Nicholas Marshi
Nicholas Marshi
A BDC Reporter Publication. Last updated February 28, 2019bit.lytwitter.comseekingalpha.com

BDC CREDIT REPORTER

Acrisure Investors Make $2 Billion Investment

GRAND RAPIDS, Mich., Dec. 10, 2018 /PRNewswire/ -- Acrisure, LLC, a leading national and global insurance brokerage, today announced that a group of investors...

prnewswire.com

Odyssey Logistics & Technology acquires AFF Global Logistics for USD 465m – Financial News

Reliable, up-to-date source for financial news distribution and PR. Find the latest news on insurance, banking, property and mortgages and more.

financial-news.co.uk

In-Home Care Provider ComForCare Partners With Kindred At Home

ComForCare Health Care Holdings, LLC, a premier provider of home care, signed a preferred partnership agreement with Kindred At Home.

franchising.com

Cognizant to Acquire Digital Engineering Leader Softvision

TEANECK, N.J., Oct. 4, 2018 /PRNewswire/ -- Cognizant (Nasdaq: CTSH) today announced it has entered into a definitive agreement to acquire Softvision, LLC, a...

prnewswire.com

Crews battle fire at City Carting & Recycling Co. in Stamford

Dozens of firefighters battled a fire at City Carting & Recycling Company in Stamford.

connecticut.news12.com

10/3/2018: Bluestem Group Reached Legal Settlement

businesswire.com

10/3/2018: Group wants private firm out of prison

A group looking to bring the George W. Hill prison in Concord back under county control rather than having it managed by a private, for-profit corporation held a public hearing

delcotimes.com

10/4/2018: American Tire Files Bankruptcy

Seeks to reduce debt by $1.1bn.

finance.yahoo.com

Royal Oak-based Ambassador acquired by Apollo Global-owned company

The referral marketing company's CEO, Jeff Epstein, doesn't expect "sweeping changes" under West Corp.

crainsdetroit.com

Levi & Korsinsky Trying To 'Derail' Merger Offer Suit: Investors - Law360

Attorneys at Levi & Korsinsky LLP are trying to “derail” a consolidated securities suit alleging Patriot National Inc. and two former executives did not properly consider a $475 million takeover o

law360.com

10/4/2018: Thai Union, Bumble Bee push back against tuna price-fixing lawsuits

Continuing legal battles about price fixing.

undercurrentnews.com

10/4/2018: Lumileds Opens New Distribution Center

New distribution center in Mexico

aftermarketnews.com

10/4/2018: Endemol Shine To Be Acquired

French TV group likely to acquire Endemol Shine of Netherlands.

variety.com

10/4/2018: Smart Start Canada ULC Wins Major Contract

Canadian subsidiary wins 5 year contract in Quebec.

tullahomanews.com

10/4/2018: Matlin & Partners Acquisition To Merge Into U.S. Well Services

Business combination to be approved

prnewswire.com

10/4/2018: BayMark Health Services Makes Acquisition

Acquires Los Angeles-based medication-assisted treatment service provider,

behavioral.net

10/4/2018: Will Weight Watchers' Rebranding Result in New Members?

Analytical article about new WW strategy. from Motley Fool

fool.com

10/3/2018: West Corporation acquires Ambassador

Acquires ZFERRAL, d.b.a. Ambassador, a cloud-based relationship marketing platform.

seekingalpha.com

10/1/2018: Buyer pulls out of Akorn Acquisition

Akorn's stock price dropped sharply on news.

bloomberg.com

9/11/2018: West Corp. Doubles Down On Video With INXPO Acquisition

New acquisition.

crn.com

9/11/2018: Invuity, Inc. To Be Acquired

AINV: The only BDC lender is Apollo Investment (AINV) with $10.9mn invested at cost, principally in senior debt and with a dollop of equity. If this transaction goes through, AINV is likely to see its debt advances, currently carried at a tiny 1% discount, repaid in full. There may also be a non material equity gain to look forward to. AINV will also be losing a loan facility priced at LIBOR + 650 bps, according to Advantage Data records.

