BDC Filing season is almost over. This report will analyze BDCs that have filed in the last 3 weeks. Last week’s analysis is available here.
Aggregate Fair Value reported by BDCs that have filed in Q1 2019 is 104 Billion USD. BDCs have reported 36 Billion USD AUM in this week.
business development company,
On Monday, President Trump criticized the Fed for even considering raising rates, yet on Wednesday the Federal Open Market Committee announced its decision to raise the Fed Funds rate ¼ of a percent from 2.25% to 2.5% -- the fourth such increase in 2018.
RISK-OFF SENTIMENT NOTCHED LOWER
among investors in European corporate debt. Relative to yesterday's levels of risk aversion, trades in corporate bonds reflected a
very slight favor for junk bonds in price gains linked to actual trades. Nonetheless
geopolitical overhang amid N. Korean nuclear warhead posturing
kept a lid on gains in risk assets. So too did
pressure on the European insurance sector ahead of projected damage by intense hurricane
Irma, headed for Puerto Rico and Florida. The
Stoxx 600 index vacillated in the shallow red amid data showing a dip in Germany's manufactured-goods orders, although shares of
Deutsche Bank AG
Micro Focus International PLC
posted notable gains.
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.
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.