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MVC - Barings BDC And MVC Capital Merge With Little Synergy Generated
MVC Capital Inc.
Barings BDC (BBDC) is a $400M BDC that has undergone and continues to endure major restructuring in its portfolio and operations in the last two years. In its most recent activity, the company has announced a merger with MVC Capital (MVC) under which MVC Capital will merge into Barings BDC. The markets currently appear to be pricing the merger correctly, however, after reviewing MVC's most recent quarterly report, it may appear that Barings may have hastily bought to meet portfolio scale and income goals in 2020. The merger is set to