ALD is raising money...

ALD just raised $200 million at 6.875%, and that's an unsecured 6.875%! They are raising money at a lower rate than ever for unsecured notes, and the banks are giving them the lowest rates of any of the business development companies. That's quite a vote of confidence.

What is more interesting, though, is the question of timing. Why is ALD raising money now, when they could wait six months and possibly save a few points? I think they see a recession coming and they want to have the money ready.

I wish I knew what the best part of the credit or business cycle is the best time to buy them.