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BDC News Of The Day Round-Up: June 23, 2017

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On a slow day, BDC News Of The Day reviews insider purchases and sales at 4 different BDCs. Then we segue into a non-sequitur about BDC distribution cuts. Mr Market seems to be counting on a third of BDCs to cut their pay-outs before long. The BDC Reporter’s list is even longer. We offer to share our names with any subscriber wanting confirmation or beginning to sweat.

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Medley Capital: Director Resigns

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Medley Capital issues 8-K filing regarding the sudden departure and immediate replacement of an independent Director, which occurred several days previously. The BDC Reporter provides what facts are known and offers up alternative conclusions to the BDC’s shareholders.

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Apollo Investment: Posts Presentation

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Apollo Investment present at a financial services conference to discuss their new strategy. The BDC Reporter uses the numbers in the slide show to point out that the math does not work without a couple of drastic changes by the BDC’s Investment Advisor.

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Ares Capital: Moody’s Revises Outlook

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Moody’s changes its credit outlook for Ares Capital, pointing to improved portfolio composition and better asset coverage. The BDC Reporter may admire what is now the biggest BDC, but takes issue with the methodology that Moody’s and others take when evaluating credit risk. Like so much else in life, things are much more complicated than they seem.

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Biogenic Reagents: Debt Repaid

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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.

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BDC Market Recap: Week Ended June 16, 2017

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Our Weekly Recap – and reason enough to be a Subscriber – reviews where BDC common stocks and Baby Bonds have trended. We mention a few Winners and Losers by name and discuss the sector’s extraordinary volatility, which is both blessing and curse for investors in what some might believe (incorrectly) is a sleepy corner of the financial services industry.

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Avanti Communications: Arranges New Financing

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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.

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TICC Capital: Receives Exemptive Relief

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TICC Capital has received “exemptive relief” from the SEC to co-invest with sister funds. BDC Reporter discusses the implications for the BDC’s shareholders, but also provides a bigger picture summary of what this type of waiver of shareholder protections means for good or ill for all BDC shareholders. A dull but important subject with many long term implications.

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