The BDC Reporter contends with an avalanche of BDC earnings reports, but notes very few setbacks. Market prices revive on the general optimism.
The BDC sector is getting busy with earnings releases, amended financing arrangements and credit developments. Most of the day’s update is devoted to what we’ve learned – or otherwise – from Capitala Finance’s earnings and conference call.
BDC fixed income prices remained essentially unchanged but there were several notable news developments in the sector during the week.
After a day away, we publish two days worth of annotated BDC news coming from some of the sector’s most recognizable names.
Prospect Capital has issued new unsecured debt that will materially impact its balance sheet and earnings. We discuss the details but also place this development in the broader context of what we’re calling the Great Refinancing.
As expected, S&P has granted Prospect Capital’s new Perpetual Preferred offering a BB rating. The BDC Reporter digs into the Prospectus to discuss the implications for all stakeholders of the controversial BDC.
Prospect Capital is busy again re-organizing its balance sheet. This time, the BDC seeks to buyback its 2022 Convertible debt. We take a first look and are left unsure as to management’s motivation.
Prospect Capital – always marching to its own drummer – is launching the first Perpetual Preferred in the BDC sector. Here are the BDC Reporter’s first thoughts on this important, potential market moving development, drawn from the BDC News Feed.