Creditflux

BlackRock joins BDCs with increased leverage approval
BlackRock Capital has become the latest business development company to adopt the higher leverage after the Small Business Credit Availability Act was amended last year

Garrison BDC needs to liquidate, argues shareholder Clear Harbor
In a letter delivered to the board on Thursday, Clear Harbor emphasised several concerns and demanded a new independent investment advisor with liquidation expertise 

Medley BDC finds no "superior proposal" to merger plans after go-shop process
Medley Capital Corporation (MCC) has not found a “superior proposal” for its plans to merge with another Medley-managed business development company and instead recommends that shareholders vote for its amended agreement.

Morgan Stanley registers new BDC with US regulators
Morgan Stanley Investment Management filed a statement with US regulators yesterday to register a business development company

PennantPark makes CLO market debut amid fundraising spree
PennantPark Investment Advisers, a New York-headquartered direct lending firm, yesterday priced its first ever CLO, becoming the US market’s eighth debut manager of 2019

Crescent BDC buys Alcentra BDC in $141.9 million transaction
As part of the deal, the combined business development company will go public and charge lower management fees

Solar BDC shines a light on its bid to focus on first lien loans
Solar Capital is taking a prudent approach to loan investments with the firm reducing its exposure to second liens, according to the business development company's earnings call

BDC consolidation continues with Oak Hill and BC Partners-affiliate merger
The consolidation of US business development companies continues... this time, with the merger of OHA Investment Corporation and Portman Ridge Finance Corporation

BDCs ramp up CLO issuance, but stifle investment appetite
As business development companies (BDCs) turn to CLOs as a financing tool, they are reducing their investments in CLO liabilities.

OFS BDC forms senior loan subsidiary with $150 million credit facility
OFS Capital Corporation has established a subsidiary to focus solely on senior loans

FS and KKR create $9 billion publicly-listed BDC with four-way merger
The move would create the second largest BDC by assets under management

Barings shows way forward with BDC-sponsored CLO
The unusual move by Barings BDC to issue a US CLO suggests a new way for BDCs to lock in cheap financing and withstand volatility.

Barings BDC forms $550 million JV with South Carolina pension
The new joint venture will invest in both liquid and illiquid credit

KKR and FS Investments' BDC platform markets new issue CLO
KKR and FS Investments’ business development company, FS KKR Capital Corp, is marketing a new issue CLO via Citi named FS KKR MM CLO 1

Medley signs agreement with activist shareholder over three-way merger
The Medley saga continues...two board of directors have been appointed and several ammendments have been made to the merger agreement

Alcentra BDC explores 'strategic alternative' plans to add value
Alcentra has appointed financial advisor Houlihan Lokey to evaluate 'strategic alternatives' for its business development company 

LibreMax strikes CLO equity deal after acquiring Trimaran
LibreMax is a name associated with managing hedge funds, but the firm is expanding into long-term strategies, geared towards lock-up funds. 

Medley BDC loses compliance with NYSE as two directors depart
The Medley marathon continues after two "independent" directors offered their resignations. The pair were named in a lawsuit last month with activist shareholders FrontFour 

Alcentra BDC assigns new CEO
Business development company Alcentra Capital Corporation has named a new chief executive officer, saying "this is the right time for these transitions"

Marathon proposes alternative to long-running Medley BDC merger dispute
Marathon has joined the race to take on two business development companies managed by Medley

"It makes no sense in a one-to-one world": Goldman BDC dissolves JV with pension fund
Goldman Sachs BDC (GSBD) has dissolved its joint venture partnership with Regents of the University of California as the Senior Credit Fund “no longer makes sense in a one-to-one world”, according to the business development company's Q4 2018 earnings call.

Capitala BDC forms $150 million mid-market JV with Kempner
Capitala Finance Corporation and Kemper subsidiary Trinity Universal Insurance Company have teamed up to launch another direct lending joint venture, following a loan-focused JV in 2015

Benefit Street affiliate BDC buys stake in ABL lender Siena
Business Development Corporation of America (BDCA), a non-traded business development company managed by Benefit Street Partners, has bought a controlling stake in Siena Capital Finance 

SEC proposal could strengthen BDCs’ power to purchase funds
The Securities and Exchanges Commission (SEC) has released proposals to allow regulated US funds, including listed funds, closed-end funds and business development companies (BDCs), to acquire shares of other regulated funds in excess of current limitations

Bain BDC wins leverage approval from shareholders
Bain Capital Speciality Finance has won shareholder approval to double the amount of leverage it can use