Griffin Capital BDC Shareholders Overwhelmingly Approve Interval Fund Reorganization

Stockholders of Griffin Capital BDC Corp., a publicly registered non-traded business development company formerly known as Griffin-Benefit Street Partners BDC Corp., overwhelmingly approved the company’s plan to transfer all of its assets to affiliated interval fund Griffin Institutional Access Credit Fund in exchange for fund shares and withdraw its BDC designation.

The company received 2.3 million votes in favor (94 percent) of each proposal, 32,760 votes against (1.3 percent), and approximately 118,000 abstentions (4.8 percent) at yesterday’s special meeting that was previously adjourned to allow stockholders additional time to vote, including those impacted by Hurricanes Harvey and Irma.

Griffin Capital BDC Corp. suspended its offering last year citing unfavorable market conditions and a preference for the interval fund structure. Last month, Bain Capital Credit affiliate BCSF Advisors LP was appointed as the company’s interim sub-advisor, following the resignation of former sub-advisor Benefit Street Partners.

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, according to Summit Investment Research. The company oversees a $35.2 million portfolio with investments in 32 portfolio companies.

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