NEW YORK--(BUSINESS WIRE)-- Goldman Sachs BDC, Inc. (the “Company”, “us” or “our”) (NYSE: GSBD) is providing estimates of its financial results for the first quarter ended March 31, 2020 and is announcing that it will report final first quarter financial results after the market closes on Monday, May 11, 2020. The Company will host a conference call on Tuesday, May 12, 2020 at 9:00 am Eastern Time to discuss its financial results.
ESTIMATES OF CERTAIN FIRST QUARTER 2020 FINANCIAL RESULTS
The Company believes that it is important to provide timely transparency to stakeholders in this current environment of volatile financial markets and economic disruption resulting from the recent COVID-19 exigency. Accordingly, the Company is issuing below estimates of certain financial results for the quarter ended March 31, 2020.
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(in $ millions, except per share and % data)1 | Estimated Ranges as of March 31, 2020 | As of December 31, 2019 | |
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Investment portfolio, at fair value2 | $1,415.6 – $1,429.8 |
| $1,454.3 |
Net asset value per share | $14.67 – $14.77 |
| $16.75 |
Net debt to equity ratio | 1.38x – 1.42x |
| 1.13x |
Cash and cash equivalents | $86.4 |
| $9.4 |
Unfunded investment commitments | $61.4 |
| $87.2 |
Investments on non-accrual status (as % of fair value)2 | 0.1% - 0.2% |
| 1.0% |
Investments on non-accrual status (as % of amortized cost)2 | 0.8% - 1.0% |
| 2.0% |
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| Estimated Ranges for the Three Months ended, March 31, 2020 | For the Three Months Ended December 31, 2019 | |
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Total investment income | $31.7 - $32.3 | $35.5 | |
Net investment income after taxes | $18.0 - $18.4 | $19.4 | |
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Net investment income per share (basic and diluted) | $0.44 - $0.46 | $0.48 | |
Earnings (loss) per share (basic and diluted) | $(1.55) - $(1.61) | $0.22 | |
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INVESTMENT PORTFOLIO AND VALUATION2
LIQUIDITY AND CAPITAL RESOURCES
The estimates described in this press release are subject to the completion of our financial closing procedures and are not a comprehensive statement of our financial results for the three months ended March 31, 2020. These estimates have not been reviewed and approved by the Company’s Board of Directors or its Audit Committee and were prepared by the Company’s management in connection with preparation of its financial statements. The final results may differ materially from these estimates as a result of the completion of our financial closing procedures, including review by the Company’s Board of Directors and its Audit Committee, and final adjustments and other developments arising between now and the time that our financial results for the three months ended March 31, 2020 are finalized. The Company is disclosing these estimates of its interim financial results in a response to the exigencies of the economic crisis precipitated by the COVID-19 crisis. The Company does not expect to regularly disclose such interim estimates going forward and will consider the need to do so, if any, on a quarter-by-quarter basis.
CONFERENCE CALL
The Company will report final results of operations as of and for the three months ended March 31, 2020 after the market closes on Monday, May 11, 2020. The Company will also host an earnings conference call on Tuesday, May 12, 2020 at 9:00 am Eastern Time to discuss its financial results.
All interested parties are invited to participate via telephone or the audio webcast, which will be hosted on the Investor Resources section of GSBD’s website at www.goldmansachsbdc.com.
Conference Call Information:
Domestic: (866) 884-8289 International: +1 (631) 485-4531 Conference ID: 5170749
All participants are asked to dial in approximately 10-15 minutes prior to the call, and reference “Goldman Sachs BDC, Inc.” when prompted.
Replay Information:
An archived replay of the call will be available from approximately 12:00 pm Eastern Time on May 12 through June 12. To hear the replay, please find dial-in numbers listed below. An archived replay will also be available on our webcast link located on the Investor Resources section of our website.
Domestic: (855) 859-2056 International: +1 (404) 537-3406 Conference ID: 5170749
Please direct any questions regarding obtaining access to the conference call to Goldman Sachs BDC, Inc. Investor Relations, via e-mail, at gsbdc-investor-relations@gs.com.
ENDNOTES
1 For the quarter ended March 31, 2020, the weighted average shares outstanding was 40,396,319 and the ending shares outstanding was 40,401,637.
2 The discussion of the investment portfolio of the Company excludes its investment in a money market fund managed by an affiliate of The Goldman Sachs Group, Inc.
3 LIBOR: London Interbank Offered Rate.
4 Total debt outstanding excludes netting of debt issuance costs of approximately $9.7 million and approximately $3.7 million, respectively, as of March 31, 2020 and December 31, 2019.
5 The Company’s Secured Revolving Credit facility has debt outstanding denominated in currencies other than U.S. Dollars (“USD”). These balances have been converted to USD using applicable foreign currency exchange rates as of March 31, 2020 and December 31, 2019. As a result, the Secured Revolving Credit Facility’s outstanding borrowings and the available debt amounts may not sum to the total debt commitment amount.
ABOUT GOLDMAN SACHS BDC, INC.
Goldman Sachs BDC, Inc. is a specialty financecompany that has elected to be regulated as a business development company under the Investment Company Act of 1940. GSBD was formed by The Goldman Sachs Group, Inc. (“Goldman Sachs”) to invest primarily in middle-market companies in the United States, and is externally managed by Goldman Sachs Asset Management, L.P., an SEC-registered investment adviser and a wholly-owned subsidiary of Goldman Sachs. GSBD seeks to generate current income and, to a lesser extent, capital appreciation primarily through direct originations of secured debt, including first lien, first lien/last-out unitranche and second lien debt, and unsecured debt, including mezzanine debt, as well as through select equity investments. For more information, visit www.goldmansachsbdc.com. Information on the website is not incorporated by reference into this press release and is provided merely for convenience.
FORWARD-LOOKING STATEMENTS
This press release may contain forward-looking statements that involve substantial risks and uncertainties, including the impact of COVID-19 on the business, future operating results, access to capital and liquidity of the Company and its portfolio companies. You can identify these statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expect,” “anticipate,” “project,” “target,” “estimate,” “intend,” “continue,” or “believe” or the negatives thereof or other variations thereon or comparable terminology. You should read statements that contain these words carefully because they discuss our plans, strategies, prospects and expectations concerning our business, operating results, financial condition and other similar matters. These statements represent the Company’s belief regarding future events that, by their nature, are uncertain and outside of the Company’s control. Any forward-looking statement made by us in this press release speaks only as of the date on which we make it. Factors or events that could cause our actual results to differ, possibly materially from our expectations, include, but are not limited to, the risks, uncertainties and other factors we identify in the sections entitled “Risk Factors” and “Cautionary Statement Regarding Forward-Looking Statements” in filings we make with the Securities and Exchange Commission, and it is not possible for us to predict or identify all of them. We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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Goldman Sachs BDC, Inc.Investor Contact: Florina Mendez, 917-343-7823 Media Contact: Patrick Scanlan, 212-902-6164
Source: Goldman Sachs BDC, Inc.