BlackRock Capital amends its Revolver. The BDC Reporter uses the opportunity to review the credit agreement and discusses dull-as-dishwater issues such as liability management and portfolio valuation for readers interested in what might prove important in the Next Crisis.
The BDC Reporter -aided by research undertaken by the BDC Credit Reporter – updates its view of whether the current dividend of Garrison Capital is sustainable following the bankruptcy of a portfolio company.
Pennant Park Floating Rate announces an unchanged monthly dividend. The BDC Reporter looks ahead to what a recently announced new Joint Venture with Kemper might mean in the short term and long term for one of the most stable pay-outs in the sector. Yup, one of those “Good News/Bad News” stories.
PennantPark Investment declares its second, lower distribution in a row. The BDC Reporter focuses a very specific spotlight on what could go wrong at the BDC and bring about a second distribution cut and drop in price. We name names.
Gladstone Investment files another amendment to its $300mn Shelf Offering. There’s no “new” news to report but the BDC Reporter does have a warning for holders of the currently high flying BDC’s publicly traded Preferred issue with the ticker GAINO.
BDC common stocks as a group are going nowhere but there were two exceptions to the rule. Baby Bonds remain uniformly valued at premiums to par, ith the one exception moving back up.
Two big changes are happening at the BDC Reporter: We are asking everybody to register so we can get to know our readers better and so we craft a better publication and we’re launching our first Premium subscription service. We want to let our readers know the whys and wherefores as the BDC Reporter undertakes a major transition.
Securus Technologies Holdings is being sold and all its debt repaid. 6 BDCs with $54mn in exposure are going to get paid off and will have to decide whether to join the new debt being arranged. Details here.
REVISED: The BDC Credit Reporter corrects an earlier version of this story about Gymboree Corporation’s impending default on unsecured Notes and the possible impact on two BDCs with exposure: TCP Capital and KCAP Financial .
In BDC News Of the Day, the BDC Reporter has a look at Capital Southwest’s 10-K and Conference Call and comes away with a few notable insights into distribution policy, credit risk and the relationship with the SBIC.
In BDC News Of The Day, Horizon Technology Finance puts the finishing touches on a prospectus that includes the potential sale of 7.7% of its stock by an existing shareholder.
A BDC News Of The Day follow-up on the details of the MVC Capital sale of one of its subsidiary to a public utility company as contained in a just filed 8-K.
In BDC News Of the Day, Capital Southwest reports fiscal year and quarterly earnings. The BDC appears to be doing well in its first year as a lender-focused BDC, but the BDC Reporter cannot help but point out some concerns.
Following the BDC News Of The Day reporting on the new deal announced by MVC Capital, the market has reacted to the news.
Ares Capital just made a presentation to institutional investors at a conference. The BDC Reporter reviews the arguments and facts advanced by the now largest BDC, and cannot help adding a little context that investors might want to consider.
TCP Capital reports on results of its shareholder meeting regarding the election of 7 Directors and the issuance of shares below Net Asset Value, if required. The best surprise is no surprise- for BDC Investment Advisors at least.
At Medley Capital, a special purpose vehicle called Medley Seed Funding I,LLC continues to buy the common stock at a breakneck pace. Here are the latest facts and the impact on the BDC’s stock price.
In Breaking BDC News Of The Day, MVC Capital switches up its prior plan to merge two controlled entities, and finds a new buyer for its electric utility portfolio company. The BDC Reporter had a look immediately upon the release of the change of heart and sets out what the result might be for MVC shareholders in dollars and cents.
Capitala Finance is redeeming its Baby Bond with the ticker CLA. The market responds.
The BDC Reporter reviews the sustainability of Garrison Capital’s $0.28 quarterly distribution in the year ahead. Is maintenance of the current pay-out Likely, Possible or Unlikely ?