Blackstone Loan Financing wind-up
Posted: June 25th, 2023, 10:07 am
BGLF
A relatively small IT, not previously on my radar, focussed on floating rate senior secured bonds.
In an echo of the short-termist attitudes of AXI, NBMI, VSL....
... 'in reaching this decision, the Board took into account a number of factors, including the prevailing discount to net asset value at which the shares have been trading, the market capitalisation and liquidity of the shares, and the Company's structure. Furthermore, it was recognised that while the Company's share price continues to trade at a discount to net asset value, it is limited in its reinvestment opportunities and ability to grow through further share issuance. The Board therefore believes that an orderly realisation of the Company's investments will be in the best interest of shareholders as a whole.'
an RNS
Current yield >11%
So... a punt with a nice yield and a possible gain on wind-up which offsets the rather prohibitive spread at which these usually trade.
V8 (no position, yet)
A relatively small IT, not previously on my radar, focussed on floating rate senior secured bonds.
In an echo of the short-termist attitudes of AXI, NBMI, VSL....
... 'in reaching this decision, the Board took into account a number of factors, including the prevailing discount to net asset value at which the shares have been trading, the market capitalisation and liquidity of the shares, and the Company's structure. Furthermore, it was recognised that while the Company's share price continues to trade at a discount to net asset value, it is limited in its reinvestment opportunities and ability to grow through further share issuance. The Board therefore believes that an orderly realisation of the Company's investments will be in the best interest of shareholders as a whole.'
an RNS
Current yield >11%
So... a punt with a nice yield and a possible gain on wind-up which offsets the rather prohibitive spread at which these usually trade.
V8 (no position, yet)