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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.

Repricings return, aiming for lower margins at BJ's (ACSF, Hancock Park, CCT), Compass Power (FS Energy) and Travel Leaders (Bain, Triton Pacific)

The first week of the new month was dominated by reactive trading and repositioning in the wake of quarterly reports, even as the new-issue market kept rolling out loans and bonds. In bonds, highlights included $1.25 billion short-term-fix from Intelsat just as the identically sized BMC Software buyout bonds got going on international roadshows for next week’s business following June’s completed loan financing.

After a somewhat sleepy start last week, loan arrangers piled it on. M&A deals peeled off the calendar late in the week included the long-awaited deal for Penn National Gaming, Cetera, Travel Leaders and Del Frisco Restaurant Group as gross launched volume jumped to $15.6 billion in the busiest week since June 15. M&A volume was a healthy $7.9 billion.

Leveraging BDC data has never been easier. Using BDC Advantage by AdvantageData, you can filter aggregated business development company portfolio data by industry, investment type, filing notes and more. 

Generate refined custom data elements that can be downloaded in an easy-to-use excel spreadsheet. We filtered our list by filing notes (selecting the "non-accrual: yes" option) to find out which portfolios were in the most trouble.