The second week of BDC earnings season is about to begin but the headline as of Monday morning relates to a new private unsecured debt offering and the upcoming redemption of a public Baby Bond.
A previously troubled portfolio company of both Portman Ridge Finance and Saratoga investment is on the road to recovery.
Harvest Capital is to merge into Portman Ridge, continuing a public BDC consolidation process. We analyze what we know about the merger but also look at the bigger picture of a changing BDC landscape.
In a much anticipated move both the shareholders of Portman Ridge and Garrison Capital formally agreed to a merger first mooted in mid-year. The BDC Reporter, though, has serious concerns about the post-merger balance sheet; leverage and liquidity of a super-sized Portman Ridge.
The IIQ 2020 results of Portman Ridge Financial contained both positive and less positive developments, as the BDC Reporter found on taking a first look.
BDC Fixed Income prices zigged when common stock prices zagged this week. We explain how but can’t help sharing our doubts with readers about a quarter of the public BDC universe and what that might mean for their debt prices down the road.
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.
In a surprise development, Portman Ridge Financial and Garrison Capital announce plans to merge. The BDC Reporter analyzes what the two BDCs bring to one another and muses about the implications for the BDC sector in the quarters ahead.
“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.