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LevFin Insights BDC Portfolio News 3-25-19

Posted by Thomas Dunford on Mar 26, 2019 9:00:00 AM

Refinancings seen in several portfolios; Barings BDC’s holdings unaffected by Calpine refi

Download: LFI BDC Portfolio News 3-25-19

With the jumbo Power Solutions LBO financing out the door early last week after an over-the-weekend delay, the primary loan market assumed a more subdued tone as arrangers cobbled together a smattering of opportunistic business in the face of a dwindling pipeline. Arrangers continue to flock to the high-yield market for attractive rates—a trend that is likely to continue with the Fed’s dovish stance last week—with Allison Transmission the latest issuer to step forward with a bond-for-loan takeout exercise.

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Topics: Loans, Analytics, BDC, market analytics, business development company, LevFin Insights, News

BDC Preview: Week Of March 25 – March 29, 2019

Posted by Nicholas Marshi, BDC Reporter on Mar 25, 2019 10:33:51 AM

Medley Mania: This week brings the triple merger vote – postponed multiple times – by the Medley companies on March 29. However, chances are there will be much happening even before the digital ballot boxes are opened. Last week we had the sudden – and shocking – resignation of two of Medley Capital’s (MCC) “independent” directors. That’s caused problems for the BDC which needs a quota of disinterested directors to be publicly listed and to meet SEC regulations. We just don’t know by when MCC has to name replacements, and who they might be. Moreover, what role do “independent” directors play now that the votes are almost cast ? And – throwing one more question into the pot – what about the two remaining “independent” directors at MCC ? Are they happy to stay around or will further resignations be coming ?

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Topics: Loans, Analytics, BDC, market analytics, business development company, News, bdc reporter

LevFin Insights BDC Portfolio News 3-18-19

Posted by Thomas Dunford on Mar 19, 2019 8:51:30 AM

Datto moves forward on refi; existing debtholders include TCPC, GSBD, OCSL, SUNS, CGBD, GBDC

Power Solutions’ cross-border loan-and-bond deal was the focal point of last week’s activity, with loan demand magnified by the lack of available product elsewhere and both the secured and unsecured bonds playing well amid a bull-market run. Indeed, several other issuers pushed ahead with secured bonds as last week’s high-yield volume raced north of $10 billion, further depressing loan activity.

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Topics: Loans, Analytics, BDC, market analytics, business development company, Fixed Income, LevFin Insights, News

LevFin Insights BDC Portfolio News 3-11-19

Posted by Thomas Dunford on Mar 12, 2019 10:30:00 AM

SORENSON PLANS FULL REFI OF DEBT HELD BY FSK, MAIN, HMS, AINV

As the loan pipeline continues to ebb, opportunistic issuers are beginning to wade back in, spurred by bifurcated conditions that are allowing well-regarded repeat issuers to price tight to the broader market. Though the secondary rally stalled out last week, the appreciable improvement in the secondary market following the February rally eases the difficulty of layering in fungible new money at previous years’ more advantageous pricing levels.

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Topics: Loans, Analytics, BDC, market analytics, business development company, LevFin Insights, News

LevFin Insights BDC Portfolio News 3-4-19

Posted by Thomas Dunford on Mar 5, 2019 8:45:00 AM

Oaktree vehicles hold Windstream’s prepetition debt

Although a pair of competing industry conferences took many buysiders out of pocket in the first part of last week, high-yield activity roared back to life late in the week via a procession of drive-bys, while loan arrangers launched a trio of large LBO deals off the pipeline as the secondary market continued to move higher. Several secondary situations also kept market participants on their toes, what with Windstream Services filing for bankruptcy, Neiman Marcus disclosing the framework of an extension/exchange plan and issuers releasing a flurry of earnings reports.

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Topics: Analytics, BDC, market analytics, business development company, LevFin Insights, News


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