THL Credit, Inc. (NASDAQ:TCRD) (“THL Credit”), a direct lender to
lower middle market companies, today announced financial results
for its third fiscal quarter ended Sept. 30, 2016.
Additionally, THL Credit announced that its Board of Directors has
declared a fourth fiscal quarter 2016 dividend of $0.27 per share
payable on December 30, 2016, to stockholders of record as of
December 15, 2016.
HIGHLIGHTS
($ in millions, except per share amounts) |
|
Portfolio results |
As of Sept. 30,
2016 |
|
Total assets |
$ |
690.8 |
|
|
Investment portfolio, at fair value |
$ |
672.8 |
|
|
Net assets |
$ |
392.7 |
|
|
Net asset value per share |
$ |
11.84 |
|
|
Weighted average yield on investments |
|
11.4 |
% |
|
|
Quarter ended Sept. 30, 2016 |
Quarter ended Sept. 30, 2015 |
Portfolio activity |
|
Total portfolio investments made, at par |
$ |
32.8 |
|
$ |
37.6 |
|
Number of new portfolio investments |
|
2 |
|
|
1 |
|
Number of portfolio investments at end of period |
|
47 |
|
|
55 |
|
Operating results |
|
|
Total investment income |
$ |
21.6 |
|
$ |
23.1 |
|
Net investment income |
$ |
10.5 |
|
$ |
11.6 |
|
Net increase in net assets from operations |
$ |
9.9 |
|
$ |
2.6 |
|
Net investment income per share |
$ |
0.32 |
|
$ |
0.35 |
|
Dividends declared per share |
$ |
0.34 |
|
$ |
0.34 |
|
"Our dividend policy has consistently been to
make distributions to shareholders in line with what we earn,” said
Sam Tillinghast, Co-CEO. “Over the past two years, we have
worked to shift our portfolio into first lien assets in sponsored
companies. At the same time, yields for quality secured
investments have contracted. The Board of Directors has
decided to adjust our dividend to reflect our current investment
strategy and the reality of lower yields in the current market
environment.”
"Maintaining the dividend at the prior level
would require us to invest in riskier assets, which we believe
would add increased risk and volatility to our portfolio,” said
Chris Flynn, Co-CEO. "We believe that our current strategy of
investing in predominantly first lien senior secured loans will
result in more stable and predictable returns for our shareholders
over the long term."
PORTFOLIO AND INVESTMENT
ACTIVITYIn the third quarter, THL Credit closed on two new
investments totaling $21.0 million and an additional $11.8 million
in follow-on investments at par in four existing portfolio
companies.
New investments and follow-on investments for
the third quarter included:
- $15.0 million investment in the senior secured term loan and a
$0.5 million preferred and common equity co-investment in Merical,
LLC and affiliated entities, a contract manufacturer of vitamins,
minerals and supplements;
- $8.9 million purchase of first lien senior secured term loans
and revolvers of Tri-Starr Management Services, Inc. at a discount
as part of a restructuring;
- $5.5 million investment in the first lien senior secured term
loan in It’s Just Lunch International LLC, a personalized
matchmaking service; and
- $2.9 million of investments in the senior secured term loans of
BeneSys Inc., Loadmaster Derrick & Equipment, Inc. and a small
follow-on investment in a fund.
Notable proceeds from realizations for the
quarter included:
- $17.3 million from the repayment of a second lien term loan in
Granicus, Inc., which included a prepayment premium of $0.3
million;
- $12.7 million from the repayment of a second lien term loan in
Oasis Legal Finance Operating Company LLC, which included a
prepayment premium of $0.1 million;
- $10.2 million from the repayment of a second lien term loan in
American Covers, Inc., which included a prepayment premium of $0.2
million;
- $4.9 million from the sale of a residual interest in Dryden
CLO, Ltd., which resulted in a realized loss.
These transactions bring the total fair value of
THL Credit’s investment portfolio to $672.8 million across 47
portfolio investments at the end of the third quarter. As of Sept.
