Sec Form 3 Filing - GHL Investments Ltd @ New Mountain Guardian III BDC, L.L.C. - 2019-09-05

FORM 3 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person GHL Investments Ltd 2. Issuer Name and Ticker or Trading Symbol New Mountain Guardian III BDC, L.L.C. [ NONE] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director X __ 10% Owner _____ Officer (give title below) X __ Other (specify below) See Footnotes (Last) (First) (Middle) (SEE REMARKS) 3. Date of Earliest Transaction (MM/DD/YY) 09/05/2019 (Street) , 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) _____ Form filed by One Reporting Person __ X __ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Units of LLC Interest 2,800,000 D Units of LLC Interest 2,800,000 I See Footnotes ( 1 ) ( 2 )

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities) 1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5) 6. Date Exercisable and Expiration Date (MM/DD/YY) 7. Title and Amount of Underlying Securities (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4) Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other GHL Investments Ltd (SEE REMARKS) X See Footnotes GREENWICH HOLDINGS LTD. (SEE REMARKS) X See Footnotes C.K. Ltd (SEE REMARKS) ST. HELIER, Y9JE1 1ST X See Footnotes Fredriksen John (SEE REMARKS) X See Footnotes Signatures /s/ Spyros Episkopou, Director for GHL Investments Limited 09/16/2019 Signature of Reporting Person Date /s/ Spyros Episkopou, Director for Greenwich Holdings Limited 09/16/2019 Signature of Reporting Person Date /s/ Spyros Episkopou, Director for C.K. Limited 09/16/2019 Signature of Reporting Person Date /s/ John Fredriksen 09/16/2019 Signature of Reporting Person Date

Explanation of Responses:

( 1 )The reported securities are directly owned by GHL Investments Limited, a Cyprus company ("GHL Investments"), a wholly-owned subsidiary of Greenwich Holdings Limited, a Cyprus company ("Greenwich Holdings"). C.K Limited, a Jersey Company, is the trustee of trusts (the "Trusts") established by John Fredriksen ("Mr. Fredriksen") for the benefit of his immediate family members, which Trusts indirectly hold all of the shares of GHL Investments and Greenwich Holdings. Greenwich Holdings, C.K. Limited and John Fredriksen may be deemed to beneficially own the Units of LLC Interest that are held by GHL Investments. ( 2 )Mr. Fredriksen disclaims beneficial ownership of any Units of LLC Interest beneficially owned by GHL Investments and Greenwich Holdings, except to the extent of his voting and dispositive interests in such Units of LLC Interest. Mr. Fredriksen has no pecuniary interest in the Units of LLC Interest beneficially owned by GHL Investments and this report shall not be deemed an admission of beneficial ownership of the reported Units of LLC Interest by Mr. Fredriksen for purposes of Section 16 or for any other purpose.

Remarks: The address for GHL Investments and Greenwich Holdings is P.O. Box 53562, CY3399, Limassol, Cyprus. The address for C.K. Limited is IFC 5, St. Helier, Jersey JE1 1SR. The address for John Fredriksen is c/o Seatankers Consultancy Services (UK) Limited, 15 Sloane Square, London SW1W 8ER, United Kingdom.

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

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