more, ratably, than holders of any subordinated debt securities. The indenture provides that these subordination provisions will not apply to money and securities held in trust under the defeasance provisions of the indenture. Senior Indebtedness is defined in the indenture as the principal of (and premium, if any) and unpaid interest on: ● our indebtedness (including indebtedness of others guaranteed by us), whenever created, incurred, assumed or guaranteed, for money borrowed (other than indenture securities issued under the indenture and denominated as subordinated debt securities), unless in the instrument creating or evidencing the same or under which the same is outstanding it is provided that this indebtedness is not senior or prior in right of payment to
Security Title [Text Block]		DEBT SECURITIES
Warrants or Rights, Called Title		debt securities