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, 2018
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 814-01132
Crescent Capital BDC, Inc.
(Exact Name of Registrant as Specified in Its Charter)
Delaware | 47-3162282 | |
(State or Other Jurisdiction of Incorporation or Organization) |
(I.R.S. Employer Identification No.) | |
11100 Santa Monica Blvd., Suite 2000, Los Angeles, CA | 90025 | |
(Address of Principal Executive Offices) | (Zip Code) |
Registrants Telephone Number, Including Area Code: (310) 235-5900
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 ☐ 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, 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 |
☒ (Do not check if a smaller reporting company) |
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 Securities Exchange Act of 1934). Yes ☐ No ☒
The number of shares of the Registrants common stock, $.001 par value per share, outstanding at August 10, 2018 was 11,599,480.
CRESENT CAPITAL BDC, INC.
FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 2018
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. We believe that it is important to communicate our future expectations to our investors. 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.
The following factors and factors listed under Risk Factors in this report and other documents Crescent Capital BDC, Inc. has filed with the Securities and Exchange Commission, or SEC, provide examples of risks, uncertainties and events that may cause our actual results to differ materially from the expectations we describe in our forward-looking statements. The occurrence of the events described in these risk factors and elsewhere in this report could have a material adverse effect on our business, results of operation and financial position. The following factors are among those that may cause actual results to differ materially from our forward-looking statements:
| Potential fluctuation in quarterly operating results |
| Potential impact of economic recessions or downturns |
| Adverse developments in the credit markets |
| Operation in a highly competitive market for investment opportunities |
| Regulations governing our operation as a business development company |
| Financing investments with borrowed money |
| Lack of liquidity in investments |
| Defaults by portfolio companies |
| Uncertainty as to the value of certain portfolio investments |
| Potential resignation of the Advisor and or the Administrator |
| Changes in interest rates may affect our cost of capital and net investment income |
| Potential adverse effects of price declines and illiquidity in the corporate debt markets |
| Risks associated with original issue discount (OID) and payment-in-kind (PIK) interest income |
| Risks regarding distributions |
| Potential adverse effects of new or modified laws and regulations |
Although we believe that the assumptions on which these forward-looking statements are based upon 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. You are advised to consult any additional disclosures that we may make directly to you or through reports that we in the future may file with the SEC, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. The safe harbor provisions of Section 21E of the 1934 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.
See accompanying notes
1
Consolidated Statements of Assets and Liabilities
As of June 30, 2018 (Unaudited) |
As of December 31, 2017 | |||||||
Assets |
||||||||
Investments, non-controlled and non-affiliated, at fair value (cost of $397,019,243 and $317,215,906, respectively) | $ | 397,254,529 | $ | 319,126,672 | ||||
Cash and cash equivalents | 8,605,434 | 8,791,778 | ||||||
Cash denominated in foreign currency (cost of $603,816 and $452,924, respectively) | 606,257 | 479,134 | ||||||
Receivable for investments sold | 6,875 | 11,957 | ||||||
Interest receivable | 1,431,394 | 1,333,277 | ||||||
Prepaid expenses and other assets | 179,298 | 74,357 | ||||||
|
|
|
|
|
| |||
Total assets |
$ | 408,083,787 | $ | 329,817,175 | ||||
|
|
|
|
|
| |||
Liabilities |
||||||||
Debt (net of deferred financing costs of $583,861 and $856,042, respectively) | $ | 190,679,508 | $ | 150,847,928 | ||||
Payable for investments purchased | 4,068,936 | | ||||||
Distributions payable | 3,876,873 | 2,707,232 | ||||||
Management fees payable - affiliate | 795,245 | 734,504 | ||||||
Income incentive fee payable - affiliate | | 504,295 | ||||||
Due to Advisor - affiliate | 77,848 | 38,924 | ||||||
Due to Administrator - affiliate | 246,661 | 232,779 | ||||||
Professional fees payable | 307,876 | 289,899 | ||||||
Directors fees payable | 61,563 | 57,063 | ||||||
Interest and other debt financing costs payable | 1,275,864 | 1,018,332 | ||||||
Deferred tax liability | 211,649 | 217,149 | ||||||
Accrued expenses and other liabilities | 351,314 | 369,081 | ||||||
|
|
|
|
|
| |||
Total liabilities |
$ | 201,953,337 | $ | 157,017,186 | ||||
|
|
|
|
|
| |||
Commitments and Contingencies (Note 7) |
||||||||
Net Assets |
||||||||
Preferred stock, par value $0.001 per share (10,000 shares authorized, zero outstanding, respectively) | $ | | $ | | ||||
Common stock, par value $0.001 per share (200,000,000 shares authorized, 10,341,086 and 8,597,116 shares issued and outstanding, respectively) | 10,341 | 8,597 | ||||||
Paid-in capital in excess of par value | 205,880,161 | 170,755,891 | ||||||
Accumulated net realized loss | (669,294 | ) | (455,135 | ) | ||||
Accumulated undistributed net investment income | 508,368 | 536,613 | ||||||
Net unrealized appreciation (depreciation) on investments and foreign currency translation, net of deferred taxes | 400,874 | 1,954,023 | ||||||
|
|
|
|
|
| |||
Total Net Assets |
$ | 206,130,450 | $ | 172,799,989 | ||||
|
|
|
|
|
| |||
Total Liabilities and Net Assets |
$ | 408,083,787 | $ | 329,817,175 | ||||
|
|
|
|
|
| |||
Net asset value per share | $ | 19.93 | $ | 20.10 |
See accompanying notes
2
Crescent Capital BDC, Inc.
