10-Q 1 tslx-10q_20150630.htm 10-Q tslx-10q_20150630.htm

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

(Mark One)

x

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the quarterly period ended June 30, 2015

OR

¨

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the transition period from                     to                     

Commission file number 001-36364

 

TPG Specialty Lending, Inc.

(Exact Name of Registrant as Specified in Its Charter)

 

 

Delaware

27-3380000

(State or Other Jurisdiction of

Incorporation or Organization)

(I.R.S. Employer

Identification No.)

 

 

301 Commerce Street, Suite 3300,

Fort Worth, TX

76102

(Address of Principal Executive Offices)

(Zip Code)

Registrant’s Telephone Number, Including Area Code: (817) 871-4000

Not applicable

Former Name, Former Address and Former Fiscal Year, If Changed Since Last Report.

 

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  ¨  

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  ¨    No  ¨  

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

x

Accelerated filer

¨

 

 

 

 

Non-Accelerated filer

¨  (Do not check if a smaller reporting company)

Smaller reporting company

¨

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Securities Exchange Act of 1934).    Yes  ¨    No  x  

The number of shares of the Registrant’s common stock, $.01 par value per share, outstanding at August 4, 2015 was 54,027,547.

 

 

 

 

 


 

TPG SPECIALTY LENDING, INC.

 

 

 

INDEX

 

PAGE

NO.

 

 

 

 

 

PART I.

 

FINANCIAL INFORMATION

 

4

 

 

 

 

 

Item 1.

 

Financial Statements

 

4

 

 

 

 

 

 

 

Consolidated Balance Sheets as of June 30, 2015 and December 31, 2014 (Unaudited)

 

4

 

 

 

 

 

 

 

Consolidated Statements of Operations for the three and six months ended June 30, 2015 and 2014 (Unaudited)

 

5

 

 

 

 

 

 

 

Consolidated Schedules of Investments as of June 30, 2015 and December 31, 2014 (Unaudited)

 

6

 

 

 

 

 

 

 

Consolidated Statements of Changes in Net Assets for the six months ended June 30, 2015 and 2014 (Unaudited)

 

14

 

 

 

 

 

 

 

Consolidated Statements of Cash Flows for the six months ended June 30, 2015 and 2014 (Unaudited)

 

15

 

 

 

 

 

 

 

Notes to Consolidated Financial Statements (Unaudited)

 

16

 

 

 

 

 

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

37

 

 

 

 

 

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

58

 

 

 

 

 

Item 4.

 

Controls and Procedures

 

59

 

 

 

 

 

PART II.

 

OTHER INFORMATION

 

60

 

 

 

 

 

Item 1.

 

Legal Proceedings

 

60

 

 

 

 

 

Item 1A.

 

Risk Factors

 

60

 

 

 

 

 

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

60

 

 

 

 

 

Item 3.

 

Defaults Upon Senior Securities

 

60

 

 

 

 

 

Item 4.

 

Mine Safety Disclosures

 

60

 

 

 

 

 

Item 5.

 

Other Information

 

60

 

 

 

 

 

Item 6.

 

Exhibits

 

61

 

 

 

 

 

SIGNATURES

 

62

 

 

 

2


 

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This report contains forward-looking statements that involve substantial risks and uncertainties. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about us, our current or prospective portfolio investments, our industry, our beliefs, and our assumptions. Words such as “anticipates,” “expects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “would,” “should,” “targets,” “projects,” and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors, some of which are beyond our control and are difficult to predict, that could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements.