nasdaq.com

8/28/2018: Rex Energy Sold

TSLX $29mn 6/30/18: With the $601mn sale of Rex's assets following an auction, TSLX should receive full repayment of its first lien loans to the bankrupt company, priced at L 875bps. The debt was carried at a slight premium to par.

post-gazette.com

8/31/2018: Ascent Resources, LLC Completes Acquisition/Equity Raise:

FS Energy, FSIC,FSIC II,FSIC III, FSIC IV, Cion $420mn June 30 2018: Major $1.4bn acquisition completed. Debt all carried at par. May increase unrealized appreciation of equity - discounted at 12% - in future periods.

marketwatch.com

8/31/2018: BayMark Health Services Makes Acquisition

ABDC,OFS, Hancock Park $11.9mn 6/30/18: This opioid treatment company - carried at full value by all 3 BDCs with first and second lien loans outstanding - has made an acquisition.

markets.businessinsider.com

8/28/2018: Marketo® Appoints Mika Yamamoto as Global President

GBDC,NMFC, TCPC,TSLX, Golub Capital Investment $107mn Debt: New senior manager appointed.

prnewswire.com

8/27/2018: Tangoe Board Says Shareholders Had Options In Sale Vote - Law360

TSLX: See TSLX News.

law360.com

8/28/201*: Unitek Global Acquires Graycliff

Multiple BDC: $140mn.

bizjournals.com

8/6/2018: Spain's Amadeus in talks to buy U.S.' TravelClick: Reuters - PE Hub

Spanish travel technology company Amadeus IT Group said on Wednesday it was in talks with U.S.-based TravelClick with a view to buying the provider of online reservation systems to hotels.

pehub.com

7/31/2018: Resource Label buys Ingenious - PE Hub

OFS,Guggenheim Credit, Hancock Park: Resource Label buys Canadian company.

pehub.com

7/30/2018: FMG Suite Announces Acquisition

SAR: The Company has acquired Platinum Advisor Strategies. The BDC Reporter adds: This portfolio company of SAR has made an acquisition, suggesting financial strength.

virtual-strategy.com

7/30/2018:TIBCO Software In Lawsuit Against Former Client

ACSF,AINV,NMFC,OHAI: A major lawsuit by Tibco Software against a former client continues.

financefeeds.com

7/31/2018: Bankruptcy Management Solutions Appoints New General Counsel

BKCC: The company hired Christopher Updike to be General Counsel. The BDC Reporter adds: The only BDC with exposure values the investment at par. We noted the press release spoke of expansion plans.

digitaljournal.com

7/30/2018: Aurora Capital Seeks Buyer for Restaurant Technologies

ARCC,Bain, Audax: Aurora Capital Partners is weighing a sale of Restaurant Technologies Inc., according to people familiar with the matter. The BDC Reporter adds: First and second lien debt of $11mn in aggregate carried at par.

bloomberg.com

7/26/2018: Riskonnect To Acquire Risk Management Software Unit ClearSight .

TSLX : Portfolio company Riskonnect makes acquisition. No terms given.

insurancejournal.com

7/25/2018: Dayton Superior Cleans Up From Floods

CMFN,Cion, FSIC II: Article briefly mentions flood impact on portfolio company Dayton Superior.

pahomepage.com

7/2/2018: Mood Media Makes Acquisition

FSIC,FSIC II,BDCA : Mood Media acquired focus4media. "Prior to the sale, focus4media had been Mood’s exclusive affiliate in various regions in the Southeast. The sale is effective immediately. The parties did not disclose the transaction terms." The BDC Credit Reporter adds: This seems like a positive sign for this "leading global provider of in-store media solutions" (think Muzak even if that's a little unfair) after a very troubled period that included a major restructuring and BDC junior lenders swapping debt for equity. Now the 3 BDCs involved have $60mn in debt - at cost - and $25mn in equity, which was valued at a 81% premium as of March 2018. We doubt - based on cursory review - that this was an earth moving acquisition but does suggest Mood Media continues to get its house in order and the two FS Investment BDCs (not BDCA) might be booking further unrealized appreciation.

