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Show Media, Inc.

Digital Marketing
"Show Media executes large-scale transit-based promotional campaigns, such as repainting taxicabs in client colors and logos and offering 99 cent rides all day, as it did for Verizon. Ray-Ban, Louis Vuitton, Vitamin Water, and Microsoft's are some of its other clients." Quote from Inc. Magazine
Show Media,Inc. is a digital marketing company, which began with in-taxi video advertising. We have found very little public information about the Company. The only BDC with exposure is Alcentra Capital, which has been both lender and investor since before the BDC went public, as BNY-Mellon Mezzanine first got involved with the Company in 2012. As far as we can tell, Alcentra restructured an initial $7mn loan into a $3.5mn First Lien loan and a $3.5mn equity position back in late 2014. The equity has rarely had much value over the years, both before and after the restructuring, but the First Lien senior debt was carried at par between 2014 and the IVQ of 2015, when an initial mark-down of 4% occurred. In the IIIQ of 2016, Alcentra continued a now three quarters in a row trend of being marked down 16-18%. The debt is current, but half of the 10% yield is paid in cash and the remainder in PIK. The BDC Credit Reporter gives the Company a Corporate Credit Rating of 3, and the credit trend is stable.