In a surprising – but not controversial – move, Oaktree Specialty Lending announces its intention to merge with a sister non-traded BDC. We review the key elements of the deal and the one disappointing element in the proposed deal.
The major indices were “mixed” at best, but the BDC sector forged on. A tiny BDC reported apparently good results, a large BDC prepared to raise additional equity and a new BDC with a unique strategy was launched.
The major markets balked at Meta’s results but the BDC sector fell only modestly. There was plenty of news, including earnings releases, a new acquisition, a dividend announcement and credit updates. We’re busy and getting busier.
BDC prices continue to rally for a fourth day but remain below record breaking levels. We assess where we stand. Also, a midsized BDC adds a new investment and another seeks “routine” shareholder approval to sell shares at a discount if need be.
BDC prices inched a little higher. In terms of news, there were two encouraging earnings reports; another BDC raised new equity and a new Baby Bond made its official debut. We also added two new BDCs to our coverage.
The markets move up for a second cday, with the BDC sector following some way behind. We review several BDC news items – none very important – and have a mouthful to say about the credit outlook for the lower middle market.
BDC stock prices dropped again, more or less across the board. News-wise, the BDC Reporter has two credit stories about BDC portfolio companies to share and a preliminary report of an expected unsecured debt offering.
At the end of a turbulent week, BDC prices increased to end where they started. On the news front, we discuss a new unsecured debt offering with unclear purpose or benefit and a routine amendment to a secured facility.
BDC prices moved up marginally on Thursday. Moreover, we cover a new private placement and public Baby Bond repayment; an amended revolver and discuss an analyst’s recommendation.
Oaktree Specialty Lending announces a large unsecured note offering at a low yield. We review the implications for the BDC and its shareholders.
The much anticipated merger of the two Oaktree-managed BDCs has been agreed upon by their shareholders.
For a second quarter in a row Oaktree Specialty Lending outperforms by most metrics. We count the ways but also point out potential weaknesses in a much improved BDC that’s about to get bigger by swallowing up its sister fund.
The two public BDCs managed by Oaktree Capital are going to merge in a transaction that will be favorable to Oaktree and – to a lesser degree – to the two sets of shareholders involved.
Oaktree Specialty Lending was one of the surprise stories of the IIQ 2020 results season. The BDC Reporter annotates the BDC’s conference call transcript.
Several public and private BDCs with over $100mn in exposure are benefiting from an upgrade to a portfolio company. We discuss the details and make an observation about what’s happening in the bankruptcy arena.
