Prospect Capital yet again raises new unsecured debt. We focus on how this financing fits into the BDC’s business model and leaves shareholders wanting.
Oaktree Strategic Income repays one financing with a new one. All part of the BDC’s attempt to leverage up to a debt to equity of 1.6x, but there’s a long way to go and key questions remain unanswered.
In one of the BDC Reporter’s periodic articles for all readers, we review the latest Proxy from MVC Capital and discuss the state of corporate governance prior to an October shareholder vote on two items.
This was an important week for the BDC Fixed Income sector, both in the short and long term. We discuss changes underway that might feature for years to come.
The BDC Sector, after a brief downturn, resumes an upward path that dates back to the spring. That’s not surprising but readers might not expect what we have to show about the connection between adoption of higher leverage and BDC stock prices in recent months.
New Mountain Finance continues to raise debt capital at an unequaled pace. We dig into the numbers and project out the balance sheet and earnings impact and – heaven forbid – the risks involved.
Hercules Capital issues a new Baby Bond but might repay an existing issue. The BDC Reporter analyzes this latest debt raise from a number of perspectives.
MVC Capital and a major shareholder have agreed on buybacks and a new Board member. Will that be enough to push the stock price up to book ?
Goldman Sachs BDC amends its Revolver as part of implementing higher leverage allowed under the Small Business Credit Availability Act. We peer down the figurative road…
Another week when BDC Fixed Income prices and yields remained unmoved. But what if the risk free rate shoots up in the future as Jamie Dimon predicts ? We discuss the implications.
In the first full week after the summer BDC common stocks remain stuck in a narrow range. Plenty of individual stock activity to discuss and an unchanged outlook.
Golub Capital receives a much-requested letter from the SEC which will assist in keeping borrowing costs low. Also, an opportunity for the BDC Reporter to discuss little understood funding risks.
The BDC Reporter provides an update on the credit performance and outlook for WhiteHorse Finance.
One rating group downgrades Hercules Capital from investment grade, another moves in. Another example of the changing dynamics of BDC debt credit ratings.
BDC Fixed Income prices did not do much this week, but there were other notable developments which augur busy times ahead for chief financial officers at funds across the sector.
A pull-back in the BDC sector in this holiday shortened week, and a couple of unexpected developments. To the BDC Reporter,though, the outlook remains the same.
The smallest BDC extends its Revolver for another year, but still leaves the big questions unanswered.
Barings BDC completes its modified “Dutch Auction”. Both the BDC and shareholders will be looking down the road.
Monroe Capital issues its first Baby Bond. We review how this first step towards leveraging up the BDC’s portfolio might impact shareholder risk and return.
Hercules Capital adopts the new asset coverage rules and asks shareholders for their blessing. This is Big News in more ways than one, and we discuss the implications for the BDC and the sector generally.