Think

The Gender Advantage: Women in Finance

Posted by Yuliya Kalmanovich on Mar 8, 2019 3:11:44 PM


About The Series

This blog series, the brainchild of Gina L. Robert, COO and General Counsel at AdvantageData, seeks to shed a light on the hard working women of the finance industry.

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Topics: Finance, Women in Finance, The Gender Advantage, Series

Full List of Public Business Development Companies (BDC)

Posted by Alex Buzby on Mar 5, 2019 3:02:37 PM

Below is the full list of public Business Development Companies found in AdvantageData's BDC Advantage. This post was originally published on October 18th, 2016. The contents on this post, and the business development companies herein, have been updated with the latest information available as of March 5, 2018.

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Topics: Loans, Middle Market, BDC, business development company, BDC Filings, Fixed Income

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

BDC Preview: Week Of March 4 – March 8, 2019

Posted by Nicholas Marshi, BDC Reporter on Mar 4, 2019 11:55:53 AM

A very busy week ahead for BDC investors including fast moving prices; eleven new earnings releases and the vote on whether Medley Capital will merge into Sierra Income. We pledge to keep readers updated as a critical week unfolds.

Markets: Given that last week the BDC sector – as measured by the Wells Fargo BDC Index and the price of the UBS Exchange Traded Note with the ticker BDCS – dropped every day, the direction of the market will be a critical factor. Last week’s pullback occurred while the broader markets continued to rise and other forms of non investment grade credit remained strong, begging the question as to whether this was just a short term pause in a continuing rally or a turning point, and prices will be down from here. As we’ll discuss in greater detail below, BDC earnings season is still in process, and individual fund results may influence sector performance. By mid-month, though, all the latest quarterly updates will be in and investors will have positioned themselves. We’ll be keeping track not only of BDCS and the Wells Fargo BDC Index but of the trends amidst the 45 different public BDCs we track. Last week, 42 dropped in price and 20 are now trading at a price below that of 4 weeks ago in the very midst of the rally. If that proportion of underwater stocks rises,  or we see an uptick in BDCs trading within 5% or even 10% of their 52 week lows (the current numbers are zero and one respectively) we’ll be worried that the rally that began December 24, 2018 has run its course. On the other hand, if BDCS breaks through the August 30, 2018 high of $21.03, we’ll know that this rally lives and has broken through a critical threshold.  For reference, as of Friday, BDCS was at $19.73.

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Topics: Analytics, market analytics, business development company, Finance, Fixed Income, News, bdc reporter

BDC Preview: Week Of February 25 – March 1, 2019

Posted by Nicholas Marshi, BDC Reporter on Feb 27, 2019 8:45:00 AM

Earnings:  This is going to be a busy week for BDC earnings as the season rolls on.  We’re already blanching at the prospect, with 11 separate releases coming. Far and away the most important will be the report by FS KKR Capital (FSK). This will be the first time since the merger with Corporate Capital Trust (ex-CCT), and after a name and ticker change. More importantly, we’re going to hear more about the ever huger BDC’s credit status. Reviewing the filing and listening to the Conference Call should tell investors whether the ambitious folk at this unusual arrangement between a firm best known for raising capital and another for investing capital will be successful at lending capital. To be honest, our impression from reviewing the portfolios at both entities (CCT and FSK) for some time now is that management is going to be in turnaround mode for some time to come. Much of that – if we’re right – can be laid at the underwriting taken by FS Investment’s prior partner in leveraged lending GSO Blackstone, which was not shy about taking some very large positions on behalf of the shareholders of multiple FS Investment funds in what now appear to have been some dicey propositions. KKR – now in charge of day to day investment management – re-underwrote those assets when taking over and adding their initials to the door and will have to be responsible for the consequences, if not the original credit decisions. However, KKR will benefit from being in control of many of the debt tranches through the multiple funds now under their co-tutelage with FS Investment, which will aid any work out efforts (but also prolong the time it will take to determine the final outcome). Also worth mentioning – as Oaktree Specialty Lending did last week  (OCSL) when discussing their own escape from under two troubled portfolio companies – is that the LBO market remains flooded with private equity buyers with huge untapped resources; hungry lenders of all stripes and an economy which is humming along (despite all the “next recession is around the corner” talk). As OCSL’s management noted, with a little luck and those favorable conditions, FSK may be able to dig itself out of the hole dug by another party, but which they enthusiastically adopted.

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


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