Griffin Capital BDC Sets Date for Vote to Transfer Assets to a Griffin Interval Fund
August 25, 2017 | James Sprow | Blue Vault
Griffin Capital BDC Corp., a publicly registered non-traded business development company formerly known as Griffin-Benefit Street Partners BDC Corp., is preparing for its upcoming special meeting of stockholders where investors will vote on a plan of reorganization that would allow the BDC to transfer all of its assets to Griffin Institutional Access Credit Fund, an affiliated interval fund, in exchange for fund shares. The interval fund was launched in April, 2017. The Credit Fund’s investment objective is to generate both current income and capital appreciation with low volatility and low correlation to the broader markets.
According to an upcoming filing with the Securities and Exchange Commission, the meeting is scheduled to take place on September 12th at 10:00 a.m. Pacific Time at Griffin Capital Plaza in El Segundo, California. If the reorganization is approved, shareholders will vote to withdraw the company’s election as a BDC, and if necessary, will vote to adjourn the meeting to solicit additional proxies.
A Bain Capital Credit affiliate, BCSF Advisors, LP, was engaged beginning August 1, 2017 to manage the activities and operations of the Company pursuant to an interim sub-advisory agreement.
Griffin Capital BDC Corp’s $1.5 billion offering was declared effective in January 2015 and later suspended in March 2016 after raising $45 million, due to unfavorable market conditions and a preference for the interval fund structure. The company oversees a $31.7 million (at fair value) portfolio with investments almost exclusively in senior debt as of June 30, 2017.
Learn more about Griffin Capital Company, LLC on Blue Vault’s Sponsor Focus page.
Our firm has been using Blue Vault from the first year it was available.
We have found it to be a valuable tool to verify what wholesalers tell us and to dig deep into how the reported investments are really performing.
We appreciate that Blue Vault has expanded its services from initially covering REIT's to now also including BDC's.
Our clients also appreciate that we conduct this additional due diligence on their behalf.