globenewswire.com

7/18/ 2018: U.S. Security Associates Acquired

AINV : The company is being acquired by Allied Universal. Closing is expected in the IIIQ of 2018. The BDC Credit Reporter adds: We expect AINV's $80mn subordinated loan to the company , which bears interest rate at 11.0% and matures in 2020, will likely get repaid in full and at par. AINV has long carried the loan at par and there may or may not be some prepayment fees due. This is a relatively large position at an average yield for AINV and a performing asset.

securitysystemsnews.com

7/18/2018: The Service Companies Acquired

GSBD : The Service Companies "the nation’s premier provider of managed services, food & beverage staffing, and specialty cleaning services for the hospitality and gaming industries" has been acquired by Gridiron Capital LLC. Financial terms weren’t announced. The Service Companies, of Miami, consists of Heart of House Services, Acrobat Outsourcing, and JRS International. The BDC Credit Reporter adds: This will likely result in the repayment of the company's unitranche loan in which GSBD has a $3.6mn position, carried at the slightest discount to par (0.75%). This has been a performing loan since GSBD first booked the credit in 2014. The BDC may miss the relatively high interest rate being charged of LIBOR + 1025 bps, which adds up to well over 12% per annum.

pehub.com

7/18/2018: SCM Insurance Services Makes Acquisition

ARCC: Canadian headquartered SCM has acquired Affirmative Risk Management of Arkansas. "ARM provides adjusting services related to commercial property, homeowner property, casualty, diesel trucks/trailers, motor truck cargo, heavy equipment, and products liability insurance claims". Terms were not provided.

The BDC Credit Reporter adds: It's hard to determine the importance of this acquisition and whether lenders will be asked to provide financing due to the absence of terms. We do know, though, that ARCC has major exposure - all in debt - to the insurer, which is valued at only a slight discount to par. The BDC participates in 3 different loan maturities with rates between 7.5% and 10.6%. We'd guess that the acquisition suggests SCM is on the ascendant only a year after attracting an equity investment from Warburg Pincus. SCM made its first acquisition in the U.S. with the purchase of the (insert unintentional irony here) of Nixon & Company in May 2017. Before the Warburg infusion SCM's debt (AINV was the only BDC with exposure) was valued at distressed levels (up to a 25% discount) but has been valued at or close to par since AINV decamped and ARCC became involved in the IIIQ 2017. We'd say the latest acquisition - and the other public information available - suggests this is Good News from ARCC's standpoint. Keep an eye out for a possible exposure increase to what is already major exposure.

markets.businessinsider.com

5/29/2018: KKR Buys BMC in Deal Said to Be Worth $8.3bn

FSIC III,OCSL,KCAP,BDCA: All but KCAP Sub Debt at very low rates and valued at par. Repay IIIQ 2018 ?

bloomberg.com

5/25/2018: Eddie Bauer To Be Merged With Pacific Sun ?

TSLX: Potential merger of two iconic brands. The BDC Reporter adds: TSLX has a IQ 2018 $28.5mn First Lien loan to Eddie Bauer (no exposure to Pacific Sun) which is valued at a premium to par. A merger might result in a repayment of the secured debt.

retaildive.com

5/21/2018: BMC Software For Sale

OCSL.BDCA,FSIC III: BMC Software is up for sale and is working with Goldman Sachs and Credit Suisse to find a buyer, Bloomberg confirmed. The BMC process has drawn interest from Thomas Bravo and KKR, the story. Bain Capital and Golden Gate Capital acquired BMC in 2013 for $6.9 billion. We add: BDC lenders may be repaid out of senior and sub debt. All valued at par and aggregates $49mn at cost.

bmc.com

4/30/2018: Hercules Capital Finances RumbleOn

HTGC: The BDC provides up to $15mn in financing for RumbleOn, Inc., a "disruptive e-commerce platform facilitating, in one online location, the ability of consumers and dealers to buy, sell, trade, and finance pre-owned vehicles with an emphasis on motorcycles and other powersports".

