The broad indices and BDC sector prices were relatively muted on Wednesday. However, there were two important moves in the BDC fixed income arena getting underway.
BDC stock prices climb for the seventh day in a row to new record highs. Meanwhile two large cap BDCS issue a huge amount of unsecured debt at the same rock bottom yield. Plus, some unusual bad news where credit is concerned…
Owl Rock Capital prices a new unsecured note offering. The BDC Reporter closes the circle with a follow-up article about the debt raise to accompany what we wrote July 13. However, there’s an unexpected development: the proposed use of the funds.
Owl Rock Capital is preparing to pitch a new unsecured debt offering, according to a filing. The BDC Reporter reviews the BDC’s current debt level and liquidity and guesses what the amount to be raised and pricing might look like. Finally, we place this putative issue in the broader context of BDC access to the debt markets in the post-Covid period.