Centerbridge Partners and Wells Fargo & Company announced they are entering into a strategic relationship focused on direct lending to non-sponsor North American middle market companies. To meet the alternative credit needs of this segment...
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September 27, 2023, 08:15 AM
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Barings BDC announced that its Board of Directors has named Eric Lloyd as Executive Chairman of the Board and promoted three of its longstanding senior executive officers. Mr. Lloyd has served as Chairman since 2021 and Chief Executive Officer and...
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August 11, 2022, 07:09 AM
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Great Elm Specialty Finance, a newly formed, wholly owned subsidiary of Great Elm Capital Corp., a business development company, announced a new leadership appointment intended to foster the company’s private direct lending solutions to middle market...
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November 19, 2021, 08:00 AM
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Golub Capital BDC announced that the Company's Board of Directors has appointed Christopher C. Ericson to succeed Ross A. Teune and serve as Chief Financial Officer and Treasurer of the Company, effective September 13, 2021. Teune's departure is not...
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September 14, 2021, 08:04 AM
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The growing trend of mergers among rated business development companies (BDCs) has generally improved portfolio diversification, increased first-lien exposures, built asset coverage cushions through lower leverage and should broaden funding profiles...
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December 02, 2020, 08:44 AM
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Golub Capital BDC, Inc., a business development company, announced that it originated $203.1 million in new middle-market investment commitments during the three months ended December 31, 2018. Approximately 77% of the new middle-market investment...
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January 14, 2019, 07:06 AM
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Business Development Companies (BDCs) that rely on Collateralized Loan Obligations (CLO) as a part of their funding strategies are asking the federal government to reconcile conflicting legal guidelines that they argue place unrealistic, competing...
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July 21, 2017, 08:18 AM
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Capitala Finance, a business development company, said it has amended and extended its senior secured revolving credit facility led by ING Capital.The amended credit facility provides commitments of $114.5 million and an expansion of the accordion...
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June 21, 2017, 07:17 AM
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Robert Grunewald and Richard Petrocelli announced the launch of Flat Rock Global, a new alternative asset management firm focused on developing yield-driven investment strategies in sectors deemphasized by banks. The firm's initial fund, Flat Rock...
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March 16, 2017, 08:08 AM
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Ares Management, L.P. announced that it will begin earning fees on approximately $3 billion of incremental AUM as a result of the completion of Ares Capital Corporation’s acquisition of American Capital, Ltd., which closed on January 3, 2017. As a...
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January 04, 2017, 06:56 AM
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FS Investments, a leading alternative investment manager, announced that its business development company (BDC) direct lending platform committed approximately $988 million in senior secured loans and other debt and equity financing to middle market...
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December 02, 2016, 07:16 AM
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Capital Southwest Corporation announced it invested $8 million of an $18 million first lien term loan to LRI Energy Solutions (“LRI”), a portfolio company of DFW Capital Partners. Alcentra Capital Corporation was agent on the transaction.LRI, based...
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November 23, 2016, 07:35 AM
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Reuters Loan Pricing Corporation reports business development companies (BDCs), which extended share price gains this summer after a prolonged slump, still face hurdles that prime the specialized closed end investment funds for consolidation...
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September 19, 2016, 08:05 AM
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Capital Southwest Corporation announced the closing of a four-year syndicated revolving credit facility led by ING Capital LLC in the initial amount of $100 million, with an accordion feature that provides for expansion of the facility up to $150...
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August 31, 2016, 07:36 AM
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Capitala Finance Corp. announced four investment exits totaling $57.2 million. The investment exits include:
On August 2, 2016, the Company exited its $18.4 million subordinated debt investment in Merlin International, Inc. at par.
On August 5...
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August 26, 2016, 07:45 AM
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Prospect Capital Corporation announced that Prospect has invested $65 million in first lien senior secured floating rate debt issued by Universal Turbine Parts, LLC (“UTP”) in conjunction with the acquisition of UTP led by ICV Partners, a...
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July 29, 2016, 07:43 AM
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First-quarter business development company (BDC) earnings reports showed some improvement in portfolio valuations but also underscored the broader challenges facing the sector, says Fitch Ratings. Capital constraints, low market volumes and risks of...
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May 23, 2016, 08:01 AM
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Franklin Square Capital Partners announced that its business development company (BDC) direct lending platform committed over $370 million to private deals in the first quarter of 2016, marking the 14th consecutive quarter the platform has provided...
