TSLX: The oil company announced the raising of $350mn of second lien debt. This will repay the 2022 Term Loan, with an initial advance of $300mn made by TPG Specialty (including $58.5mn by TSLX) as recently as November 2017. TSLX gets repaid but loses a good credit paying LIBOR + 775 bps. The debt was already carried at a 4% premium to cost at June 30, 2018. However, no word on the $1.95mn invested at cost in the Company's equity (NOG is public) and valued at $.1mn. As of 10/1/2018 NOG's stock was priced at $0.03 at the open, up from $3.150 at June 29, 2018 (quarter end). That suggests the NOG equity position will likely show an unrealized gain.
Ferrellgas Partners' (FGP) reports wider-than-expected loss in fourth-quarter fiscal 2018. Nevertheless, the company continues to expand operations through accretive acquisitions.
TSLX $74.4mn Senior Loan At Cost: TSLX has marked the loan at a 5% premium at June 2018.
TSLX $27.4mn First Lien Debt: The Company has appointed a new senior executive. The BDC sector has $104mn invested in Tangoe. TSLX's $27.4mn is valued at a 5% premium
TSLX $48.3mn First Lien Debt: Background: Tangoe was a public company, taken private for $6.50 a share in 2017 by its largest shareholder Marlin Equity Partners. At that point, TSLX provided a first lien loan for $50mn at LIBOR + 850bps, due in 2022. Subsequently disaffected public shareholders have taken Tangoe to court, unhappy with the price received and the issue is now before a judge with the defendants arguing that the price paid was fair. Win or lose TSLX's loan - carried at a 2% premium - is unlikely to be affected.
Pennsylvania-based Rex Energy has a new chief financial officer: Curt Walker, Kallanish Energy reports. He was promoted internally after the existing CFO quit after three years. The BDC Credit Reporter cannot tell if this is a worrisome development or not, as no reasons are given for the sudden departure of the CFO. TSLX has a $15.1mn Senior Secured position at 9/30/2017, which is carried at par. No impact likely.