Griffin Capital BDC Sets Date for Reorganization Vote
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.
According to a 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 recently took over sub-advising duties for the BDC, which suspended its offering last year due to unfavorable market conditions and a preference for the interval fund structure.
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.
