10-Q 1 tslx-10q_20190630.htm 10-Q tslx-10q_20190630.htm

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

(Mark One)

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

For the quarterly period ended June 30, 2019

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.

 

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.01 per share

TSLX

The New York Stock Exchange

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      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted 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 such files).    Yes      No  

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

 

Large accelerated filer

Accelerated filer

 

 

 

 

Non-accelerated filer

  

Smaller reporting company

 

 

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

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

The number of shares of the registrant’s common stock, $.01 par value per share, outstanding at July 30, 2019 was 66,270,717.

 

 

 

 

 

 


 

TPG SPECIALTY LENDING, INC.

 

 

 

INDEX

 

PAGE

NO.

 

 

 

 

 

PART I.

 

FINANCIAL INFORMATION

 

4

 

 

 

 

 

Item 1.

 

Financial Statements

 

4

 

 

 

 

 

 

 

Consolidated Balance Sheets as of  June 30, 2019 (Unaudited) and December 31, 2018

 

4

 

 

 

 

 

 

 

Consolidated Statements of Operations for the three and six months ended June 30, 2019 and 2018 (Unaudited)

 

5

 

 

 

 

 

 

 

Consolidated Schedules of Investments as of  June 30, 2019 (Unaudited) and December 31, 2018

 

6

 

 

 

 

 

 

 

Consolidated Statements of Changes in Net Assets for the three and six months ended June 30, 2019 and 2018 (Unaudited)

 

19

 

 

 

 

 

 

 

Consolidated Statements of Cash Flows for the six months ended June 30, 2019 and 2018 (Unaudited)

 

20

 

 

 

 

 

 

 

Notes to Consolidated Financial Statements (Unaudited)

 

21

 

 

 

 

 

Item 2.

 

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

 

46

 

 

 

 

 

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

68

 

 

 

 

 

Item 4.

 

Controls and Procedures

 

69

 

 

 

 

 

PART II.

 

OTHER INFORMATION

 

70

 

 

 

 

 

Item 1.

 

Legal Proceedings

 

70

 

 

 

 

 

Item 1A.

 

Risk Factors

 

70

 

 

 

 

 

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

75

 

 

 

 

 

Item 3.

 

Defaults Upon Senior Securities

 

75

 

 

 

 

 

Item 4.

 

Mine Safety Disclosures

 

75

 

 

 

 

 

Item 5.

 

Other Information

 

75

 

 

 

 

 

Item 6.

 

Exhibits

 

75

 

 

 

 

 

SIGNATURES

 

76

 

 

 

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 and 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 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, 2018, filed with the SEC on February 20, 2019, 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.

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,

 

 

 

2019

 

 

2018

 

Assets

 

 

 

 

 

 

 

 

Investments at fair value

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments (amortized cost of $1,912,392 and $1,546,780, respectively)

 

$

1,959,122

 

 

$

1,565,532

 

Non-controlled, affiliated investments (amortized cost of $49,962 and $84,602, respectively)

 

 

49,918

 

 

 

83,932

 

Controlled, affiliated investments (amortized cost of $87,974 and $85,018, respectively)

 

 

51,493

 

 

 

56,505

 

Total investments at fair value (amortized cost of $2,050,328 and $1,716,400, respectively)

 

 

2,060,533

 

 

 

1,705,969

 

Cash and cash equivalents (restricted cash of $4,965 and $7,303, respectively)

 

 

9,962

 

 

 

10,575

 

Interest receivable

 

 

11,012

 

 

 

8,829

 

Prepaid expenses and other assets

 

 

8,225

 

 

 

4,951

 

Total Assets

 

$

2,089,732

 

 

$

1,730,324

 

Liabilities

 

 

 

 

 

 

 

 

Debt (net of deferred financing costs of $16,790 and $15,508, respectively)

 

$

929,855

 

 

$

608,007

 

Management fees payable to affiliate

 

 

7,373

 

 

 

7,069

 

Incentive fees payable to affiliate

 

 

6,606

 

 

 

9,356

 

Dividends payable

 

 

25,752

 

 

 

25,499

 

Other payables to affiliate

 

 

2,458

 

 

 

1,621

 

