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

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

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, First Lien, New Issues

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, BDC, First Lien

BDC First Lien Marks Rise While Non-Accruals Stay Relatively Flat

Posted by Alex Buzby on Jan 23, 2017 11:49:45 AM

Interesting divergence between the first and second middle market liens on non-accrual vs. percentage loss over the 12 months from Q4 2015 through Q3 2016. In BDC portfolios, first lien non-accruals as a percentage of cost exceed second liens, while on a percentage loss basis second liens exceed first liens.

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Topics: Middle Market, First Lien, Non-accruals


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