UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE TO
(Rule 13e-4)
TENDER OFFER STATEMENT PURSUANT TO SECTION 14(D)(1) OR 13(E)(1)
OF THE SECURITIES EXCHANGE ACT OF 1934
Golub Capital Private Credit Fund
(Name of Issuer)
Golub Capital Private Credit Fund
(Name of Person(s) Filing Statement)
Class I and Class S Shares of Beneficial Interest
(Title of Class of Securities)
38179R 303, 38179R 105
(CUSIP Number of class of securities)
David B. Golub
c/o GC Advisors LLC
200 Park Avenue, 25th Floor
New York, NY 10166
(212) 750-6060
(Name, Address and Telephone No. of Person Authorized to Receive Notices and Communications on Behalf of the Person(s) Filing Statement)
With a copy to:
Rajib Chanda, Esq.
Nathan Briggs, Esq.
Simpson Thacher & Bartlett LLP
900 G Street, NW
Washington, DC 20001
March 25, 2025
(Date Tender Offer First Published, Sent or Given to Security Holders)
| ¨ | Check the box if the filing relates solely to preliminary communications made before commencement of a tender offer. |
Check the appropriate boxes below to designate any transactions to which the statement relates:
| ¨ | third-party tender offer subject to Rule 14d-1. |
| x | issuer tender offer subject to Rule 13e-4. |
| ¨ | going-private transaction subject to Rule 13e-3. |
| ¨ | amendment to Schedule 13D under Rule 13d-2. |
Check the following box if the filing is a final amendment reporting the results of the tender offer: ¨
| Item 1. | Summary Term Sheet. |
Reference is made to the Summary Term Sheet of the Offer to Purchase (as defined below) that is attached hereto as Exhibit (a)(1)(ii) and is hereby incorporated by reference.
| Item 2. | Subject Company Information. |
| (a) | The name of the issuer is Golub Capital Private Credit Fund (the “Fund”). The Fund is a non-diversified, closed-end management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended (the “1940 Act”). The Fund is organized as a Delaware statutory trust. The principal executive office of the Fund is located at 200 Park Avenue, 25th Floor, New York, New York 10166 and the telephone number is (212) 750-6060. |
| (b) | The title of the securities that are the subject of the offer to purchase and the related Letter of Transmittal (“Offer to Purchase” and the tender offer made thereby, the “Offer”) are Class I common shares of beneficial interest (the “Class I Shares”) and Class S common shares of beneficial interest (the “Class S Shares” and together with Class I shares, the “Shares”) or portions thereof. As of the close of business on December 31, 2024, there were 77,769,569.568 Class I Common Shares, and 3,453,828.187 Class S Common Shares, outstanding. Subject to the conditions set forth in the Offer to Purchase, the Fund will purchase up to 4,061,170 Shares that are tendered by holders of the Shares (“Shareholders”) and not withdrawn as described in the Offer to Purchase (the “Offer Amount”). The Shares subject to the Offer represent approximately 5% of the Fund’s Shares outstanding as of December 31, 2024. |
| (c) | Shares are not traded in any market. |
| Item 3. | Identity and Background of Filing Person. |
| (a) | The Fund is tendering for its own Shares. The information required by this Item is set forth in Item 2(a) above. GC Advisors LLC (the “Adviser”) serves as the investment manager for the Fund. The Adviser is located at 200 Park Avenue, 25th Floor, New York, New York 10166 and its telephone number is (212) 750-6060. The members of the Fund’s Board of Trustees (the “Board”) are John T. Baily, Kenneth F. Bernstein, Lofton P. Holder, Anita J. Rival, William M. Webster IV, David B. Golub, and Christopher C. Ericson (each, a “Trustee”). The Chief Executive Officer is David B. Golub, the Chief Financial Officer and Treasurer is Christopher C. Ericson and the Chief Compliance Officer and Secretary is Joshua M. Levinson. The Trustees and the executive officers of the Fund may be reached at the Fund’s business address and phone number set forth in Item 2(a) above. |
| (b)-(c) | Not applicable. |
| Item 4. | Terms of the Transaction. |
| (a)(1) | (i) Subject to the conditions set forth in the Offer to Purchase, the Fund will purchase up to 4,061,170 Shares that are tendered by Shareholders by 11:59 p.m., Eastern Time, on May 1, 2025 (the “Expiration Date”) and not withdrawn as described in Item 4(a)(1)(vi). |
| (ii) | The purchase price of a Share (or portion thereof) tendered will be its net asset value as of March 31, 2025 or a later date determined by the Fund if the Offer is extended (in each case, the “Valuation Date”), upon the terms and subject to the conditions set forth in the Offer to Purchase. Reference is made to the Cover Page, Section 2 “Offer to Purchase and Price” and Section 6 “Purchases and Payment” of the Offer to Purchase, which are incorporated herein by reference. |
Each Shareholder that tenders Shares that are accepted for purchase will be sent a letter, on request, (the “Acceptance Letter”) notifying the Shareholder that the Fund has received and accepted their tender. The form of the Acceptance Letter is attached hereto as Exhibit (a)(1)(iv) and incorporated herein by reference.