In addition to factors previously identified elsewhere in the reports and other documents TPG Specialty Lending, Inc. has filed with the Securities and Exchange Commission, or SEC, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance:

·

an economic downturn could impair our portfolio companies’ abilities to continue to operate, which could lead to the loss of some or all of our investments in those portfolio companies;

·

such an economic downturn could disproportionately impact the companies in which we have invested and others that we intend to target for investment, potentially causing us to experience a decrease in investment opportunities and diminished demand for capital from these companies;

·

such an economic downturn could also impact availability and pricing of our financing;

·

an inability to access the capital markets could impair our ability to raise capital and our investment activities; and

·

the risks, uncertainties and other factors we identify in the section entitled “Risk Factors” in this report and in our Annual Report on Form 10-K for the year ended December 31, 2014, filed with the SEC on February 24, 2015, and elsewhere in our filings with the SEC.

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, some of those assumptions are based on the work of third parties and any of those assumptions could prove to be inaccurate; as a result, forward-looking statements based on those assumptions also could prove to be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this report should not be regarded as a representation by us that our plans and objectives will be achieved. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this report. We do not undertake any obligation to update or revise any forward-looking statements or any other information contained herein, except as required by applicable law. The safe harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, which preclude civil liability for certain forward-looking statements, do not apply to the forward-looking statements in this report because we are an investment company.

 

 

 

3


 

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

TPG Specialty Lending, Inc.

Consolidated Balance Sheets

(Amounts in thousands, except share and per share amounts)

(Unaudited)

 

 

 

June 30,

 

 

December 31,

 

 

 

2015

 

 

2014

 

Assets

 

 

 

 

 

 

 

 

Investments at fair value

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments (amortized cost of $1,347,439

   and $1,225,672, respectively)

 

$

1,352,134

 

 

$

1,221,875

 

Controlled, affiliated investments (amortized cost of $50,840 and $47,580,

   respectively)

 

 

45,426

 

 

 

41,636

 

Total investments at fair value (amortized cost of $1,398,279 and $1,273,252,

   respectively)

 

 

1,397,560

 

 

 

1,263,511

 

Cash and cash equivalents

 

 

2,760

 

 

 

2,413

 

Interest receivable

 

 

7,361

 

 

 

6,137

 

Receivable for interest rate swaps

 

 

 

 

 

1,020

 

Receivable for investments sold

 

 

9,325

 

 

 

 

Prepaid expenses and other assets

 

 

41,999

 

 

 

30,650

 

Total Assets

 

$

1,459,005

 

 

$

1,303,731

 

Liabilities

 

 

 

 

 

 

 

 

Debt

 

$

557,132

 

 

$

395,864

 

Management fees payable to affiliate

 

 

5,296

 

 

 

4,887

 

Incentive fees payable to affiliate

 

 

7,623

 

 

 

5,955

 

Dividends payable

 

 

21,061

 

 

 

20,981

 

Payable for investments purchased

 

 

3,305

 

 

 

29,017

 

Payables to affiliate

 

 

1,400

 

 

 

2,918

 

Payable for interest rate swaps

 

 

18

 

 

 

 

Other liabilities

 

 

7,881

 

 

 

8,704

 

Total Liabilities

 

 

603,716

 

 

 

468,326

 

Commitments and contingencies (Note 8)

 

 

 

 

 

 

 

 

Net Assets

 

 

 

 

 

 

 

 

Preferred stock, $0.01 par value; 100,000,000 shares authorized; no shares issued

   and outstanding

 

 

 

 

 

 

Common stock, $0.01 par value; 400,000,000 shares authorized, 54,002,288 and

   53,798,357 shares issued, respectively; and 54,001,289 and 53,797,358 shares

   outstanding, respectively

 

 

540

 

 

 

538

 

Additional paid-in capital

 

 

811,137

 

 

 

808,053

 

Treasury stock at cost; 999 shares

 

 

(1

)

 

 

(1

)

Undistributed net investment income

 

 

10,777

 

 

 

6,555

 

Net unrealized gains

 

 

11,311

 

 

 

188

 

Undistributed net realized gains

 

 

21,525

 

 

 

20,072

 

Total Net Assets

 

 

855,289

 

 

 

835,405

 

Total Liabilities and Net Assets

 

$

1,459,005

 

 

$

1,303,731

 

Net Asset Value Per Share

 

$

15.84

 

 

$

15.53

 

The accompanying notes are an integral part of these consolidated financial statements.

