THL Credit, Inc. (NASDAQ:TCRD) (“THL Credit”), a direct lender to
lower middle market companies, today announced financial results
for its first fiscal quarter ended March 31, 2016.
Additionally, THL Credit announced that its Board of Directors has
declared a second fiscal quarter 2016 dividend of $0.34 per share
payable on June 30, 2016, to stockholders of record as of June 15,
2016.
Highlights
($ in millions, except per share amounts) |
|
Portfolio results |
As of March 31,
2016 |
|
Total assets |
$ |
751.3 |
|
|
Investment portfolio, at fair value |
$ |
731.5 |
|
|
Net assets |
$ |
407.0 |
|
|
Net asset value per share |
$ |
12.24 |
|
|
Weighted average yield on investments |
|
11.0 |
% |
|
|
Quarter endedMarch 31, 2016 |
Quarter endedMarch 31, 2015 |
Portfolio activity |
|
Total portfolio investments made, at par |
$ |
54.7 |
|
$ |
17.9 |
|
Number of new portfolio investments |
|
2 |
|
|
- |
|
Number of portfolio investments at end of period |
|
52 |
|
|
57 |
|
Operating results |
|
|
Total investment income |
$ |
22.6 |
|
$ |
23.8 |
|
Net investment income |
$ |
13.4 |
|
$ |
11.9 |
|
Net increase in net assets from operations |
$ |
- |
|
$ |
15.6 |
|
Net investment income per share |
$ |
0.40 |
|
$ |
0.35 |
|
Dividends declared per share |
$ |
0.34 |
|
$ |
0.34 |
|
Portfolio and Investment
ActivityIn the first quarter, THL Credit closed on two new
investments totaling $40.6 million and an additional $14.1 million
in follow-on investments in six existing portfolio
companies.
New investments, including follow-on
investments, for the first quarter included:
- $25.6 million first lien senior secured term loan in Hart
Intercivic, Inc.;
- $15.0 million first lien senior secured term loan in RealD
Inc., a global licensor of 3D cinema systems and other visual
technologies;
- $4.7 million first lien senior secured revolving loan in OEM
Group, LLC;
- $4.5 million first lien senior secured term loan in Charming
Charlie, LLC;
- $4.0 million equity contribution to THL Credit Logan JV, LLC
(“Logan JV”); and
- Total of $0.9 million to fund follow-on investments in
Aerogroup International Inc., Virtus Pharmaceuticals, LLC, and
Gryphon Partners 3.5 L.P.
Notable proceeds from realizations for the
quarter included:
- $29.0 million from the repayment of a first lien senior secured
term loan in 20-20 Technologies, Inc., at par;
- $14.7 million from the repayment of a first lien senior secured
term loan and revolving loan in Hart Intercivic, Inc., at par;
- $7.3 million from the repayment of a second lien term loan in
Allen Edmonds Corporation, at par;
- $5.2 million from the repayment of a first lien senior secured
term loan at par and sale of an equity investment in Airborne
Tactical Advantage Company, LLC, which included a realized gain of
$0.7 million and a $0.2 million escrow related to the sale of the
business; and
- $0.7 million from the sale of an equity position in AIM Media
Texas Operating, LLC.
These transactions bring the total fair value of
THL Credit’s investment portfolio to $731.5 million across 52
portfolio investments at the end of the first quarter. As of March
31, 2016, THL Credit’s investment portfolio at fair value was
allocated 47 percent in first lien debt, which includes unitranche
investments, 23 percent in second lien debt, 8 percent in
subordinated debt, 7 percent in Logan JV, 5 percent in other
income-producing securities and 10 percent in equity securities.
The weighted average yield on new investments made in the first
quarter of 2016 was 10.6 percent. As of March 31, 2016, the
weighted average yield of the debt and income-producing securities
in the investment portfolio at their current cost basis was 11.0
percent (11.1 percent including Logan JV) and the weighted average
yield on the debt investments alone at their current cost basis was
10.7 percent. As of March 31, 2016, THL Credit had one loan
on non-accrual status with an aggregate amortized cost of $20.6
million and fair value of $11.5 million, or 2.8 percent and 1.6
percent of the portfolio’s amortized cost and fair value,
respectively. As of March 31, 2016, 83 percent of its debt
investments bore interest based on floating rates, which may be
subject to interest rate floors, such as LIBOR, and 17 percent bore
interest at fixed rates.
