After a couple weeks pause, BDC Fixed Income prices overall moved back up. Still, the BDC Reporter has questions about one debt issuer in the news.
You might have expected the BDC sector – and other markets – to stand down during a difficult week, but that was not the case.
A notable week where BDC developments are concerned, including a historic debt issue and an equity raise brought to a successful – if underwhelming – conclusion.
The third BDC to announce a Rights Offering in the wake of the pandemic has just completed the process: Great Elm Corporation. We take a first look at the numbers involved and will discuss the long term impact in a future article.
Oaktree Strategic Income amends one of its secured loan agreements and causes the BDC Reporter some long standing disquiet about the BDC’s liquidity; earnings and credit outlook.
Medley Capital’s Board extends an agreement with its manager but has nothing to say about what happens next for the zombie BDC.
Golub Capital issues unsecured debt for the first time. We discuss both the details of the new debt and the role of junior debt capital in the BDC sector as a whole.
Neiman Marcus has exited bankruptcy and the only BDC involved – Sixth Street Specialty Lending – appears to have escaped unscathed.
As promised in an earlier article, the BDC Reporter profiles the second most important OFS Capital portfolio company on non accrual.
We re-publish an article from the BDC Credit Reporter about OFS Capital’s latest non performing portfolio company, and place the amounts of cost, FMV and investment income involved in context.
BDC Fixed Income prices follow common stocks downwards. However – as they say – it’s more complicated than that, and the BDC Reporter finds room for optimism.
BDC prices – and most everything else – dropped in price on the week, before having second thoughts on the final day of the week.
A busy week for BDC common stock prices but a quiet one where breaking news was concerned. Still, the BDC Reporter annotated two conference call transcripts and commented on two financing developments.
Another BDC is preparing to tap the institutional market for unsecured debt. The BDC Reporter review the whys and wherefores, and the positives and negatives involved.
Armed with additional insights from Investcorp Credit Management’s 10-K that has just been published, the BDC Reporter annotates the BDC’s fiscal year conference call transcript. Investors seem to be encouraged about the latest news, the BDC Reporter less so.
The BDC Reporter uses the opportunity to annotate BlackRock TCP Capital’s IIQ 2020 conference call transcript to understand why its distribution was reduced and what might happen going forward.
BDC Fixed Income prices – surprisingly to the BDC Reporter – reversed course slightly in a week that also included much new issue activity and preparation. The sector seems to be getting ready for a busy remainder of 2020. We discuss some of the highlights ahead as well as what occurred this week.
The major indices continued to wobble during the week but the BDC sector held its ground. We discuss both ephemeral short term price moves and much longer term BDC price trends, and end with a hopeful message despite a year-to-date spent in the red, and likely to remain there.
The biggest news of the week was Investcorp Credit Management’s reporting of its full year and quarterly results. Still, there’s plenty much besides to review in a moderately busy week for the BDC sector.
Ares Capital are picking up where they left off in July and raising additional unsecured debt. We take a peek at the latest Prospectus and the “Subsequent Developments” disclosures as well.