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4Q 2019 New Issues Analysis: Volume 1

Posted on February 12, 2020

New Issues analysis is powered by AdvantageData’s award-winning BDC platform.

 

As of February 11, 2020, 14 BDCs have reported their Q4 2019 earnings Aggregate New Issues volume reported so far amounts to a little under 1 Billion (USD). For the purpose of this analysis, only new portfolio companies have been included.

BDC Fair Value (1000) % of Fair Value
Apollo Investment Corp 302,843 31.92%
Oaktree Specialty Lending Corp. 134,493 14.17%
Prospect Capital 114,615 12.08%
PennantPark Floating Rate Capital 107,518 11.33%
Pennant Park Investment 89,309 9.41%
Capital Southwest Corporation 65,404 6.89%
Golub Capital 53,640 5.65%
Gladstone Capital Corp. 38,000 4.00%
Investcorp Credit Management BDC Inc. 22,859 2.41%
Oaktree Strategic Income Corp. 20,208 2.13%
Grand Total 948,889 100.00%

Apollo Investment Corp, Prospect Capital and Oaktree accounts for almost 60% of the New Issues Volume.

 

Pricing

92% of the New Issues were First Lien. 68% of the First Lien priced between L+450 and L +750.

Fair Value (1000) Coupon Spread (Libor +)
350-450 450-600 600-750 750-800 800-950 Grand Total
Investment Type
First Lien 66,257 388,563 251,730 64,208 80,395 851,153
Second Lien 503 12,250 21,797 34,550
Unitranche 36,750 10,074 3 46,827
Grand Total 66,257 425,313 262,307 76,461 102,192 932,530
             

New Portfolio Companies

Download the list of New Portfolio Companies.
Download The Data

Please contact info@advantagedata.com for more granular details on BDCs New Issues.


Written by Sourav Srimal, Global Head of Operations at Advantage Data. To contact Sourav, email ssrimal@advantagedata.com


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