Multiple BDCs: Lenders Terminate Forbearance Agreement Of Portfolio Company
Premium Free Activist News Debt Investor Dividend Best IdeasA publicly-traded portfolio company which four BDCs have exposure to falls out with its lenders after months of forbearance. We discuss the possible implications for the company itself and its BDC lenders, which include several well known names.
Owl Rock Capital: Issues New Unsecured Notes Due 2025
Premium Free Activist News Debt Investor Dividend Best IdeasWe review the details of Owl Rock Capital’s latest unsecured debt offering and discuss the broader implication for the BDC sector, and the pluses and minuses for shareholders.
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MVC Capital: IVQ 2019 Summary Results
Premium Free Activist News Debt Investor Dividend Best IdeasMVC Capital reports fiscal fourth quarter and full year results through October 2019. We review the earnings press release, investor presentation and 10-K to summarize the latest performance.
Investcorp Credit and Garrison Capital: Portfolio Company Exits Bankruptcy
Premium Free Activist News Debt Investor Dividend Best IdeasWe re-publish a BDC Credit Reporter about the Chapter 11 exit of a portfolio company of Garrison Capital and Investcorp Credit Management and discuss one of the most favored strategies lenders are adopting when debt investments go awry.
BDC Fixed Income Market Recap: Week Ended January 10, 2020
Premium Free Activist News Debt Investor Dividend Best IdeasBDC Fixed Income prices reach a new high in the first full week of 2020. We discuss the details. Plus, we review one redemption and two new issuances of unsecured debt that may foretell what will be coming down the pike for the sector as a whole.
BDC Common Stocks Market Recap: Week Ended January 10, 2020
Premium Free Activist News Debt Investor Dividend Best IdeasBDC sector prices rolled along in much the same way as in recent weeks. However, there were other multiple developments including blow-out results from one BDC and an unexpected equity raise from another.
Ares Capital: Issues Unsecured Debt
Premium Free Activist News Debt Investor Dividend Best IdeasAres Capital raises a great deal of new unsecured debt on very favorable terms. We discuss the nitty gritty and the likely impact on balance sheet and income statement. We also consider this new debt issue in a broader BDC context and ponder the implications.
TriplePoint Venture Growth: Portfolio Investment Write-Down
Premium Free Activist News Debt Investor Dividend Best IdeasWe learn from a TriplePoint Venture Growth disclosure details of its most recent financial performance and how one of its under-performing investments has played out.
Saratoga Investment: IVQ 2019 Results Summary
Premium Free Activist News Debt Investor Dividend Best IdeasSaratoga Investment kicks off IVQ 2019 BDC earnings season because the BDC closes its books one month earlier than most everyone else. That gives the smaller sized BDC a chance to shine, with stellar results. We’ve reviewed everything but the Conference Call to prepare this summary.
Saratoga Investment: To Retire Baby Bond – UPDATED
Premium Free Activist News Debt Investor Dividend Best IdeasSaratoga Investment is calling in the final portion of one of its Baby Bonds. We review the details of the imminent redemption and look forward to what the BDC’s balance sheet might look like in the future. [This article was updated after the publication of the BDC’s 10-Q]
FS-KKR Capital: Major Portfolio Company Files For Bankruptcy
Premium Free Activist News Debt Investor Dividend Best IdeasOne of the largest public BDCs – FS KKR Capital – is involved in the biggest bankruptcy of the year so far. We discuss what’s at risk and what investors might learn from what is unfolding in a Delaware bankruptcy court.
Monroe Capital: Seeks Involuntary Bankruptcy Of Portfolio Company
Premium Free Activist News Debt Investor Dividend Best IdeasMonroe Capital is taking action against one of its troubled portfolio companies, whose debt has been on non accrual for over a year.
BDC Fixed Income Market Recap: Week Ended January 3, 2020
Premium Free Activist News Debt Investor Dividend Best IdeasBDC Fixed Income prices surprise the BDC Reporter in the first few days of the new year. Plus, a BDC taps the unsecured market for the first time.
BDC Common Stocks Market Recap: Week Ended January 3, 2020
Premium Free Activist News Debt Investor Dividend Best IdeasFirst few days of 2020 for the BDC sector, whose rally seems to be in neutral. Most of the news developments in the period were on the credit front.
Alcentra Capital: Lawsuits Filed By Shareholders To Block Sale
Premium Free Activist News Debt Investor Dividend Best IdeasThe BDC Reporter dives into reviewing two just-filed lawsuits against the impending merger of Alcentra Capital into Crescent Capital that could change everything. Or nothing.
Capitala Finance: May Issue New Shares
Premium Free Activist News Debt Investor Dividend Best IdeasCapitala Finance – after the close on the last day of 2019 – announced the possibility of raising up to $50.0mn in new equity by issuing shares. We review the details; the possible reason for this move and the likely consequences in 2020.
Medley Capital: Final Judgement In Lawsuit
Premium Free Activist News Debt Investor Dividend Best IdeasMedley Capital finally settles a key lawsuit with shareholders. We review the terms and the likely impact on the way forward for the BDC and its sister entities.
BDC Fixed Income Market Recap: Week Ended December 27, 2019
Premium Free Activist News Debt Investor Dividend Best IdeasHere’s the final BDC Fixed Income Market Recap for 2019. Given that prices have barely budged this week, we principally look back at the highlights of the year.
BDC Common Stocks Market Recap: Week Ended December 27, 2019
Premium Free Activist News Debt Investor Dividend Best IdeasThe holiday shortened Christmas week was also the last full week of the year for the BDC sector. We recap where prices went in the few days the market was open and look back over the year as a whole. Yes, 2019 was a very good year overall for the BDC sector, but there’s more than that to consider, and we do.