abladvisor.com

4/19/2018: AvidXchange hires new CGO Dan Drees

: TSLX: AvidXchange, a fintech provider of accounts payable and payment automation for midsize companies, is pleased to announce that Dan Drees has joined the company as Chief Growth Officer.

ibsintelligence.com

3/16/2018: International Wire Announces Results for the Fourth Quarter, Full Year 2017

CMFN,GECC: Both BDCs have Second Lien exposure to this wire product manufacturer. CMFN carries the debt at a slight discount, GECC does not using Advantage Data's IVQ 2017 results. These results are positive.

businesswire.com

3/14/2018: Xpress Global Systems Announces South Florida Expansion

ABDC: Chattanooga, Tennessee-based Xpress Global Systems announced plans to begin expanding in several markets this year.

ttnews.com

3/1`4/2018: Info About Roscoe Merger In 2017

KCAP,SAR: Compass Health Brands has reorganized its sales team following multiple acquisitions, including Roscoe Medical.

hmenews.com

3/14/2018: Lionbridge Expands Executive Team, Names Chief Technology Officer

GARS,CMFN: The two BDCs have First and Second Lien exposure respectively to the Company for a total of $13.1mn, both carried at premium to par. CMFN has by far the biggest exposure.

prnewswire.com

3/14/2018: Rex Energy Sells Non-Operated Oil and Gas Interests

TSLX: Rex Energy Corporation (Nasdaq:REXX) announced that it entered into a Purchase and Sale Agreement (“PSA”) to sell non-core oil fields for $17.2mn effective immediately. The use of proceeds is unknown. BDC Exposure: Only TPG Specialty has exposure to the Company in First Lien position valued at premium to cost. Small chance proceeds might be used to repay the debt which pays interest at 10.5%. (Using Advantage Data records for IVQ 2017).

globenewswire.com

3/8/2018: StereoVision Imaging acquires Digital Signal Corporation

HRZN: StereoVision Imaging announced today that it has closed on a financing package with a provider of structured debt products to technology and life science companies. A portion of the financing was u…. HTZN is lender to Digital Signal.

biometricupdate.com

3/6/2018: Apollo Investment Finances Genesis Healthcare

AINV: The BDC - alonside Apollo Global lending group MidCap Financial - has provided asset based financing to the Company.

globenewswire.com

3/5/2018: Teladoc, Microsoft partner to expand telehealth

AINV: Teladoc, a provider of virtual care delivery services, has announced an expanded partnership with Microsoft to advance telehealth capabilities.

clinical-innovation.com

2/26/2018: Resorts World Catskills: How it's doing so far

PFLT, CMFN. Resorts World Catskills opened a few weeks earlier than expected. So far, it has been a slow start.BDC Exposure: All in $40mn Senior Debt.

lohud.com

2/26/2018:Army awards AM General $11.8M for 60 Humvees

TCAP, Corporate Capital: AM General was awarded a contract by the U.S. Army to procure 60 M1167 High Mobility Multipurpose Wheeled Vehicles or HMMWV.

upi.com

2/23/2018: 99 Cents Only adds new CEO, COO and strong sales | Retail Leader

OCSL,OCSI, TSLX: 99 Cents Only Stores has promoted its chief merchant to CEO on the same day it named a new COO and announced impressive fourth quarter sales. BDC Exposure: There is $30.7mn lent by the three BDCs to the Company, all at the senior level. (TSLX is in a different facility than the Oaktree BDCs). All holdings are carried at a premium to par. This data validates the valuation.

retailleader.com

2/25/2018: Sailpoint Technologies Growing Office Space

TSLX,OCSL: Shortly after becoming a public company, Sailpoint is growing and signing new leases and hiring new staff. BDC Exposure: The two BDCs have senior debt exposure valued at or above par to the Company.

bizjournals.com

1/18/2018: Capitala Group Participates in $29.0 Million Credit Facility

CPTA: No name is given for the borrower or terms. The deal was booked by the parent group but the BDC is likely to be involved. See next point. The BDC Reporter adds: We surmise CPTA is participating in the financing the acquisition of Kelle's Transportation Service by a new buyer, who has since renamed the business. This is helpful to CPTA which recently converted debt to equity in Kelle's before the new investor was announced. This will allow Capitala Group - and presumably CPTA - to book a new loan on a stronger footing and potentially gain some value for its equity stake.