For purposes of comparison against the prior
fiscal quarter, the portfolio as of Dec. 31, 2015, had a fair value
of $754.2 million across 55 investments allocated 49 percent in
first lien debt, which includes unitranche investments, 23 percent
in second lien debt, 9 percent in subordinated debt, 6 percent in
Logan JV, 4 percent in other income-producing equity securities,
and 9 percent in equity securities. The weighted average yield of
the debt and other income-producing securities in the investment
portfolio at their cost basis as of Dec. 31, 2015 was 11.2 percent
(11.3 percent including Logan JV). The weighted average yield on
the debt investments alone at their cost basis as of Dec. 31, 2015
was 11.0 percent. As of Dec. 31, 2015, THL Credit had two loans on
non-accrual status with an aggregate amortized cost of $25.0
million and fair value of $13.9 million, or 3.3 percent and 1.8
percent of the portfolio’s amortized cost and fair value,
respectively. As of Dec. 31, 2015, 78 percent of its debt
investments bore interest based on floating rates, which may be
subject to interest rate floors, such as LIBOR, and 22 percent bore
interest at fixed rates.
RESULTS OF OPERATIONS
Investment income Total
investment income for the three months ended March 31, 2016 and
2015 was $22.6 million and $23.8 million, respectively, and
consisted of $17.6 million and $19.2 million of interest income on
debt securities (which included PIK interest of $0.6 million and
$0.5 million and prepayment premiums of $0 and $0.2 million,
respectively), $2.4 million and $0.3 million of dividend income,
$1.8 million and $2.0 million of interest income on other
income-producing securities, and $0.8 million and $2.3 million of
other income, primarily related to fees from THL Credit’s managed
vehicles and other investments, respectively.
The decrease in investment income from the prior period was due
primarily to lower other income related to fees on certain
portfolio investments. Interest income on both debt and other
income securities was lower primarily due to the recycling of
proceeds from prepayments and sales of debt investments into the
Logan JV and the impact of an additional non-accrual investment in
late 2015. This decrease was offset by an increase in
dividend income from the Logan JV.
Expenses Expenses for the three
months ended March 31, 2016 and 2015 were $9.2 million and $11.9
million, respectively. For the three months ended March 31,
2016 and 2015, base management fees were $2.9 million and $3.0
million, incentive fees were $0.0 million and $3.0 million,
administrator and other expenses were $2.2 million and $2.2 million
and fees and expenses related to THL Credit’s borrowings were $3.9
million and $3.5 million, respectively. In addition, for the three
months ended March 31, 2016 and 2015, THL Credit recorded an income
tax (benefit) provision related to its consolidated blocker
corporations, excise and other taxes of $0.2 million and $0.2
million, respectively.
The decrease in operating expenses during the
respective periods was due primarily to lower incentive fees as a
result of net realized and unrealized losses in the portfolio. This
decrease was offset by an increase in interest and fees on
borrowings.
Net investment incomeNet
investment income totaled $13.4 million and $11.9 million for the
three months ended March 31, 2016 and 2015, or $0.40 and $0.35 per
share based upon 33,303,242 and 33,905,202 weighted average common
shares outstanding, respectively.
The increase in net investment income during the
respective periods is primarily attributable to the lower incentive
fees as a result of net realized and unrealized losses in the
portfolio and the increase in dividend income related to the Logan
JV. This was partially offset by a decrease in cash interest on
debt investments, other income related to fees earned on certain
portfolio investments and an increase in interest and fees on
borrowings.
Net realized gains and losses on
investments, net of income tax provisionFor the three
months ended March 31, 2016, THL Credit recognized net realized
loss on portfolio investments of $16.5 million, primarily related
to a $17.1 million realized loss recognized in connection with the
restructurings of THL Credit’s investments in Dimont &
Associates, Inc. and OEM Group, Inc. For the three months ended
March 31, 2015, THL Credit recognized a nominal net realized gain
from the partial sales of two debt investments.
Net change in unrealized appreciation on
investmentsFor the three months ended March 31, 2016 and
2015, THL Credit’s investment portfolio had a net change in
unrealized appreciation (depreciation) of $3.4 million and $3.7
million, respectively.
