Business Development Companies (BDCs) - Differentiated Performance and Attractive Value
TUESDAY, JULY 28, 2015, 10:00 AM ET
3:00 PM LONDON | 4:00 PM PARIS | 5:00 PM ATHENS | 10:00 PM HONG KONG
DURATION: 40 MINUTES FOLLOWED BY Q&A SESSION
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In 1980, Congress created Business Development Corporations (BDCs) to spur investment in middle market companies. Today, there are over 50 publicly traded BDCs with a combined market capitalization of over $32 billion. BDCs provide primarily secured loans to U.S. private middle market businesses. Unlike banks and other financial companies, BDCs have conservative capital structures with maximum debt-to-equity of 1.00x (0.63x on average).
Despite the positive sector fundamentals, there is currently a market dislocation among BDCs and the sector has traded at a discount to net asset value in the last several months due to its removal from the broad market equity indices, energy credit concerns, and interest rate fears.
Mr. Grier Eliasek, President and Chief Operating Officer of Prospect Capital, will discuss the fundamentals in the BDC industry. Mr. Eliasek will also discuss Prospect’s historical performance, balance sheet strengths, differentiated origination approach, credit selection discipline, and more, providing investors with an attractive value proposition.
Prospect Capital Corporation (Nasdaq: PSEC) is one of the largest publicly traded BDCs with a market capitalization of approximately $2.8 billion. Prospect has $7.3 billion in capital under management and its investment portfolio includes 132 companies across 29 industries. As of May 29, 2015, Prospect traded at a discount to net asset value of 23% versus a median of 6% for the BDC sector and had a 12.7% annualized dividend, paid monthly. Since its IPO in July 2004, Prospect’s distributable income has exceeded dividends paid. Click here to view PSEC Outperformance Slides
(This is not the full presentation. The full presentation to be delivered on the day of the webcast)
President and Chief Operating Officer
Prospect Capital Corporation
Mr. Eliasek is President and Chief Operating Officer of Prospect Capital Corporation (PSEC) and a Managing Director of Prospect Capital Management (PCM) and Prospect Administration. He also serves on the Board of Directors for Prospect Capital Corporation.
At Prospect Capital, Mr. Eliasek is responsible for leading the Prospect team of professionals in the origination and assessment of investments. Prior to Prospect Capital, Mr. Eliasek served as a Managing Director with Prospect Street Ventures, an investment management firm which, together with its predecessors, has invested in excess of $1.5 billion in senior loan, mezzanine, bridge loan, private equity, and venture capital structures through publicly traded closed-end funds and private limited partnerships. Prior to joining Prospect, Mr. Eliasek served as a consultant with Bain & Company, a global strategy consulting firm, where he managed engagements for companies in several different industries. At Bain, Mr. Eliasek analyzed new lines of businesses, developed market strategies, revamped sales organizations, and improved operational performance.
Mr. Eliasek received his MBA from Harvard Business School. Mr. Eliasek received his Bachelor of Science degree in Chemical Engineering with Highest Distinction from the University of Virginia, where he was a Jefferson Scholar and a Rodman Scholar.
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