The payment of tendered Shares will be made in cash for those Shares within five business days of the last date that Shareholders may tender Shares for the repurchase offer. The payment date is expected to be May 8, 2025, unless the Offer is extended.
| (iii) | The Offer is scheduled to expire on May 1, 2025 unless extended. Reference is made to the Cover Page, Summary Term Sheet, Section 2 “Offer to Purchase and Price” and Section 5 “Withdrawal Rights” of the Offer to Purchase, which are incorporated herein by reference. |
| (iv) | Not applicable. |
| (v) | Reference is made to the Cover Page, Summary Term Sheet and Section 7 “Certain Conditions of the Offer” of the Offer to Purchase, which are incorporated herein by reference. |
| (vi) | Reference is made to Section 5 “Withdrawal Rights” of the Offer to Purchase, which is incorporated herein by reference. |
| (vii) | Reference is made to the Cover Page, Section 4 “Procedure for Tenders” and Section 5 “Withdrawal Rights” of the Offer to Purchase, which are incorporated herein by reference. If your shares are held at your financial advisor, broker, dealer or other financial intermediary (“Authorized Intermediary”), please ask your Authorized Intermediary sufficiently in advance of the Expiration Date to submit a repurchase request for you. You may be charged a transaction fee by your Authorized Intermediary for this service. Note that certain Shareholders may be required to deliver their Letter of Transmittal to their financial advisor or other Authorized Intermediary (instead of directly to SS&C GIDS, Inc.). Such Shareholders should NOT submit the attached Letter of Transmittal to the Fund. For accounts held through a custodial relationship, Shareholders should send the completed Letter of Transmittal to such custodian (along with any custodian required documentation) at the same time you submit the completed documents to the Fund. All Shareholders tendering Shares should carefully review their Letter of Transmittal and follow the delivery instructions therein. |
| (viii) | Reference is made to Section 4 “Procedure for Tenders” and Section 6 “Purchases and Payment” of the Offer to Purchase, which are incorporated herein by reference. |
| (ix) | Reference is made to the Cover Page, Section 3 “Amount of Tender,” and Section 6 “Purchases and Payment” of the Offer to Purchase, which are incorporated herein by reference. |
| (x) | Reference is made to Section 2 “Offer to Purchase and Price,” which is incorporated herein by reference. |
| (xi) | Not applicable. |
| (xii) | Reference is made to Section 10 “Certain Federal Income Tax Consequences” of the Offer to Purchase, which is incorporated herein by reference. |
| (a)(2) | Not applicable. |
| (b) | Any Shares to be purchased from any officer, Trustee or affiliate of the Fund will be on the same terms and conditions as any other purchase of Shares. To the Fund’s knowledge, none of the officers, Trustees, or affiliates of the Fund intends to tender Shares in the Offer. |
| Item 5. | Past Contracts, Transactions, Negotiations and Agreements With Respect to the Issuer’s Securities. |
(a)-(d) Not applicable.
