Most of Wednesday September 13, 2017 was devoted to investigating a huge new BDC coming to the public markets. There’s other news besides in our daily summary.
Great Elm Corporation (GECC) prepares to both issue new unsecured notes and sell a large number of insider owned common shares.
Fifth Street Finance and Fifth Street Senior Floating Rate announced the results of the shareholder vote regarding the transfer of their Investment Advisory Agreements to Oaktree Capital Management, a subsidiary of Oaktree Capital Group, LLC.
As part of the premium subscription service, the BDC Reporter has compiled a list of all the different BDC Baby Bonds, their tickers, terms and yields. Moreover, we’ve added our assessment of whether early redemption will occur on a name-by-name basis. A critical survey tool for any investor in BDC fixed income.
On August 31, 2017 MVC Capital (MVC) filed an 8-K describing a change to its Credit Facility. BDC News Of The Day reviews the filing and analyzes the impact on the BDC’s liquidity and earnings. We end by reviewing where MVC stands following its recent Dutch Auction, and discuss our own investment approach to investing in MVC’s common stock and Baby Bond.
BDC common stocks and Baby Bonds are carving out different market paths, as this week’s review starkly illustrates. The future – though unknown – suggests more differentiation in the results of these two related but very different segments of the BDC Sector.
On September 1, 2017 CM Finance (CMFN) filed its Preliminary Proxy. The BDC Reporter reviewed the document and highlights the key items of interest to shareholders; analyzes the issues raised in the filing and offers up its own view to shareholders on how to vote.