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May 13, 2016, 07:15 AM
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Despite the varied strategies and risk appetites of business development companies (BDCs), one consistent trend across the sector is increasing leverage, according to a new report from Fitch Ratings on the 18 largest BDCs. Against the current market...
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April 26, 2016, 08:14 AM
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Fitch Ratings believes asset quality for business development companies (BDCs) could deteriorate further in 2016 following challenging energy performance in 2015, according to Fitch's latest North American Financial Institutions Chart of the Month....
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March 21, 2016, 08:16 AM
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Fitch's latest stress tests of BDCs focus on leverage ratios under downside scenarios to energy-related investments broadly, and oil & gas exposures specifically. The tests include a partial writedown of oil & gas-related investments, a partial...
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January 22, 2016, 07:56 AM
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MVC Capital, Inc., a publicly traded business development company that makes private debt and equity investments, announced that it has entered into a three-year, $50 million revolving borrowing base credit facility with Santander Bank as a lender...
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December 11, 2015, 07:26 AM
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Capital Southwest Corporation announced that it has formed a joint venture with Main Street Capital Corporation to form I-45 SLF LLC, a senior loan fund that will invest primarily in syndicated senior secured loans in the upper middle market. The...
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September 11, 2015, 08:02 AM
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Capitala Finance Corp.announced that it recently invested $8.0 million in senior subordinated debt to assist in the acquisition of VITAL Network Services, Inc. (“VITAL”) by Vology, Inc. (“Vology”). Headquartered in Tampa, Fla., Vology is a leading...
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September 03, 2015, 07:50 AM
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Golub Capital BDC announced that its wholly owned subsidiary, Golub Capital BDC Funding LLC, increased the size of its credit facility from $150 million to $200 million. In addition, the facility's reinvestment period was extended from November 22...
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August 05, 2015, 07:19 AM
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Golub Capital BDC, Inc. announced that it originated $370.5 million in new middle-market investment commitments during the three months ended June 30, 2015. Approximately 85% of the new middle-market investment commitments were one stop loans, 14%...
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July 13, 2015, 07:37 AM
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THL Credit Senior Loan Strategies, together with its parent, THL Credit Advisors LLC, announced that it has closed on a $616 million collateralized loan obligation ("CLO"), led by Credit Suisse. THL Credit has now closed on seven new CLOs totaling $3...
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July 10, 2015, 07:50 AM
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LSQ Funding Group, a leading technology-enabled provider of invoice (receivables) financing for small- and midsized businesses, announced that it has received $40 million of capital from Ares Capital Corporation, the largest business development...
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July 07, 2015, 08:02 AM
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Capitala Finance Corp. recently invested $10 million in the senior secured debt of American Clinical Solutions, LLC (ACS), a leading provider of compliance regulated drug testing to aid physicians in the monitoring and managing of prescription pain...
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June 24, 2015, 07:29 AM
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OFS Capital, a business development company specializing in meeting the capital needs of middle-market borrowers, announced today that on May 28, 2015, it sold the majority of its lower-yielding senior club loan portfolio for approximately $67.3...
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June 03, 2015, 07:37 AM
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Franklin Square Capital Partners announced the origination of a senior secured term loan to Blueprint Sub, Inc. (doing business as iSqFt), a leading construction software company providing solutions designed to streamline the pre-construction process...
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May 19, 2015, 07:19 AM
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Fifth Street Asset Management Inc. announced that, effective May 11, 2015, David A. Heilbrunn will join Fifth Street as a Managing Director and member of the firm's Management Committee. Mr. Heilbrunn will be responsible for driving growth across...
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May 07, 2015, 07:39 AM
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Capitala Finance Corp. has formed a joint venture with Trinity Universal Insurance Company, a subsidiary of Kemper Corporation, to create Capitala Senior Liquid Loan Fund I, LLC ("CSLLF"). The joint venture is expected to invest primarily in senior...
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March 26, 2015, 07:31 AM
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THL Credit announced that it has formed a joint venture with Perspecta Trident LLC , an affiliate of Perspecta Trust LLC to create THL Credit Logan JV LLC. This joint venture is expected to invest primarily in senior secured first lien loans to...
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December 04, 2014, 07:51 AM
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MVC Capital, Inc., a publicly traded business development company that makes private debt and equity investments, announced the addition of four debt investment professionals from Fifth Third Bancorp's Mezzanine Finance Group to accelerate MVC's...