Consolidated Statements of Operations
(Unaudited)
For the three months ended June 30, |
For the six months ended June 30, |
|||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Investment Income: |
||||||||||||||||
Interest income from non-controlled and non-affiliated investments | $ | 7,222,142 | $ | 5,275,103 | $ | 13,994,039 | $ | 9,735,974 | ||||||||
Paid-in-kind interest | 28,810 | 16,845 | 67,894 | 20,698 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total investment income |
7,250,952 | 5,291,948 | 14,061,933 | 9,756,672 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Expenses: |
||||||||||||||||
Interest and other debt financing costs | 1,956,208 | 1,290,790 | 3,608,168 | 2,336,222 | ||||||||||||
Management fees (net of waiver of $572,946, $379,136, $1,043,788 and $683,096, respectively) | 795,246 | 668,292 | 1,532,998 | 1,272,519 | ||||||||||||
Income incentive fees (net of waiver of $560,906, $0, $560,906 and $0, respectively) | | 392,977 | 554,977 | 614,535 | ||||||||||||
Directors fees | 72,500 | 72,500 | 145,000 | 145,000 | ||||||||||||
Professional fees | 189,632 | 176,566 | 375,080 | 351,566 | ||||||||||||
Organization expenses | 32,452 | 16,226 | 56,790 | 40,564 | ||||||||||||
Other general and administrative expenses | 457,943 | 399,970 | 897,856 | 800,709 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total expenses |
3,503,981 | 3,017,321 | 7,170,869 | 5,561,115 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net investment income before taxes | 3,746,971 | 2,274,627 | 6,891,064 | 4,195,557 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Income and excise taxes | 7,600 | 1,600 | 6,821 | 1,689 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net investment income after taxes | 3,739,371 | 2,273,027 | 6,884,243 | 4,193,868 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net realized and unrealized gains (losses) on investments: |
|
|||||||||||||||
Net realized gain (loss) on investments |
(44,196) | (277,325) | (219,319) | (261,931) | ||||||||||||
Net realized gain (loss) on foreign currency transactions |
3,026 | (1,011) | 5,160 | (1,996) | ||||||||||||
Net change in unrealized appreciation (depreciation) on investments and foreign currency translation |
(1,397,426) | 976,701 | (1,558,648) | 2,576,913 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net realized and unrealized gains (losses) on investments | (1,438,596) | 698,365 | (1,772,807) | 2,312,986 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Benefit/(Provision) for taxes on unrealized appreciation (depreciation) on investments | (25,907) | | 5,499 | | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net increase in net assets resulting from operations | $ | 2,274,868 | $ | 2,971,392 | $ | 5,116,935 | $ | 6,506,854 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Per Common Share Data: |
||||||||||||||||
Net increase in net assets resulting from operations per share (basic and diluted): | $ | 0.23 | $ | 0.40 | $ | 0.55 | $ | 0.92 | ||||||||
Net investment income per share (basic and diluted): | $ | 0.38 | $ | 0.31 | $ | 0.74 | $ | 0.59 | ||||||||
Weighted average shares outstanding (basic and diluted): | 9,902,467 | 7,446,092 | 9,357,106 | 7,095,592 | ||||||||||||
Distributions declared per share: | $ | 0.37 | $ | 0.29 | $ | 0.70 | $ | 0.57 |
See accompanying notes
3
Crescent Capital BDC, Inc.
Consolidated Statements of Changes in Net Assets
(Unaudited)
For the six months ended June 30, 2018 |
For the six months ended June 30, 2017 | |||||||
Increase (decrease) in net assets resulting from operations: |
| |||||||
Net investment income | $ | 6,884,243 | $ | 4,193,868 | ||||
Net realized loss on investments and foreign currency transactions | (214,159 | ) | (263,927 | ) | ||||
Net change in unrealized appreciation (depreciation) on investments and foreign currency translation | (1,558,648 | ) | 2,576,913 | |||||
Benefit/(Provision) for taxes on unrealized appreciation (depreciation) on investments | 5,499 | | ||||||
|
|
|
|
|
| |||
Net increase in net assets resulting from operations |
5,116,935 | 6,506,854 | ||||||
|
|
|
|
|
| |||
Distributions to shareholders from: | ||||||||
Net investment income | (6,912,488 | ) | (4,163,870 | ) | ||||
|
|
|
|
|
| |||
Total distributions to shareholders |
(6,912,488 | ) | (4,163,870 | ) | ||||
|
|
|
|
|
| |||
Capital transactions: | ||||||||
Issuance of common stock | 35,000,000 | 25,000,000 | ||||||
Issuance of common stock pursuant to dividend reinvestment plan | 205,458 | 35,636 | ||||||
Equity offering costs | (79,444 | ) | (56,746 | ) | ||||
|
|
|
|
|
| |||
Net increase in net assets resulting from capital transactions |
35,126,014 | 24,978,890 | ||||||
|
|
|
|
|
| |||
Total increase in net assets |
33,330,461 | 27,321,874 | ||||||
Net assets at beginning of period | 172,799,989 | 128,056,028 | ||||||
|
|
|
|
|
| |||
Net assets at end of period | $ | 206,130,450 | $ | 155,377,902 | ||||
|
|
|
|
|
| |||
Accumulated undistributed (distributions in excess of) net investment income | $ | 508,368 | $ | (19,520 | ) | |||
Changes in Shares | ||||||||
Common stock, at beginning of period | 8,597,116 | 6,376,850 | ||||||
Issuance of common stock | 1,733,792 | 1,234,786 | ||||||
Issuance of common stock pursuant to dividend reinvestment plan | 10,178 | 1,778 | ||||||
|
|
|
|
|
| |||
Common stock, at end of period | 10,341,086 | 7,613,414 | ||||||
|
|
|
|
|
|
See accompanying notes
4
Crescent Capital BDC, Inc.
Consolidated Statements of Cash Flows
(Unaudited)
For the six months ended June 30, 2018 |
For the six months ended June 30, 2017 | |||||||
Cash flows from operating activities: |
| |||||||
Net increase (decrease) in net assets resulting from operations | $ | 5,116,935 | $ | 6,506,854 | ||||
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used for) operating activities: |
||||||||
Purchases of investments |
(133,962,061 | ) | (90,236,677 | ) | ||||
Paid-in-kind interest income |
(67,894 | ) | (20,698 | ) | ||||
Proceeds from sales of investments and principal repayments |
54,840,795 | 23,457,767 | ||||||
Net realized (gain) loss on investments |
219,319 | 261,931 | ||||||
Net change in unrealized (appreciation) depreciation on investments and foreign currency translation |
1,558,648 | (2,576,913 | ) | |||||
Amortization of premium and accretion of discount, net |
(833,496 | ) | (348,685 | ) | ||||
Amortization of deferred financing costs |
392,061 | 368,746 | ||||||
Increase (decrease) in operating assets and liabilities: |
||||||||
(Increase) decrease in receivable for investments sold |
5,082 | 321,952 | ||||||
(Increase) decrease in interest receivable |
(98,117 | ) | 448,103 | |||||
(Increase) decrease in due from Advisor - affiliate |
| (22,531 | ) | |||||
(Increase) decrease in prepaid expenses and other assets |
(104,941 | ) | (100,761 | ) | ||||
Increase (decrease) in payable for investments purchased |
4,068,936 | | ||||||
Increase (decrease) in management fees payable - affiliate |
60,741 | 146,427 | ||||||
Increase (decrease) in income incentive fees payable - affiliate |
(504,295 | ) | (68,559 | ) | ||||
Increase (decrease) in due to Advisor - affiliate |
38,924 | (27,247 | ) | |||||
Increase (decrease) in due to Administrator - affiliate |
13,882 | 14,604 | ||||||
Increase (decrease) in professional fees payable |
17,977 | 122,183 | ||||||
Increase (decrease) in directors fees payable |
4,500 | 79,250 | ||||||
Increase (decrease) in interest and credit facility fees and expenses payable |
257,532 | 315,776 | ||||||
Increase (decrease) in deferred tax liability |
(5,500 | ) | | |||||
Increase (decrease) in accrued expenses and other liabilities |
(17,767 | ) | 196,575 | |||||
|
|
|
|
|
| |||
Net cash provided by (used for) operating activities | (68,998,739 | ) | (61,161,903 | ) | ||||
|
|
|
|
|
| |||
Cash flows from financing activities: | ||||||||
Issuance of common stock |
35,000,000 | 25,000,000 | ||||||
Financing costs paid related to revolving credit facility |
(119,880 | ) | (643,713 | ) | ||||
Distributions paid |
(5,537,389 | ) | (3,708,411 | ) | ||||
Equity offering costs |
(79,444 | ) | (56,746 | ) | ||||
Borrowings on debt |
101,700,000 | 76,000,000 | ||||||
Repayments on debt |
(62,000,000 | ) | (33,200,000 | ) | ||||
|
|
|
|
|
| |||
Net cash provided by (used for) financing activities | 68,963,287 | 63,391,130 | ||||||
|
|
|
|
|
| |||
Effect of exchange rate changes on cash denominated in foreign currency | (23,769 | ) | 15,573 | |||||
Net increase (decrease) in cash, cash equivalents and foreign currency | (59,221 | ) | 2,244,800 | |||||
Cash, cash equivalents and foreign currency, beginning of period | 9,270,912 | 5,119,325 | ||||||
|
|
|
|
|
| |||
Cash, cash equivalents and foreign currency, end of period | $ | 9,211,691 | $ | 7,364,125 | ||||
|
|
|
|
|
| |||
Supplemental and non-cash financing activities: | ||||||||
Cash paid during the period for interest | $ | 2,837,386 | $ | 1,557,235 | ||||
Issuance of common stock pursuant to distribution reinvestment plan | $ | 205,458 | $ | 35,636 | ||||
Accrued but unpaid equity offering costs | $ | 45,397 | $ | 22,698 | ||||
Accrued but unpaid distributions | $ | 3,876,873 | $ | 2,169,823 |
See accompanying notes
5
CRESCENT CAPITAL BDC, INC.
