|
|
Market Stats BDCs at Yahoo BDCs at CNN BDCs at Excite MarketWatch BDCs at MSN BDCs at WSJ BDC Intros Nicsa.Org Investment Lawyer 08 Updates May Apr Mar Feb Jan 07 Updates Dec Nov Oct Sept Aug Jul Jun May Apr Mar Feb Jan |
MVC Reports PRNewswire 6-06 MVC Capital reported Q2-08 [ending 4-30-08] net operating income of $0.507 million as compared to $3.3 million for Q1-08 and a loss of approximately $2.2 million for Q2-07. When excluding over approximately $3.7 million accrued for the incentive compensation provision (which is not payable until a realization event occurs), net operating income was approximately $4.2 million. During Q2-08 MVC earned approximately $7.2 million in interest and dividend income and $922,317 in fee and other income, representing a decrease in total operating income of approximately $800,000 as compared to Q1-08, and an increase of approximately $2 million from Q2-07. The net increase in net assets resulting from operations was $17.2 million, as compared to $20.8 million for Q1-08 and $24.3 for Q2-07. MVC reported net assets of approximately $401.7 million [$16.53/share] compared with net assets of approximately $387.5 million [$15.95/share] at the beginning of the quarter and $352.5 million [$14.53/share] at the end of the same period last year. MCG Capital Announces $70 Million Unsecured Revolving Line of Credit PRNewswire 6-02 MCG Capital Corporation (MCGC) announced that it entered into an agreement effective May 30, 2008 for a one-year unsecured revolving line of credit facility with a committed amount of $70 million. The Facility may be expanded through new or additional commitments up to $150 million during the Facility's term. The Facility generally bears interest at a rate equal to LIBOR plus 2.75% and has a commitment fee of 25 basis points per annum on undrawn amounts. [MCGC had fallen over 50% YTD and there were fears that it might not have access to capital or loans.] On 6-09 MGPC announced that it has closed an investment with ATP Oil & Gas Corporation (ATPG). The Company acquired a limited term overriding royalty interest in certain oil and gas producing properties operated by ATP for approximately $32.8 million. Fitch Assigns Apollo "BBB" Rating AP 6-27 Fitch Ratings said it has assigned an investment-grade long-term issuer default rating of "BBB" to AINV. Fitch also gave Apollo a "BBB" senior secured debt rating. About $1.6 billion of debt is affected by the action. The rating outlook is stable. Fitch said the ratings reflect Apollo Investment's consistent operating performance, moderate portfolio investment, solid asset quality, experienced management team, low leverage and access to Apollo Global Management LLC's resources. Offsetting those positive factors, Fitch said the ratings also reflect the company's short operating history, limited funding flexibility to date, dependence on the capital markets and intense competition. Fitch noted that some unrealized portfolio depreciation is expected over the near term given the market environment. Fitch also expects Apollo Investment to develop more funding flexibility over time. On 6-09 Wachovia Initiated covereage of PSEC at Outperform. On 6-11 Robert W Baird initiated coverage of ACAS with a "neutral" rating and set the target price at $33. On 6-12 Oppenheimer initiated coverage of ALD with an "outperform" rating and set the target price at $22. On 6-12 Friedman Billings upgraded ALD from "underperform" to "market perform" at set the target price at $15. On 6-12 Oppenheimer initiated coverage of AINV with a "perform" rating. On 6-12 Oppenheimer initiated coverage of KCAP with an "outperform" rating and set the target price at $13.50. On 6-27 Stifel Nicolaus Initiated KED at Buy. On 6-04 Zacks downgraded ACAS to a Hold from a Buy after the company's core 1Q08 operating results fell three cents shy of their expectations. Analyst Eric Rothmann wrote "FY08 and FY09 are proving to be somewhat difficult years for ACAS company and we have lowered our EPS expectations accordingly. ACAS has a track record of increasing its earnings and dividends since becoming a public entity since it went public in 1997. Presently with a debt to equity ratio of 0.7:1, it creates the potential to sustain growth trends by continuing to reinvest in its middle markets niche. However, we think the high dividend yield may be perceived as less secure than in the past. We expect to see the earnings and dividend growth to continue through 2008. Though we anticipate results to be less linear in the course of the year, the deal pipelines should remain strong. But M&A volumes declined in 1Q08. Also, the deterioration in the credit markets created general market volatility, and illiquidity has resulted in significant declines in the market values of debt and equity investments. Based on 1Q08 results and company guidance, we have adjusted our FY08 and FY09 earnings expectations to $3.02/share and $3.25/share from $3.55 and $3.65. At the current price level, the shares of ACAS trade at 1.12x its NAV, which continues to remain