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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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