Consolidated Schedule of Investments (Unaudited)
June 30, 2018
Investment Type |
Spread Above Index * |
Interest Rate |
Maturity Date |
Principal Amount, Par Value or Shares |
Cost | Percentage of Net Assets ** |
Fair Value |
|||||||||||||||||||||||
Investments(1) |
||||||||||||||||||||||||||||||
United States |
||||||||||||||||||||||||||||||
Debt Investments |
||||||||||||||||||||||||||||||
Automobiles & Components |
||||||||||||||||||||||||||||||
AP Exhaust Acquisition, LLC(2) |
Senior Secured Second Lien |
L + 850 | (3) | 11.12 | % | 05/2025 | $ | 9,072,563 | $ | 8,786,061 | 4.1 | % | $ | 8,528,261 | ||||||||||||||||
Auto-Vehicle Parts, LLC(2) |
Senior Secured First Lien |
L + 450 | (4) | 6.59 | % | 01/2023 | 4,882,000 | 4,813,395 | 2.4 | 4,882,000 | ||||||||||||||||||||
Auto-Vehicle Parts, LLC(2) (5) (6) |
Senior Secured First Lien |
01/2023 | | (8,118 | ) | | | |||||||||||||||||||||||
Continental Battery Company(2) |
Senior Secured First Lien |
L + 450 | (4) | 6.59 | % | 12/2022 | 3,482,500 | 3,427,378 | 1.7 | 3,482,500 | ||||||||||||||||||||
Continental Battery Company(2) (5) (6) |
Senior Secured First Lien |
12/2022 | | (13,254 | ) | | | |||||||||||||||||||||||
POC Investors, LLC(2) |
Senior Secured First Lien |
L + 550 | (3) | 7.84 | % | 11/2021 | 5,377,325 | 5,317,462 | 2.6 | 5,397,729 | ||||||||||||||||||||
POC Investors, LLC(2) (5) |
Senior Secured First Lien |
L + 550 | (4) | 7.61 | % | 11/2021 | 370,833 | 363,065 | 0.2 | 373,679 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
23,185,221 | 22,685,989 | 11.0 | 22,664,169 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Capital Goods |
||||||||||||||||||||||||||||||
Alion Science and Technology Corporation(2) |
Unsecured Debt |
11.00 | % | 08/2022 | 5,000,000 | 4,897,597 | 2.4 | 4,875,000 | ||||||||||||||||||||||
Midwest Industrial Rubber(2) |
Senior Secured First Lien |
L + 550 | (3) | 7.83 | % | 12/2021 | 4,693,309 | 4,631,769 | 2.3 | 4,693,309 | ||||||||||||||||||||
Midwest Industrial Rubber(2) (5) |
Senior Secured First Lien |
L + 550 | (3) | 7.84 | % | 12/2021 | 131,250 | 124,489 | 0.1 | 131,250 | ||||||||||||||||||||
Potter Electric Signal Company(2) (5) |
Senior Secured First Lien |
L + 450 | (4) | 6.60 | % | 12/2022 | 67,500 | 62,473 | 0.0 | 65,250 | ||||||||||||||||||||
Potter Electric Signal Company |
Senior Secured First Lien |
L + 450 | (7) | 7.27 | % | 12/2023 | 2,543,625 | 2,514,213 | 1.2 | 2,530,907 | ||||||||||||||||||||
Potter Electric Signal Company(5) (6) |
Senior Secured First Lien |
12/2023 | | (7,820 | ) | 0.0 | (3,500 | ) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
12,435,684 | 12,222,721 | 6.0 | 12,292,216 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Commercial & Professional Services |
||||||||||||||||||||||||||||||
Advantage Sales & Marketing, Inc. |
Senior Secured First Lien |
L + 325 | (4) | 5.34 | % | 07/2021 | 824,307 | 824,540 | 0.4 | 781,550 | ||||||||||||||||||||
Advantage Sales & Marketing, Inc. |
Senior Secured Second Lien |
L + 650 | (4) | 8.59 | % | 07/2022 | 500,000 | 502,204 | 0.2 | 457,918 | ||||||||||||||||||||
ASP MCS Acquisition Corp. |
Senior Secured First Lien |
L + 475 | (3) | 7.08 | % | 05/2024 | 5,321,250 | 5,298,097 | 2.5 | 5,148,309 | ||||||||||||||||||||
BFC Solmetex LLC & Bonded Filter Co. LLC(2) |
Senior Secured First Lien |
L + 625 | (3) | 8.58 | % | 04/2023 | 4,700,000 | 4,602,470 | 2.3 | 4,700,000 | ||||||||||||||||||||
BFC Solmetex LLC & Bonded Filter Co. LLC(2) (5) (6) |
Senior Secured First Lien |
04/2023 | | (9,249 | ) | | | |||||||||||||||||||||||
Brickman Group Ltd. LLC |
Senior Secured Second Lien |
L + 650 | (4) | 8.59 | % | 12/2021 | 234,043 | 234,745 | 0.1 | 236,069 | ||||||||||||||||||||
CHA Holdings Inc(5) (6) |
Senior Secured First Lien |
04/2025 | | (5,200 | ) | | 2,679 | |||||||||||||||||||||||
CHA Holdings Inc |
Senior Secured First Lien |
L + 450 | (8) | 6.58 | % | 04/2025 | 4,928,571 | 4,904,522 | 2.4 | 4,940,893 | ||||||||||||||||||||
DFS Intermediate Holdings, LLC(2) |
Senior Secured First Lien |
L + 525 | (4) | 7.34 | % | 03/2022 | 7,258,125 | 7,145,039 | 3.5 | 7,258,125 | ||||||||||||||||||||
DFS Intermediate Holdings, LLC(2) (5) |
Senior Secured First Lien |
L + 525 | (4) | 7.34 | % | 03/2022 | 2,630,686 | 2,555,837 | 1.2 | 2,630,686 | ||||||||||||||||||||
GH Holding Company(2) |
Senior Secured First Lien |
L + 450 | (4) | 6.59 | % | 02/2023 | 1,496,250 | 1,489,175 | 0.7 | 1,496,250 | ||||||||||||||||||||
GI Revelation Acquisition LLC |
Senior Secured First Lien |
L + 500 | (4) | 7.09 | % | 04/2025 | 4,000,000 | 3,980,400 | 2.0 | 4,035,820 | ||||||||||||||||||||
Hepaco, LLC(2) (5) (6) |
Senior Secured First Lien |
08/2021 | | (3,916 | ) | | | |||||||||||||||||||||||
Hepaco, LLC(2) |
Senior Secured First Lien |
L + 500 | (4) | 7.09 | % | 08/2022 | 5,230,750 | 5,183,924 | 2.5 | 5,230,750 | ||||||||||||||||||||
Hepaco, LLC(2) (5) |
Senior Secured First Lien |
L + 500 | (4) | 9.00 | % | 08/2022 | 189,619 | 177,144 | 0.1 | 189,619 | ||||||||||||||||||||
Jordan Healthcare Inc.(2) |
Senior Secured First Lien |
L + 600 | (3) | 8.33 | % | 07/2022 | 4,083,046 | 4,047,447 | 2.0 | 4,089,238 |
See accompanying notes
6
CRESCENT CAPITAL BDC, INC.