 

 

4


 

TPG Specialty Lending, Inc.

Consolidated Statements of Operations

(Amounts in thousands, except share and per share amounts)

(Unaudited)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30, 2015

 

 

June 30, 2014

 

 

June 30, 2015

 

 

June 30, 2014

 

Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment income from non-controlled, non-affiliated

   investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest from investments

 

$

43,175

 

 

$

44,425

 

 

$

76,054

 

 

$

75,543

 

Other income

 

 

629

 

 

 

845

 

 

 

4,006

 

 

 

3,208

 

Total investment income from non-controlled,

   non-affiliated investments

 

 

43,804

 

 

 

45,270

 

 

 

80,060

 

 

 

78,751

 

Investment income from controlled, affiliated investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest from investments

 

 

1,493

 

 

 

369

 

 

 

2,909

 

 

 

369

 

Other income

 

 

55

 

 

 

18

 

 

 

112

 

 

 

18

 

Total investment income from controlled, affiliated

   investments

 

 

1,548

 

 

 

387

 

 

 

3,021

 

 

 

387

 

Total Investment Income

 

 

45,352

 

 

 

45,657

 

 

 

83,081

 

 

 

79,138

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest

 

 

4,727

 

 

 

3,460

 

 

 

8,947

 

 

 

7,284

 

Management fees

 

 

5,296

 

 

 

4,522

 

 

 

10,247

 

 

 

8,759

 

Incentive fees

 

 

7,130

 

 

 

5,860

 

 

 

12,137

 

 

 

10,334

 

Professional fees

 

 

1,281

 

 

 

1,174

 

 

 

2,490

 

 

 

2,346

 

Directors’ fees

 

 

90

 

 

 

87

 

 

 

187

 

 

 

159

 

Other general and administrative

 

 

1,273

 

 

 

896

 

 

 

2,427

 

 

 

1,812

 

Total expenses

 

 

19,797

 

 

 

15,999

 

 

 

36,435

 

 

 

30,694

 

Management fees waived (Note 3)

 

 

 

 

 

 

 

 

 

 

 

(2,465

)

Net Expenses

 

 

19,797

 

 

 

15,999

 

 

 

36,435

 

 

 

28,229

 

Net Investment Income Before Income Taxes

 

 

25,555

 

 

 

29,658

 

 

 

46,646

 

 

 

50,909

 

Income taxes, including excise taxes

 

 

535

 

 

 

225

 

 

 

840

 

 

 

234

 

Net Investment Income

 

 

25,020

 

 

 

29,433

 

 

 

45,806

 

 

 

50,675

 

Unrealized and Realized Gains (Losses)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net change in unrealized gains (losses):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

14,400

 

 

 

(3,862

)

 

 

8,493

 

 

 

82

 

Controlled, affiliated investments

 

 

(76

)

 

 

 

 

 

529

 

 

 

 

Translation of assets and liabilities in foreign currencies

 

 

(3,906

)

 

 

701

 

 

 

3,309

 

 

 

1,227

 

Interest rate swaps

 

 

(855

)

 

 

792

 

 

 

(1,208

)

 

 

792

 

Foreign currency forward contracts

 

 

 

 

 

 

 

 

 

 

 

1,244

 

Total net change in unrealized gains (losses)

 

 

9,563

 

 

 

(2,369

)

 

 

11,123

 

 

 

3,345

 

Realized gains (losses):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

(332

)

 

 

118

 

 

 

(67

)

 

 

118

 

Interest rate swaps

 

 

 

 

 

 

 

 

1,852

 

 

 

 

Foreign currency transactions

 

 

(146

)

 

 

112

 

 

 

(141

)

 

 

(1,496

)

Total realized gains (losses)

 

 

(478

)

 

 

230

 

 

 

1,644

 

 

 