30, 2016, THL Credit’s investment portfolio at fair value was
allocated 55 percent in first lien debt, which includes unitranche
investments, 14 percent in second lien debt, 7 percent in
subordinated debt, 9 percent in THL Credit Logan JV LLC (the “Logan
JV”), 3 percent in other income-producing securities and 12 percent
in equity and other securities. The weighted average yield on new
and follow-on investments made in the third quarter of 2016 was
11.6 percent. As of Sept. 30, 2016, the weighted average yield of
the debt and income-producing securities, including the Logan JV,
in the investment portfolio at their current cost basis was 11.4
percent. As of Sept. 30, 2016, THL Credit had loans in two
issuers on non-accrual status with an aggregate amortized cost of
$21.1 million and fair value of $18.7 million, or 3.1 percent and
2.8 percent of the portfolio’s amortized cost and fair value,
respectively. As of Sept. 30, 2016, 86 percent of its debt
investments bore interest based on floating rates, which may be
subject to interest rate floors, such as LIBOR, and 14 percent bore
interest at fixed rates.
This compares to the portfolio as of Dec. 31,
2015, which had a fair value of $754.2 million across 55
investments allocated 49 percent in first lien debt, including
unitranche investments, 23 percent in second lien debt, 9 percent
in subordinated debt, 6 percent in the 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, including
the Logan JV, at their cost basis was 11.3 percent. As of Dec. 31,
2015, THL Credit had loans in two issuers 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 Sept. 30, 2016 and
2015 was $21.6 million and $23.1 million, respectively, and
consisted of $16.2 million and $19.1 million of interest income on
debt securities (which included PIK interest of $0.5 million and
$1.1 million and prepayment premiums of $0.6 million and $0.1,
respectively), $2.8 million and $1.2 million of dividend income,
$1.7 million and $1.7 million of interest income on other
income-producing securities, and $0.9 million and $1.1 million of
other income, primarily related to fees from THL Credit’s managed
vehicles and other investments, respectively.
The decrease in investment income compared to
the prior period was primarily due to contraction in the overall
investment portfolio since Sept. 30, 2015, which led to lower
interest income, and additional loans that were put on non-accrual
status or were restructured into non-income producing
securities. This decrease was offset primarily by an increase
in dividend income from the Logan JV, prepayment premiums, and
accelerated amortization from loans that were repaid during the
three months ended Sept. 30, 2016.
Expenses Expenses for the three
months ended Sept. 30, 2016 and 2015 were $11.0 million and $11.5
million, respectively. For the three months ended Sept. 30,
2016 and 2015, base management fees were $2.7 million and $3.0
million, incentive fees were $2.6 and $2.9 million, administrator
and other expenses were $2.0 million and $2.1 million and fees and
expenses related to THL Credit’s borrowings were $3.9 million and
$3.9 million, respectively. In addition, for the three months ended
Sept. 30, 2016 and 2015, THL Credit recorded an income tax benefit
related to its consolidated blocker corporations, excise and other
taxes of $0.1 million and $0.4 million, respectively.
The decrease in operating expenses during the
respective periods was due primarily to lower management and
incentive fees as a result of a decrease in the size of the
portfolio. This decrease was offset by lower income tax benefits
from our blocker corporation investments.
Net investment incomeNet
investment income totaled $10.5 million and $11.6 million for the
three months ended Sept. 30, 2016 and 2015, or $0.32 and $0.35 per
share based upon 33,169,376 and 33,506,914 weighted average common
shares outstanding, respectively.
The decrease in net investment income during the
respective periods is primarily attributable to a decrease in
interest on debt investments. This was offset by lower incentive
and management fees and the increase in dividend income related to
the Logan JV.
Net realized gains and losses on
investments, net of income tax provisionFor the three
months ended Sept. 30, 2016, THL Credit recognized a net realized
loss on portfolio investments of $25.0 million, primarily related
to a $24.0 million realized loss recognized in connection with the
restructurings of THL Credit’s investments in Loadmaster Derrick
& Equipment, Inc. and Tri Starr Management Services, Inc. For
the three months ended Sept. 30, 2015, THL Credit recognized a $0.2
million gain from the partial sale of investments.
