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One Step Ahead: Identifying Distress In The Middle Market

Posted by Alex Buzby on Nov 28, 2018 11:31:34 AM

Analyzing PIK and Coupon Spread changes can be a great way to identify middle market companies that are beginning to feel pressure from lenders.  Whether you're sourcing investments, consulting distressed borrowers or analyzing BDCs, utilizing alternative signs of distress as leading indicators is a great way to get ahead of the market - Download the data sample below!

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Topics: download, Fixed Income, Restructuring, Finance, Distressed Debt, Distress, business development company, debt, First Lien, Spreads, Middle Market, Distressed Investments, BDC

Q2 2018 BDC Non-Accruals: Medley Capital Corp No Longer Worst Performer

Posted by David Diggins on Aug 15, 2018 5:24:17 PM

Last month we shared a list of the top 10 BDC non-accruals based on first quarter 2018 SEC filings. Now that we are mid-way through August and second quarter filings are readily available, let’s take a fresh look at the first quarter’s worst performer.

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Topics: News, download, portfolio, fair value, Fixed Income, Default Rate, BDC Filings, Loan Default Rate, Second Lien, Restructuring, Non-accruals, Distressed Debt, First Lien, BDC

Newly Distressed Loans: Anchor Glass Container Corporation

Posted by David Diggins on Aug 14, 2018 10:20:48 AM

We all know that companies in distress tend to have a harder time meeting their financial obligations, which translates to a higher probability that they will default. A company in this position has pretty straightforward options: either raise enough cash through asset sales, operating improvements, and new financing, or reduce or postpone interest and principal payments on the debt by negotiating with creditors.  

For restructuring or turnaround experts, identifying distressed companies is the first hurdle to deal sourcing and business development. Using the AdvantageData workstation, we’ve compiled a list of distressed loans that you might want to be aware of.

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Topics: download, Fixed Income, Default Rate, Loan Default Rate, Second Lien, Restructuring, Distressed Debt, Distress, market analytics, First Lien, Loans

Level 3 Financing announces $4.61 billion Senior Secured Credit Agreement

Posted by Nick Buenaventura on Mar 1, 2017 12:55:32 PM

Level 3 Financing, Inc. , a wholly owned subsidiary of Level 3 Communications, Inc. (NYSE: LVLT), announced last week that it successfully refinanced its outstanding Term Loans through the issuance of a new TLB L+225/2024. The company anticipates approximately $35 million of cash interest expense savings on an annualized basis through this $4.61 billion senior secured agreement. At the day of issuance, ADI loan pricing services quoted an end of day bid for the loan at 99 3/4. Since then, the loan has traded up to a bid of 100 5/8 in the week and half since its first quote.

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Topics: Loans, New Issues, First Lien

Unrealized Losses In Top 5 BDCs

Posted by Alex Buzby on Jan 26, 2017 4:06:44 PM

BDC Unrealized Losses and Percentage Loss - First Liens

Looking at the 5 largest public externally managed BDCs by AUM, first lien loans comprise over $9.8 billion or nearly 40% of their holdings as of 3Q16. The health of these loans is a potential indicator of overall BDC well-being given they are by nature the least risky investments they make.  
 
 
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Topics: Middle Market, First Lien, BDC


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