For the three months ended March 31, 2016, the
net change in unrealized appreciation on investments was driven
primarily by the restructuring of two investments, which resulted
in the reversal of unrealized depreciation recognized in prior
periods upon the recognition of realized losses during the current
quarter. This increase was offset by changes in the capital market
conditions and financial performance of certain portfolio
companies, including one portfolio company whose loan is on
non-accrual status at March 31, 2016. For the three months ended
March 31, 2015, the net change in unrealized appreciation was
driven by changes in capital market conditions and the financial
performance of certain portfolio companies.
Provision for taxes on unrealized gain
on investmentsFor the three months ended March 31, 2016
and 2015, THL Credit recognized a provision (benefit) for tax on
unrealized gains of $0.1 million and ($0.2) million related to
consolidated subsidiaries, respectively.
The change in provision for tax on unrealized
gains on investments relates primarily to changes to the unrealized
appreciation of the investments held in taxable consolidated
subsidiaries, other temporary differences and a change in the prior
year estimates received from certain portfolio companies.
Realized and unrealized appreciation
(depreciation) on interest rate derivativeFor the three
months ended March 31, 2016 and 2015, THL Credit’s interest rate
derivative agreement had a net change in unrealized (depreciation)
appreciation of ($0.1) million and ($0.2) million,
respectively.
The net change in unrealized depreciation was
due to capital market changes impacting swap rates.
For the three months ended March 31, 2016 and
2015, THL Credit recognized a realized loss related to amounts paid
on the interest rate derivative of $0.1 million and $0.1 million,
respectively.
Change in net assets resulting from
operationsChange in net assets resulting from operations
totaled $0.0 million and $15.6 million, or $0.00 and $0.46 per
share based upon 33,303,242 and 33,905,202 weighted average common
shares outstanding, for the three months ended March 31, 2016 and
2015, respectively.
The decrease in net assets resulting from
operations for the respective periods is due primarily to realized
and unrealized losses in the portfolio.
FINANCIAL CONDITION, INCLUDING LIQUIDITY
AND CAPITAL RESOURCES
As of March 31, 2016, THL Credit had cash of
$5.6 million. THL Credit’s liquidity and capital resources are
derived from its credit facilities, equity and debt raises and cash
flows from operations, including investment sales and repayments,
and income earned. THL Credit’s primary use of funds includes
making investments in portfolio companies, payment of dividends to
stockholders and funding operating expenses. THL Credit used,
and expects to continue to use, these capital resources, together
with proceeds from the turnover within the portfolio and from
future public and private offerings of securities to finance its
investment objectives.
As of March 31, 2016, THL Credit had $337.4
million in outstanding borrowings, which was comprised of $106.5
million outstanding on the term loan facility and $145.9 million
outstanding on the revolving credit facility, and $85.0 million
outstanding of notes payable outstanding. As of March 31, 2016,
borrowings outstanding had a weighted average interest rate of 3.98
percent. For the three months ended March 31, 2016, THL Credit
borrowed $40.5 million and repaid $46.8 million under the credit
facilities.
For the three months ended March 31, 2016, THL
Credit operating activities provided cash of $19.9 million
primarily from the sales and repayments of investments, its
financing activities used $6.3 million to repay borrowings on its
credit facility, $11.3 million for distributions to stockholders
and $0.5 million to repurchase common stock.
For the three months ended March 31, 2015, THL
Credit’s operating activities provided cash of $49.4 million
primarily in connection with the sales and repayments of
investments and its financing activities used cash of $33.0 million
to repay borrowings and used $11.5 million for distributions to
stockholders.
STOCK REPURCHASE PROGRAM
For the three month period ended March 31, 2016, THL Credit
repurchased 0.1 million shares of its common stock at an average
price of approximately $10.62 per share, inclusive of commissions,
or a weighted average discount to its net asset value of 15.7
percent. The total dollar amount of shares repurchased during the
three month period ended March 31, 2016 was $0.5 million.
These repurchases were completed pursuant to a stock repurchase
program authorized by THL Credit’s board of directors (i) on March
6, 2015 that was put into effect in May 2015 and terminated on
March 6, 2016 and (ii) on March 8, 2016 under a new $25.0 million
stock repurchase program. Unless extended by its board of
directors, the stock repurchase program will terminate on March 8,
2017 and may be modified or terminated at any time for any reason
without prior notice. The timing and amount of any stock
repurchases will depend on the terms and conditions of the
repurchase program and no assurances can be given that any
particular amount will be purchased. THL Credit has provided its
stockholders with notice of its intention to repurchase shares of
its common stock in accordance with 1940 Act requirements. THL
Credit will retire immediately all such shares of common stock that
it purchases in connection with the stock repurchase program.