Net change in unrealized appreciation on
investmentsFor the three months ended Sept. 30, 2016 and
2015, THL Credit’s investment portfolio had a net change in
unrealized appreciation (depreciation) of $24.7 million and $(8.6)
million, respectively.
The net change in unrealized appreciation
(depreciation) on investments was driven primarily by unrealized
depreciation as a result of changes in the capital market
conditions and the financial performance of certain assets
including Charming Charlie, LLC, Hostway Corporation and Washington
Inventory Service. This was offset by the restructuring of two
investments, Loadmaster Derrick & Equipment, Inc. and Tri-Starr
Management Services, Inc., which resulted in the reversal of
unrealized depreciation recognized in prior periods upon the
recognition of realized losses during the current quarter.
Provision for taxes on unrealized gain
on investmentsFor the three months ended Sept. 30, 2016
and 2015, THL Credit recognized a provision for tax on unrealized
gains of $0.4 million and $0.4 million related to consolidated
subsidiaries, respectively.
Realized and unrealized appreciation
(depreciation) on interest rate derivativeFor the three
months ended Sept. 30, 2016 and 2015, THL Credit’s interest rate
derivative agreement had a net change in unrealized appreciation
(depreciation) of $0.1 million and $(0.1) million,
respectively.
The net change in unrealized appreciation was
due to capital market changes impacting swap rates.
For the three months ended Sept. 30, 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 $9.9 million and $2.6 million, or $0.30 and $0.08 per share
based upon 33,169,376 and 33,506,914 weighted average common shares
outstanding, for the three months ended Sept. 30, 2016 and 2015,
respectively.
The increase in net assets resulting from
operations for the respective periods is due primarily to net
realized and unrealized losses in the portfolio.
FINANCIAL CONDITION, INCLUDING LIQUIDITY
AND CAPITAL RESOURCES
As of Sept. 30, 2016, THL Credit had cash of
$4.3 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 Sept. 30, 2016, THL Credit had $288.7
million in outstanding borrowings, which was comprised of $106.5
million outstanding on the term loan facility and $97.2 million
outstanding on the revolving credit facility, and $85.0 million of
notes payable outstanding. As of Sept. 30, 2016, borrowings
outstanding had a weighted average interest rate of 4.24 percent.
For the nine months ended Sept. 30, 2016, THL Credit borrowed $98.3
million and repaid $153.3 million under the credit facilities.
For the nine months ended Sept. 30, 2016, THL
Credit operating activities provided cash of $90.9 million
primarily from the sales and repayments of investments and its
financing activities used $55.0 million to repay borrowings on its
credit facility, $33.9 million for distributions to stockholders,
$1.5 million to repurchase common stock and $0.1 million for the
payment of financing and offering costs.
For the nine months ended Sept. 30, 2015, THL
Credit’s operating activities provided cash of $70.7 million,
primarily in connection with the sales and repayments of portfolio
investments, and its financing activities used cash of $19.5
million to repay borrowings, $7.0 million to repurchase common
stock, $34.3 million for distributions to stockholders and $1.9
million for the payment of financing and offering costs.
RECENT DEVELOPMENTS
From October 1, 2016 through November 8, 2016,
THL Credit closed one new and one follow-on first lien investment
totaling $13.9 million in the financial services and industrials
industries. The new floating rate investment and follow-on fixed
rate investment have a combined weighted average yield based upon
cost at the time of the investment of 8.3%.
On October 3, 2016, THL Credit sold its first
lien investment in American Achievement Corporation at cost for net
proceeds of $9.6 million.
On October 5, 2016, THL Credit completed the
restructuring of its investment in Copperweld Bimetallics LLC. As
part of the restructuring, it exchanged the cost basis of its
senior secured loan totaling $19.3 million for a debt-like
preferred equity position of $3.4 million and a controlled equity
position of an affiliate of Copperweld valued at $9.0 million, with
$5.4 million remaining as a senior secured term loan. In connection
with the restructuring, THL Credit recognized a $1.5 million loss
in the fourth quarter.
