With interest rates sharply up, we decided to take a look at what’s happening to BDC Fixed Income prices at a time when many other debt sectors are getting hammered. Beginning of the apocalypse or passing storm ?
THL Credit refinances an existing Baby Bond with another Baby Bond. We discuss short and longer term implications for shareholders and existing debt holders.
Alcentra Capital reports two new Board members and changes to its Revolver. We focus our analysis on the latter in light of the BDC’s undergoing efforts to re-make itself with new management and a new strategy.
The weekly data suggests a softening BDC common stock sector, as do some medium term trends. However, the BDC Reporter – for the moment – has not given up on the 7 month-long rally.
The BDC Fixed Income segment is in the midst of a major change, just as prices begin to soften.
Medley Capital shuts down its Revolver. The BDC Reporter does not like how this looks before a key shareholder vote.
Prospect Capital yet again raises new unsecured debt. We focus on how this financing fits into the BDC’s business model and leaves shareholders wanting.
Oaktree Strategic Income repays one financing with a new one. All part of the BDC’s attempt to leverage up to a debt to equity of 1.6x, but there’s a long way to go and key questions remain unanswered.
In one of the BDC Reporter’s periodic articles for all readers, we review the latest Proxy from MVC Capital and discuss the state of corporate governance prior to an October shareholder vote on two items.
This was an important week for the BDC Fixed Income sector, both in the short and long term. We discuss changes underway that might feature for years to come.
The BDC Sector, after a brief downturn, resumes an upward path that dates back to the spring. That’s not surprising but readers might not expect what we have to show about the connection between adoption of higher leverage and BDC stock prices in recent months.
New Mountain Finance continues to raise debt capital at an unequaled pace. We dig into the numbers and project out the balance sheet and earnings impact and – heaven forbid – the risks involved.
Hercules Capital issues a new Baby Bond but might repay an existing issue. The BDC Reporter analyzes this latest debt raise from a number of perspectives.
MVC Capital and a major shareholder have agreed on buybacks and a new Board member. Will that be enough to push the stock price up to book ?
Goldman Sachs BDC amends its Revolver as part of implementing higher leverage allowed under the Small Business Credit Availability Act. We peer down the figurative road…
Another week when BDC Fixed Income prices and yields remained unmoved. But what if the risk free rate shoots up in the future as Jamie Dimon predicts ? We discuss the implications.
In the first full week after the summer BDC common stocks remain stuck in a narrow range. Plenty of individual stock activity to discuss and an unchanged outlook.
Golub Capital receives a much-requested letter from the SEC which will assist in keeping borrowing costs low. Also, an opportunity for the BDC Reporter to discuss little understood funding risks.
The BDC Reporter provides an update on the credit performance and outlook for WhiteHorse Finance.
One rating group downgrades Hercules Capital from investment grade, another moves in. Another example of the changing dynamics of BDC debt credit ratings.