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BDC News Of The Day Round-Up: July 6, 2017

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A slower news day where the BDC sector is concerned. We prepared a full report on MVC Capital‘s (MVC) completed sale of U.S. Gas & Electric, which promises to remake the economics of that unusual BDC. Otherwise, most of the remaining news items are more in the nature of follow-up items, standard dividend announcements and calendar setting earnings release dates.

OVER ALLOTMENTS

Two BDCs which recently undertook common stock offerings announced incremental sales to the underwriters. Fidus Investment (FDUS) sold 262,500 more shares to its investment bankers, rounding out total proceeds from its equity offering at $32.3mn net.

Newest BDC TCG BDC (CGBD) sold 454,200 shares to its IPO underwriters for net proceeds of $8mn, after issuing 9mn shares to the public. By the way, the stock price of CGBD has gone nowhere since going public.

NEW INVESTMENT

Main Street Capital (MAIN), a favorite amongst retail investors and an adept user of the press release as marketing tool, announced the closing of a new portfolio investment. A few details were made available, but nothing which a savvy investor keeping score at home could do much with.

DIVIDEND

Steady Eddies Solar Senior Capital (SUNS) and PennantPark Floating Rate (PFLT) announced monthly distributions unchanged from the prior period, and as expected.

INSIDER SALES

The former Chairman of the Board of Capital Southwest (CSWC) – Joseph Armes – continues to gradually dispose of stock in the BDC, 500 shares at a time under an automatic plan. Mr Armes did not re-up for a further tenure as a Director, as reported in the Proxy a couple of months ago. He’s sold stock 7 times since May.

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