Other liabilities

 

 

16,045

 

 

 

15,570

 

Total Liabilities

 

 

988,089

 

 

 

667,122

 

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, 66,127,370 and

   65,501,897 shares issued, respectively; and 66,038,290 and 65,412,817 shares

   outstanding, respectively

 

 

661

 

 

 

655

 

Additional paid-in capital

 

 

1,003,391

 

 

 

991,919

 

Treasury stock at cost; 89,080 and 89,080 shares held, respectively

 

 

(1,359

)

 

 

(1,359

)

Distributable earnings

 

 

98,950

 

 

 

71,987

 

Total Net Assets

 

 

1,101,643

 

 

 

1,063,202

 

Total Liabilities and Net Assets

 

$

2,089,732

 

 

$

1,730,324

 

Net Asset Value Per Share

 

$

16.68

 

 

$

16.25

 

 

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, 2019

 

 

June 30, 2018

 

 

June 30, 2019

 

 

June 30, 2018

 

Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment income from non-controlled, non-affiliated investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest from investments

 

$

57,632

 

 

$

58,640

 

 

$

104,155

 

 

$

106,607

 

Dividend income

 

 

 

 

 

 

 

 

196

 

Other income

 

 

1,940

 

 

 

3,035

 

 

 

4,018

 

 

 

8,854

 

Total investment income from non-controlled, non-affiliated

   investments

 

 

59,572

 

 

 

61,675

 

 

 

108,173

 

 

 

115,657

 

Investment income from non-controlled, affiliated investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest from investments

 

 

1,351

 

 

 

375

 

 

 

3,762

 

 

 

375

 

Other income

 

 

19

 

 

 

216

 

 

 

50

 

 

 

216

 

Total investment income from non-controlled, affiliated

   investments

 

 

1,370

 

 

 

591

 

 

 

3,812

 

 

 

591

 

Investment income from controlled, affiliated investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest from investments

 

 

1,481

 

 

 

4,084

 

 

 

2,920

 

 

 

7,818

 

Other income

 

 

4

 

 

 

51

 

 

 

8

 

 

 

103

 

Total investment income from controlled, affiliated investments

 

 

1,485

 

 

 

4,135

 

 

 

2,928

 

 

 

7,921

 

Total Investment Income

 

 

62,427

 

 

 

66,401

 

 

 

114,913

 

 

 

124,169

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest

 

 

12,724

 

 

 

11,161

 

 

 

23,094

 

 

 

20,231

 

Management fees

 

 

7,373

 

 

 

7,322

 

 

 

13,995

 

 

 

13,982

 

Incentive fees

 

 

6,606

 

 

 

7,700

 

 

 

12,256

 

 

 

14,309

 

Professional fees

 

 

1,897

 

 

 

1,621

 

 

 

3,191

 

 

 

3,732

 

Directors’ fees

 

 

129

 

 

 

98

 

 

 

264

 

 

 

204

 

Other general and administrative

 

 

1,556

 

 

 

1,297

 

 

 

3,033

 

 

 

2,535

 

Total expenses

 

 

30,285

 

 

 

29,199

 

 

 

55,833

 

 

 

54,993

 

Management and incentive fees waived (Note 3)

 

 

 

 

 

 

 

 

 

 

 

(63

)

Net Expenses

 

 

30,285

 

 

 

29,199

 

 

 

55,833

 

 

 

54,930

 

Net Investment Income Before Income Taxes

 

 

32,142

 

 

 

37,202

 

 

 

59,080

 

 

 

69,239

 

Income taxes, including excise taxes

 

 

1,000

 

 

 

900

 

 

 

1,300

 

 

 

1,750

 

Net Investment Income

 

 

31,142

 

 

 

36,302

 

 

 

57,780

 

 

 

67,489

 

Unrealized and Realized Gains (Losses)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net change in unrealized gains (losses):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

15,253

 

 

 

(5,274

)

 

 

28,067

 

 

 

3,065

 

Non-controlled, affiliated investments

 

 

109

 

 

 

(9

)

 

 

536

 

 

 

(9

)

Controlled, affiliated investments

 

 

(4,299

)

 

 

8,616

 

 

 

