BDC sector prices rally for an 8th day. We also learn about a new BDC portfolio company and undertake more credit updates of companies and BDCs.
The new week begins with developments at two large-cap BDCs, a IQ 2021earnings preview for a small venture-debt BDC and word on who we’ll tackle next.
There are several new BDC developments to report on and new highs were prices are concerned.
Bain Capital Specialty Finance raises new unsecured debt at a favorable rate. We briefly explain the importance of the new note issuance to the BDC.
The BDC Reporter summarizes the Bain Capital Specialty Finance IVQ 2020 results.
Bain Capital Specialty Finance announces preliminary IVQ 2020 results and a new joint venture. We discuss the positives and negatives of both.
Bain Capital Specialty Finance had a good third quarter 2020 by all measures but – burdened by the mistakes of the past – the outlook for the dividend remains gloomy.
The BDC Reporter offers up plenty of commentary about Bain Capital Specialty Finance’s IIQ 2020 conference call transcript and summarizes our assessment of liquidity, credit and the long term outlook for the BDC.
The BDC Reporter was in two minds about how to rate Bain Capital Specialty Finance’s IIQ 2020 financial performance. We explain the decision made in the context of the information available in the press release and investor presentation, both attached.
As expected a Bain Capital Specialty Finance portfolio company in the restaurant field has filed for Chapter 11. The damage to the BDC will be minimal but there are still lessons to be learned from this setback.
We re-publish a BDC Credit Reporter update about a portfolio company with exposure from three public BDCs which has just been downgraded by Moody’s. The amounts of capital and income involved are material and worth being aware of.
“What goes up will come down” as BDC sector prices proved this week as volatility resumed. Also there were other notable developments including equity capital raised; a surprise dividend and important shareholder approvals. We also discuss the surprising change the size of the BDC sector is likely to take in the days and months ahead.
BDC common stocks prices are (almost) universally on an upward tear for a third week, and we’ve got the supporting data. Nonetheless, there’s a confusing mismatch between the mood and the fundamentals which leaves the BDC Reporter puzzled.
For a second week BDC common stock prices rally along with the broader indices. However, there’s a very long way for prices to go before returning to pre-Covid levels and multiple challenges ahead.
Bain Capital’s BDC – already close to funding a Rights Offering – is raising new unsecured debt capital at an unusually high interest rate. We review the few facts available and seek to interpret what this might mean for the BDC’s liquidity and outlook.