(1,378

)

Total Unrealized and Realized Gains (Losses)

 

 

9,085

 

 

 

(2,139

)

 

 

12,767

 

 

 

1,967

 

Increase in Net Assets Resulting from Operations

 

$

34,105

 

 

$

27,294

 

 

$

58,573

 

 

$

52,642

 

Earnings per common share—basic and diluted

 

$

0.63

 

 

$

0.51

 

 

$

1.09

 

 

$

1.11

 

Weighted average shares of common stock outstanding—basic

   and diluted

 

 

53,987,627

 

 

 

53,120,358

 

 

 

53,945,087

 

 

 

47,361,713

 

The accompanying notes are an integral part of these consolidated financial statements.

 

5


 

TPG Specialty Lending, Inc.

Consolidated Schedule of Investments as of June 30, 2015

(Amounts in thousands, except share amounts)

(Unaudited)

 

 

 

 

 

 

 

 

 

Initial

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acquisition

 

Amortized

 

 

Fair

 

 

Percentage

 

Company (1)

 

Investment

 

Interest

 

 

Date

 

Cost (2)

 

 

Value

 

 

of Net Assets

 

Debt Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Automotive

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Heartland Automotive Holdings,

   LLC (3)(4)

 

First-lien loan ($32,660 par, due 6/2017)

 

 

9.75

%

 

8/28/2012

 

$

32,262

 

 

$

30,863

 

 

 

3.6

%

 

 

First-lien revolving loan

($3,167 par, due 6/2017)

 

 

10.75

%

 

8/28/2012

 

 

3,103

 

 

 

2,847

 

 

 

0.3

%

 

 

 

 

 

 

 

 

 

 

 

35,365

 

 

 

33,710

 

 

 

3.9

%

Beverage, food and tobacco

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AFS Technologies, Inc.  (3)(4)(6)

 

First-lien loan ($64,350 par, due 3/2020)

 

 

6.25

%

 

3/3/2014

 

 

63,163

 

 

 

63,546

 

 

 

7.4

%

Great Atlantic & Pacific Tea Co.

    Inc. (3)(4)

 

First-lien loan ($22,361 par, due 9/2019)

 

 

9.85

%

 

9/17/2014

 

 

22,037

 

 

 

23,032

 

 

 

2.7

%

 

 

 

 

 

 

 

 

 

 

 

85,200

 

 

 

86,578

 

 

 

10.1

%

Business services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Actian Corporation (3)(4)(6)

 

First-lien loan ($61,915 par, due 4/2018)

 

 

7.50

%

 

4/11/2013

 

 

60,523

 

 

 

64,701

 

 

 

7.6

%

Clarabridge, Inc. (3)

 

First-lien loan ($22,500 par, due 4/2019)

 

 

8.50

%

 

5/20/2015

 

 

22,013

 

 

 

21,938

 

 

 

2.6

%

Leaf US Holdings, Inc. (3)(4)(5)

 

First-lien loan ($29,303 par, due 6/2019)

 

 

7.50

%

 

6/30/2014

 

 

28,750

 

 

 

28,989

 

 

 

3.4

%

Network Merchants, Inc (3)(4)

 

First-lien loan ($29,119 par, due 9/2018)

 

 

8.75

%

 

9/12/2013

 

 

28,725

 

 

 

29,866

 

 

 

3.5

%

ScentAir Technologies, Inc (3)(4)

 

First-lien loan ($17,786 par, due 12/2019)

 

 

7.50

%

 

12/30/2014

 

 

17,396

 

 

 

17,392

 

 

 

2.0

%

 

 

 

 

 

 

 

 

 

 

 

157,407

 

 

 

162,886

 

 

 

19.1

%

Chemicals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vertellus Specialties, Inc. (3)(4)

 

First-lien loan ($9,875 par, due 10/2019)

 

 

10.50

%

 

10/31/2014

 

 

9,568

 

 

 

9,283

 

 

 

1.1

%

Education

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Campus Management, Inc. (3)(4)(6)

 

First-lien loan ($27,590 par, due 9/2018)

 

 

8.75

%

 

9/30/2013

 

 

27,109

 

 

 

27,590

 

 

 

3.2

%

Electronics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MyAlarm Center, LLC (3)(4)

 

First-lien loan ($63,293 par, due 1/2018)

 

 

9.00

%

 

1/9/2014

 

 

62,572

 

 

 

63,293

 

 

 

7.4

%

APX Group Inc.

