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.
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 ?