RECENT DEVELOPMENTS
In April, THL Credit sold 264,068 common equity shares of
Surgery Center Holdings, Inc. for net proceeds of $3.7 million, all
of which will be recognized as a realized gain.
On May 3, 2016, THL Credit received proceeds of $22.3 million
from the repayment of its second lien investment in Connecture,
Inc., which included a prepayment premium and termination fee
totaling $0.4 million.
On May 3, 2016, THL Credit’s board of directors declared a
dividend of $0.34 per share payable on June 30, 2016 to
stockholders of record at the date of business on June 15,
2016.
CONFERENCE CALL
THL Credit will host a conference call to
discuss these results and its business outlook on May 6, 2016, at
10:30 a.m. Eastern Daylight Time. The conference call will be
led by Christopher J. Flynn and Sam W. Tillinghast, co-chief
executive officers, and Terrence W. Olson, chief operating officer
and chief financial officer.
For those wishing to participate by telephone,
please dial (877) 375-9141 (domestic) or (253) 237-1151
(international). Use passcode 86985327. THL Credit will
also broadcast the conference call live via its website at
www.THLCreditBDC.com. Starting approximately two hours after
the conclusion of the call, a replay will be available through May
20, 2016, by dialing (855) 859-2056 (domestic) or (404) 537-3406
(international) and entering passcode 86985327. The replay
will also be available on the THL Credit’s website.
AVAILABLE INFORMATIONTHL
Credit’s filings with the Securities and Exchange Commission, press
releases, earnings releases, investor presentation and other
financial information are available on its website at
www.THLCreditBDC.com.
|
THL CREDIT, INC. AND
SUBSIDIARIES |
CONSOLIDATED STATEMENTS OF ASSETS AND
LIABILITIES (UNAUDITED) |
(in thousands, except per share
data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2016 |
|
December 31, 2015 |
|
|
Assets: |
|
|
|
|
|
|
|
Investments at
fair value: |
|
|
|
|
|
|
|
Non-controlled, non-affiliated investments (cost of
$631,372 and $682,065, respectively) |
$ |
613,910 |
|
|
$ |
672,333 |
|
|
|
|
Controlled investments (cost of $109,398 and $84,773,
respectively) |
|
117,574 |
|
|
|
81,823 |
|
|
|
|
Non-controlled, affiliated investments (cost of $7 and
$7, respectively) |
|
7 |
|
|
|
7 |
|
|
|
Total
investments at fair value (cost of $740,777 and $766,845,
respectively) |
$ |
731,491 |
|
|
$ |
754,163 |
|
|
|
Cash |
|
|
|
5,622 |
|
|
|
3,850 |
|
|
|
Interest,
dividends, and fees receivable |
|
|
8,250 |
|
|
|
7,060 |
|
|
|
Deferred
financing costs |
|
|
3,050 |
|
|
|
3,224 |
|
|
|
Deferred tax
assets |
|
|
1,114 |
|
|
|
1,118 |
|
|
|
Due from
affiliate |
|
|
703 |
|
|
|
686 |
|
|
|
Other deferred
assets |
|
|
319 |
|
|
|
375 |
|
|
|
Receivable for
paydown of investments |
|
71 |
|
|
|
330 |
|
|
|
Prepaid
expenses and other assets |
|
|
626 |
|
|
|
485 |
|
|
|
Deferred
offering costs |
|
|
50 |
|
|
|
- |
|
|
|
Total
assets |
|
$ |
751,296 |
|
|
$ |
771,291 |
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
Loans
payable |
|
$ |
250,582 |
|
|
$ |
256,749 |
|
|
|
Notes
payable |
|
|
81,912 |
|
|
|
81,809 |
|
|
|
Accrued
incentive fees |
|
|
1,370 |
|
|
|
4,243 |
|
|
|
Deferred tax
liability |
|
|
3,900 |
|
|
|
3,881 |
|
|
|
Base
management fees payable |
|
|
2,903 |
|
|
|
2,944 |
|
|
|
Accrued
expenses and other payables |
|
|
2,587 |
|
|
|
1,665 |
|
|
|
Accrued
interest and fees |
|
|
431 |
|
|
|
485 |
|
|
|
Other deferred
liabilities |
|
|
311 |
|
|
|
410 |
|
|
|
Interest rate
derivative |
|
|
258 |
|
|
|
206 |
|
|
|
Total
liabilities |
|
|
344,254 |
|
|
|