Consolidated Schedule of Investments (Unaudited)
June 30, 2018
Investment Type |
Spread Above Index * |
Interest Rate |
Maturity Date |
Principal Amount, Par Value or Shares |
Cost | Percentage of Net Assets ** |
Fair Value |
|||||||||||||||||||||||
Jordan Healthcare Inc.(2) (5) |
Senior Secured First Lien |
L + 600 | (3) | 8.33 | % | 07/2022 | $ | 344,850 | $ | 333,103 | 0.2 | % | $ | 346,685 | ||||||||||||||||
Jordan Healthcare Inc.(2) (5) (6) |
Senior Secured First Lien |
07/2022 | | (3,764 | ) | 0.0 | 682 | |||||||||||||||||||||||
MHS Acquisition Holdings, LLC(2) |
Senior Secured Second Lien |
L + 875 | (3) | 11.08 | % | 03/2025 | 8,101,633 | 7,894,272 | 3.8 | 7,816,151 | ||||||||||||||||||||
MHS Acquisition Holdings, LLC(2) (5) |
Senior Secured Second Lien |
L + 875 | (3) | 11.08 | % | 03/2025 | 466,576 | 447,295 | 0.2 | 429,513 | ||||||||||||||||||||
MHS Acquisition Holdings, LLC(2) |
Unsecured Debt |
|
13.50 PIK |
% % |
03/2026 | 777,427 | 765,486 | 0.3 | 660,874 | |||||||||||||||||||||
SavATree, LLC(2) |
Senior Secured First Lien |
L + 525 | (3) | 7.58 | % | 06/2022 | 3,665,125 | 3,608,426 | 1.8 | 3,665,125 | ||||||||||||||||||||
SavATree, LLC(2) (5) (6) |
Senior Secured First Lien |
06/2022 | | (8,627 | ) | | | |||||||||||||||||||||||
SavATree, LLC(2) (5) |
Senior Secured First Lien |
L + 525 | (3) | 7.58 | % | 06/2022 | 91,000 | 85,512 | 0.1 | 91,000 | ||||||||||||||||||||
TecoStar Holdings, Inc.(2) |
Senior Secured Second Lien |
L + 850 | (4) | 10.50 | % | 11/2024 | 5,000,000 | 4,888,928 | 2.5 | 5,100,000 | ||||||||||||||||||||
USAGM HoldCo LLC(2) |
Senior Secured Second Lien |
11.00 | % | 07/2023 | 2,380,952 | 2,339,280 | 1.2 | 2,371,492 | ||||||||||||||||||||||
USAGM HoldCo LLC |
Senior Secured Second Lien |
L + 850 | (8) | 10.60 | % | 07/2023 | 10,000,000 | 9,710,768 | 4.8 | 9,947,900 | ||||||||||||||||||||
Valet Waste Holdings, Inc.(2) |
Senior Secured First Lien |
L + 625 | (4) | 8.34 | % | 09/2021 | 4,766,304 | 4,723,776 | 2.3 | 4,790,136 | ||||||||||||||||||||
Valet Waste Holdings, Inc.(2) (5) |
Senior Secured First Lien |
L + 700 | (4) | 9.08 | % | 09/2021 | 195,652 | 191,098 | 0.1 | 198,370 | ||||||||||||||||||||
Xcentric Mold and Engineering Acquisition Company, LLC(2) |
Senior Secured First Lien |
L + 550 | (4) | 7.50 | % | 01/2022 | 4,986,875 | 4,913,532 | 2.4 | 4,986,875 | ||||||||||||||||||||
Xcentric Mold and Engineering Acquisition Company, LLC(2) (5) |
Senior Secured First Lien |
L + 550 | (4) | 7.50 | % | 01/2022 | 262,500 | 252,671 | 0.1 | 262,500 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
82,435,541 | 81,068,935 | 39.7 | 81,865,209 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Consumer Durables & Apparel |
||||||||||||||||||||||||||||||
C.F. Stinson, LLC(2) |
Senior Secured First Lien |
L + 600 | (4) (9) | 7.98 | % | 06/2021 | 3,000,000 | 2,961,366 | 1.5 | 3,026,309 | ||||||||||||||||||||
EiKo Global, LLC(2) (5) (6) |
Senior Secured First Lien |
06/2023 | | (8,852 | ) | 0.0 | (4,429 | ) | ||||||||||||||||||||||
EiKo Global, LLC(2) |
Senior Secured First Lien |
L + 600 | (3) | 7.98 | % | 06/2023 | 2,500,000 | 2,450,675 | 1.2 | 2,475,397 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
5,500,000 | 5,403,189 | 2.7 | 5,497,277 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Consumer Services |
||||||||||||||||||||||||||||||
Counsel On Call, LLC(2) |
Senior Secured First Lien |
L + 500 | (4) | 7.10 | % | 09/2022 | 1,191,000 | 1,180,212 | 0.6 | 1,191,000 | ||||||||||||||||||||
Counsel On Call, LLC(2) (5) |
Senior Secured First Lien |
L + 550 | (4) | 7.61 | % | 09/2022 | 228,571 | 225,007 | 0.1 | 228,571 | ||||||||||||||||||||
Counsel On Call, LLC(2) (5) (6) |
Senior Secured First Lien |
09/2022 | | (2,674 | ) | | | |||||||||||||||||||||||
Iconic Group, Inc.(2) (5) (6) |
Senior Secured First Lien |
05/2024 | | (2,473 | ) | 0.0 | (2,474 | ) | ||||||||||||||||||||||
Iconic Group, Inc.(2) |
Senior Secured First Lien |
L + 500 | (4) | 7.06 | % | 05/2024 | 1,350,000 | 1,336,616 | 0.7 | 1,336,637 | ||||||||||||||||||||
New Mountain Learning(2) |
Senior Secured First Lien |
L + 550 | (3) | 7.83 | % | 03/2024 | 1,850,000 | 1,814,388 | 0.9 | 1,850,000 | ||||||||||||||||||||
New Mountain Learning(2) (5) (6) |
Senior Secured First Lien |
03/2024 | | (20,926 | ) | | | |||||||||||||||||||||||
NS Intermediate Holdings, LLC(2) |
Senior Secured First Lien |
L + 500 | (4) | 7.09 | % | 09/2021 | 3,325,276 | 3,282,934 | 1.6 | 3,292,023 | ||||||||||||||||||||
NS Intermediate Holdings, LLC(2) (5) (6) |
Senior Secured First Lien |
09/2021 | | (2,839 | ) | 0.0 | (2,500 | ) | ||||||||||||||||||||||
Oncourse Learning Corporation(2) |
Senior Secured First Lien |
L + 650 | (3) | 8.83 | % | 09/2021 | 14,530,729 | 14,375,942 | 7.1 | 14,530,729 | ||||||||||||||||||||
Oncourse Learning Corporation(2) (5) |
Senior Secured First Lien |
L + 650 | (3) | 8.83 | % | 09/2021 | 440,000 | 434,238 | 0.2 | 440,000 | ||||||||||||||||||||
Pre-Paid Legal Services, Inc. |
Senior Secured First Lien |
L + 325 | (4) | 5.23 | % | 05/2025 | 3,957,000 | 3,937,559 | 1.9 | 3,981,731 | ||||||||||||||||||||
Pre-Paid Legal Services, Inc. |
Senior Secured Second Lien |
L + 750 | (4) | 9.48 | % | 05/2026 | 7,000,000 | 6,930,871 | 3.4 | 7,087,500 |
See accompanying notes
7
CRESCENT CAPITAL BDC, INC.
