A second week of 2021 and another broad-based increase in BDC prices. We provide color on who is up in price the most but also question whether the way ahead will look like the way behind.
Prospect Capital has issued new unsecured debt that will materially impact its balance sheet and earnings. We discuss the details but also place this development in the broader context of what we’re calling the Great Refinancing.
Breaking News: Newtek Business Services is preparing to issue a new Baby Bond. This might mean early redemption for holders of one of the BDC’s existing Baby Bonds.
Main Street Capital issues new unsecured debt on very favorable terms. The BDC Reporter looks at the impact on leverage, earnings and the outlook for the BDC both in the short and longer term.
We share an article from the BDC Credit reporter about a Stellus Capital portfolio company that has filed Chapter 11.
In a follow-up article, we fill in the details about the Stellus Capital unsecured debt raise. The BDC Reporter, though, also shares its thoughts on the BDC’s increasing leverage levels.
Another day, another BDC Baby Bond slated for early redemption. Stellus Capital is preparing to refinance its public Baby Bond. We review what a draft prospectus tells us.
Newly independent PhenixFin (previously Medley Capital) announces a share repurchase program. Investors, though, remain the dark about the BDC’s financial standing and intentions.
BFC Fixed Income prices continue to improve in the new year. However, with most issues trading above par, an old trap for BDC debt investors comes back into focus: will your favorite BDC debt issue purchased at a premium be redeemed early at par ?
BDC sector prices began 2021 with a robust increase. We discuss the week’s winners and losers as well as projecting out how the year might play out following the biggest net total loss in the last 10 years, according to the S&P BDC index.
Saratoga Investment is the first BDC to report fourth quarter 2020 results – albeit through November. The BDC Reporter reviews the latest performance and what we might learn more generally about the state of the BDC sector.
Ares Capital issues new unsecured debt at a historically low yield. The BDC Reporter reviews the implications for the market leader and for the sector generally.
New Mountain Finance announces an extension of its share repurchase program. The BDc Reporter uses the opportunity to review the BDC’s history and approach to buying back its own stock.
In advance of Saratoga Investment’s upcoming earnings release, the BDC Reporter surveys the risks and opportunities of investing. We even offer up a 5 year price target for anyone interested in long term projections.
A public company, which is in the portfolio of three different BDCs, has been charged with accounting fraud by the SEC, as recently mentioned in the BDC Credit Reporter. We re-publish the article and discuss which BDCs are involved and for which dollar amounts.
The BDC Fixed Income market ends 2020 with a flourish and a new post-Covid price record. We look forward into 2021, and even beyond to see what the future holds for publicly traded BDC unsecured debt.
2020 is finally over and the BDC Reporter recaps how the last two weeks – and the year – closed out.
Medley Capital is changing how the BDC is managed and named. We discuss the details and offer up some strong opinions about what’s happening here.
Harvest Capital has provided some updates on underperforming portfolio companies in advance of its merger with Portman Ridge. We use the opportunity to review the BDC’s credit position.
Harvest Capital is to merge into Portman Ridge, continuing a public BDC consolidation process. We analyze what we know about the merger but also look at the bigger picture of a changing BDC landscape.