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4Q 2019 New Issues Analysis: Volume 2
Posted on February 19, 2020
New Issues analysis is powered by AdvantageData’s award-winning BDC platform.
In our Volume 2 of 4Q 2019 BDC New Issues Analysis, we will focus only on BDCs that have reported their Q4 2019 earnings after February 11, 2020. Aggregate New Issues volume reported amounts to 1.2 Billion (USD). This analysis includes new portfolio companies only.
| BDC | Fair Value (1000) | % of Fair Value (1000) |
| Ares Capital | 1,044,000.00 | 83.90% |
| Golub Capital BDC 3 Inc. | 119,654.00 | 9.62% |
| Mackenzie Realty Capital Inc. | 13,823.00 | 1.11% |
| Oaktree Strategic Income II Inc. | 66,898.00 | 5.38% |
| Grand Total | 1,244,375.00 | 100.00% |
Ares Capital by far is leading the New Issues Segment.
Pricing
65% of the New Issues were First Lien. 41% of the First Lien priced between L+450 and L+ 600. There was an uptick in the reported unitranche issuance, thanks to Golub Golub Capital BDC 3 Inc.
| Fair Value (1000) | Coupon Spread (Libor +) | ||||
| 350-450 | 450-600 | 600-750 | 750-950 | Grand Total | |
| Investment Type | |||||
| First Lien | 93,872 | 375,326 | 38,769 | 92,900 | 600,867 |
| Second Lien | 180,409 | 34,796 | 215,205 | ||
| Unitranche | 83,512 | 14,565 | 740 | 98,817 | |
| Grand Total | 93,872 | 458,838 | 233,743 | 128,436 | 914,889 |
New Portfolio Companies
The below table contains a list of New Portfolio Companies.
| Portfolio Company | Fair Value (1000) | Portfolio Company | Fair Value (1000) |
| Acquia Inc. | 6,080 | Micromeritics Instrument Corp. | 35,100 |
| AmerCareRoyal LLC | 3,396 | Minerva Surgical Inc | 29,300 |
| Anastasia Parent LLC | 1,592 | OMH-HealthEdge Holdings LLC | 26,400 |
| Aspen Medical Products LLC | 995 | Onapsis Inc. | 195 |
| Aurora Lux Finco Sarl | 14,956 | Portillo’s Holdings LLC | 33,300 |
| BR Everwood Investment Co. LLC | 3,750 | Project Boost Purchaser LLC | 4,306 |
| BR Westerly Investment Co. LLC | 4,121 | Protective Industrial Products Inc. | 2,782 |
| BW Landco LLC | 25,200 | RecordxTechnologies LLC | 18,652 |
| Chief Power Finance LLC | 8,184 | Red Dawn Sei Buyer Inc. | 13,725 |
| Citrus Park Hotel Hldgs LLC | 5,000 | Sabert Corp. | 4,395 |
| Corrona LLC | 4,124 | Se1 Generation LLC | 52,100 |
| CVP Holdco Inc. | 87,900 | Selectquote Inc. | 17,600 |
| Cypress Intermediate Hldgs III Inc. | 209 | Sigos LLC | 500 |
| Dcert Buyer Inc | 8,040 | SmartStop Self Storage REIT Inc. | 21 |
| DRS Hldg III Inc. | 38,900 | Sonatype Inc. | 12,783 |
| ES Acquisition LLC | 16,131 | SSRG Hldg LLC | 6,833 |
| Evolent Health Inc. | 69,500 | Sunrun Xanadu Issuer 2019-1 LLC | 197,900 |
| ExGen Renewables IV LLC | 1,239 | Supermoose Borrower LLC | 1,493 |
| FM: Systems Group LLC | 26,300 | TA Weg Hldg LLC | 9,600 |
| Helios Software Hldgs Inc. | 2,984 | Thunder Finco Pty Ltd | 6,000 |
| Huskies Parent Inc. | 1,800 | Wand Newco 3 Inc. | 180,200 |
| Infinisource Inc. | 10,725 | WCI-HFG Hldg LLC | 2,500 |
| Laboratories Bidco LLC | 60,400 | ||
| Grand Total | 1,057,211 | ||
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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