Consolidated Schedule of Investments (Unaudited)
June 30, 2018
Investment Type |
Spread Above Index * |
Interest Rate |
Maturity Date |
Principal Amount, Par Value or Shares |
Cost | Percentage of Net Assets ** |
Fair Value |
|||||||||||||||||||||||
SkillSoft Corporation |
Senior Secured First Lien |
L + 475 | (4) | 6.84 | % | 04/2021 | $ | 969,713 | $ | 959,317 | 0.4 | % | $ | 919,710 | ||||||||||||||||
Teaching Strategies LLC(2) (5) (6) |
Senior Secured First Lien |
05/2024 | | (15,385 | ) | | | |||||||||||||||||||||||
Teaching Strategies LLC(2) |
Senior Secured First Lien |
L + 600 | (3) | 8.33 | % | 05/2024 | 9,375,000 | 9,144,641 | 4.5 | 9,375,000 | ||||||||||||||||||||
United Language Group, Inc.(2) |
Senior Secured First Lien |
L + 500 | (4) | 7.09 | % | 12/2021 | 4,438,875 | 4,356,883 | 2.2 | 4,438,875 | ||||||||||||||||||||
United Language Group, Inc.(2) (5) |
Senior Secured First Lien |
L + 500 | (4) | 7.09 | % | 12/2021 | 92,000 | 84,684 | 0.0 | 92,000 | ||||||||||||||||||||
Vistage Worldwide, Inc. |
Senior Secured First Lien |
L + 400 | (4) | 6.05 | % | 02/2025 | 8,597,452 | 8,605,170 | 4.2 | 8,629,693 | ||||||||||||||||||||
Wrench Group LLC(2) (5) (6) |
Senior Secured First Lien |
12/2023 | | (5,097 | ) | | | |||||||||||||||||||||||
Wrench Group LLC(2) |
Senior Secured First Lien |
L + 450 | (3) | 6.83 | % | 12/2024 | 4,738,796 | 4,692,199 | 2.3 | 4,738,796 | ||||||||||||||||||||
Wrench Group LLC(2) (5) (6) |
Senior Secured First Lien |
12/2024 | | (1,454 | ) | | | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
62,084,412 | 61,309,813 | 30.1 | 62,127,291 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Diversified Financials |
||||||||||||||||||||||||||||||
Edelman Financial Group, The |
Senior Secured First Lien |
L + 425 | (10) | 6.73 | % | 11/2024 | 3,468,073 | 3,460,045 | 1.7 | 3,481,789 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Energy |
||||||||||||||||||||||||||||||
Murray Energy Corporation |
Senior Secured First Lien |
L + 725 | (4) | 9.34 | % | 04/2020 | 349,701 | 340,125 | 0.2 | 330,803 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Food & Staples Retailing |
||||||||||||||||||||||||||||||
HLF Financing S.a r.l.(11) |
Senior Secured First Lien |
L + 550 | (4) | 7.59 | % | 02/2023 | 4,531,250 | 4,458,286 | 2.2 | 4,577,990 | ||||||||||||||||||||
Isagenix International, LLC |
Senior Secured First Lien |
L + 575 | (3) | 8.08 | % | 04/2025 | 7,000,000 | 6,960,245 | 3.4 | 7,021,875 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
11,531,250 | 11,418,531 | 5.6 | 11,599,865 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Health Care Equipment & Services |
||||||||||||||||||||||||||||||
Ameda, Inc.(2) |
Senior Secured First Lien |
L + 650 | (4) | 8.59 | % | 09/2022 | 2,630,125 | 2,587,990 | 1.3 | 2,599,175 | ||||||||||||||||||||
Ameda, Inc.(2) (5) |
Senior Secured First Lien |
L + 650 | (4) | 8.59 | % | 09/2022 | 187,500 | 182,806 | 0.1 | 183,970 | ||||||||||||||||||||
Beaver-Visitec International, Inc.(11) |
Senior Secured First Lien |
L + 400 | (4) | 6.09 | % | 08/2023 | 2,069,283 | 2,058,936 | 1.0 | 2,079,629 | ||||||||||||||||||||
Beaver-Visitec International, Inc.(11) |
Senior Secured First Lien |
L + 500 | (4) | 7.09 | % | 08/2023 | 9,348,599 | 9,291,308 | 4.6 | 9,395,342 | ||||||||||||||||||||
CDRH Parent, Inc. |
Senior Secured First Lien |
L + 425 | (3) | 6.57 | % | 07/2021 | 363,358 | 365,150 | 0.2 | 343,374 | ||||||||||||||||||||
Centauri Health Solutions, Inc.(2) |
Senior Secured First Lien |
L + 575 | (4) | 7.84 | % | 01/2022 | 12,596,250 | 12,385,974 | 6.2 | 12,722,212 | ||||||||||||||||||||
Centauri Health Solutions, Inc.(2) (5) |
Senior Secured First Lien |
L + 575 | (4) | 7.84 | % | 01/2022 | 656,250 | 641,184 | 0.3 | 672,000 | ||||||||||||||||||||
Centauri Health Solutions, Inc.(2) |
Senior Secured First Lien |
L + 575 | (4) | 7.84 | % | 01/2022 | 900,000 | 883,359 | 0.4 | 909,000 | ||||||||||||||||||||
ExamWorks Group, Inc.(2) |
Senior Secured Second Lien |
L + 725 | (4) | 9.35 | % | 07/2024 | 5,000,000 | 4,875,635 | 2.4 | 5,000,000 | ||||||||||||||||||||
GrapeTree Medical Staffing, LLC(2) |
Senior Secured First Lien |
L + 500 | (4) | 7.09 | % | 10/2022 | 1,687,250 | 1,661,315 | 0.8 | 1,704,123 | ||||||||||||||||||||
GrapeTree Medical Staffing, LLC(2) (5) (6) |
Senior Secured First Lien |
10/2022 | | (6,775 | ) | 0.0 | 4,500 | |||||||||||||||||||||||
Ivory Merger Sub, Inc. |
Senior Secured First Lien |
L + 350 | (3) | 5.84 | % | 03/2025 | 8,964,532 | 8,964,871 | 4.3 | 8,975,738 | ||||||||||||||||||||
MDVIP, Inc.(2) |
Senior Secured Second Lien |
L + 800 | (4) | 10.09 | % | 11/2025 | 5,333,333 | 5,169,376 | 2.7 | 5,493,333 | ||||||||||||||||||||
NMSC Holdings, Inc.(2) |
Senior Secured Second Lien |
L + 1000 | (10) | 12.45 | % | 10/2023 | 4,307,480 | 4,171,411 | 2.0 | 4,208,699 | ||||||||||||||||||||
Onex Carestream Finance LP(11) |
Senior Secured First Lien |
L + 400 | (4) | 6.09 | % | 06/2019 | 214,464 | 214,543 | 0.1 | 214,814 | ||||||||||||||||||||
Onex Carestream Finance LP(11) |
Senior Secured Second Lien |
L + 850 | (4) | 10.59 | % | 12/2019 | 153,081 | 153,081 | 0.1 | 153,272 | ||||||||||||||||||||
Professional Physical Therapy(2) (12) |
Senior Secured First Lien |
