Tuesday, March 29, 2011

BDC Weekly Roundup 3/25/2011

The BDCR Index enjoyed a slight gain this past week by an amount of 1.26% from a level of314.725 on 3/18/2011 to 318.75 for the week ending 3/12/2011. The major winners were KCAP(+8.22%) and TINY(+7.44%) and the major losers were SAR (-5.07%) and MAIN (-4.95%).


News for the week:
ACAS - Lots of "For Sale" Rumors - http://seekingalpha.com/article/260156-american-capital-strategies-appears-poised-for-purchase
ARCC - Prices convertible offering of $200m - http://www.snl.com/irweblinkx/file.aspx?IID=4092627&FID=10939606
KCAP - Declares 1Q dividend of 17 cents
MAIN - Secondary offering of 3.5million shares at 18.35 - http://www.bizjournals.com/houston/news/2011/03/22/main-street-capital-prices-shares-for.html?ana=yfcpc
PSEC - Making some new investments - http://www.snl.com/IRWebLinkX/file.aspx?IID=4092630&FID=10928102

Monday, March 21, 2011

BDC Weekly Roundup 3/18/2011

The BDCR Index extended last week's losses and fell this past week by an amount of -2.64% from a level of 323.26 on 3/11/2011 to 314.725 for the week ending 3/18/2011. The major winners were HRZN(+1.25%) and PSEC (+0.51%) and the major losers were TICC (-8.64%) and TCAP (-8.11%).


News from the past week:
BKCC - Seems like everyone has been talking about them
Slow week otherwise for BDCs, most of the major firms released their 10-K financials and you can find those online at EDGAR.

Thursday, March 17, 2011

Blackrock Kelso Capital BKCC - What now?

BKCC missed its expected quarterly earnings by over 70% and since then the stock has taken a pounding to the tune of over 20%.

Many different sites have already documented this occurrence, but it appears Blackrock's Advisor is putting its money behind the company - BlackRock Kelso Capital Advisors LLC bought 200,000 shares through a private placement, but it includes information on restricted stock that was already granted to him. At best this is a mixed signal, would be a lot more interesting if the CEO / CIO was making the purchase.

See this link for the full Form 4 filing.

Wednesday, March 16, 2011

TPG Specialty Lending - Update

TPG Specialty Lending (TPGM) filed an amended 10-12G as well as an 8K today with the SEC.  I am still reviewing the amended 10-12G and if I see anything material will post it here. The 8K was signed by Vice President Ronald Cami, a former Skadden Alum (read more about him here).

Some things of note:
  • TPG Specialty Lending has a CIK with the SEC - 0001508655
  • The Administrator (TSL Advisers) will be reimbursed by TPGM for "certain initial organization and operating costs up to an aggregate of $1.5 million." TSL has already stated the costs have exceeded that amount, so the $1.5 million will be expensed right away.
  • The initial agreement will remain in effect until March 15th, 2013 and will be subject to yearly renewal after that.
More to come

Tuesday, March 15, 2011

BDC Weekly Roundup 3/11/2011

(Was out last week) The BDCR Index took a tumble fell this past week by an amount of -3.76% from a level of 335.45 on 3/4/2011 to 323.26 for the week ending 3/11/2011. The major winners were TTO (+8.44%) and HRZN (+0.75%) and the major losers were BKCC (-20%) and TINY (-11.71%).


Notable News Items:
BKCC - Misses earnings, reports Q4 EPS of 03 cents, expected 11 cents. Link to the CC - http://phx.corporate-ir.net/phoenix.zhtml?p=irol-eventDetails&c=209952&eventID=3753698
CODI - Raises dividend from 34 cents to 36 cents. Reports Q4 EPS of 48 cents, meeting consensus.
KCAP - Posts positive surprise EPS of 24 cents versus expected 17 cents. Link to the CC - http://ir.kohlbergcap.com/eventdetail.cfm?eventid=93480
Also releases/prices convertible notes - http://finance.yahoo.com/news/Kohlberg-Capital-Corporation-pz-3295497930.html?x=0&.v=1
MCGC - Selling portfolio company Superior Industries for $42.3mm http://finance.yahoo.com/news/MCG-Capital-Announces-Sale-of-bw-3869544465.html?x=0&.v=1
NGPC - Misses earnings, reports 15 cents per share versus estimate of 17 cents. http://finance.yahoo.com/news/NGP-Capital-Resources-Company-pz-3932944371.html?x=0&.v=1
FSC - Closed $182mm in new investments YTD - http://finance.yahoo.com/news/Fifth-Street-Finance-Corp-pz-1930631458.html?x=0&.v=1
MAIN - Raises dividend 4% (from .125 to .13)
MVC - Reports 1Q losses of 26 cents, misses the 3 cents estimate. Link to 1Q presentation - http://www.mvccapital.com/eventdetail.cfm?eventid=41339
TICC - Met earnings estimates - CC details - http://www1.snl.com/irweblinkx/corporateprofile.aspx?IID=4089666

Motley Fool link on BKCC/MVC - http://www.fool.com/investing/general/2011/03/09/blackrock-kelso-capital-shares-plunged-what-you-ne.aspx