On October 20, 2016, THL Credit received
proceeds of $11.0 million from the repayment of its second lien
investment in Synarc-Biocore Holdings, LLC at par.
On November 8, 2016, THL Credit’s board of
directors declared a dividend of $0.27 per share payable on
December 30, 2016 to stockholders of record at the date of business
on December 15, 2016.
CONFERENCE CALL
THL Credit will host a conference call to
discuss these results and its business outlook on November 10,
2016, at 10:30 a.m. Eastern Standard Time. The conference call will
be led by Sam W. Tillinghast and Christopher J. Flynn, 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 95468931. 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 November
17, 2016, by dialing (855) 859-2056 (domestic) or (404) 537-3406
(international) and entering passcode 95468931. The replay will
also be available on 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) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2016 |
|
December 31, 2015 |
|
Assets: |
|
|
|
|
|
|
Investments at
fair value: |
|
|
|
|
|
|
Non-controlled, non-affiliated investments (cost of
$549,703 and $682,065, respectively) |
$ |
533,204 |
|
|
$ |
672,333 |
|
|
|
Controlled investments (cost of $123,519 and $84,773,
respectively) |
|
139,554 |
|
|
|
81,823 |
|
|
|
Non-controlled, affiliated investments (cost of $4 and
$7, respectively) |
|
4 |
|
|
|
7 |
|
|
Total
investments at fair value (cost of $673,226 and $766,845,
respectively) |
$ |
672,762 |
|
|
$ |
754,163 |
|
|
Cash |
|
|
|
4,263 |
|
|
|
3,850 |
|
|
Interest,
dividends, and fees receivable |
|
|
8,334 |
|
|
|
7,060 |
|
|
Deferred
financing costs |
|
|
2,702 |
|
|
|
3,224 |
|
|
Deferred tax
assets |
|
|
1,403 |
|
|
|
1,118 |
|
|
Due from
affiliate |
|
|
489 |
|
|
|
686 |
|
|
Prepaid
expenses and other assets |
|
|
430 |
|
|
|
485 |
|
|
Other deferred
assets |
|
|
206 |
|
|
|
375 |
|
|
Deferred
offering costs |
|
|
118 |
|
|
|
- |
|
|
Receivable for
paydown of investments |
|
56 |
|
|
|
330 |
|
|
|
|
|
|
|
|
|
|
Total
assets |
|
$ |
690,763 |
|
|
$ |
771,291 |
|
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
Loans payable ($203,651 and $258,651 face amounts,
respectively, reported net of unamortized debt issuance costs of
$1,649 and $1,902, respectively.) |
$ |
202,001 |
|
|
$ |
256,749 |
|
|
Notes payable ($85,000 and $85,000 face amounts, respectively,
reported net of unamortized debt issuance costs of $2,833 and
$3,190, respectively.) |
|
82,167 |
|
|
|
81,809 |
|
|
Accrued
incentive fees |
|
|
3,918 |
|
|
|
4,243 |
|
|
Deferred tax
liability |
|
|
4,384 |
|
|
|
3,881 |
|
|
Base
management fees payable |
|
|
2,678 |
|
|
|
2,944 |
|
|
Accrued
expenses and other payables |
|
|
1,553 |
|
|
|
1,665 |
|
|
Accrued
interest and fees |
|
|
965 |
|
|
|
485 |
|
|
Other deferred
liabilities |
|
|
285 |
|
|
|
410 |
|
|
Interest rate
derivative |
|
|
102 |
|
|
|
206 |
|
|
Total
liabilities |
|
|
298,053 |
|
|
|
