As October draws to a close, a new BDC-financed company files for Chapter 11. We re-publish an article from the BDC Credit Reporter and put this bankruptcy in context for a difficult year in credit.
All quiet on the BDC Fixed Income price front but both this week and next plenty of news stories to discuss, weigh and place into context.
For a third week in a row, BDC sector prices are down on the eve of earnings season. Also discussed: the growth in size of the larger BDCs and what that might mean for shareholders, inspired by Goldman Sachs BDC’s just completed merger with a sister fund.
The parent of Crescent Capital BDC’s external manager is being acquired by a trillion dollar financial services company. We review the details and what the implications are for the public BDC’s shareholders only months after going public.
Medley Capital announces the redemption of one of its two remaining Baby Bonds. The BDC Reporter discusses the implications for the BDC’s shareholders and remaining bond holders.
WhiteHorse Finance issues new unsecured debt. The BDC Reporter has a first look at this surprise new offering.
Golub Capital offers up some preliminary results for the quarter ended September 2020. The BDC Reporter analyzes the metrics in the context of a difficult year for the BDC and the sector generally.
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 median BDC unsecured debt price dropped slightly this week, but the BDC Reporter remains sanguine. However, with BDC earnings season coming up, several underperforming BDCs do bear watching. We name names.
Not a good week where overall BDC stock prices were concerned, but the BDC Reporter is not fazed and we explain why.
Another energy company files for bankruptcy and Sixth Street Specialty Lending is involved.
A portfolio company of Harvest Capital that was on non accrual and in Chapter 11 has been sold, as discussed by the BDC Credit Reporter. We provide some details about how this affects the BDC’s overall credit position.
Gladstone Investment announces unchanged IVQ 2020 distributions. The BDC Reporter discusses whether the BDC can continue to maintain an undisturbed payout in 2021.
Medley Capital divests itself of its largest single investment. We review the details and the implications for stock and debt holders.
A portfolio company of Barings BDC files – not unexpectedly – for Chapter 11. The BDC Reporter weighs the impact on the BDC.
The BDC Fixed Income sector reaches a new milestone this week and gives the BDC Reporter the opportunity to estimate what 2020’s total return may look like with less than 3 months to go.
BDC sector prices overall barely budged in the week, but there was plenty of movement amongst certain individual BDCs, which we discuss. Also, as we enter the IVQ, the BDC Reporter breaks down the phases the BDC sector has undergone in 2020 and what we might expect for 2021.
A busy week for BDC news including an early bird set of of quarterly results; a lawsuit; a couple of dividend announcements and three significant secured debt amendments.
OFS Capital amends its Revolver with one of its secured lenders. We continue a long standing discussion about the BDC’s liquidity outlook.
WhiteHorse Finance announces a special distribution but can the BDC avoid a cut to its long standing regular payout ?