investor.capitalagroup.com

2/21/2018: Capital Southwest Finances Apollo MedFlight

CSWC: The BDC announced a $14.5mn debt and (minority) equity investment in ITA Holdings Corp (dba Apollo Medflight). This is notable due to the relatively large size and CSWC serving as the lead/sole lender. No sponsor group is mentioned. The transaction seems to be in the Lower Middle Market which is fast outpacing the Upper Middle Market as the segment which management favors.

ir.capitalsouthwest.com

2/20/2018: Asurion, LLC : Moody's assigns Ba3 rating to replacement first-lien term

Sierra Income,KCAP, ACSF: : Moody's assigns Ba3 rating to Asurion, LLC's replacement first-lien term loan, stable outlook. KCAP had $2mn in 2023 Senior Secured at 9/30/2017 at L + 300. May have been repaid.

markets.businessinsider.com

2/20/2018: Bankrupt Aerosoles Receives $26 Million Bid From Hedge Fund Alden Global

TCRD: The Chapter 11 process for Aerogroup International is almost at an end. BDC Exposure: $15.3mn in Senior, Subordinated and Equity, all by TCRD. All but $13mn in Senior Secured, which was on non-accrual but valued at par at 9/30/2017. Rest of investment written off.

footwearnews.com

2/20/2018: Metal Powder Products Completes Acquisition of NetShape Technologies

ABDC: Metal Powder Products LLC has acquired NetShape Technologies Inc.. BDC Exposure: ABDC with $8.3mn of Subordinated Notes At cost, carried at par and $0.500mn of equity already valued at 40% premium at 9/30/2017.

businesswire.com

2/19/2018: Nektar Therapeutics (NASDAQ:NKTR) Shares Increase

TSLX: The announced collaboration between Nektar - a BDC portfolio company- and Bristol-Myers Squibb should be good news for the Company. BDC Exposure: All to TSLX, which has $74.3mn at cost in First Lien debt carried at slight premium as of 9/30/2017.

heraldfinance.com

2/15/2018: Main Street Invests in DMS Holdco, LLC

MAIN: BDC finances the management buy-out of DMS Holdco, LLC , "a leading provider of omni-channel direct marketing services". The press release mentions a "co-investor" and MAIN funding $27.2mn in combination of first lien and equity invested. MAIN and unnamed co-investor providing Revolver.

ir.mainstcapital.com

2/14/2018: GST AutoLeather Receives Court Approval Of Sale

The Court’s approval followed an auction completed on January 13, 2018 where GST Lender Acquisition Corp. was the successful bidder with a winning bid of $166.9 million.  The Company anticipates that

digitaljournal.com

2/13/2018: Fusion Announces Proposed $570 Million Senior Term Loan Facilities

TICC,Sierra Income:Fusion (NASDAQ:FSNN), a leading provider of cloud services, announced today that it engaged Goldman Sachs, Morgan Stanley and MUFG as joint lead arrangers. Debt will be used to pay for Birch Communications acquisition. BDC Exposure: All to Birch Communications. TICC has First Lien Debt at 9/30/2017 at 12% discount. Likely to be be settled at par. Yield 8.55% with cost of $20.826

globenewswire.com

2/8/2018: York Appoints Maria Conry Chief Marketing Officer

FSIC,NMFC: York Risk Services Group today announced that Maria Conry has been appointed Chief Marketing Officer. Ms. Conry will be responsible for York’s overall mar

prweb.com

2/6/2018: Crystal Financial Provides Financing for Stone Road Energy

Crystal Financial announced the completion of a $20.0 million Senior Credit Facility for Stone Road Energy (“SRE”). Headquartered in Bridget

businesswire.com

2/1/2018: FCX Performance Sold.

