In a rare occurrence of late, a public BDC has raised unsecured debt. Even more interestingly, the financing is not a standard 5 year, fixed rate instrument. We discuss the implications for both the BDC involved and for the sector.
We assess the likely realized losses to be booked by two BDCs in the wake of a debt-to-equity restructuring of an engineering company.
Cion Investment – as long promised – announced a special year-end distribution.We discuss BDC dividend policy; this year’s payout over last year’s and the muted outlook for 2023, as well as review how the stock price has fared this year.
We re-publish an article from the BDC Credit Reporter about a Cion Investment portfolio company that may file for bankruptcy
We re-publish an article from the BDC Credit Reporter about the sorry state of a BDC portfolio company held by half a dozen players.
Newly public Cion Investment – whose stock has tanked in recent months – has reported IIQ 2022 results which include a sharp increase in its dividend. We annotate the BDC’s conference call transcript.
The markets continue to bounce around- dropping again on Thursday and bringing the BDC sector along. Two BDCs reported results and provided updated credit metrics. BDC earnings season is all but over.
The major indices dropped again. This time the BDC sector followed, but remains close to its highest levels. Outside of Main Street’s IVQ 2021 update – covered in a separate article – there were two credit developments worth knowing about.
Cion Investment receives permission to leverage up its balance sheet. We analyze what that might mean for future earnings and what’s standing in the way.
Cion Investment announces an unusual new joint venture. We review what we know and what we don’t.
The major indices had a rip roaring day but the BDC sector only moved up marginally. There was little news to report except a special dividend from a new BDC and a new deal announcement.
A very busy day for BDC news, but only moderate price movements. We welcome a new public BDC, and say goodbye to two public Baby Bonds.
The BDC Reporter pens the second part of its primer on newly public Cion Investment Corporation. We dive into future leverage expectations and changes in compensation arrangements with the advisor. However, there’s still much we don’t yet know.
The BDC Reporter – in the first part of a two part series – provides a primer on the latest BDC to go public: Cion Investment Corporation.
The major indices were all in the black on Tuesday, and the BDC sector largely followed along. There was big news in the form of a BDC going public; outstanding earnings from an existing mid-sized player and yet another low yielding issuance of unsecured debt.
