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Clenched Fist

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.

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)...

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