|Over a month ago|
TCG BDC upgraded to Equal Weight at Wells Fargo » 08:2708/0608/06/20
As previously reported,…
As previously reported, Wells Fargo analyst Finian O'Shea upgraded TCG BDC to Equal Weight from Underweight with a price target of $9, up from $8.25. The analyst sees TCG BDC's proposition as more balanced and improved. O'Shea highlights that leverage has been reduced from the Advisor's flexible preferred investment, albeit dilutive; the dividend overhang is now removed with next quarter's declared 32c; and he has more conviction in a stabilized portfolio, notwithstanding today's extremely challenging environment.
TCG BDC upgraded to Equal Weight from Underweight at Wells Fargo » 04:4408/0608/06/20
Wells Fargo analyst…
Wells Fargo analyst Finian O'Shea upgraded TCG BDC to Equal Weight from Underweight with a $9 price target.
TCG BDC reports Q2 EPS 35c, consensus 35c » 16:3208/0408/04/20
As of June 30, 2020, the…
As of June 30, 2020, the Company had cash and cash equivalents of $29,916, secured notes payable (before debt issuance costs) of $449,200, secured borrowings outstanding of $474,386, senior unsecured notes of $115,000, and convertible preferred equity of $50,000. As of June 30, 2020, the Company had $488,614 of remaining unfunded commitments and $241,019 available for additional borrowings under its revolving credit facilities, subject to leverage and borrowing base restrictions. Linda Pace, TCG BDC's Chief Executive Officer said, "Our portfolio is performing well and driving solid income generation for shareholders despite substantial economic uncertainty. Actions we have undertaken over the past quarter have fortified our balance sheet and provided significant capital flexibility to support our borrowers. TCG BDC is well positioned to deliver attractive returns for all of our stakeholders." Total investment income for the three month periods ended June 30, 2020 and March 31, 2020 was $45,275 and $50,545, respectively. This $5,270 net decrease during the three month period ended June 30, 2020 was due to a decrease in interest income primarily due to a lower investment balance and lower LIBOR, a decrease in income recognized from the acceleration of OID due to lower repayments, and lower total income from Credit Fund.
|Over a quarter ago|
TCG BDC price target raised to $9 from $7 at Citi » 06:3305/1105/11/20
Citi analyst Arren…
Citi analyst Arren Cyganovich raised the firm's price target on TCG BDC to $9 from $7 and keeps a Buy rating on the shares. The company's issuance of $50M convertible preferred stock through Carlyle illustrates the benefit of having access to a "strong external manager and with a broad investment platform in the current volatile environment," Cyganovich tells investors in a research note..
TCG BDC reports Q1 EPS 42c, consensus 40c » 16:0205/0505/05/20
Total investment income…
Total investment income for the three month periods ended March 31, 2020 and December 31, 2019 was $50,545 and $53,465, respectively. This $2,920 net decrease during the three month period ended March 31, 2020 was due to a decrease in interest income primarily due to lower LIBOR, a decrease in income recognized from the acceleration of OID due to lower repayments, and lower total income from Credit Fund.
TCG BDC sees Q1 NII 39c-42c, consensus 40c » 08:3804/2404/24/20
Estimates NAV per share…
Estimates NAV per share as of March 31, 2020 will be between $14.00 and $14.30. Linda Pace, TCG BDC's Chief Executive Officer said, "The human toll of the COVID-19 pandemic is significant, and our thoughts remain with all those affected. At TCG BDC, we are extremely focused on ensuring we work with our portfolio companies to sustain value through this unprecedented economy-wide demand shock. The expected forward economic environment will inevitably produce losses, but we are encouraged by our initial portfolio assessment and performance, as the senior orientation of our portfolio should position us to outperform over the cycle. During the first quarter, the right side of our balance sheet functioned well and we met every committed funding request from our portfolio companies. Our business continues to operate normally in a very uncertain environment."
TCG BDC reports Q4 EPS 43c, consensus 43c » 16:2402/2502/25/20
As of December 31, 2019,…
As of December 31, 2019, the fair value of our investments was approximately $2,123,964, comprised of 136 investments in 112 portfolio companies/investment fund across 28 industries with 63 sponsors. This compares to the Company's portfolio as of September 30, 2019, as of which date the fair value of our investments was approximately $2,126,688, comprised of 141 investments in 110 portfolio companies/investment fund across 28 industries with 63 sponsors.
TCG BDC downgraded to Underweight from Equal Weight at Wells Fargo » 05:5802/1102/11/20
Wells Fargo analyst…
Wells Fargo analyst Finian O'Shea downgraded TCG BDC to Underweight from Equal Weight with a price target of $14, down from $14.75. The analyst, post the company's quarterly results, sees a visible non-accrual in Derm Growth Partners III accounting for $56.3M of par and $38.90 of fair value. For the potential portfolio and valuation impact, he downgrades TCG BDC to Underweight. This would bring non-accruals up to 6% of the portfolio at cost and 2.5% at fair value, and hit sales investment income by 2% to 2.5%, the analyst estimates.
TCG BDC declares special dividend of 18c per share » 08:3812/2012/20/19
TCG BDC announced that…
TCG BDC announced that its Board of Directors declared a special dividend of $0.18 per share, which is payable on January 17, 2020 to stockholders of record as of December 31, 2019.
TCG BDC reports Q3 NII 45c, consensus 43c » 16:2811/0511/05/19
Overall, total investments at fair value increased by 2.5%, or $51,074, during the three month period ended September 30, after factoring in repayments, sales, net fundings on revolvers and delayed draws and net change in unrealized appreciation.