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Rating constraints specific to GSBD include higher-than-peer leverage, given the meaningful increase in target leverage following the receipt of shareholder approval to reduce asset coverage requirements to 150% from 200%.
Moreover, aggregate scores for regions consistently score states higher than cities, with Gyeonggi-do (GGD), Chungcheongnam-do (CCND), Gyeongsangbuk-do (GSBD), and Gyeongsangnam-do (GSND) receiving top ranks across multiple methods.
Regions are labelled in (a) with abbreviations: Gyeonggi-do (GGD), Gangwon-do (GD), Chungcheongnam-do (CCND), Chungcheongbukdo (CCBD), Gyeongsangnam-do (GSND), Gyeongsangbuk-do (GSBD), Jeollanam-do (JND), Jeollabuk-do (JBD), Seoul-si (SS), Incheon-si (IS), Daejeon-si (DJS), Gwangju-si (GS), Daegu-si (DGS), Ulsan-si (US), and Busan-si (BS).
The GSBD supports the private sector development agenda of the Palestinian National Development Plan (2011-- 2013) which also promotes public-private partnerships as part of the overall effort to build an economy that gradually reduces dependence on foreign assistance.
Following the receipt of shareholder approval to reduce its minimum asset coverage ratio, GSBD's investment advisor, Goldman Sachs Asset Management, L.P.
Goldman, through its affiliates, owned approximately 16.2% of GSBD's shares at March 31, 2018, which is well above the peer group average for investment advisor ownership and suggests a strong alignment of interest between the advisor and other stakeholders.
Approximately 89.3% of GSBD's portfolio was comprised of senior debt investments at March 31, 2018, which is above the industry average.
While GSBD plans to take advantage of the increased leverage capacity afforded by the Small Credit Business Availability Act (SBCAA), Fitch expects leverage to increase concurrent with a rotation of the portfolio into more pure first lien investments (i.e.
At March 31, 2018, GSBD had investments in 56 portfolio companies with a weighted average net leverage ratio of 5.1x, weighted average interest coverage of 2.3x, median EBITDA of $39.7 million, and a weighted average yield on debt and income producing investments of 12.1%, at fair value.
Still, it is difficult to fully assess the management team's underwriting acumen through a cycle, given GSBD's inception since the financial crisis.
GSBD's NII has been on an increasing trend since inception, given growth in the portfolio and the realization of positive operating leverage from the platform.
The company added that its common stock has been approved for listing on the New York Stock Exchange under the symbol "GSBD," however, the offering's completion will depend upon factors such as market and other conditions.
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- GSAS Housing Assistance Project