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Allied Capital Prices Secondary Offering Business Wire 1-30 ALD announced that it priced its public offering of 4,000,000 shares of common stock at an offering price of $22.00 per share for net proceeds, after the underwriting discount and estimated offering expenses, of $85.8 million. Gladstone Capital Prices Secondary Offering Business Wire 1-30 GLAD announced that it has priced a public offering of 3,000,000 shares of common stock in an underwritten public offering. Pricing was set at $17.00 per share, and net proceeds from the offering, after deducting underwriting discounts and estimated expenses payable by the Company, are expected to be approximately $47,835,000. The proceeds will be used for the repayment of existing short-term debt under the Company's line of credit. KED Announces Intention to Change Tax Status Market Wire 1-22 Kayne Anderson Energy Development Company announced that it no longer intends to be treated as a regulated investment company under the U.S. Internal Revenue Code of 1986. As a result of this change, KED will be taxed as a corporation for its fiscal year ended November 30, 2008 and for future fiscal years, paying federal and applicable state corporate taxes on its taxable income and capital gains. KED will continue to be regulated as a business development company under the Investment Company Act of 1940. ACAS to Buy Back Shares PRNewswire 1-07 ACAS announced a share repurchase plan where it could repurchase up to a half billion dollars of its common stock at prices below its net asset value. "With less than 0.8:1 debt to equity, American Capital has one of the best capitalized balance sheets of any public financial institution," said Malon Wilkus, ACAS CEO. "We received approximately $5.7 billion of repayments and realizations from our portfolio last year, $3.8 billion since the start of the credit crunch, and we are reinvesting this capital at great risk adjusted returns. This is many times more capital available for reinvestment than most of our competitors have as capital. With such liquidity, we believe that acquiring up to a half billion dollars of our shares at prices below American Capital's net asset value will be accretive to our earnings per share and net asset value per share and will also provide a great risk adjusted return to our shareholders and enhance our ability to grow dividends. We will do this while continuing to make outstanding investments in some of the best middle market companies. One Tumbs-Up to CSE MarketWatch 1-10 Josh Peters, editor of the Morningstar DividendInvestor newsletter, says investors in dividend-paying stocks that are taking a beating on the market need to see whether the dividend payouts are showing signs of strength and rebound -- making a stock a bargain -- or whether they are warning investors that the shares are due for a collapse. In a radio interview with Chuck Jaffe, MarketWatch senior columnist, Peters focused on several financial stocks. Peters said the "market is selling everything indiscriminately, and is selling good and bad companies alike," creating some opportunities for investors who manage to avoid the landmines. While Morningstar's quantitative analysis considers CapitalSource to be "distressed," Peters said the company is a strong buy due to a double-digit yield that he believes is safe going forward. On 1-04 Robert W. Baird Initiated PNNT at Outperform. On 1-07 Jefferies Downgraded TICC from Buy to Hold. On 1-08 GAIN declared a dividend of $0.08 per common share for each of the months of January [ex-date 1-21 and payment on 1-31], February [ex-date 2-19 and payment on 2-29] and March [ex-date 3-19 and payment on 3-31] of 2008. On 1-08 GOOD declared a dividend of $0.375/share for each of the months of January [ex-date 1-21 and payment on 1-31], February [ex-date 2-19 and payment on 2-29] and March [ex-date 3-19 and payment on 3-31] of 2008. On 2-01 KFN declared a distribution of $0.50/share payable on February 29, 2008 to shareholders of record as of the close of business on February 15, 2008. NOTE #1: This page is ment to be a supplement for those already getting monthly sector updates from another source. Data entry errors sporadically happen. There are other metrics not covered here that should not be ignored. NOTE #2: This page has a forcasting spreadsheet - and until that mathamatical model has had a year or two of testing, it is probably best for you to totally ignore it. NOTE #3: The owner of this site owns shares in ACAS and NGPC - and this could distort the coverage of those two BDCs. Also, those shares were purchased past mid-year for [ACAS] $38.46 and [NGPC] $16.50 - so I have avoided some of the losses that those who have held BDCs for longer periods have suffered in 2007 - and that probably increases my optimism about the sector long term. |