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TCRD Issues New Baby Bond - 1st In 2014?

I do not have an alternative source to check my coverage universe - but I believe this may be the first BDC baby bond of 2014.

THL Credit, Inc. (TCRD) o1 11-13-14 announced that it has priced a public offering of $45.0 million aggregate principal amount of Notes due 2021 (the "Notes"). The Notes will mature on November 15, 2021, and may be redeemed in whole or in part at any time or from time to time at THL Credit's option on or after November 15, 2017. The Notes will bear interest at a rate of 6.75% per year payable quarterly on March 30, June 30, September 30 and December 30 of each year, beginning December 30, 2014. THL Credit also granted the underwriters a 30-day option to purchase up to an additional $6.75 million in aggregate principal amount of Notes to cover overallotments, if any. THL Credit expects to list the Notes on the New York Stock Exchange under the trading symbol "TCRX."

The big potential problem with baby bonds - liquidity. And TCRX will have a liquidity problem. The average offering size for baby bonds in my coverage universe is $87 million. Note - the average yield to maturity on 9-30-14 (the last time I updated my stats) was 6.54%. Given the less than ten year maturity, 6.75% is an attractive yield.

There are two other BDCs with baby bonds of the same market caps - and they offer slightly different pictures of the trading volumes.

HTGZ had/has an offering of $43 million - and here is the data on the trading of HTGZ:

Date Open High Low Close Volume Adj Close*
Nov 13, 2014 25.52 25.55 25.52 25.55 10,800 25.55
Nov 12, 2014 25.48 25.54 25.48 25.52 6,800 25.52
Nov 11, 2014 25.58 25.59 25.48 25.48 1,700 25.48
Nov 10, 2014 25.45 25.57 25.44 25.47 9,800 25.47
Nov 7, 2014 25.41 25.45 25.41 25.45 3,000 25.45
Nov 6, 2014 25.35 25.38 25.35 25.38 1,000 25.38
Nov 5, 2014 25.28 25.45 25.17 25.40 9,800 25.40
Nov 4, 2014 25.30 25.35 25.29 25.29 3,600 25.29
Nov 3, 2014 25.29 25.32 25.29 25.31 500 25.31
Oct 31, 2014 25.29 25.30 25.27 25.27 1,900 25.27
Oct 30, 2014 25.42 25.46 25.23 25.23 13,600 25.23
Oct 29, 2014 25.29 25.35 25.25 25.35 6,600 25.35
Oct 28, 2014 25.29 25.29 25.21 25.27 4,100 25.27
Oct 27, 2014 25.30 25.31 25.16 25.16 19,200 25.16
Oct 24, 2014 25.33 25.39 25.33 25.39 1,300 25.39
Oct 23, 2014 25.47 25.51 25.42 25.46 1,800 25.46
Oct 22, 2014 25.42 25.42 25.36 25.39 1,200 25.39
Oct 21, 2014 25.35 25.35 25.35 25.35 200 25.35
Oct 20, 2014 25.28 25.38 25.28 25.38 2,900 25.38
Oct 17, 2014 25.31 25.31 25.25 25.28 2,700 25.28
Oct 16, 2014 25.25 25.26 25.20 25.24 3,600 25.24
Oct 15, 2014 25.12 25.21 24.81 25.21 11,600 25.21
Oct 14, 2014 25.23 25.23 25.19 25.19 7,100 25.19
Oct 13, 2014 25.14 25.24 25.14 25.23 2,500 25.23

MCC has an offering size of $40 million - and here is the data on trading of MCC:

Date Open High Low Close Volume Adj Close*
Nov 13, 2014 24.40 24.48 24.35 24.45 3,600 24.45
Nov 12, 2014 24.35 24.50 24.35 24.50 4,900 24.50
Nov 11, 2014 24.50 24.50 24.35 24.40 17,800 24.40
Nov 10, 2014 24.50 24.53 24.49 24.53 3,900 24.53
Nov 7, 2014 24.34 24.51 24.34 24.50 12,800 24.50
Nov 6, 2014 24.50 24.50 24.50 24.50 4,200 24.50
Nov 5, 2014 24.52 24.52 24.45 24.52 7,000 24.52
Nov 4, 2014 24.50 24.53 24.50 24.50 2,900 24.50
Nov 3, 2014 24.50 24.54 24.50 24.54 2,600 24.54
Oct 31, 2014 24.51 24.60 24.45 24.55 11,700 24.55
Oct 30, 2014 24.31 24.50 24.31 24.45 7,300 24.45
Oct 29, 2014 24.45 24.50 24.33 24.50 8,200 24.50
Oct 28, 2014 24.45 24.45 24.30 24.30 2,400 24.30
Oct 27, 2014 24.50 24.50 24.35 24.45 13,800 24.45
Oct 24, 2014 24.40 24.45 24.30 24.37 5,300 24.37
Oct 23, 2014 24.45 24.45 24.29 24.29 11,100 24.29
Oct 22, 2014 24.15 24.46 24.15 24.46 1,800 24.46
Oct 21, 2014 24.35 24.49 24.08 24.40 8,700 24.40
Oct 20, 2014 24.35 24.50 23.90 24.10 8,100 24.10
Oct 17, 2014 24.25 24.25 24.20 24.25 8,600 24.25
Oct 16, 2014 23.85 24.05 23.85 24.05 4,900 24.05
Oct 15, 2014 24.21 24.35 24.02 24.05 10,200 24.05
Oct 14, 2014 24.40 24.40 24.25 24.40 2,300 24.40