352,392 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Assets: |
|
|
|
|
|
|
Preferred
stock, par value $.001 per share, 100,000 preferred shares
authorized, |
|
- |
|
|
|
- |
|
|
|
|
no
preferred shares issued and outstanding |
|
|
|
|
|
Common stock,
par value $.001 per share, 100,000 common shares |
|
33 |
|
|
|
33 |
|
|
|
|
authorized,
33,260 and 33,311 shares issued and outstanding at |
|
|
|
|
|
|
March 31,
2016 and December 31, 2015, respectively |
|
|
|
|
|
Paid-in
capital in excess of par |
|
|
441,056 |
|
|
|
441,742 |
|
|
|
Net unrealized
(depreciation) appreciation on investments, net of
provision |
|
(13,184 |
) |
|
|
(16,473 |
) |
|
|
|
for taxes of $3,900 and $3,791, respectively |
|
|
|
|
|
Net unrealized
depreciation on interest rate derivative |
|
(258 |
) |
|
|
(206 |
) |
|
|
Accumulated
undistributed net realized losses |
|
(29,386 |
) |
|
|
(14,349 |
) |
|
|
Accumulated
undistributed net investment income |
|
8,781 |
|
|
|
8,152 |
|
|
|
Total net
assets |
|
|
407,042 |
|
|
|
418,899 |
|
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities and net assets |
|
$ |
751,296 |
|
|
$ |
771,291 |
|
|
|
|
|
|
|
|
|
|
|
|
Net asset
value per share |
|
$ |
12.24 |
|
|
$ |
12.58 |
|
|
|
|
|
|
|
|
|
|
|
|
THL CREDIT, INC. AND
SUBSIDIARIES |
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED) |
(in thousands, except per share
data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended
March 31, |
|
|
|
|
|
|
|
|
2016 |
|
|
|
2015 |
|
|
|
Investment Income: |
|
|
|
|
|
|
|
From
non-controlled, non-affiliated investments: |
|
|
|
|
|
|
|
|
Interest income |
|
|
$ |
19,007 |
|
|
$ |
20,909 |
|
|
|
|
Other income |
|
|
|
291 |
|
|
|
1,653 |
|
|
|
From
non-controlled, affiliated investments: |
|
|
|
|
|
|
|
|
Other income |
|
|
|
485 |
|
|
|
596 |
|
|
|
From
controlled investments: |
|
|
|
|
|
|
|
|
Interest income |
|
|
|
333 |
|
|
|
238 |
|
|
|
|
Dividend income |
|
|
|
2,418 |
|
|
|
328 |
|
|
|
|
Other income |
|
|
|
38 |
|
|
|
38 |
|
|
|
|
Total investment income |
|
|
|
22,572 |
|
|
|
23,762 |
|
|
|
Expenses: |
|
|
|
|
|
|
|
|
Interest and fees on borrowings |
|
|
|
3,515 |
|
|
|
3,081 |
|
|
|
|
Base management fees |
|
|
|
2,903 |
|
|
|
3,005 |
|
|
|
|
Administrator expenses |
|
|
|
927 |
|
|
|
947 |
|
|
|
|
Other general and administrative expenses |
|
|
|
575 |
|
|
|
686 |
|
|
|
|
Amortization of deferred financing costs |
|
|
|
385 |
|
|
|
426 |
|
|
|
|
Professional fees |
|
|
|
458 |
|
|
|
334 |
|
|
|
|
Directors' fees |
|
|
|
210 |
|
|
|
200 |
|
|
|
|
Incentive fees |
|
|
|
30 |
|
|
|
2,978 |
|
|
|
|
Total expenses |
|
|
|
9,003 |
|
|
|
11,657 |
|
|
|
|
Income tax provision, excise and other taxes |
|
|
|
171 |
|
|
|
195 |
|
|
|
Net investment income |
|
|
|
13,398 |
|
|
|
11,910 |
|
|
|
Realized Gain and Change in Unrealized Appreciation on
Investments: |
|
|
|
|
|
|
Net realized gain (loss) on investments: |
|
|
|
|
|
|
|
|
Non-controlled, non-affiliated investments |
|
|
|
(5,619 |
) |
|
|
30 |
|
|
|
|
Controlled investments |
|
|
|
(10,914 |
) |
|
|
- |
|
|
|
Net realized gain (loss) on investments |
|
|
|
(16,533 |
) |
|
|
30 |
|
|
|
Net change
in unrealized (depreciation) appreciation on investments: |
|
|
|
|
|
|
|
Non-controlled, non-affiliated investments |
|
|
|
(7,729 |
) |
|
|
1,886 |
|
|
|
|
Controlled investments |
|
|
|
11,126 |
|
|
|
1,861 |
|
|
|
Net change
in unrealized (depreciation) appreciation on investments |
|
|
3,397 |
|
|
|
3,747 |
|
|
|
Net realized and unrealized gain (loss) from investments |
|
|
|
(13,136 |
) |
|
|
3,777 |
|
|
|
(Provision) benefit for taxes on unrealized gain on
investments |
|
|
|
(107 |