352,392 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Assets: |
|
|
|
|
|
Common stock,
par value $.001 per share, 100,000 common shares |
|
33 |
|
|
|
33 |
|
|
|
authorized,
33,169 and 33,311 shares issued and outstanding at |
|
|
|
|
|
September
30, 2016 and December 31, 2015, respectively |
|
|
|
|
Paid-in
capital in excess of par |
|
|
440,088 |
|
|
|
441,742 |
|
|
Net unrealized
(depreciation) appreciation on investments, net of provision |
|
(4,848 |
) |
|
|
(16,473 |
) |
|
|
for taxes of $4,384 and $3,791, respectively |
|
|
|
|
Net unrealized
depreciation on interest rate derivative |
|
(102 |
) |
|
|
(206 |
) |
|
Accumulated
undistributed net realized losses |
|
(48,683 |
) |
|
|
(14,349 |
) |
|
Accumulated
undistributed net investment income |
|
6,222 |
|
|
|
8,152 |
|
|
Total net
assets |
|
|
392,710 |
|
|
|
418,899 |
|
|
|
|
|
|
|
|
|
|
Total
liabilities and net assets |
|
$ |
690,763 |
|
|
$ |
771,291 |
|
|
|
|
|
|
|
|
|
|
Net asset
value per share |
|
$ |
11.84 |
|
|
$ |
12.58 |
|
|
|
|
|
|
|
|
|
|
THL CREDIT, INC. AND
SUBSIDIARIES |
|
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED) |
|
(in thousands, except per share
data) |
|
|
|
|
|
|
|
For the three months ended
September 30, |
|
For the nine months ended
September 30, |
|
|
|
|
|
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
Investment Income: |
|
|
|
|
|
|
|
|
|
From
non-controlled, non-affiliated investments: |
|
|
|
|
|
|
|
|
Interest income |
|
|
$ |
16,790 |
|
|
$ |
20,616 |
|
|
$ |
51,642 |
|
|
$ |
62,397 |
|
|
Dividend income |
|
|
|
73 |
|
|
|
22 |
|
|
|
147 |
|
|
|
315 |
|
|
Other income |
|
|
|
443 |
|
|
|
563 |
|
|
|
1,499 |
|
|
|
3,063 |
|
From
non-controlled, affiliated investments: |
|
|
|
|
|
|
|
|
Other income |
|
|
|
373 |
|
|
|
501 |
|
|
|
1,238 |
|
|
|
1,746 |
|
From
controlled investments: |
|
|
|
|
|
|
|
|
|
Interest income |
|
|
|
1,164 |
|
|
|
235 |
|
|
|
2,336 |
|
|
|
712 |
|
|
Dividend income |
|
|
|
2,685 |
|
|
|
1,180 |
|
|
|
7,641 |
|
|
|
2,284 |
|
|
Other income |
|
|
|
38 |
|
|
|
- |
|
|
|
113 |
|
|
|
113 |
|
|
Total investment income |
|
|
21,566 |
|
|
|
23,117 |
|
|
|
64,616 |
|
|
|
70,630 |
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on borrowings |
|
|
3,484 |
|
|
|
3,154 |
|
|
|
10,488 |
|
|
|
9,394 |
|
|
Base management fees |
|
|
|
2,678 |
|
|
|
2,991 |
|
|
|
8,390 |
|
|
|
8,885 |
|
|
Incentive fees |
|
|
|
2,624 |
|
|
|
2,912 |
|
|
|
2,654 |
|
|
|
8,873 |
|
|
Administrator expenses |
|
|
888 |
|
|
|
912 |
|
|
|
2,708 |
|
|
|
2,782 |
|
|
Other general and administrative expenses |
|
542 |
|
|
|
617 |
|
|
|
1,720 |
|
|
|
2,046 |
|
|
Amortization of deferred financing costs |
|
389 |
|
|
|
703 |
|
|
|
1,157 |
|
|
|
1,528 |
|
|
Professional fees |
|
|
|
350 |
|
|
|
328 |
|
|
|
1,180 |
|
|
|
1,125 |
|
|
Directors' fees |
|
|
|
168 |
|
|
|
226 |
|
|
|
578 |
|
|
|
662 |
|
|
Total expenses |
|
|
|
11,123 |
|
|
|
11,843 |
|
|
|
28,875 |
|
|
|
35,295 |
|
|
