BDC News Of The Day: March 29, 2017
Here are the main news items and SEC filings from all the publicly traded BDCs that we track for Wednesday March 29 2017 as of 1:00 p.m. EST. External links to articles or filings are in blue, internal links to BDC Reporter’s prior posts on the subject are in red. Where appropriate, we add brief comments. (We’ve decided not to list activity in the non-traded BDCs as yet given the volume of work involved and questionable demand from readers).
Monroe Capital (MRCC) : Company Presentation, dated March 2017
13 page slide presentation published on MRCC’s website. New-ish data includes a map on page 3 of U.S. with Private Equity and bank relationships called out by region, along with locations of offices. Plus, useful summary table of key earnings, distribution and balance sheet data by quarter back to IQ 2015. Plus, chart showing NAV changes from end of 2014 to end of 2016: only 7 are up and 32 down. MRCC number 6 in the Positive Seven with 3.3% increase.
BlackRock Investment Capital (BKCC) : Filed 8-K-Regulation FD Disclosure
BKCC files a disclosure about marketing statements made to third parties, calculating Internal Rate Of Return for the BDC’s investments acquired after a subsidiary of BlackRock became the Investment Advisor. Highlight: “For the Calculation Period, such implied IRR was 14.6%, based on $480 million of cash invested in 25 different investments across 21 companies, of which 3 investments across 3 companies were exited during the Calculation Period. For the Calculation Period, the implied IRR on these 3 exited investments was 24.8% based on $67 million of cash invested. The implied IRR for the remaining 22 investments across 18 companies was 13.7% based on $412 million of cash invested”.
BlackRock Investment Capital : Form 4 Filings.
Former CEO of BKCC Steven Sterling purchased 10,000 shares of the stock at a price of $7.32 and bringing total ownership to 30,000 shares, or modestly over $210,000 in value. New Chairman of the Board James Keenan increased his ownership from 11,000 shares to 21,000. The BDC Reporter recently discussed the very low ownership by BKCC’s officers, directors and parent in a review of the latest Proxy. These latest purchases, both for the same number of shares and at the same time may reflect BlackRock co-investment policies rather than personal investment choices.
New Mountain Finance (NMFC) : Scheduled Date for IQ 2016 Earnings Release and Conference Call.
CHANGE OF RECORD DATE
TPG Specialty Lending (TSLX) : Press release announcing dividend record date change
TSLX had to change the record sate for its IQ 2017 dividend by one week to meet stock exchange requirements.