FS and KKR to merge BDCs to create $14.9 billion vehicle
FS Investments and KKR plan to merge their two business development companies into a single vehicle which would have about $14.9 billion in assets

Carlyle BDC forms $250 million direct lending JV with Cliffwater
Carlyle’s business development company TCG BDC has formed a $250 million mid-market direct lending joint venture with Cliffwater

GSO prepares inaugural non-traded BDC
GSO Capital Partners, the credit-focused business of the Blackstone Group, is preparing to launch an inaugural non-traded business development company named Blackstone Private Credit Fund

Flat Rock eyes interval fund conversion for private BDC
Flat Rock Capital Corporation, a private business development company managed by Flat Rock Global, has filed to convert to an interval fund, according to US regulatory filings. The BDC will merge into a new entity, subject to shareholder approval

Garrison BDC agrees to merge with Portman Finance
As part of the transaction, Portman will assume Garrison’s on-balance sheet CLO liabilities upon closing 

Owl Rock hits fundraising trail with follow up to BDCs
Owl Rock Capital is launching a new fund which appears to be in the form of a business development company, US regulatory filings reveal

US pension's joint venture with Barings set to produce first CLO
Jocassee Partners, a joint venture established between Barings' business development company and South Carolina Retirement Systems, is marketing a CLO

Fitch places five BDCs on negative outlook
Fitch Ratings has changed the outlooks of five business development companies from stable to negative folllowing a review of its rated BDCs

SEC temporarily relaxes regulations for BDCs
The US Securities and Exchange Commission has provided business development companies with temporary relief in light of covid-19 - including the ability of BDCs, who are unable to satisfy asset coverage ratios, to use an alternative form of calculating leverage

Golub becomes second BDC to undertake rights offering this week
Golub Capital has become the second business development company to undertake a rights offering this week, following in the footsteps of Bain Capital, as BDCs seek capital to ride out challenges besetting the market from the coronavirus pandemic 

Asset managers pull all liquidity levers to satisfy borrowers
A paramount concern for many investors in direct lending funds is whether asset managers have enough liquidity to meet borrower requests for funding

Owl Rock becomes last investment grade BDC to win increased leverage approval
Owl Rock Capital Corporation has become the last investment grade business development company to cut its asset coverage requirement from 200% to 150%, after receiving unaminous approval from its board of directors on Tuesday

Trade body asks US government to show it CARES about BDCs
The US federal stimulus maintains existing regulations that exempt portfolio companies from accessing the stiumulus funds. The Institutional Limited Partners Association wants to change that

BDCs face asset coverage pressure as Fitch puts two on negative watch
Fitch Ratings has placed ratings on the debt of two business development companies, BlackRock Capital Investment Corporation (BB+) and New Mountain Finance Corporation (BBB-), on negative watch

Barings BDC eyes syndicated loan market opportunities
Three weeks ago, during its 2019 earnings report, Barings BDC said the company’ had rotated out of broadly syndicated loans to ramp up its middle market exposure. But with widespread market upheaval since then, most opportunities to build value for investors will come from the broadly syndicated market

Credit managers hunker down as idiosyncratic risks persist
A slew of earnings reports from credit managers and business development companies shows that deal-making and performance are robust, but great importance is being placed on credit selection.

BDCs tap bond market to improve funding mix
A plethora of business development companies have turned to the institutional bond market to refinance their debt.

BDCs feel squeeze on liquidity as SEC rejects plea for relief
Sources say that the chances of relief being granted to business development companies over the acquired fund fees and expenses (AFFE) rule are slim. Last month, industry body Coalition for Business Development stated optimistically that the “harm caused by the AFFE disclosure can be remedied in the final fund of funds rules”.

Goldman Sachs AM merges public and private BDC
Goldman Sachs Asset Management has merged two of its business development companies: Goldman Sachs BDC, a $1.54 billion publicly traded BDC, and private BDC Goldman Sachs Middle Market Lending Corporation, which has $1.7 billion assets

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