) |
|
|
173 |
|
|
|
Interest rate derivative periodic interest payments, net |
|
|
|
(102 |
) |
|
|
(116 |
) |
|
|
Net change in unrealized appreciation (depreciation) on
interest rate derivative |
|
|
(52 |
) |
|
|
(182 |
) |
|
|
Net increase in net assets resulting from operations |
|
|
$ |
1 |
|
|
$ |
15,562 |
|
|
|
Net investment income per common share: |
|
|
|
|
|
|
|
|
Basic and diluted |
|
|
$ |
0.40 |
|
|
$ |
0.35 |
|
|
|
Net increase in net assets resulting from operations per common
share: |
|
|
|
|
|
|
|
Basic and diluted |
|
|
$ |
- |
|
|
$ |
0.46 |
|
|
|
Dividends
declared and paid |
|
|
$ |
0.34 |
|
|
$ |
0.34 |
|
|
|
Weighted average shares of common stock outstanding: |
|
|
|
|
|
|
|
|
Basic and diluted |
|
|
|
33,303 |
|
|
|
33,905 |
|
|
|
|
|
|
|
|
|
|
|
|
ABOUT THL CREDIT
THL Credit, Inc. (“THL Credit”) is an
externally-managed, non-diversified closed-end management
investment company that has elected to be treated as a business
development company (BDC) under the Investment Company Act of 1940.
THL Credit’s investment objective is to generate both current
income and capital appreciation, primarily through privately
negotiated investments in debt and equity securities of lower
middle market companies.
THL Credit is headquartered in Boston, with
additional investment teams in Chicago, Houston, Los Angeles and
New York. THL Credit is a direct lender to lower middle market
companies that invests primarily in directly originated first lien
and second lien secured loans, including through unitranche
investments. In certain instances, THL Credit also makes
subordinated debt investments, which may include an associated
equity component such as warrants, preferred stock or other similar
securities, and direct equity co-investments. THL Credit targets
investments primarily in lower middle market companies with annual
EBITDA generally between $5 million and $25 million that require
capital for growth and acquisitions. THL Credit’s investment
activities are managed by THL Credit Advisors LLC, an investment
adviser registered under the Investment Advisers Act of 1940.
ABOUT THL CREDIT ADVISORS
LLC
THL Credit Advisors LLC (“THL Credit Advisors”)
is an alternative credit investment manager for both direct lending
and broadly syndicated investments through public and private
vehicles, collateralized loan obligations, separately managed
accounts and co-mingled funds. THL Credit Advisors and its
subsidiary maintain a variety of advisory and sub-advisory
relationships across their investment platforms, including THL
Credit, Inc. (Nasdaq:TCRD), a publicly traded business development
company, and THL Credit Senior Loan Fund (NYSE:TSLF), a
non-diversified, closed-end management investment company.
FORWARD-LOOKING STATEMENTS
Statements made in this press release may constitute
forward-looking statements. Such statements reflect various
assumptions by THL Credit concerning anticipated results and are
not guarantees of future performance. The accuracy of such
statements involves known and unknown risks, uncertainties and
other factors that, in some ways, are beyond management’s control,
including the factors described from time to time in filings by THL
Credit with the Securities and Exchange Commission. THL Credit
undertakes no duty to update any forward-looking statements made
herein. All forward-looking statements speak only as of the date of
this press release.
Investor Contact:
THL Credit, Inc.
Terrence W. Olson, COO & CFO
800-450-4424
Media Contact:
Sard Verbinnen & Co
Matt Benson
212-687-8080
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