CGBD,Audax Capital: Harvest Partners LP has closed its previously announced sale of FCX Performance to Applied Industrial Technologies. No financial terms were disclosed. Columbus, Ohio-based FCX Performance is a provide

pehub.com

2/1/2018: Sears lands additional financing from Eddie Lampert's ESL

Sears said in January it was in talks with lenders about transactions to address its $1 billion of debt.

cnbc.com

2/1/2018: Hercules Capital Accelerates Loan To PhaseRx

PhaseRx, Inc. (NASDAQ:PZRX) Files An 8-K Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet ArrangementItem 2.04. Triggering Events

marketexclusive.com

1/29/2018: GST AutoLeather close to agreement with lenders

The U.S. based premium automotive leather supplier told the court on January 26 that it has reached the framework for an agreement with senior secured...

internationalleathermaker.com

1/20/2018: H.I.G. Capital Completes the Sale of Pro-Pet to Cargill

GSBD: H.I.G. Capital sold Pet Food Holdings, Inc., the parent company of Pro-Pet LLC, to Cargill, Inc. Pro-Pet manufactures premium dry dog and cat food. BDC Exposure: Only BDC is GSBD with $31.2mn Unitranche Loan, valued at 5% discount at 9/30/2017. This sale will cause an Unrealized Appreciation of $1.7mn. However the sale will likely result in GSBD losing a major credit earning L + 725bps.

businesswire.com

1/30/ 2018: Aerogroup Switches To Asset Sales

TCRD: The Company has failed to develop a credible Chapter 11 Plan so appears to be switching to asking for the right to liquidate.

law360.com

1/30/2018: TIBCO Announces Matt Quinn as Chief Operating Officer

ACSF AINV NMFC OHAI: New senior manager at Tibco Software

prnewswire.com

1/30/2018: Moody's upgrades AP Gaming I

WHF, BDCA, FRC: Moody's upgrades 2024 Notes in which three BDCs are invested with exposure of $40.3mn. All 3 BDCs, though, already carrying debt at full value as of September 2017.

moodys.com

1/25/2018: Prospect Capital Lends To Luminex

PSEC: Prospect Capital ("PSEC") announced the new $25mn loan- part of an unspecified recapitalization. Very few other details available. This borrower is new to PSEC and BDCs.

prospectstreet.com

1/25/2018: Sears Likely To Go Bankrupt ?

WHF: Discussion of why Sears may need to file chapter 11.

thestreet.com

1/25/2018: Rex Energy names Walker CFO - Kallanish Energy News

TSLX: The only BDC with exposure to this energy company is TPG Specialty (TSLX) with $15mn in Senior Secured valued close to par at 9/30/2017. No details are known about why the prior CFO quit after 3 years on the job and the Chief Accounting Officer needed to be promoted to CFO.

kallanishenergy.com

1/25/2018: Amedica Confirms Payoff of Hercules Capital

HTGC: In a long press release about its business progress Amedica, inC. - a portfolio company of Hercules Capital (HTGC) confirmed that its loans from the BDC were paid off on January 3 2018 as part of a debt exchange with investors. As a result, HTGC will have been repaid a $4mn loan (at 9/30/2017), which was carried at par and paid Prime + 770 bps. Not clear is what has happened to the $459,000

globenewswire.com

1/24/2018: Katun Corporation Sold

WHF: With the sale of Katun Corporation to a Taiwanese buyer, the only BDC with exposure is WhiteHorse Finance (WHF), which has $4.4mn at cost and carried close to par in exposure at 12/30/2017, according to Advantage Data. The WHF exposure is in the publicly traded Second Lien Notes, which pay a high rate of LIBOR + 1125 bps. We expect the debt will be repaid and WHF will lose a high yielding borrower.

prnewswire.com

1/24/2018: Murray Energy Sub To Acquire Assets Of Bankrupt Armstrong Energy

ACSF,CION, BDCA, CCBI : Four BDCs have exposure to Murray Energy, which is acquiring a 51% interest in the Armstrong coal fields. At September 30, 2017, the 2020 Senior Debt in which all the BDCs were invested in was carried at a 4% discount to par. This move suggests an upward movement in valuation might be in the cards. That's material for BDCA which has $14mn at cost to Murray Energy. {Company Press Release]

prnewswire.com