below its 10-year historical range of 1.2x to 1.7x for the past several quarters and is now in-line with its current peer group level." On 6-02 CSE declared a dividend of $0.60/share payable on or about June 30, 2008 to shareholders of record on June 16, 2008. The ex-dividend date will be June 12, 2008. On 6-06 PNNT declared a distribution of $0.22/share payable on June 30, 2008 to stockholders of record as of June 23, 2008. On 6-06 HCD declared a distribution of $0.2625/share payable on June 30, 2008 to holders of record on June 20, 2008. On 6-16 KCAP declared a dividend of $0.41/share payable on July 28, 2008 to shareholders of record as of July 9, 2008. On 6-19 NGPC declared a dividend of $0.40/share payable July 11, 2008 to stockholders of record on June 30, 2008. On 5-13 AINV raised $382 million in a secondary offering. On 5-27 PSEC announced the commencement of a public offering of 3,000,000 shares of its common stock. On 5-13 ACAS spun off in an IPO American Capital Agency or AGNC with 12.5 million shares at $20 a share, raising $250 million. AGNC was formed to invest exclusively in single-family residential mortgage pass-through securities and collateralized mortgage obligations for which the principal and interest payments are guaranteed by a U.S. Government agency or a U.S. Government-sponsored entity. American Capital Agency is externally managed and advised by American Capital Agency Management,a subsidiary of ACAS. On 5-01 KFN declared a decreased dividend of $.40/share payable on May 30, 2008 to shareholders of record as of the close of business on May 15, 2008. On 5-02 MAIN declared a dividend of $0.35/share payable on June 12, 2008 to shareholders of record on May 12, 2008. The ex-dividend date for this quarterly dividend will be May 8, 2008. On 5-06 TICC declared a decreased dividend of $0.30/share with a Record date of June 16, 2008 and Payable June 30, 2008. On 5-07 ALD declared a dividend of $0.65/share with a Record date of June 13, 2008 and Payable June 27, 2008. On 5-07 TCAP declared an increased dividend of $0.31/share with a Record date of June 5, 2008 and Payable June 26, 2008. On 5-08 MIC declared a dividend of $0.645/share to be paid on June 10th, 2008 to shareholders of June 4th, 2008. On 5-07 MCGC declared a decreased dividend of $0.27/share payable July 30, 2008 to holders of Record on June 30, 2008. On 5-08 TAXI declared a dividend of $0.19/share payable on June 2, 2008 to shareholders of record on May 16, 2008. On 5-08 ARCC declared a dividend of $0.42/share payable on June 30, 2008 to stockholders of record as of June 16, 2008. On 5-08 BCKK declared a dividend of $0.43/share payable on June 30, 2008 to stockholders of record as of June 16, 2008. On 5-08 HTGC declared an increased dividend of $0.34/share payable on June 16, 2008 to shareholders of record as of May 16, 2008. On 5-09 PCAP declared a dividend of $0.33/share payable 6-16-08 with a Record date of 6-05-08. On 5-12 TTO declared a dividend increase to $0.2625/share to be paid on June 2, 2008 to stockholders of record on May 22, 2008. On 5-22 GNV delcared a dividend of $0.39/share payable on June 13, 2008 to common shareholders of record on May 30, 2008. On 5-28 AINV declared a dividend of $0.52/share payable on June 26, 2008 to stockholders of record as of June 19, 2008. On 5-08 BB&T Capital Markets Upgraded ALD from Hold to Buy. On 5-16 KeyBanc Capital Markets initiated coverage of KCAP with a "buy" rating. On 5-05 Ajay Jain of UBS downgraded ACAS from "neutral" to "sell," while reducing his estimates for the company. The 12-month target price has been reduced from $34 to $28. In a research note, the analyst mentions that the proposed implementation of FAS 157 is likely to have a significant impact on ACAS' asset valuations going forward. The deterioration in the underlying credit quality might exert additional pressure on ACAS' earnings in 2008, the analyst adds. The EPS estimates for 2008 and 2009 have been reduced from $3.37 to $3.26 and from $3.66 to $3.38, respectively. On 5-09 RBC Capital Markets maintained their "sector perform" rating on ACAS while reducing their estimates for the company. The target price has been reduced from $36 to $32. In a research note, the analysts mention that ACAS has posted its Q1 fully-diluted net operating income short of the estimates. ACAS' NAV in the quarter declined by 14.4% q/q mainly on account of the unrealized losses of $997 million. The EPS estimates for 2008 and 2009 have been reduced from $3.40 to $3.06 and from $3.62 to $3.30, respectively. On 5-19 JMP Securities initiated coverage of KCAP with a "market outperform" rating and set the target price at $14. In a research note published on May 16, the analysts mention that KCAP's subsidiary, Katonah Debt Advisors, is likely to underpin the former company's performance via recurring dividend income. KCAP's strategic relationship with Kohlberg & Company provides the former company with substantial execution expertise, JMP Securities adds. 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. |