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Market Stats BDCs at Yahoo BDCs at CNN MarketWatch BDCs at MSN BDCs at WSJ BDC Intros Nicsa.Org Investment Lawyer 09 Updates Mar Feb Jan 08 Updates Dec Nov Oct Sept Aug July Jun May Apr Mar Feb Jan 07 Updates Dec Nov Oct Sept Aug Jul Jun May Apr Mar Feb Jan |
Note : HTGC, KCAP, KED, MIC, TICC and TTO have cut their Q1 div and ALD defaulted on loans which eliminates divs on 2-19. Summation: Question every div based valuation because all divs are vulnerable to future cuts. AINV, BKCC, and NGPC have cut their div's by roughly half - Q2-09 yields are now shown in the data below PSEC Prices New Equity Offering Market Wire 4-24 Prospect Capital Corporation announced that it has priced its public offering of 3.2 million shares of common stock at $7.75/share, raising $24.8 million in gross proceeds. Prospect expects to use the net proceeds of this offering to initially maintain balance sheet liquidity by either repaying a portion of the amounts outstanding under its credit facility or making investments in high quality short-term debt instruments, and thereafter to make long-term investments in accordance with its investment objective. TCAP Issues New Equity Globe Newswire 4-24 Triangle Capital announced that it has priced a public offering of 1,200,000 shares of common stock in an underwritten public offering. Pricing was set at $10.75/share, and net proceeds from the offering, after deducting underwriting discounts and estimated expenses payable by TCAP, are expected to be approximately $11,855,000. TCAP intends to invest the net proceeds in lower middle market companies in accordance with its investment objective and strategies, and for working capital and general corporate purposes. PCAP's credit line ceased Reuters 4-07 Patriot Capital Funding said one of its credit facilities was terminated due to a decline in the value of assets provided as collateral, prompting the company to evaluate certain strategic alternatives. The options include possible debt or equity financing, acquisition or disposition of assets, and other strategic transactions, the company said. PCAP can no longer borrow under the facility and is in discussions with lenders, Patriot said in a filing with the U.S. Securities and Exchange Commission. Under the terms of the facility, in an event of termination, the company can no longer borrow under the facility. PCAP is also required to use all income collected from the debt investments secured by the facility to pay down the amounts outstanding within 24 months following the date of termination. The termination occurred as the amount the company had borrowed under the facility exceeded its maximum availability for more than three consecutive business days. The maximum availability under the facility is determined by the market value of all loans serving as collateral under the facility, and decline in the value of those loans triggered a termination, the company said. The company had $157.6 million outstanding under the facility as of March 31. Patriot said it was in discussions with the lenders to seek relief from certain terms of the facility. "However, we cannot provide any assurance that the lenders will agree to provide us any relief from any terms of the facility. As a result, we are also currently evaluating other financing and/or strategic alternatives," it said. Patriot also noted that the facility permits the lenders to accelerate amounts outstanding and also permits them to sell the collateral, upon notice. However, the company has not received any such notice from the lenders, till date, it said. KED Reports Market Wire 4-06 Kayne Anderson Energy Development Company reported Q1-09 [the quarter ended February 28-09] investment income of $1.2 million and consisted primarily of interest income on fixed income investments and short-term investment in repurchase agreements. KED received $4.6 million of cash dividends and distributions, of which $4.1 million was treated as a return of capital. With operating expenses of $1.8 million, Net investment loss was $0.3 million. Net realized losses were $1.6 million while net unrealized losses were $3.4 million. KED's net decrease in net assets resulting from operations for the period was $5.3 million. KED's NAV was $153.8 million or $15.23/share, a decrease of $0.87/share or 5.4% compared to $162.7 million or $16.10/share reported on November 30, 2008. KED had $52.0 million borrowed under its senior secured credit facility at an interest rate of 1.73% - and with 10,102,986 shares outstand, debt per share was $5.15/share and the Debt/NAV ratio was 33.81%. ALD paid CEO $5.2 million Reuters 4-01 Buyout firm Allied Capital Corp (ALD), which recently defaulted on its credit facility, paid its chief executive