Golub becomes second BDC to undertake rights offering this week1 day ago
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 borrowers2 days ago
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 approval2 days ago
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 BDCs2 days ago
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 watch8 days ago
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 opportunities17 days ago
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 persist29 days ago
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 mix30 days ago
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 relief1 month ago
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 BDC3 months ago
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 approval4 months ago
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 Harbor4 months ago
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 process5 months ago
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 regulators6 months ago
Morgan Stanley Investment Management filed a statement with US regulators yesterday to register a business development company
PennantPark makes CLO market debut amid fundraising spree7 months ago
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 transaction7 months ago
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 loans7 months ago
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 merger7 months ago
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 appetite9 months ago
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 facility9 months ago
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 merger10 months ago
The move would create the second largest BDC by assets under management
Barings shows way forward with BDC-sponsored CLO10 months ago
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 pension10 months ago
The new joint venture will invest in both liquid and illiquid credit
KKR and FS Investments' BDC platform markets new issue CLO10 months ago
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 merger11 months ago
The Medley saga continues...two board of directors have been appointed and several ammendments have been made to the merger agreement
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