 

Senior notes 8.75% ($10,000 par, due 12/2020)

 

 

8.75

%

 

12/11/2014

 

 

8,651

 

 

 

9,000

 

 

 

1.1

%

 

 

 

 

 

 

 

 

 

 

 

71,223

 

 

 

72,293

 

 

 

8.5

%

Financial services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Embarcadero Technologies,

   Inc. (3)(4)(6)

 

First-lien loan ($39,125 par, due 12/2017)

 

 

8.00

%

 

12/28/2012

 

 

38,578

 

 

 

39,809

 

 

 

4.7

%

PayLease, LLC (3)

 

First-lien loan ($33,215 par, due 3/2020)

 

10.00% (incl. 2.50% PIK)

 

 

3/6/2015

 

 

32,493

 

 

 

32,547

 

 

 

3.8

%

Rogue Wave Holdings, Inc. (3)(4)(6)

 

First-lien loan ($63,466 par, due 12/2018)

 

 

7.50

%

 

11/21/2012

 

 

62,501

 

 

 

62,990

 

 

 

7.4

%

 

 

 

 

 

 

 

 

 

 

 

133,572

 

 

 

135,346

 

 

 

15.9

%

Healthcare and

   pharmaceuticals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6


 

Aesynt Incorporated (3)(4)(6)

 

First-lien loan ($34,125 par, due 5/2019)

 

 

7.00

%

 

5/8/2014

 

 

33,370

 

 

 

34,125

 

 

 

4.0

%

Global Healthcare Exchange,

   Inc. (3)(4)

 

First-lien loan ($46,019 par, due 3/2020)

 

 

8.50

%

 

3/11/2014

 

 

45,004

 

 

 

47,739

 

 

 

5.6

%

Helix Health, Ltd. (3)(5)

 

First-lien loan (EUR 28,439 par, due 9/2019)

 

11.50% (incl. 3.00% PIK)

 

 

9/30/2014

 

 

34,352

 

 

30,894

(EUR 27,728)

 

 

 

3.6

%

 

 

First-lien revolving loan

(EUR 300 par, due 9/2019)

 

 

11.50

%

 

9/30/2014

 

 

249

 

 

265

(EUR 238)

 

 

 

0.0

%

Mediware Information Systems,

   Inc. (3)(4)(6)

 

First-lien loan ($68,490 par, due 5/2018)

 

 

7.00

%

 

11/9/2012

 

 

67,471

 

 

 

69,004

 

 

 

8.1

%

SRS Software, LLC (3)(4)

 

First-lien loan ($32,813 par, due 12/2017)

 

 

8.75

%

 

12/28/2012

 

 

32,350

 

 

 

33,059

 

 

 

3.9

%

 

 

First-lien revolving loan

($2,000 par, due 12/2017)

 

 

8.75

%

 

12/28/2012

 

 

1,944

 

 

 

2,015

 

 

 

0.2

%

 

 

 

 

 

 

 

 

 

 

 

214,740

 

 

 

217,101

 

 

 

25.4

%

Hotel, gaming, and leisure

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Centaur, LLC (3)(4)

 

Second-lien loan ($10,000 par, due 2/2020)

 

 

8.75

%

 

2/15/2013

 

 

9,936

 

 

 

10,083

 

 

 

1.2

%

CrunchTime Information Systems, Inc. (3)

 

First-lien loan ($25,130 par, due 4/2020)

 

