Bain Capital Specialty Finance (NYSE: BCSF) reported Q1 EPS of $0.41, in-line with the analyst estimate of $0.41.

• The Company announced a dividend of $0.41 per share for the second quarter of 2019 payable to shareholders of record as of June 28, 2019 (1).
• Net investment income for the quarter ended March 31, 2019 was $21.2 million or $0.41 per share, as compared to $19.8 million or $0.41 per share for the quarter ended December 31, 2018.
• Net income for the quarter ended March 31, 2019 was $39.3 million or $0.76 per share, as compared to ($9.9) million or ($0.21) per share for the quarter ended December 31, 2018.
• Net asset value per share was $19.81 as of March 31, 2019, an increase of 1.8% from $19.46 as of December 31, 2018.
• As announced on February 19, 2019, the Company entered into a new $350.0 million credit facility with Citibank. Borrowings will bear interest at rate to three-month LIBOR plus 1.60% during the one year investment period. The interest rate will reset to LIBOR plus 2.60% after the reinvestment period through maturity date, February 19, 2022.
• As announced on May 6, 2019, the Company and Antares Capital LP (“Antares”), its joint venture partner, have restructured the ABC Complete Financing Solution LLC (“ABCS”). The Company formed BCSF Complete Financing Solution LLC (“BCSF Unitranche”), which received 44.737%, its proportionate share, of all assets previously held by ABCS. In addition as part of the restructure, the Company entered into $666.6 million credit agreement with JP Morgan Chase Bank. The maturity date of the facility is November 29, 2022.
• On May 7, 2019, the Company’s Board of Directors authorized the Company to repurchase up to $50 million of its outstanding common stock in accordance with safe harbor rules under the Securities Exchange Act of 1934. Any such repurchases will depend upon market conditions and there is no guarantee that the Company will repurchase any particular number of shares or any shares at all.

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