L + 600 | (3) | 12/2022 | 7,924,687 | 7,862,038 | 3.3 | 6,815,231 |
See accompanying notes
8
CRESCENT CAPITAL BDC, INC.
Consolidated Schedule of Investments (Unaudited)
June 30, 2018
Investment Type |
Spread Above Index * |
Interest Rate |
Maturity Date |
Principal Amount, Par Value or Shares |
Cost | Percentage of Net Assets ** |
Fair Value |
|||||||||||||||||||||||
PT Network, LLC(2) (5) |
Senior Secured First Lien |
P + 450 | (13) | 9.50 | % | 11/2021 | $ | 200,000 | $ | 198,633 | 0.1 | % | $ | 197,125 | ||||||||||||||||
PT Network, LLC(2) (5) (6) |
Senior Secured First Lien |
11/2021 | | (4,698 | ) | 0.0 | (13,298 | ) | ||||||||||||||||||||||
PT Network, LLC(2) |
Senior Secured First Lien |
L + 550 | (3) | 7.84 | % | 11/2021 | 4,746,879 | 4,730,701 | 2.3 | 4,712,759 | ||||||||||||||||||||
Smile Doctors LLC(2) (5) |
Senior Secured First Lien |
L + 575 | (3) | 8.11 | % | 10/2022 | 191,667 | 189,534 | 0.1 | 191,667 | ||||||||||||||||||||
Smile Doctors LLC(2) |
Senior Secured First Lien |
L + 575 | (3) | 8.11 | % | 10/2022 | 1,588,000 | 1,574,120 | 0.8 | 1,588,000 | ||||||||||||||||||||
Smile Doctors LLC(2) (5) |
Senior Secured First Lien |
L + 575 | (3) | 8.10 | % | 10/2022 | 1,360,364 | 1,346,307 | 0.7 | 1,360,364 | ||||||||||||||||||||
Upstream Rehabilition, Inc.(2) |
Senior Secured First Lien |
L + 450 | (3) | 6.83 | % | 01/2024 | 2,139,250 | 2,129,292 | 1.0 | 2,139,250 | ||||||||||||||||||||
Upstream Rehabilition, Inc.(2) (5) |
Senior Secured First Lien |
L + 450 | (4) | 6.55 | % | 01/2024 | 56,667 | 55,748 | 0.0 | 56,667 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
72,619,019 | 71,681,839 | 34.8 | 71,706,946 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Household & Personal Products |
||||||||||||||||||||||||||||||
Paris Presents Incorporated |
Senior Secured First Lien |
L + 500 | (4) | 7.09 | % | 12/2020 | 1,580,070 | 1,570,096 | 0.8 | 1,587,970 | ||||||||||||||||||||
Paris Presents Incorporated |
Senior Secured Second Lien |
L + 875 | (4) | 10.84 | % | 12/2021 | 504,468 | 497,088 | 0.3 | 506,360 | ||||||||||||||||||||
Tranzonic(2) |
Senior Secured First Lien |
L + 475 | (4) | 6.85 | % | 03/2023 | 3,179,348 | 3,148,973 | 1.5 | 3,179,348 | ||||||||||||||||||||
Tranzonic(2) (5) (6) |
Senior Secured First Lien |
03/2023 | | (5,211 | ) | | | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
5,263,886 | 5,210,946 | 2.6 | 5,273,678 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Insurance |
||||||||||||||||||||||||||||||
Integro Parent Inc. |
Senior Secured First Lien |
L + 575 | (3) | 8.06 | % | 10/2022 | 487,642 | 481,341 | 0.2 | 486,423 | ||||||||||||||||||||
Integro Parent Inc. |
Senior Secured Second Lien |
L + 925 | (3) | 11.58 | % | 10/2023 | 380,282 | 375,214 | 0.2 | 378,381 | ||||||||||||||||||||
Integro Parent Inc. |
Senior Secured Second Lien |
L + 925 | (3) | 11.56 | % | 10/2023 | 2,915,493 | 2,871,748 | 1.4 | 2,900,915 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
3,783,417 | 3,728,303 | 1.8 | 3,765,719 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Materials |
||||||||||||||||||||||||||||||
Emerald Performance Materials, LLC |
Senior Secured First Lien |
L + 350 | (4) | 5.59 | % | 08/2021 | 963,247 | 965,592 | 0.5 | 965,655 | ||||||||||||||||||||
Maroon Group, LLC (2) (5) (6) |
Senior Secured First Lien |
08/2022 | | (12,095 | ) | | | |||||||||||||||||||||||
Maroon Group, LLC (2) (5) |
Senior Secured First Lien |
P + 500 | (13) | 10.00 | % | 08/2022 | 42,000 | 38,614 | 0.0 | 42,000 | ||||||||||||||||||||
Maroon Group, LLC (2) |
Senior Secured First Lien |
L + 600 | (3) | 8.34 | % | 08/2022 | 2,450,000 | 2,426,172 | 1.2 | 2,450,000 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
3,455,247 | 3,418,283 | 1.7 | 3,457,655 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Media |
||||||||||||||||||||||||||||||
Acosta Holdco, Inc. |
Senior Secured First Lien |
L + 325 | (4) | 5.34 | % | 09/2021 | 970,365 | 970,941 | 0.4 | 735,658 | ||||||||||||||||||||
Tribune Media Company(11) |
Senior Secured First Lien |
L + 300 | (4) | 5.09 | % | 12/2020 | 155,650 | 156,037 | 0.1 | 155,650 | ||||||||||||||||||||
Vivid Seats Ltd.(2) |
Senior Secured Second Lien |
P + 775 | (13) | 12.75 | % | 06/2025 | 2,500,000 | 2,366,159 | 1.2 | 2,550,000 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
3,626,015 | 3,493,137 | 1.7 | 3,441,308 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Pharmaceuticals, Biotechnology & Life Sciences |
||||||||||||||||||||||||||||||
Trinity Partners, LLC(2) |
Senior Secured First Lien |
L + 500 | (4) | 7.10 | % | 02/2023 | 1,596,000 | 1,566,036 | 0.8 | 1,596,000 | ||||||||||||||||||||
Trinity Partners, LLC(2) (5) (6) |
Senior Secured First Lien |
02/2023 | | (8,359 | ) | | | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
1,596,000 | 1,557,677 | 0.8 | 1,596,000 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Retailing |
||||||||||||||||||||||||||||||
Slickdeals Holdings, LLC(2) (5) (6) |
Senior Secured First Lien |
06/2023 | | (19,792 | ) | | | |||||||||||||||||||||||
Slickdeals Holdings, LLC(2) |
Senior Secured First Lien |
L + 625 | (3) | 8.58 | % | 06/2024 | 10,909,110 | 10,611,130 | 5.3 | 10,909,110 |
See accompanying notes
9
CRESCENT CAPITAL BDC, INC.
