On August 31, 2017 MVC Capital (MVC) filed an 8-K describing a change to its Credit Facility. BDC News Of The Day reviews the filing and analyzes the impact on the BDC’s liquidity and earnings. We end by reviewing where MVC stands following its recent Dutch Auction, and discuss our own investment approach to investing in MVC’s common stock and Baby Bond.
BDC common stocks and Baby Bonds are carving out different market paths, as this week’s review starkly illustrates. The future – though unknown – suggests more differentiation in the results of these two related but very different segments of the BDC Sector.
On September 1, 2017 CM Finance (CMFN) filed its Preliminary Proxy. The BDC Reporter reviewed the document and highlights the key items of interest to shareholders; analyzes the issues raised in the filing and offers up its own view to shareholders on how to vote.
On August 30, 2017 Apollo Investment (AINV) filed a notice of its intention to redeem one of its two publicly traded Notes. Here are the details and what the trends are for redemptions and new issuance in the BDC fixed income market:
We review Prospect Capital’s “shelf registration”…
Here is what the BDC Reporter is working on for Thursday August 31, 2017.
Capital Southwest gets an analyst upgrade and increases its distribution.
The BDC Reporter update for Wednesday August 30, which includes a number of BDC briefs, and the release to all readers of our Market Recap from a month ago. BDC News Of The Day subscribers will be getting an in-depth analysis of the challenges facing Capital Southwest following an analyst upgrade.
An update on what the BDC Reporter has worked on and will be on Tuesday August 29, 2017.
Reviewing the sustainability of Prospect Capital’s dividend.
Triangle Capital gets an analyst upgrade. Deserved ?
Here is what the BDC Reporter is working on for Monday August 28, 2017.
Last week, the BDC Reporter made a Big Call about the direction of BDC common stocks. A week later and the jury remains out, but we are sticking to our view. However, we discuss two issues that might change the whole picture for BDC prices. Where Baby Bonds are concerned, the almosphere is very different but new risks are emerging…
On August 24, 2017 Harvest Capital issued a filing and a press release regarding its existing Baby Bond issue. The BDC News Of The Day reviews the details, analyzes the impact on the BDC and its Note Holders. We follow up with a broader discussion of both positive and negative trends underway in the vibrant Baby Bond market. We mention – for the first time – the gorilla that just entered the room.
Here is what the BDC Reporter is working on for Friday August 25, 2017. We prepare an update on Harvest Capital’s Baby Bonds for BDC News Of The Day and briefly discuss minor items – unless you don’t like BDCs selling stock below book- at Gladstone Investment and Triangle Capital. We discuss the stocks we are tracking and alight on Prospect Capital – just before its much ballyhooed earnings release.
On August 23, 2017 Goldman Sachs BDC (“GSBD”) filed Post Effective Amendment Number 4 to its N-2 Prospectus filing. The BDC News Of the Day highlights the most recent development contained in the filing and discusses the risk-reward of investing in this Goldman Sachs public vehicle.
Here is what the BDC Reporter is working on for Thursday August 24, 2017. We prepare to write for the BDC Daily News about Goldman Sachs BDC; continue to watch several stocks and explain why and discuss our in-depth review of Monroe Capital.
Here is what the BDC Reporter is working on for Wednesday August 23, 2017. There’s not much news to report, but there are several stocks to watch and several articles written for our premium News Of The Day premium service released to all readers now our 30 day embargo has passed.
On August 21, 2017 Harvest Capital (HCAP) issued and priced a new Baby Bond. We provide key details and analyze the impact on the BDC’s income statement and balance sheet. Then the BDC Reporter’s adds some value with its assessment of the risks and opportunities involved with both HCAP’s common stock and unsecured Notes. We conclude with a frank admission of how we are likely to invest going forward. We may surprise you …
MVC Capital’s stock buy-back reviewed.