For the BDC week ahead, the BDC Reporter expects to hear more about the Medley miasma; track the new “externalized” KCAP Financial and keep track of the increasingly geriatric BDC common stock rally.
Price-wise, the BDC Fixed Income sector did not do much of note this week. However, the most recent Baby Bond offering to hit the street speaks volumes.
The BDC sector was neither fish nor fowl in the week ended March 29. Is this still a rally or the edge of a precipice or something else besides ? We look to the numbers for answers.
The BDC Reporter annotates its own BDC Preview for the week of March 25 to March 29 with an update about what really happened.
Oxford Square issues and prices Baby Bond number two. We evaluate the impact for both common stock and debt holders.
The BDC Reporter annotates White Horse Finance’s IVQ 2018 Conference Call after an encouraging year. Nonetheless, there are clouds on the horizon.
The week ahead will likely be dominated by developments surrounding the Medley group, but we’ll be watching the markets, capital raising and what Newtek has to say now the FBI has literally and figuratively left the building.
Price-wise, a typical very quiet week for BDC Fixed Income. Big picture-wise we explain why that’s the case.
Let’s not equivocate: the BDC sector is dropping away from its February 22, 2019 high and the 13 week rally is at risk. We offer up a bevy of supporting data
Two more lawsuits come to light in the Medley merger battle that could drastically affect the outcome but which are not getting much in the way of attention except in the BDC Reporter.
Nearly a year after filing for Chapter 11, Nine West Holdings emerges with a new name, owner and capital structure. FS KKR Capital is the only public BDC with exposure and will have to settle up, with mixed results.
Another zig in the zig zagging saga of the three way Medley merger. Days before the shareholder vote half the “independent” directors quit. We read the tea leaves as best we can.
Alcentra Capital has a new CEO, a new President and a new business strategy, as discussed on the Conference Call. The BDC Reporter, though, has a number of points to make in our annotations.
The Affinion Group has successfully pulled off a major restructuring, including two Rights Offerings and a debt for equity swap. How will that affect the two PennantPark BDCs who hold equity already ?
A well known retailer decides to liquidate. Three BDCs will be taking further credit hits as a result and major realized losses when the process is completed.
A Canadian oil and gas explorer faces a major refinancing challenge. Will the multiple FS Investment-KKR BDCs with debt exposure be affected ? We’re worried.
A well known coal company emerges from Chapter 11 owned by its creditors, which seems to include three BDCs with approximately $60mn of debt now converted to equity.
Another retailer files Chapter 11, leaving one public and one private BDC with approximately $35mn of exposure and important decisions to make about how to proceed from here.
The BDC Reporter annotates the conference call transcript of the newly merged and expanded FS KKR Capital.
Great Elm Capital announces a share repurchase program – a popular initiative in the BDC sector in recent months. We analyze the possible impact on the BDC’s share count and stock price.