Transactions
Sutherland has advised many BDC clients or their underwriters in connection with debt and equity capital-raising transactions involving IPOs, secondary equity offerings, private placements, public and private bond offerings, convertible debt, rights offerings and tender offers. Since the beginning of 2011, Sutherland has been involved with various offerings for BDCs totaling over $1.8 billion of debt and equity capital. Please review our list of representative transactions, and let us know how we can help your firm access the capital markets.
Given the unique regulatory and tax attributes of BDCs, mergers, acquisitions and strategic transactions involving them entail complex tax, accounting and regulatory issues. We believe we have been involved in every merger / acquisition transaction that has occurred in the BDC industry to date.
Similarly, portfolio-related transactions within a BDC can also involve complex structuring issues. Because of the unique nature of BDCs and the regulations that apply to their operations and investments, portfolio company investments must be structured in a way to allow the BDC to comply with various BDC and IRS rules, as well as regulations related to holding interests in broker-dealers and investment advisers.
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Did you know?
During 2011, the industry, including both traded and nontraded BDCs, raised more than $5.2 billion in debt and equity capital in both public and private offerings. Sutherland was involved in some capacity in raising more than $4.3 billion of this total.
Since 2006, Sutherland's BDC and Alternative Assets Practice Team has worked with issuers and their underwriters to raise more than $10 billion in debt and equity capital in a variety of public and private transactions.
IPOs Completed in 2011
Interest in the BDC model has increased in the last 18 months, with more pending registration statements on file and IPOs completed than at any other time in recent memory. Initial public offerings completed industry-wide in 2011 include:
- Business Development Corp. of America
- Corporate Capital Trust Inc.
- Fidus Investment Corp.
- Firsthand Technology Value Fund
- FS Energy & Power Fund
- GSV Capital Corp.
- Keating Capital, Inc.
- Medley Capital Corp.
- New Mountain Finance Corp.
- PennantPark Floating Rate Capital Ltd.
- Solar Senior Capital Ltd.
- TPG Specialty Lending, Inc.
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