(7,966

)

 

 

5,244

 

Translation of other assets and liabilities in foreign currencies

 

 

(764

)

 

 

4,886

 

 

 

(2,196

)

 

 

3,905

 

Interest rate swaps

 

 

6,124

 

 

 

(1,785

)

 

 

9,443

 

 

 

(5,979

)

Total net change in unrealized gains

 

 

16,423

 

 

 

6,434

 

 

 

27,884

 

 

 

6,226

 

Realized gains (losses):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

276

 

 

 

448

 

 

 

455

 

 

 

3,093

 

Controlled, affiliated investments

 

 

 

 

 

(9,589

)

 

 

570

 

 

 

(9,589

)

Foreign currency transactions

 

 

(46

)

 

 

(26

)

 

 

(148

)

 

 

186

 

Total net realized gains (losses)

 

 

230

 

 

 

(9,167

)

 

 

877

 

 

 

(6,310

)

Total Net Unrealized and Realized Gains (Losses)

 

 

16,653

 

 

 

(2,733

)

 

 

28,761

 

 

 

(84

)

Increase in Net Assets Resulting from Operations

 

$

47,795

 

 

$

33,569

 

 

$

86,541

 

 

$

67,405

 

Earnings per common share—basic and diluted

 

$

0.72

 

 

$

0.52

 

 

$

1.32

 

 

$

1.07

 

Weighted average shares of common stock outstanding—basic and diluted

 

 

65,982,373

 

 

 

64,758,752

 

 

 

65,789,976

 

 

 

62,810,429

 

 

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, 2019

(Amounts in thousands, except share amounts)

(Unaudited)

 

Company (1)

 

Investment

 

Initial

Acquisition

Date

 

Reference

Rate and

Spread

 

 

Interest

Rate

 

 

Amortized

Cost (2)(8)

 

 

Fair Value (10)

 

 

Percentage

of Net Assets

 

Debt Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beverage, food and tobacco

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AFS Technologies, Inc. (3)(5)(6)

 

First-lien loan ($46,147 par, due 10/2023)

 

10/16/2018

 

 

L + 6.25

%

 

 

8.65

%

 

$

45,521

 

 

$

45,455

 

 

 

4.1

%

Business services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acceo Solutions, Inc. (3)(4)(5)

 

First-lien loan (CAD 64,350 par, due 7/2023)

 

7/6/2018

 

 

C + 5.25

%

 

 

7.21

%

 

 

48,136

 

 

48,506

(CAD 63,385)

 

 

 

4.4

%

Integration Appliance, Inc. (3)

 

First-lien loan ($71,500 par, due 8/2023)

 

8/13/2018

 

 

L + 7.25

%

 

 

9.69

%

 

 

70,517

 

 

 

71,315

 

 

 

6.5

%

Jive Software, Inc. (3)(5)

 

First-lien loan ($50,760 par, due 6/2022)

 

6/12/2017

 

 

L + 9.25

%

 

 

11.65

%

 

 

49,513

 

 

 

53,044

 

 

 

4.8

%

Motus, LLC (3)(5)

 

First-lien loan ($60,313 par, due 1/2024)

 

1/17/2018

 

 

L + 5.75

%

 

 

8.08

%

 

 

59,102

 

 

 

61,067

 

 

 

5.5

%

Nintex Global, Ltd. (3)(5)

 

First-lien loan ($74,601 par, due 4/2024)

 

3/30/2018

 

 

L + 6.50

%

 

 

8.91

%

 

 

73,079

 

 

 

74,974

 

 

 

6.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

300,347

 

 

 

308,906

 

 

 

28.0

%

Chemicals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vertellus Specialties, Inc. (3)

 

Second-lien loan  ($3,341 par, due 10/2021)

 

10/31/2016

 

 

L + 12.00

%

 

 

14.38

%

 

 

3,341

 

 

 

3,333

 

 

 

0.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Education

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Curriculum Associates, LLC (3)(5)

 

First-lien loan ($49,625 par, due 2/2024)

 

2/28/2018

 

 

L + 5.50

%

 

 

7.83

%

 

 

48,361

 

 

 

50,617

 

 

 