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October 29, 2014, 07:36 AM
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TPG Specialty Lending, Inc. (TSL) has favorably amended and extended its senior secured revolving credit facility (“the amended facility”) with its bank group. The amended facility has a borrowing rate of LIBOR plus 200 basis points, a 25 basis point...
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October 27, 2014, 07:18 AM
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Business development companies (BDCs) are increasingly using off balance sheet investment vehicles called senior secured loan programs (SSLPs) to increase their effective portfolio leverage without running afoul of regulatory limits on balance sheet...
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September 23, 2014, 08:03 AM
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Gladstone Investment Corporation announced that on Sep. 19, it increased its borrowing capacity on its line of credit by $80 million to $185 million in aggregate with the addition of four new lenders. Through its wholly-owned subsidiary, Gladstone...
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September 23, 2014, 07:29 AM
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Sierra Income Corporation (“Sierra” or the “Company”) announced the closing of an additional $30 million of commitments to its senior secured revolving credit facility. The credit facility was arranged and led by ING Capital LLC. Key Equipment...
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August 25, 2014, 07:33 AM
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Golub Capital BDC, Inc. announced that RGA Reinsurance Company ("RGA") has reached an agreement with United Insurance Company of America ("United Insurance") pursuant to which United Insurance has transferred its interest in Senior Loan Fund LLC...
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August 18, 2014, 07:26 AM
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Prospect Capital Corporation recently provided a $210 million first lien senior secured credit facility to support the recapitalization of a leading food services company in the H.I.G. Capital ("H.I.G.") portfolio."Prospect's one-stop financing...
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August 18, 2014, 07:14 AM
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Horizon Technology Finance Corporation announced it led a $25 million venture loan for mBlox, Inc. ("mBlox"), the largest global provider of A2P (application-to-person) text messaging. The venture loan was fully funded at closing, with Horizon...
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July 08, 2014, 07:32 AM
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Horizon Technology Finance Corporation has closed a $3 million venture loan for GenePeeks, a genetic information company focused on reproductive risk prediction. GenePeeks will use the funds to support its continued growth."GenePeeks has developed a...
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July 03, 2014, 07:11 AM
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Newtek Business Services, Inc. announced that it has attracted and retained the talents of two senior executives, Susan Streich and Harold Gartner.Harold Gartner joins Newtek as President and Chief Operating Officer of Newtek Business Credit. As a...
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May 20, 2014, 07:22 AM
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The removal of business development companies (BDCs) from the S&P and Russell indices will likely reduce the liquidity of their shares and increase their cost to raise equity in the near-term, according to Fitch. The removals involved 33 BDCs...
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March 14, 2014, 07:43 AM
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Business Development Corporation of America ("BDCA"), a business development company primarily focused on senior debt investments in middle market private companies, announced that on February 21, 2014, it entered into a $60 million senior secured...
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February 28, 2014, 08:04 AM
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Business Development Corporation of America ("BDCA"), a business development company primarily focused on senior debt investments in middle market private companies, closed on a direct originated financing transaction for Chicken Soup for the Soul. ...
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January 15, 2014, 07:19 AM
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Fitch Ratings reports that increasingly, lenders to middle-market firms, also known as business development companies (BDCs), are turning to venture lending for additional investment opportunities and enhanced yields, as declining yields on...
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November 19, 2013, 07:18 AM
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Fifth Street Management LLC announced that its venture lending group, Fifth Street Technology Partners, has worked with Silicon Valley Bank ("SVB") to refinance an existing credit facility and provide additional growth capital for HealthEdge Software...
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October 10, 2013, 07:23 AM
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Corporate Capital Trust, a business development company that offers individuals the opportunity to invest in the debt of privately owned American companies, announced that it has closed on a new senior secured revolving credit facility in the initial...
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September 12, 2013, 07:01 AM
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Increased exposure to floating-rate investments and generally heavy use of fixed rate funding has positioned U.S. business development companies (BDCs) well to adjust to the rising rate environment longer term, according to Fitch Ratings. However...
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August 16, 2013, 07:26 AM
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Strong capital market conditions continue to support a pickup in unsecured debt issuance by U.S. business development companies (BDCs), primarily middle-market lenders, and this has enhanced funding flexibility for these firms, according to...
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April 10, 2013, 08:04 AM
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Golub Capital BDC, a business development company, today announced that its wholly owned subsidiary, Golub Capital BDC Funding LLC, increased the size of its senior, secured revolving credit facility with Wells Fargo Bank from $75 million to $150...
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December 18, 2012, 07:05 AM
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