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4Q 2019 New Issues Analysis: Volume 3

Posted on February 21, 2020

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

 

In our third installment of 4Q 2019 BDC New Issues Analysis, we will focus on BDCs that have reported their Q4 2019 earnings between February 19, 2020 and February 21, 2020 (4 PM EST). In this period, Aggregate New Issues volume reported amounts to 1.1 Billion (USD). This analysis includes new portfolio companies only.

BDC

Fair Value (1000)

% of Fair Value

Owl Rock Capital Corp. 757,159 65.37%
TPG Specialty Lending, Inc. 169,503 14.63%
Hercules Capital Inc. 141,817 12.24%
Goldman Sachs BDC 33,913 2.93%
Solar Capital 28,434 2.45%
Solar Senior Capital 13,020 1.12%
SCP Private Credit Income BDC LLC 10,862 0.94%
TP Flexible Income Fund Inc. 3,602 0.31%
Grand Total 1,158,310 100.00%

Owl Rock Capital Corp. by far is leading the New Issues Segment.

 

Pricing

98% of the New Issues were First Lien. 82% of the First Lien priced between L+450 and L+ 600. Second Lien Issuance in this period dropped to 2% only.

Fair Value (1000)

Column Labels

450-600

601-800

801-1200

Grand Total

Investment Type
First Lien 914,169 96,381 75,501 1,086,051
Second Lien 23,375 23,375
Grand Total 914,169 96,381 98,876 1,109,426

 

New Portfolio Companies

The below table contains a list of New Portfolio Companies.

Portfolio Company

Fair Value (1000)

Caiman Merger Sub LLC 175,347
Individual Foodservice Hldgs LLC 142,069
Reef Hldg Inc. 132,970
Lazer Spot GB Hldg Inc. 132,578
Abbvie Inc. 95,965
HGH Purchaser Inc. 78,230
Houzz Inc. 49,720
Forever 21 Inc 48,500
Altern Marketing LLC 35,464
BlueSnap Inc. 34,531
DaySmart Hldgs LLC 29,456
Seres Therapeutics Inc. 24,804
ResMan LLC 20,303
Netwrix Corp and Concept Searching Inc. 19,650
Bear OpCo LLC 17,063
Sapphire Digital Inc. 15,682
Yumanity Therapeutics Inc. 14,732
Acquia Inc. 12,117
ENS Holdings III Corp 11,626
Selectquote Inc. 10,486
Delphix Corp 9,878
ePayPolicy Hldgs LLC 7,758
Velocity Clinical Research Inc. 7,226
Chronicle Bidco Inc. 6,860
Ikon Science LTD 6,688
Mobile Solutions Services 5,329
Eptam Plastics LTD 4,450
US Radiology Specialists Inc. 4,412
Shutterfly Inc. 1,861
Upstream Newco Inc. 1,741
Womble Co. Inc. 814
Grand Total 1,158,310

 

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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