A round-up of news developments at under-performing BDC companies for the week ended April 19, 2019.
The BDC Reporter highlights what lies ahead for the week, starting with Medley and ending with BDC credit.
From a price standpoint, only a small move in BDC Fixed Income prices in this shortened week. However, Main Street’s new unsecured debt was an important development in a much larger liability management and earnings story.
A shortened market week and a BDC sector headed nowhere. Will the weeks ahead offer more of the same ?
The BDC Reporter compares what actually occurred versus what we projected in our BDC Preview in a holiday shortened week.
Fidus Investment is awarded a new SBIC license. We discuss the details and the implications for the balance sheet and earnings of this lower middle market focused BDC.
Dissident shareholder FrontFour agrees a term sheet with Medley Capital and gets to appoint two directors to the Board. The BDC Reporter dissects the press release announcing this dramatic twist in the Medley story.
On paper, the Medley merger vote should be the biggest BDC news of the week, but we have our doubts if things will go as planned. Otherwise, we’ll continue to track BDC market prices for a sense of direction; look to the capital markets for debt issues and track credit troubles across thousands of BDC portfolio companies.
For a third week, BDC Fixed Income prices are moving up and have essentially wiped out unrealized losses incurred in late 2018, and better. However, the capital markets for BDC unsecured debt were deadly quiet in these last 5 business days.
The BDC sector was a quiet place in this past week. We look at the latest numbers but also take a medium and long term perspective when considering what the future might hold.
As the week comes to an end, the BDC Reporter compares what actually occurred versus what we projected in our BDC Preview.
Highlights from the last two days of BDC portfolio company news, and the possible impact on the multiple BDCs involved.
Two BDCs hit 52 week highs. We review the price action, the underlying causes and assess the longer term outlook.
In a surprise move, Medley Capital is forced to wind-down its SBIC subsidiary. We discuss the background, where the process stands and the implications for the parties involved.
This week the BDC Reporter will be keeping track of what is said – and not said – regarding the Medley merger; the price of Alcentra Capital after announcing its “strategic” alternatives probe and the direction of common stock prices and fixed income issuance.
Another week of moving upward for the BDC Fixed Income segment, in a pattern reminiscent of 2016. Plus, we formally increase total issues tracked to 42 and “do the numbers”.
For a second week in a row BDC common stock prices join the general merriment in the broader markets and move up. We place the current price level in context and ask hard questions about what might come next.
Alcentra Capital surprises the market -weeks after appointing a new CEO – by hiring a financial adviser and exploring alternatives. We discuss why and what the implications might be for the BDC and investors.
A large IT company files Chapter 11. Four BDCs are lenders. The BDC Credit Reporter assesses the likely damage. [Includes an update on Great Elm’s position]
Medley Management reports IVQ 2018 results one third of the way into 2019. We review to gain insights into how the proposed merger with Medley Capital and Sierra Income might be affected.