9.00% (incl. 2.50% PIK)

 

 

4/16/2015

 

 

24,493

 

 

 

24,633

 

 

 

2.9

%

IRG Sports & Entertainment,

   LLC (3)(4)(8)

 

First-lien loan ($40,569 par, due 9/2019)

 

12.00% (incl. 5.00% PIK)

 

 

9/30/2014

 

 

38,088

 

 

 

34,484

 

 

 

4.0

%

Soho House (5)

 

Second-lien bond (GBP 20,375 par, due 10/2018)

 

 

9.13

%

 

9/20/2013

 

 

33,188

 

 

33,165

(GBP 21,088)

 

 

 

3.9

%

 

 

 

 

 

 

 

 

 

 

 

105,705

 

 

 

102,365

 

 

 

12.0

%

Human Resource Support Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Saba Software, Inc. (3)(6)

 

First-lien loan ($55,000 par, due 3/2021)

 

 

9.75

%

 

3/30/2015

 

 

54,375

 

 

 

54,313

 

 

 

6.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Insurance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Infogix, Inc. (3)(4)

 

First-lien loan ($34,463 par, due 6/2017)

 

 

10.00

%

 

6/1/2012

 

 

34,143

 

 

 

34,376

 

 

 

4.0

%

 

 

First-lien revolving loan ($3,077 par, due 6/2017)

 

 

11.00

%

 

6/1/2012

 

 

3,039

 

 

 

3,065

 

 

 

0.4

%

Insurity, Inc. (3)(4)(6)

 

First-lien loan ($65,452 par, due 10/2020)

 

 

7.50

%

 

10/31/2014

 

 

64,730

 

 

 

64,798

 

 

 

7.6

%

 

 

 

 

 

 

 

 

 

 

 

101,912

 

 

 

102,239

 

 

 

12.0

%

Internet Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Highwinds Capital, Inc. (3)(4)

 

First-lien loan ($51,835 par, due 7/2018)

 

 

9.00

%

 

3/7/2014

 

 

51,225

 

 

 

52,353

 

 

 

6.1

%

 

 

First-lien revolving loan ($1,600 par, due 7/2018)

 

 

9.00

%

 

3/7/2014

 

 

1,570

 

 

 

1,630

 

 

 

0.2

%

 

 

 

 

 

 

 

 

 

 

 

52,795

 

 

 

53,983

 

 

 

6.3

%

Manufacturing

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Jeeves Information Systems

   AB (3)(5)(6)

 

First-lien loan (SEK 197,857 par, due 3/2019)

 

 

8.75

%

 

6/5/2013

 

 

30,093

 

 

24,620

(SEK 204,284)

 

 

 

2.9

%

Metals and mining

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Metalico, Inc. (3)(4)(6)

 

First-lien loan ($16,513 par, due 11/2019)

 

 

10.50

%

 

11/21/2013

 

 

14,772

 

 

 

18,577

 

 

 

2.2

%

Office products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ecommerce Industries, Inc.  (3)(4)(6)

 

First-lien loan ($36,811 par, due 3/2019)

 

 

7.25

%

 

3/11/2014

 

 

36,547

 

 

 

36,638

 

 

 

4.3

%

Oil, gas and consumable fuels

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7


 

Key Energy Services (3)(5)

 

First-lien loan ($10,000 par, due 6/2020)

 

 

10.25

%

 

5/27/2015

 

 

9,702

 

 

 

10,025

 

 

 

1.2

%

Milagro Exploration, LLC (3)(4)

 

First-lien loan ($62,071 par, due 9/2017)

 

 

13.15

%

 

9/4/2014

 

 

61,602

 

 

 

62,072

 

 

 

7.3

%

Mississippi Resources, LLC (3)(4)(9)

 

First-lien loan ($42,625 par, due 6/2018)

 

13.00% (incl. 1.50% PIK)

 

 

6/4/2014

 

 

41,966

 

 

 

41,239