Nick Buenaventura

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MVC Capital - Portfolio Update

Posted by Nick Buenaventura on Jul 6, 2017 12:11:21 PM
MVC Capital is an externally-managed Business Development Company (BDC) that trades on the New York Stock Exchange (NYSE) under the symbol “MVC”. The Company seeks to build shareholder value by making yielding, equity and other investments in middle-market companies across various industries, with flexibility to invest across the entire capital structure. MVC has released the following updates to their portfolio:
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Topics: Loans, Middle Market, BDC

Sears Future in Hot Water

Posted by Nick Buenaventura on Mar 22, 2017 10:48:24 AM

Sears Holdings (NYSE: SHLD) announced its concerns on Tuesday about its ability to stay afloat after years of losses and declining sales. The U.S. retail giant has failed to turn an annual profit since 2011. At the end of its fiscal year in January, the company had said that it was hoping to reduce its costs by $1 billion and cut its debt and pension obligations by at least $1.5 billion. It currently has liabilities totalling around $13.19 billion. In efforts to boost its liquidity, Sears said that it has taken action to sell its Craftsman tool brand for $900 million  to Stanley Black & Decker Inc (NYSE: SWK).

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Topics: High Yield, Loans, retail

Hub Holdings, LLC Announces $375 Million Senior Secured Term Loan

Posted by Nick Buenaventura on Mar 8, 2017 2:32:02 PM

Hub holdings, LLC announced that it will increase its senior secured term loan by $375 million to refinance current oustanding debt. The proceeds will be mainly used to make payments on $300 million of second-lien secured notes and around $60 million of revolving credit. Following the announcement, Moody's announced that it would affirm the B3 corporate family rating and change the outlook on the debt from negative to stable. This outlook is based on the company's EBITDA growth and the feeling that they will be able to continue to reduce their leverage in 2017.

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Topics: Loans, New Issues, Second Lien

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

Development Bank of Mongolia Under Review for March 2017 Debt

Posted by Nick Buenaventura on Feb 15, 2017 1:58:24 PM

Development Bank of Mongolia may have its 5.75% 3/21/2017 bond rating cut over concerns it may not be able to make its $580 million repayment by maturity. The mining and infrastructure financer currently does not have the liquidity to finance the repayment itself and is looking for outside help. Mongolian government has reportedly contacted China and the International Monetary Fund for assitance in the matter, but investors have their doubts that a bailout will be resolved within a month's time.

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Topics: bonds, emerging markets, Development Bank

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