Consolidated Schedule of Investments (Unaudited)
June 30, 2018
Investment Type |
Spread Above Index * |
Interest Rate |
Maturity Date |
Principal Amount, Par Value or Shares |
Cost | Percentage of Net Assets ** |
Fair Value |
|||||||||||||||||||||||
Strategic Partners, Inc. |
Senior Secured First Lien |
L + 375 | (4) | 5.84 | % | 06/2023 | $ | 6,419,034 | $ | 6,406,282 | 3.1 | % | $ | 6,483,224 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
17,328,144 | 16,997,620 | 8.4 | 17,392,334 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Software & Services |
||||||||||||||||||||||||||||||
Ansira Partners, Inc.(5) |
Senior Secured First Lien |
L + 575 | (4) | 7.73 | % | 12/2022 | 109,091 | 103,371 | 0.1 | 106,705 | ||||||||||||||||||||
Ansira Partners, Inc. |
Senior Secured First Lien |
L + 650 | (4) | 7.84 | % | 12/2022 | 6,971,689 | 6,917,067 | 3.4 | 6,954,260 | ||||||||||||||||||||
Avaap USA LLC(2) |
Senior Secured First Lien |
L + 475 | (4) | 6.84 | % | 03/2023 | 1,845,375 | 1,810,194 | 0.9 | 1,845,375 | ||||||||||||||||||||
Avaap USA LLC(2) (5) (6) |
Senior Secured First Lien |
03/2023 | | (3,306 | ) | | | |||||||||||||||||||||||
Avaap USA LLC(2) (5) |
Senior Secured First Lien |
L + 475 | (4) | 6.84 | % | 03/2023 | 61,250 | 54,637 | 0.0 | 61,250 | ||||||||||||||||||||
C-4 Analytics, LLC(2) |
Senior Secured First Lien |
L + 525 | (4) | 7.34 | % | 08/2023 | 10,470,875 | 10,309,587 | 5.1 | 10,575,584 | ||||||||||||||||||||
C-4 Analytics, LLC(2) (5) (6) |
Senior Secured First Lien |
08/2023 | | (9,000 | ) | 0.0 | 6,000 | |||||||||||||||||||||||
List Partners, Inc.(2) |
Senior Secured First Lien |
L + 500 | (3) | 7.33 | % | 01/2023 | 3,736,250 | 3,666,644 | 1.8 | 3,736,250 | ||||||||||||||||||||
List Partners, Inc.(2) (5) (6) |
Senior Secured First Lien |
01/2023 | | (12,418 | ) | | | |||||||||||||||||||||||
Mediaocean LLC |
Senior Secured First Lien |
L + 425 | (4) | 6.35 | % | 08/2022 | 8,414,704 | 8,365,527 | 4.1 | 8,456,777 | ||||||||||||||||||||
Merrill Communications, LLC |
Senior Secured First Lien |
L + 525 | (3) | 7.61 | % | 06/2022 | 874,993 | 877,034 | 0.4 | 885,930 | ||||||||||||||||||||
SMS Systems Maintenance Services, Inc.(2) |
Senior Secured Second Lien |
L + 850 | (3) | 10.83 | % | 10/2024 | 4,703,478 | 4,570,241 | 1.8 | 3,648,090 | ||||||||||||||||||||
SMS Systems Maintenance Services, Inc.(2) |
Senior Secured Second Lien |
10.00 | % | 10/2024 | 9,015,000 | 8,765,130 | 3.2 | 6,695,530 | ||||||||||||||||||||||
Transportation Insight, LLC(2) |
Senior Secured First Lien |
L + 525 | (4) | 7.34 | % | 09/2019 | 1,979,114 | 1,970,040 | 1.0 | 1,979,114 | ||||||||||||||||||||
Winxnet Holdings LLC(2) (5) (6) |
Senior Secured First Lien |
06/2023 | | (4,000 | ) | 0.0 | (3,998 | ) | ||||||||||||||||||||||
Winxnet Holdings LLC(2) (5) (6) |
Senior Secured First Lien |
06/2023 | | (8,000 | ) | 0.0 | (3,998 | ) | ||||||||||||||||||||||
Winxnet Holdings LLC(2) |
Senior Secured First Lien |
L + 600 | (4) | 8.09 | % | 06/2023 | 2,000,000 | 1,960,042 | 1.0 | 1,980,011 | ||||||||||||||||||||
Zoom Information, Inc.(2) |
Senior Secured First Lien |
L + 600 | (3) (9) | 8.33 | % | 08/2022 | 9,000,000 | 8,794,771 | 4.4 | 9,180,000 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
59,181,819 | 58,127,561 | 27.2 | 56,102,880 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Technology Hardware & Equipment |
||||||||||||||||||||||||||||||
Onvoy, LLC(2) |
Senior Secured Second Lien |
L + 1050 | (3) | 12.83 | % | 02/2025 | 2,635,052 | 2,523,480 | 1.2 | 2,558,381 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Transportation |
||||||||||||||||||||||||||||||
Pilot Air Freight, LLC(2) |
Senior Secured First Lien |
L + 525 | (4) | 7.34 | % | 10/2022 | 3,299,750 | 3,274,781 | 1.6 | 3,314,088 | ||||||||||||||||||||
Pilot Air Freight, LLC(2) (5) |
Senior Secured First Lien |
L + 525 | (4) | 7.34 | % | 10/2022 | 657,103 | 657,103 | 0.3 | 663,831 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
3,956,853 | 3,931,884 | 1.9 | 3,977,919 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Total Debt Investments United States |
$ | 374,435,334 | $ | 368,580,078 | 179.1 | % | $ | 369,131,439 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Equity Investments |
||||||||||||||||||||||||||||||
Automobiles & Components |
||||||||||||||||||||||||||||||
AP Centric(2) (14) |
Common Stock |
927 | 927,437 | 0.4 | 794,511 | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Capital Goods |
||||||||||||||||||||||||||||||
Alion Science and Technology Corporation(2) (14) |
Common Stock |
535,714 | 535,714 | 0.2 | 457,336 | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Commercial & Professional Services |
||||||||||||||||||||||||||||||
MHS Acquisition Holdings, LLC(2) (14) |
Common Stock |
913 | 912,639 | 0.2 | 469,652 | |||||||||||||||||||||||||
TecoStar Holdings, Inc.(2) (14) |
Common Stock |
500,000 | 500,000 | 0.3 | 584,773 | |||||||||||||||||||||||||
Universal Services Equity Investments(2) (14) |
Common Stock |
1,000,000 | 1,000,000 | 0.8 | 1,600,000 |
See accompanying notes
10
CRESCENT CAPITAL BDC, INC.
