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.
All quiet where BDC Fixed Income prices are concerned and not much new issuance. However, the BDC Reporter’s list of who might be coming to the unsecured debt markets in the months ahead is very long.
After two soft weeks the BDC sector moves up in the face of much drama at Medley and Hercules Capital and as earnings season comes to a close. Better, but not best as yet. Does the BDC rally have another level to move to ?
We annotate Harvest Capital’s IVQ 2018 earnings conference call, following a recent dividend cut caused by a shrinking balance sheet. The BDC has high hopes for the future. We are more circumspect.
Hold up ! The three company Medley merger is placed on pause again. This time the reason lies not with the U.S. government shut-down but with a Delaware judge.
The BDC Reporter finds much new information in Great Elm’s Conference Call transcript and 10-K filing, some of which may be exciting to some investors and worrying to others.
After the shocking news of the alleged involvement of Hercules Capital’s CEO in the college admissions scandal, he steps aside. We discuss – with an eye on precedent and possible alternatives – the possible impact on shareholders.