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Breaking-News

5-19-2016: Sports retailer Dick's Sporting Goods reported weaker than expected sales in the first quarter of 2016, despite weaker competition from several bankrupt competitors. Key metrics from the BDC Credit Reporter's standpoint:  "Same-store sales are expected to decline 4% to 1%...[Actual] Same-store sales edged up 0.5%... Same-store sales for Dick's Sporting Goods increased 0.4%, while Golf Galaxy rose 1.7%." This…

Credit

The BDC Credit Reporter undertakes an in-depth review of Fifth Street Senior Floating Rate's (FSFR) investment portfolio following the release of the first quarter 2016 10-Q filing, and using additional information from Advantage Data. We look at realized credit losses and potential write-downs in the quarter and over time. Required reading (if we do say so ourselves) for any investor in FSFR.

The BDC Credit Reporter adds another sad story about Retail Gone Wrong. Unfortunately, Sports Authority-already in Chapter 11-has given up trying to emerge therefrom and is heading for liquidation. Thousands of employees will lose their jobs and $1.1bn in debt is in question. 4 BDCs have exposure to the Company. However, the BDC with the greatest to lose is TPG Specialty (TSLX)...

The BDC Credit Reporter takes a quick look at Peabody Energy post bankruptcy, and after reading a new article about the process on Seeking Alpha. Expects losses to bondholders and lenders to be huge but amongst BDCs only American Capital Senior Floating (ACSF) has any exposure. There will be blood, but not much.

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