We use the closing of THL Credit’s modified” Dutch Auction” to review where the BDC seems to stand where liquidity, earnings, dividend and credit quality are concerned.
An oil services company financed by three public BDCs unexpectedly files Chapter 11. We re-publish an article from the BDC Reporter and review which BDCs are involved and for how much.
Owl Rock Capital prices a new unsecured note offering. The BDC Reporter closes the circle with a follow-up article about the debt raise to accompany what we wrote July 13. However, there’s an unexpected development: the proposed use of the funds.
One of Ares Capital’s largest portfolio companies has been downgraded by the BDC Credit Reporter following a worrying report by Moody’s. Given the size of the investment and the large amount of income at risk, we’re republishing the article by BDC Credit Reporter.
Oaktree Strategic Income arrives at a temporary understanding with one of its secured lenders. The BDC Reporter, though, details what could go wrong and what the fallout might be if things don’t go as planned for the BDC.
Golub Capital releases some preliminary IIQ 2020 results. The BDC Reporter compares these numbers against the BDC’s prior performance. We also seek to suss out what the outlook might be for Golub’s future earnings and dividend.
A new non-traded BDC is being launched by Barings, which already manages publicly traded Barings BDC. We review the key details and what the implications might be for the public shareholders and for the sector more generally.
Owl Rock Capital previews some key IIQ 2020 metrics, but leaves plenty unsaid. The BDC Reporter analyzes what we’ve learned and highlights what we don’t know.
Owl Rock Capital is preparing to pitch a new unsecured debt offering, according to a filing. The BDC Reporter reviews the BDC’s current debt level and liquidity and guesses what the amount to be raised and pricing might look like. Finally, we place this putative issue in the broader context of BDC access to the debt markets in the post-Covid period.
The downward direction of BDC sector prices – after a brief rebound – continued in the week. We discuss why that might be happening and what to expect as BDC earnings season gets ever closer.
Stellus Capital provides some early disclosure about its non performing loans. The BDC Reporter adds some numbers to the mix and places these credit hotspots in context. We also mention what other companies are on our watchlist.
Ares Capital prepares to issue new unsecured notes and files a Prospectus. The BDC Reporter uses the opportunity to study the most recent developments disclosed to get a preview of how the BDC performed in the second quarter.
We re-publish an article from the BDC Credit Reporter about positive developments at a portfolio company of Investcorp Credit Management. We use the opportunity to provide an overview of our estimate of the BDC’s underperforming assets and the large exposure to the energy sector.
As expected a Bain Capital Specialty Finance portfolio company in the restaurant field has filed for Chapter 11. The damage to the BDC will be minimal but there are still lessons to be learned from this setback.
Stellus Capital reduces its dividend but a host of uncertainties remain about the BDC’s liquidity, credit and the form of future payouts.
An Oaktree Specialty Lending-financed company files for bankruptcy protection. We re-publish a BDC Credit Reporter article on the subject while placing the investment in the broader context of the BDC’s investment strategy. Update: Added Oaktree Strategic Income as a BDC-lender as well.
Capitala Finance abandons trying to mend relations with its Revolver lenders and closes the facility. We review where that leaves the BDC’s financing, liquidity and future.
Horizon Technology Finance arranges a fourth financing facility which should boost liquidity and underwrite further portfolio growth. We discuss the background; the details; the benefits and the risks.
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.
Another Harvest Capital portfolio company has gotten into trouble and filed for Chapter 11. Using BDC Credit Reporter data, we update the number and value of underperforming and non performing companies at the BDC. We also review where the BDC sector stands in terms of new portfolio company bankruptcy filings.
