BDC 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 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 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.
We 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 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 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]
One 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 is taking action against one of its troubled portfolio companies, whose debt has been on non accrual for over a year.
BDC 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.
First 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.
The 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 – 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 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.
Here’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.
The 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.
A portfolio company of a venture-debt BDC files Chapter 11, triggering a likely realized loss.
With two weeks to go till the end of the year, little has changed where BDC Fixed Income prices are concerned but an issuer took advantage of favorable market conditions to raise $200mn of unsecured debt.
The late-in-the-year BDC sector rally continues judging by most of the numbers, but the BDC Reporter remains skeptical of investor enthusiasm. Unavoidably with only two weeks to go, we begin to look ahead to price, dividend and leverage levels in the year ahead.
In the first in a series we review how an investment has played out for two related BDCS from start to finish and see what lessons can be learned with the benefit of hindsight.
The BDC Reporter updates – now all the results are in hand – its previously published IIIQ 2019 preview of THL Credit’s performance, with a focus on what’s happening – and what not – to the BDC’s numerous under-performing investments.