4.6

%

Frontline Technologies Group,

   LLC (3)

 

First-lien loan ($49,067 par, due 9/2023)

 

9/18/2017

 

 

L + 6.50

%

 

 

8.83

%

 

 

48,615

 

 

 

49,208

 

 

 

4.5

%

Illuminate Education, Inc.(3)(5)

 

First-lien loan ($64,350 par, due 8/2022)

 

8/25/2017

 

 

L + 7.25

%

 

 

9.66

%

 

 

63,415

 

 

 

63,546

 

 

 

5.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

160,391

 

 

 

163,371

 

 

 

14.9

%

Electronics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

APX Group, Inc. (11)

 

Secured note ($3,750 par, due 12/2022)

 

5/31/2019

 

 

7.88

%

 

 

7.88

%

 

 

3,483

 

 

 

3,572

 

 

 

0.3

%

Financial services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AppStar Financial, LLC (3)

 

First-lien loan ($17,055 par, due 8/2020)

 

8/18/2015

 

 

L + 7.50

%

 

 

9.90

%

 

 

16,941

 

 

 

17,293

 

 

 

1.6

%

AvidXchange, Inc. (3)

 

First-lien loan ($54,449 par, due 8/2020)

 

8/7/2015

 

 

L + 9.50

%

 

 

11.88

%

 

 

54,188

 

 

 

54,994

 

 

 

5.0

%

G Treasury SS, LLC (3)

 

First-lien loan ($34,577 par, due 4/2022)

 

4/9/2018

 

 

L + 9.25

%

 

11.83% (incl. 3.00% PIK)

 

 

 

34,066

 

 

 

34,197

 

 

 

3.1

%

GC Agile Holdings, Ltd. (3)(4)

 

First-lien loan ($39,903 par, due 6/2025)

 

1/31/2019

 

 

L + 7.00

%

 

 

9.32

%

 

 

39,220

 

 

 

39,305

 

 

 

3.6

%

6


 

Government Brands, LLC (3)

 

First-lien loan ($46,444 par, due 3/2023)

 

3/15/2018

 

 

L + 9.25

%

 

11.69% (incl. 2.50% PIK)

 

 

 

45,736

 

 

 

47,837

 

 

 

4.3

%

 

 

First-lien revolving loan ($4,000 par, due 3/2023)

 

3/15/2018

 

 

L + 9.25

%

 

 

11.69

%

 

 

3,926

 

 

 

4,150

 

 

 

0.4

%

Kyriba Corp.(3)

 

First-lien loan ($11,907 par, due 4/2025)

 

4/9/2019

 

 

L + 9.00

%

 

11.59% (incl. 9.00% PIK)

 

 

 

11,507

 

 

 

11,900

 

 

 

1.1

%

 

 

First-lien loan (EUR 7,089 par, due 4/2025)

 

4/9/2019

 

 

E + 9.00

%

 

9.00% (incl. 9.00% PIK)

 

 

 

7,707

 

 

7,251

(EUR 6,367)

 

 

 

0.7

%

PayLease, LLC (3)

 

First-lien loan ($64,655 par, due 7/2022)

 

7/28/2017

 

 

L + 7.25

%

 

 

9.65

%

 

 

63,702

 

 

 

64,485

 

 

 

5.9

%

PaySimple, Inc. (3)(5)

 

First-lien loan ($59,476 par, due 3/2022)

 

4/17/2018

 

 

L + 8.25

%

 

 

10.69

%

 

 

59,240

 

 

 

60,666

 

 

 

5.5

%

PrimeRevenue, Inc. (3)

 

First-lien loan ($20,553 par, due 12/2023)

 

12/31/2018

 

 

L + 8.50

%

 

10.90% (incl. 5.50% PIK)

 

 

 

20,255

 

 

 

20,486

 

 

 

1.9

%

Swift Gift, Ltd. (3)(5)

 

First-lien loan ($28,510 par, due 1/2022)

 

7/31/2017

 

 

L + 6.50

%

 

 

8.94

%

 

 

28,055

 

 

 

29,580

 

 

 

2.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

384,543

 

 

 

392,144

 

 

 

35.8

%

Healthcare

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Caris Life Sciences, Ltd.

