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TCPC borrower Bon-Ton to liquidate

The department store chain is just the latest retailer that failed to reorganise in bankruptcy.

New GSO BDC prepares for take-off in second quarter

The credit investing behemoth ceased providing investment advice to the FS BDCs earlier this month, but the firm believes it will replace that capital within the next few years.

BlackRock to buy specialist credit manager Tennenbaum

The deal will add $9bn of private debt assets to BlackRock and bring in an experienced credit management team.

Want more leverage? Give investors the vote

Getting the nod from a BDC’s equity investors to increase borrowings would be more efficient and engender goodwill.

The Barings, Benefit Street and Triangle transaction: 5 takeaways

Barings has set the stage for a turnaround of the BDC through a shareholder-friendly fee structure and a commitment to slowly building out a portfolio of privately originated senior loans – but it will take some time, analysts say.
handshake

Largest BDC platform is made official

FS Investments and KKR have closed the deal to create a new $18bn platform, wrapping together six BDCs.

BDC fees could be thrown into spotlight after changes in leverage statutes – updated

Additional leverage may mean higher fees for shareholders if BDC managers do not alter their fee structure.

Barings to become TCAP external advisor for $235m; Benefit Street to pick up portfolio...

The triparty transaction would allow Barings to construct a senior debt-focused portfolio ‘from scratch’.

FS board OKs leverage increase, Prospect cancels extra borrowing capacity – updated

The two companies are among the first managers to take action on the new statute, which raises the allowed debt-to-equity ratio from 1:1 to 2:1.

FS and KKR BDC partnership: Portfolio churn fears and discounts

The new arrangement is all but complete, with the shareholders of all requisite BDCs signing off on the marriage. An upside in their stock price, however, has been outweighed by other factors.

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