New Mountain Finance is issuing a convertible to tender for a less expensive existing convertible. This is just part of many financing needs facing the BDC in the next 36 months.
New Mountain Finance is giving an early look at two key IIIQ 2022 metrics.
Encouragingly for many BDCs the market for raising unsecured debt from institutional investors has re-opened of late. We review New Mountain Finance’s recent note issuance, but explain that this is a marathon not a sprint.
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.
New Mountain Finance announces an extension of its share repurchase program. The BDc Reporter uses the opportunity to review the BDC’s history and approach to buying back its own stock.
Fitch Ratings updates its view on New Mountain Finance. The BDC Reporter analyzes the rating group’s press release and offers its own – very similar – evaluation. This includes initiating our own unsecured debt rating for the BDC’s only Baby Bond.
One of the larger New Mountain Finance portfolio companies that was performing normally as recently as year end has filed for Chapter 11. We bring readers up to date with an article re-published from the BDC Credit Reporter written just hours after the filing.
A third week of dropping BDC sector prices as market confidence falters. We review the three biggest losers and one of the few weekly winners and also discuss an update from New Mountain Finance and a buyback at THL Credit. We end with the inevitable review of BDC credit trends.
We re-publish a BDC Credit Reporter about yet another BDC portfolio company bankruptcy. First, though, we pen a bromide about the “fair market” valuation system and how investors can be misled by the methodology employed.
For the last time – given that BDC earnings season launches this week – the BDC Reporter updates its compendium of all BDC developments since the Covid-19 crisis began. Plenty of items to review, but less than we expected.