a total compensation of $5.2 million in 2008, less than half of what was paid the year before. The company's proxy filing revealed that CEO William Walton did not receive a bonus or a performance award for 2008, compared with an annual bonus of $2.2 million in 2007. However, he received almost $3 million in individual performance award and individual performance bonus like in 2007. The rest of his compensation included $1.7 million in salary, option awards worth $457,242 and all other compensation of $28,503. HCD may merge into the Highland Credit Strategies Fund Dallas Business Journal 3-31 Highland Distressed Opportunities Inc., a company that invests in distressed middle-market companies and unlisted companies, has called a special meeting of stockholders to vote on a plan to merge the company into the Highland Credit Strategies Fund -- a fund managed by investment adviser Highland Capital Management LP. A proxy statement has been mailed to stockholders about the upcoming vote on April 9. Highland Credit Strategies Fund, the fund that Highland Distressed would be merged into, invests in secure and unsecured floating and fixed-rate loans, as well as bonds and other debt obligations. On 4-04 KED declared a dividend of $0.35/share payable on April 30, 2009 to common stockholders of record on April 17, 2009, with an ex-dividend date of April 15, 2009. Based on KED's portfolio of investments and average yields on those investments as of February 28, 2009, KED estimates dividends, distributions, and interest income will be approximately $5.2 million per quarter. On 4-07 GOOD declared a dividend of $0.125 payable April 30 to shareholders of record on April 22, payable May 29 to shareholders of May 20, and payable June 30 to shareholders of June 22. On 4-13 MVC declared a dividend of $0.12/share payable on April 30, 2009 to shareholders of record on April 23, 2009. On 4-15 FSC declared a reduced dividend of $0.25/share [prior div was $0.38] payable 6-25 to shareholders of record of 5-26. On 4-20 Hilliard Lyons Downgraded GOOD from Buy to Long-term Buy. On 3-02 ARCC declared a dividend of $0.42/share, payable on March 31, 2009 to stockholders of record as of March 16, 2009. On 3-05 MAIN declared monthly dividends of $0.125 per share for April 15th, May 15th and June 15th 2009 to shareholders of record on 3-20, 4-21 and 5-21. On 3-10 BKCC declared a reduced dividend of $0.16/share [prior quarterly div was $0.42/share] payable on April 3, 2009 to stockholders of record as of March 20, 2009.On 3-11 TCAP declared a dividend of $0.40/share payable 4-08-09 to holders of 3-25-09. On 3-11 PNNT declared a dividend of $0.24/share, payable on April 1, 2009 to stockholders of record as of March 24, 2009. On 3-12 NGPC declared a reduced dividend of $0.20/share payable on April 10, 2009 to shareholders of record on March 31, 2009. On 3-12 TICC declared a dividend of $0.15/share payable March 31, 2009 to shareholders of record on March 17, 2009. On 3-12 TAXI declared a dividend of $0.19/share payable March 30, 2009 to shareholders of record on March 13, 2009. On 3-23 KCAP declared a recuded dividend of $0.24/share [prior div was $0.27] payable on April 29, 2009 to shareholders of record as of April 8, 2009. On 3-24 PSEC declared a dividend of $0.405/share payable on April 20, 2009 to shareholders of record as of March 27, 2009. On 3-16 PCAP's board of directors has postponed making a decision regarding the declaration of our first quarter 2009 dividend until we have more information on whether the liquidity facility will be renewed. On 3-17 JMP Securities Downgraded PCAP from Market Outperform to Market Perform. On 3-27 HTGC announced that it has completed the full repayment of its $130.0 million credit facility with Citigroup and Deutsche Bank. Manuel Henriquez, co-founder, chairman and CEO, said “Hercules’ ability to amortize and repay approximately $130.0 million within five months during these most challenging times, provides further evidence of the asset class and of the continued focus and dedication of Hercules’ investment professionals to work diligently identifying and investing in the right companies while at the same time also remaining focused on managing our credit performance and balance sheet liquidity.” This was done through a combination of early and regularly scheduled loan repayments as well as borrowing approximately $25.7 million under their credit facility with Wells Fargo Foothill. Wells Fargo Foothill coupled with their long-term funding relationship with the SBA’s SBIC program provides Hercules with a long term source of capital while continuing to support and grow their investment portfolio. 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 GNV and NGPC - and this could distort the coverage of those BDCs. |