 

First-lien loan ($2,500 par, due 9/2023)

 

9/21/2018

 

 

11.30

%

 

 

11.30

%

 

 

2,334

 

 

 

2,388

 

 

 

0.2

%

 

 

Convertible note ($2,500 par, due 9/2023)

 

9/21/2018

 

 

8.00

%

 

 

8.00

%

 

 

2,500

 

 

 

2,544

 

 

 

0.2

%

Clinicient, Inc.(3)

 

First-lien loan ($15,000 par, due 5/2024)

 

5/31/2019

 

 

L + 7.00

%

 

 

9.52

%

 

 

14,813

 

 

 

14,763

 

 

 

1.3

%

Integrated Practice Solutions,

   Inc. (3)(5)

 

First-lien loan ($36,316 par, due 6/2022)

 

6/30/2017

 

 

L + 8.00

%

 

 

10.35

%

 

 

35,614

 

 

 

36,044

 

 

 

3.3

%

MedeAnalytics, Inc. (3)(5)

 

First-lien loan ($41,329 par, due 9/2020)

 

9/30/2015

 

 

L + 7.50

%

 

 

9.90

%

 

 

40,968

 

 

 

41,535

 

 

 

3.8

%

Quantros, Inc. (3)(5)

 

First-lien loan ($27,215 par, due 9/2019)

 

2/29/2016

 

 

L + 7.75

%

 

 

10.08

%

 

 

26,782

 

 

 

27,079

 

 

 

2.5

%

TherapeuticsMD, Inc. (3)(4)

 

First-lien loan ($30,000 par, due 3/2024)

 

4/24/2019

 

 

L + 7.75

%

 

 

10.45

%

 

 

29,272

 

 

 

28,875

 

 

 

2.6

%

Valant Medical Solutions, Inc. (3)

 

First-lien loan ($27,697 par, due 4/2024)

 

4/8/2019

 

 

L + 8.75

%

 

 

11.15

%

 

 

26,801

 

 

 

26,742

 

 

 

2.4

%

Vita Bidco, Inc. (3)(5)

 

First-lien loan ($21,883 par, due 2/2024)

 

2/11/2019

 

 

L + 6.50

%

 

 

8.90

%

 

 

21,290

 

 

 

21,390

 

 

 

1.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

200,374

 

 

 

201,360

 

 

 

18.2

%

Hotel, gaming, and leisure

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

IRGSE Holding Corp. (3)(7)

 

First-lien loan ($30,796 par, due 9/2019)

 

9/29/2015

 

 

L + 9.50

%

 

11.83% (incl. 5.00% PIK)

 

 

 

28,942

 

 

 

30,642

 

 

 

2.8

%

 

 

First-lien revolving loan ($1,810 par, due 9/2019)

 

9/29/2015

 

 

L + 9.50

%

 

12.04% (incl. 5.00% PIK)

 

 

 

1,810

 

 

 

1,795

 

 

 

0.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

30,752

 

 

 

32,437

 

 

 

3.0

%

7


 

Human resource support services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ClearCompany, LLC (3)

 

First-lien loan ($17,371 par, due 7/2023)

 

7/23/2018

 

 

L + 8.50

%

 

11.02% (incl. 2.50% PIK)

 

 

 

17,140

 

 

 

17,117

 

 

 

1.6

%

PageUp People, Ltd. (3)(4)

 

First-lien loan (AUD 47,224 par, due 12/2022)

 

1/11/2018

 

B + 7.25%

 

 

8.76% (incl. 1.25% PIK)

 

 

 

36,508

 

 

32,956

(AUD 46,963)

 

 

 

3.0

%

PayScale Holdings, Inc. (3)(5)

 

First-lien loan ($40,000 par, due 5/2024)

 

5/3/2019

 

 

L + 7.00

%

 

 

9.40

%

 

 

38,920

 

 

 

38,808

 

 

 

3.5

%

Shaker International, Inc. (3)(5)

 

First-lien loan ($22,500 par, due 5/2024)

 

5/15/2019

 

 

L + 7.00

%

 

 

9.52

%

 

 

21,942

 

 

 

21,881

 

 

 

2.0

%