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Golub becomes second BDC to undertake rights offering this week
4 years 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 borrowers
4 years 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 approval
4 years 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 BDCs
4 years 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 watch
4 years 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 opportunities
4 years 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 -
BDCs tap bond market to improve funding mix
4 years 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 relief
4 years 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 BDC
4 years 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 approval
4 years 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 Harbor
4 years 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 process
4 years 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 regulators
4 years 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 spree
4 years 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 transaction
4 years 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 loans
4 years 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 merger
4 years ago
The consolidation of US business development companies continues... this time, with the merger of OHA Investment Corporation and Portman Ridge Finance Corporation -
OFS BDC forms senior loan subsidiary with $150 million credit facility
4 years 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 merger
4 years ago
The move would create the second largest BDC by assets under management -
Barings shows way forward with BDC-sponsored CLO
4 years 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 pension
4 years ago
The new joint venture will invest in both liquid and illiquid credit -
KKR and FS Investments' BDC platform markets new issue CLO
4 years 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 merger
5 years ago
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
5 years ago
Alcentra has appointed financial advisor Houlihan Lokey to evaluate 'strategic alternatives' for its business development company -
Medley BDC loses compliance with NYSE as two directors depart
5 years ago
The Medley marathon continues after two "independent" directors offered their resignations. The pair were named in a lawsuit last month with activist shareholders FrontFour
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