BDC sector prices overall barely budged in the week, but there was plenty of movement amongst certain individual BDCs, which we discuss. Also, as we enter the IVQ, the BDC Reporter breaks down the phases the BDC sector has undergone in 2020 and what we might expect for 2021.
A busy week for BDC news including an early bird set of of quarterly results; a lawsuit; a couple of dividend announcements and three significant secured debt amendments.
OFS Capital amends its Revolver with one of its secured lenders. We continue a long standing discussion about the BDC’s liquidity outlook.
WhiteHorse Finance announces a special distribution but can the BDC avoid a cut to its long standing regular payout ?
We undertake a credit review of Saratoga Investment in the wake of its August 2020 quarterly results.
The BDC Reporter has a first look at Saratoga Investment’s just-announced quarterly results, as well as the 10-Q and Investor Presentation.
The BDC Reporter provides some color on what to look out for when Saratoga Investment reports quarterly results shortly.
New Mountain Finance pens a routine extension of one of its secured debt facilities but the BDC has to accede to higher pricing. We review the details and the potential impact.
A portfolio loan of Garrison Capital’s that was booked as non performing has just been returned to accrual status after a contentious restructuring is achieved.
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.