The BDC sector dropped back again last week after a head fake the week before. We review the numbers and evaluate what we’ve been learning from the BDCs themselves all week and what remains unknown.
In a surprise move, a second BDC – Golub Capital – announces its intention to undertake a rights offering. We do our best to describe how the offering will work; the capital that might be raised and the likely impact on shareholders. We use the opportunity to quickly review some of the other alternatives BDCs have at hand to raise capital in a hurry.
Another week of BDC Earnings Season and another week of a sector-wide price rally. We review the highlights of both, and add some context about longer term trends underway.
The BDC Reporter re-publishes an article from Leveraged Commentary & Data about third quarter 2019 trends and uses the opportunity to discuss some of the fundamental changes going on before our eyes in how the sector does business.
When the broader markets catch a cold the BDC sector sneezes, as this week proves again. Otherwise very little news but plenty to discuss where BDC portfolio companies credit troubles are concerned.
In a week where BDC stocks moved up to break new 2019 records – which we discuss at length – the BDC Reporter looks down the road at the growing and changing nature of the sector.
There was a paucity of news affecting the BDC sector in the week ended September but developments out of the SEC could change price dynamics.
We share highlights from the BDC Credit Reporter’s compilation for the week of developments amongst under-performing portfolio companies, naming the BDCs and the amounts involved.
After reading the transcript of Golub Capital’s Conference Call which discussed its higher leverage plan, we’ve returned to the drawing board/word processor and updated our earlier numbers and conclusions.
Golub Capital – amidst a flurry of major changes – adopts the higher leverage allowed by the Small Business Credit Availability Act. We estimate what the pro-forma numbers will look like and discuss liquidity and risk management.
Golub Capital receives a much-requested letter from the SEC which will assist in keeping borrowing costs low. Also, an opportunity for the BDC Reporter to discuss little understood funding risks.
Golub Capital continues to rework its borrowings. The BDC Reporter provides an update and discusses the broader picture of BDC liability management – and what that might mean for shareholder risk and return – in a new age.