| (e) | The Fund’s Prospectus dated January 24, 2025, as amended and/or supplemented from time to time (the “Prospectus”), provides that the Board has the discretion to determine whether the Fund will purchase Shares from Shareholders from time to time pursuant to written tenders. The Adviser expects that it will recommend to the Board that the Fund purchase Shares from Shareholders quarterly. However, the Fund is not required to conduct tender offers. The Fund does not know of any other contract, agreement, arrangement, or understanding, whether contingent or otherwise or whether or not legally enforceable, between the (i) Fund, any of the Fund’s executive officers or Trustees, any person controlling the Fund, or any executive officer or director of any corporation ultimately in control of the Fund and (ii) any other person with respect to any securities of the Fund (including any contract, agreement, arrangement, or understanding concerning the transfer or the voting of any such securities, joint ventures, loan or option arrangements, puts or calls, guarantees of loans, guarantees against loss, or the giving or withholding of proxies, consents or authorizations). |
| Item 6. | Purposes Of This Tender Offer And Plans Or Proposals. |
| (a)-(b) | Reference is made to Section 1 “Background and Purpose of the Offer” of the Offer to Purchase, which is incorporated herein by reference. |
| (c) | Reference is made to Section 8 “Certain Information About the Fund” of the Offer to Purchase, which is incorporated herein by reference. Because Shares are not traded in any market, subsections (6), (7), and (8) of Regulation M-A Item 1006(c) are not applicable to the Fund. |
| Item 7. | Source and Amount of Funds or Other Consideration. |
| (a)-(b) | Reference is made to Section 6 “Purchases and Payment” of the Offer to Purchase, which is incorporated herein by reference. |
| (c) | Not applicable. |
| (d) | The Fund expects that the purchase price for Shares acquired pursuant to the Offer to Purchase will be derived from cash flow from operations, borrowings, offering proceeds or the sale of assets. |
| Item 8. | Interest in Securities of the Issuer. |
| (a) | Based on the number of Shares outstanding as of December 31, 2024, the following persons own the number of Shares indicated in the below table. |
| Person | Shares | Percentage of the Fund’s Outstanding Shares | ||||||
| David B. Golub(1) | 414,198 | * | ||||||
| Christopher C. Ericson | - | - | ||||||
| John T. Baily | - | - | ||||||
| Kenneth F. Bernstein | - | - | ||||||
| Lofton P. Holder | - | - | ||||||
| Anita J. Rival | - | - | ||||||
| William M. Webster IV | - | - | ||||||
| Matthew W. Benton | - | - | ||||||
| Joshua M. Levinson | - | - | ||||||
| Daniel J. Colaizzi | - | - | ||||||
| Jonathan D. Simmons | - | - | ||||||
| Timothy J. Topicz | - | - | ||||||
| All executive officers and directors as a group (12 persons) | 414,198 | * | ||||||
| Cliffwater Corporate Lending Fund(2) | 7,977,663 | 9.8 | % | |||||
| * | Less than 1%. |
| (1) | Mr. David B. Golub is a control person of GGP Holdings LP and its wholly-owned subsidiaries GCI CB LLC and GGP Class B-P, LLC (collectively, “GGP Holdings”). The Shares shown in the above table as being owned by Mr. Golub reflect the fact that, due to his control of GGP Holdings, he may be viewed as having voting and dispositive power over the 414,198 Class I Shares directly and indirectly beneficially owned by GGP Holdings. |
| (2) | The business address for Cliffwater Corporate Lending Fund is c/o UMB Fund Services, Inc. 235 West Galena Street, Milwaukee, WI 53212. |
Based on information available to the Fund, none of the persons listed above intends to tender any of his or her Shares in the Offer. Addresses for each of the persons listed above are provided in Item 3.
| (b) | Reference is made to Section 8 “Certain Information About the Fund” of the Offer to Purchase, which is incorporated herein by reference. During the past sixty (60) days, the Fund has not issued any Shares to the Adviser, Trustees or officers of the Fund. |
| Item 9. | Persons/Assets Retained, Employed, Compensated or Used. |
| (a) | No persons have been employed, retained, or are to be compensated by the Fund to make solicitations or recommendations in connection with the Offer to Purchase. |
| Item 10. | Financial Statements. |
| (a) | The audited annual financial statements of the Fund dated September 30, 2024 and the unaudited financial statements of the Fund dated December 31, 2024 filed with the SEC on EDGAR on November 26, 2024, and February 13, 2025, respectively, are incorporated herein by reference. The Fund will prepare and transmit to Shareholders the audited annual financial statements of the Fund within 90 days after the close of the period for which the report is being made, or as otherwise required by the 1940 Act. |
| (b) | Not applicable. |
| Item 11. | Additional Information. |
(a) (1) None.
(2) None.
(3) Not applicable.
(4) None.
(5) None.
| (c) | The Offer to Purchase, attached hereto as Exhibit (a)(1)(ii), is incorporated herein by reference in its entirety. |
| Item 12. | Exhibits. |
| (a)(1) (i) Cover Letter to Offer to Purchase and Letter of Transmittal. |
| (ii) Offer to Purchase. |
| (iii) Form of Letter of Transmittal. |
| (iv) Form of Letter from the Fund to Shareholders in Connection with the Fund’s Acceptance of Shares. |
|
(v) Form of Notice of Withdrawal of Tender. (vi) Tender Offer Instructions for Golub Capital Private Credit Fund. |
| (a)(2)-(4) Not applicable. |
| (b) | None. |
| (d) | Not applicable. |
| (g) | Not applicable. |
| (h) | Not applicable. |
| 107 | Filing Fee Table |
SIGNATURE
After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
| Golub Capital Private Credit Fund | ||
| By: | /s/ Christopher C. Ericson | |
| Name: | Christopher C. Ericson | |
| Title: | Chief Financial Officer and Treasurer | |
Dated: March 25, 2025
EXHIBIT INDEX