Friday, July 22, 2016 Sports Authority To Sell Naming Rights The bankrupt sports equipment retailer Sports Authority has just one more asset to sell: naming rights to the Denver Broncos stadium. On Monday a liquidator will be seeking bids for the 5 years remaining on the 10 year contract for the right to be named in Denver. Given the shortened…
The BDC Activist reviews TICC Capital's (TICC) latest announcement about its investment strategy, and provides an unsolicited suggestion about what the Board of the troubled BDC (price down 40% in the last 2 years) should do for its long suffering shareholders.
The BDC Activist reports on new issuance of medium term, unsecured Notes by Alcentra Capital (ABDC) at all-in rates around 6.5%. We question the benefits to shareholders-if any-from issuing this debt capital given the high interest rate paid, the ensuing cost in management and incentive fees and other factors. Part of a general trend in the BDC sector of raising Non Accretive Capital.
BDC EXPOSURE: FS Energy & Power Fund, FS Investment II, FS Investment III, FS Investment (FSIC). EXPOSURE AT COST: $235mn.
The BDC Credit Reporter provides a link to Leveraged Loan.com's survey of defaulting credits in large leveraged loans in May 2016 , and delves into BDC exposure to the 4 companies involved. We discuss Big Picture trends in credit, what we're looking for and what to worry about. It's a Glass Half Full-Half Empty story.
BDC Credit Reporter Alert: Zacks says Good News coming from Navistar International regarding quarterly EBITDA and outlook in medium term. May result in better outlook for truck manufacturer whose Subordinated Note exposure by BDCs has been written down by a fifth in latest filings. See Company File for full details.
Prospect Capital has just sold one of its largest portfolio companies, and issued a press release with some key details. The BDC Reporter looks Under The Hood to determine if the investment has been a home run for the BDC, or something else. We look at returns, impact on income and Net Asset Value, amongst other things.