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.
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.
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.
OFS Capital amends its Revolver with one of its secured lenders. We continue a long standing discussion about the BDC’s liquidity outlook.
We undertake a credit review of Saratoga Investment in the wake of its August 2020 quarterly results.
The BDC Reporter has a first look at Saratoga Investment’s just-announced quarterly results, as well as the 10-Q and Investor Presentation.
The BDC Reporter provides some color on what to look out for when Saratoga Investment reports quarterly results shortly.
New Mountain Finance pens a routine extension of one of its secured debt facilities but the BDC has to accede to higher pricing. We review the details and the potential impact.
A portfolio loan of Garrison Capital’s that was booked as non performing has just been returned to accrual status after a contentious restructuring is achieved.
Oaktree Strategic Income amends one of its secured loan agreements and causes the BDC Reporter some long standing disquiet about the BDC’s liquidity; earnings and credit outlook.
Golub Capital issues unsecured debt for the first time. We discuss both the details of the new debt and the role of junior debt capital in the BDC sector as a whole.
Neiman Marcus has exited bankruptcy and the only BDC involved – Sixth Street Specialty Lending – appears to have escaped unscathed.
As promised in an earlier article, the BDC Reporter profiles the second most important OFS Capital portfolio company on non accrual.
We re-publish an article from the BDC Credit Reporter about OFS Capital’s latest non performing portfolio company, and place the amounts of cost, FMV and investment income involved in context.
Another BDC is preparing to tap the institutional market for unsecured debt. The BDC Reporter review the whys and wherefores, and the positives and negatives involved.
