BDC Exposure: $54mn.
Securus Technologies is in the midst of a buy-out. Activists have challenged the deal at the FCC. The BDC Credit Reporter assesses the chances of a last minute block.
OHA Investment reaches a new price milestone. The BDC Reporter provides an update and some background reading.
BDC exposure: $137mn.
Mood Media has completed its Chapter 15 Canadian restructuring and made the move to a U.S. jurisdiction. Financial challenges remain unchanged.
The BDC Reporter – in Part II of a multiple part series – reviews the compensation arrangements at the newest BDC: TCG BDC. Many of the terms will be familiar to BDC investors, but there are a couple of twists that both help and hinder shareholders. The BDC Reporter also discusses how compensation and strategy and credit quality intertwine.
WhiteHorse Finance’s stock price has dropped sharply. We explain the reason and speculate as to where the next direction might be.
BDC Exposure: $32.7mn
The BDC Reporter begins an in-depth review of the latest BDC to arrive in the public markets, sponsored by the Carlyle Group.
The BDC Credit Reporter brings shareholders of MVC Capital and Equus Total Return up to date on the proceeds received from one of their portfolio companies, a biomass producer which has just been liquidated. The news is good for the BDCs involved.
Avanti Communications, which has been frequently discussed in the past, has just arranged a new financing. The BDC Credit Reporter, which looks into such things, has reviewed the available information and made some on-the-fly credit assessments that will affect the positions held by TCP Capital and Great Elm Corporation.
The BDC Reporter is increasingly worrying that leveraged lending is too greatly in favor of borrowers at the expense of lenders. Here we illustrate a point we’ll be returning to with real life examples ripped from our reading list and which involve BDC lenders.
Part II of our Big Picture series where we seek to draw out what the biggest threat is to the BDC Sector. In Part I, we began by describing the flood of new capital that has arrived in leveraged lending and is competing with BDCs. In Part II, we wax on about the knock-on effect of this new money, which is eerily reminiscent to a BDC Reporter who’s been through a few credit cycles.
A gaming company that 7 BDCs have exposure to is getting refinanced. The BDC Reporter offers up some details and a couple of observations.
OHA Investment’s stock price is at a new milestone. We briefly discuss why and provide some background on a BDC situation we’ve been tracking for months. Or is it years ?
The BDC Reporter adds a second article in a series dedicated to assessing whether a BDC’s current distribution level is sustainable for the next 12 months. We using ratings of Likely, Possible or Unlikely. Last week, we thought Garrison Capital’s dividend Unlikely to be continue unchanged. This week we turn to MVC Capital, which has paid 48 consecutive quarterly distributions, following our in-depth review of its latest 10-Q which we undertook for our Premium subscribers. This article and series is made available to all the readers of the BDC Reporter.
BDC portfolio company PR Wireless placed on CreditWatch by S&P. The BDC Credit Reporter evaluates the situation and the credit risks to the two BDCs with debt and equity exposure to this under-performing wireless carrier.
BDC portfolio company Ignite Restaurant Group files for bankruptcy. Three BDCs have exposure, including Golub Capital. We assess likely damage.
BDC Portfolio company Outcome Health raises half a billion dollars. Five BDCs have debt exposure.
A portfolio company of Alcentra Capital sells a business line.
The BDC Reporter -aided by research undertaken by the BDC Credit Reporter – updates its view of whether the current dividend of Garrison Capital is sustainable following the bankruptcy of a portfolio company.
Two big changes are happening at the BDC Reporter: We are asking everybody to register so we can get to know our readers better and so we craft a better publication and we’re launching our first Premium subscription service. We want to let our readers know the whys and wherefores as the BDC Reporter undertakes a major transition.