Income tax (benefit) provision, excise and other taxes |
|
(52 |
) |
|
|
(375 |
) |
|
|
184 |
|
|
|
(156 |
) |
Net investment income |
|
|
|
10,495 |
|
|
|
11,649 |
|
|
|
35,557 |
|
|
|
35,491 |
|
Realized Gain and Change in Unrealized Appreciation on
Investments: |
|
|
|
|
|
|
|
Net realized (loss) gain on investments: |
|
|
|
|
|
|
|
|
Non-controlled, non-affiliated investments |
|
(25,100 |
) |
|
|
196 |
|
|
|
(27,064 |
) |
|
|
273 |
|
|
Controlled investments |
|
|
120 |
|
|
|
20 |
|
|
|
(10,767 |
) |
|
|
20 |
|
Net realized (loss) gain on investments |
|
|
(24,980 |
) |
|
|
216 |
|
|
|
(37,831 |
) |
|
|
293 |
|
Net change
in unrealized (depreciation) appreciation on investments: |
|
|
|
|
|
|
|
|
Non-controlled, non-affiliated investments |
|
20,021 |
|
|
|
(7,626 |
) |
|
|
(6,765 |
) |
|
|
(6,621 |
) |
|
Controlled investments |
|
|
4,654 |
|
|
|
(969 |
) |
|
|
18,983 |
|
|
|
4,312 |
|
Net change
in unrealized (depreciation) appreciation on investments |
|
24,675 |
|
|
|
(8,595 |
) |
|
|
12,218 |
|
|
|
(2,309 |
) |
Net realized and unrealized loss from investments |
|
(305 |
) |
|
|
(8,379 |
) |
|
|
(25,613 |
) |
|
|
(2,016 |
) |
Provision for taxes on realized gain on investments |
|
- |
|
|
|
(9 |
) |
|
|
- |
|
|
|
(9 |
) |
Provision for taxes on unrealized gain on investments |
|
(381 |
) |
|
|
(443 |
) |
|
|
(588 |
) |
|
|
(659 |
) |
Interest rate derivative periodic interest payments, net |
|
(66 |
) |
|
|
(109 |
) |
|
|
(232 |
) |
|
|
(336 |
) |
Net change in unrealized appreciation (depreciation) on
interest rate derivative |
|
144 |
|
|
|
(114 |
) |
|
|
104 |
|
|
|
(257 |
) |
Net increase in net assets resulting from operations |
$ |
9,887 |
|
|
$ |
2,595 |
|
|
$ |
9,228 |
|
|
$ |
32,214 |
|
Net investment income per common share: |
|
|
|
|
|
|
|
|
Basic and diluted |
|
|
$ |
0.32 |
|
|
$ |
0.35 |
|
|
$ |
1.07 |
|
|
$ |
1.05 |
|
Net increase in net assets resulting from operations per common
share: |
|
|
|
|
|
|
|
|
Basic and diluted |
|
|
$ |
0.30 |
|
|
$ |
0.08 |
|
|
$ |
0.28 |
|
|
$ |
0.95 |
|
Dividends
declared and paid |
|
$ |
0.34 |
|
|
$ |
0.34 |
|
|
$ |
1.02 |
|
|
$ |
1.02 |
|
Weighted average shares of common stock outstanding: |
|
|
|
|
|
|
|
|
Basic and diluted |
|
|
|
33,169 |
|
|
|
33,507 |
|
|
|
33,235 |
|
|
|
33,739 |
|
|
|
|
|
|
|
|
|
|
|
|
|
ABOUT THL CREDIT
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 investments in privately negotiated
debt of lower middle market companies.
THL Credit is headquartered in Boston, with
additional investment teams in Chicago, Dallas, Los Angeles and New
York. THL Credit is a direct lender to lower middle market
companies that invests primarily in directly originated first lien
secured loans, including unitranche 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
THL Credit Senior Loan (NYSE:TSLF)
Historical Stock Chart
From Jun 2024 to Jul 2024
THL Credit Senior Loan (NYSE:TSLF)
Historical Stock Chart
From Jul 2023 to Jul 2024