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Owl Rock hits fundraising trail with follow up to BDCs
3 years ago
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
3 years ago
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
3 years ago
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
3 years ago
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
3 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
3 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
3 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
3 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 -
Credit managers hunker down as idiosyncratic risks persist
4 years 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 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 -
BDCs ramp up CLO issuance, but stifle investment appetite
4 years 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 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
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