We highlight some of the top stories that occurred in the BDC sector and on the pages of the BDC Reporter in the month of June for readers who like a useful summary. We also disclose our own investment choices and discuss the changes at the BDC Reporter in the past 3 weeks.
The “leaked” deal for Oaktree Capital to purchase Fifth Street Asset Management remains in limbo. We review the latest situation; discuss some of the potential scenarios going on behind the scene and provide full disclosure on our own actions.
New Mountain Finance raises new unsecured debt at a record low interest rate. The BDC News Of The Day provides all the key details and analysis of the impact on the balance sheet and earnings. BDC Reporter, though, questions if there was another approach available to the BDC and the Board.
BDC Exposure: $18mn
BDC Credit Reporter discusses which of 2 BDCs with debt to Company may be at greatest risk.
BDC Exposure: $15mn.
BDC Credit Reporter discusses impact on only BDC lender: Great Elm Corporation.
Last week of the first half of the year for the BDC Market Recap. Regular readers will not be surprised about the week’s overall trends in either common stocks or Baby Bonds, but there are individual exceptions noted.
Our main feature of the day is an in-depth look at TCG BDC Inc.’s draft Proxy, where the new BDC is asking its new shareholders to approve its Investment Advisory contract with a Carlyle Group affiliate.
BDC Exposure: $23mn
BDC Exposure: $67mn
In Breaking News, Fifth Street Asset Management sells to Oaktree Capital. The two public BDCs controlled by Fifth Street Asset Management jump in price. Just as the BDC Reporter has been expecting (except for Oaktree). We explains the whys and wherefores of the Big News, which is still very much in progress.
BDC Exposure: $54mn.
Securus Technologies is in the midst of a buy-out. Activists have challenged the deal at the FCC. The BDC Credit Reporter assesses the chances of a last minute block.
OHA Investment reaches a new price milestone. The BDC Reporter provides an update and some background reading.
BDC exposure: $137mn.
Mood Media has completed its Chapter 15 Canadian restructuring and made the move to a U.S. jurisdiction. Financial challenges remain unchanged.
Hercules Capital issues one of its regular press releases about select portfolio company activity. The BDC News Of The Day comments on how investors can or cannot use the information provided.
WhiteHorse Finance receives a nod from an analyst. The BDC News Of The Day provides the details, recaps the situation and provides full disclosure about our own activity in the common stock.
The BDC Reporter suggests a useful research tool for anyone doing BDC research, or wanting further information on the newest BDC.
A senior manager resigns at Hercules Capital. BDC News Of The Day reviews the details and discusses where HTGC sits a few weeks after its CEO sought unsuccessfully to switch its management from internal to external.
The BDC Reporter – in Part II of a multiple part series – reviews the compensation arrangements at the newest BDC: TCG BDC. Many of the terms will be familiar to BDC investors, but there are a couple of twists that both help and hinder shareholders. The BDC Reporter also discusses how compensation and strategy and credit quality intertwine.
WhiteHorse Finance’s stock price has dropped sharply. We explain the reason and speculate as to where the next direction might be.
Gladstone Investment held a Conference Call to encourage shareholders to vote on Proxy proposals. CEO David Gladstone made an argument about why shareholders should approve share issues below NAV. The BDC Reporter had something to say about that…