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.
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.
Late in the second quarter of BDC earnings season, Oaktree Specialty Lending surprised the BDC Reporter, resulting in a key re-rating of the BDC’s outlook for the future.
The famous restaurant chain is the ninth BDC-financed company to file for bankruptcy in July and there are multiple BDCs involved in both the first and second lien debt. Re-published from the BDC Credit Reporter.
An Oaktree Specialty Lending-financed company files for bankruptcy protection. We re-publish a BDC Credit Reporter article on the subject while placing the investment in the broader context of the BDC’s investment strategy. Update: Added Oaktree Strategic Income as a BDC-lender as well.
We republish an article from the BDC Credit Reporter about the downgrade by our sister publication of a Oaktree Specialty Lending portolio company.