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MVC Capital: Is The Distribution Sustainable ?

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The BDC Reporter adds a second article in a series dedicated to assessing whether a BDC’s current distribution level is sustainable for the next 12 months. We using ratings of Likely, Possible or Unlikely. Last week, we thought Garrison Capital’s dividend Unlikely to be continue unchanged. This week we turn to MVC Capital, which has paid 48 consecutive quarterly distributions, following our in-depth review of its latest 10-Q which we undertook for our Premium subscribers. This article and series is made available to all the readers of the BDC Reporter.

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MVC Capital: Releases Quarterly Earnings

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In-The-News MVC Capital released quarterly earnings. We looked at the normal metrics and then delved into the 30 company portfolio for a better understanding of income, risk and asset value and whether MVC can remake itself. We came away not encouraged after a first review of the 10-Q.

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BlackRock Capital Investment: Offering Of Convertible Notes

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BlackRock Capital issues its first public Convertible after years in the dog house. The BDC News Of The Day reviews the terms,and spells out the impact on the BDC’s earnings in the short term and the balance sheet outlook medium term. We also provide our own analysis about the creditworthiness of the Convertible Notes through a hypothetical financial crisis. We’re not as bullish as the rating agencies….

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Golub Capital: Issues New Equity

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Golub Capital is selling equity (again) for two specific purposes. The BDC Reporter discusses the details of the offering and what the trends in earnings and credit look like at this highly popular BDC trading at a big premium to book value.

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PennantPark Floating Rate: Dividend Announced

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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.

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Big Changes Afoot At The BDC Reporter

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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.

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