Consolidated Schedule of Investments (Unaudited)
June 30, 2018
Investment Type |
Spread Above Index * |
Interest Rate |
Maturity Date |
Principal Amount, Par Value or Shares |
Cost | Percentage of Net Assets ** |
Fair Value |
|||||||||||||||||||||||
USAGM HoldCo LLC(2) (14) |
Common Stock |
238,095 | $ | 238,095 | 0.2 | % | $ | 380,953 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
1,739,008 | 2,650,734 | 1.5 | 3,035,378 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Consumer Services |
||||||||||||||||||||||||||||||
Legalshield(2) (14) |
Common Stock |
527 | 526,882 | 0.3 | 526,882 | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Diversified Financials |
||||||||||||||||||||||||||||||
Gacp II LP(2) (5) (11) (14) |
Common Stock |
10,749,818 | 10,749,818 | 5.2 | 10,749,818 | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Health Care Equipment & Services |
||||||||||||||||||||||||||||||
ExamWorks Group, Inc.(2) (14) |
Common Stock |
7,500 | 750,000 | 0.4 | 878,772 | |||||||||||||||||||||||||
MDVIP, Inc.(2) (14) |
Common Stock |
46,806 | 666,666 | 0.4 | 824,084 | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
54,306 | 1,416,666 | 0.8 | 1,702,856 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Insurance |
||||||||||||||||||||||||||||||
Integro Equity(2) (14) |
Common Stock |
4,468 | 454,072 | 0.3 | 580,832 | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Media |
||||||||||||||||||||||||||||||
Vivid Seats Ltd.(2) (14) |
Common Stock |
608,108 | 608,108 | 0.4 | 820,695 | |||||||||||||||||||||||||
Vivid Seats Ltd.(2) (14) |
Preferred Stock |
1,891,892 | 1,891,892 | 1.0 | 2,135,768 | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
2,500,000 | 2,500,000 | 1.4 | 2,956,463 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Retailing |
||||||||||||||||||||||||||||||
Slickdeals Holdings, LLC(2) (14) |
Common Stock |
109 | 1,090,911 | 0.5 | 1,090,911 | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Software & Services |
||||||||||||||||||||||||||||||
SMS Systems Maintenance Services, Inc.(2) (14) |
Common Stock |
1,142,789 | 1,144,520 | 0.1 | 117,917 | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Technology Hardware & Equipment |
||||||||||||||||||||||||||||||
Onvoy, LLC(2) (14) |
Common Stock, Class A |
3,649 | 364,948 | 0.1 | 306,414 | |||||||||||||||||||||||||
Onvoy, LLC(2) (14) |
Common Stock, Class B |
2,536 | | | | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
6,185 | 364,948 | 0.1 | 306,414 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Total Equity Investments United States |
$ | 16,733,851 | $ | 22,361,702 | 10.8 | % | $ | 22,319,318 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Total United States | $ | 390,941,780 | 189.9 | % | $ | 391,450,757 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
France | ||||||||||||||||||||||||||||||
Debt Investments |
||||||||||||||||||||||||||||||
Technology Hardware & Equipment |
||||||||||||||||||||||||||||||
Parkeon, Inc.(11) |
Senior Secured First Lien |
L + 575 | (15) | 4.75 | % | 04/2023 | | 1,994,499 | 2,085,973 | 1.1 | 2,325,779 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Total Debt Investments France |
| 1,994,499 | $ | 2,085,973 | 1.1 | % | $ | 2,325,779 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Total France | $ | 2,085,973 | 1.1 | % | $ | 2,325,779 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
United Kingdom | ||||||||||||||||||||||||||||||
Debt Investments |
||||||||||||||||||||||||||||||
Software & Services |
||||||||||||||||||||||||||||||
CB-SDG Limited(2) (11) |
Senior Secured First Lien |
L + 650, 0.50 | %(16) | 7.71 | % | 07/2022 | £ | 1,987,393 | 3,015,908 | 1.3 | 2,623,856 | |||||||||||||||||||
CB-SDG Limited(2) (5) (11) |
Senior Secured First Lien |
L + 650, 0.50 | %(16) | 7.71 | % | 07/2022 | 646,951 | 975,582 | 0.4 | 854,137 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Total Debt Investments United Kingdom |
£ | 2,634,344 | $ | 3,991,490 | 1.7 | % | $ | 3,477,993 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Total United Kingdom | $ | 3,991,490 | 1.7 | % | $ | 3,477,993 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
Total Investments | $ | 397,019,243 | 192.7 | % | $ | 397,254,529 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
* | The majority of the investments bear interest at a rate that may be determined by reference to London Interbank Offered Rate (LIBOR or L) or Prime (P) and which reset daily, monthly, quarterly or semiannually. For each, the Company has provided the spread over LIBOR or Prime and the weighted average current interest rate in effect at June 30, 2018. Certain investments are subject to a LIBOR or Prime interest rate floor. For fixed rate loans, a spread above a reference rate is not applicable. |
** | Percentage is based on net assets of $206,130,450 as of June 30, 2018. |
(1) | All positions held are non-controlled/non-affiliated investments as defined by the Investment Company Act of 1940, as amended (1940 Act). Non-controlled/non-affiliated investments are investments that are neither controlled investments nor affiliated investments. |
See accompanying notes
11
CRESCENT CAPITAL BDC, INC.
Consolidated Schedule of Investments (Unaudited)
June 30, 2018
(2) | The fair value of the investment was determined using significant unobservable inputs. See Note 2 Summary of Significant Accounting Policies. |
(3) | The interest rate on these loans is subject to the greater of a LIBOR floor or 3 month LIBOR plus a base rate. The 3 month LIBOR as of June 30, 2018 was 2.34%.For some of these loans, the interest rate is based on the last reset date. |
(4) | The interest rate on these loans is subject to the greater of a LIBOR floor or 1 month LIBOR plus a base rate. The 1 month LIBOR as of June 30, 2018 was 2.09%.For some of these loans, the interest rate is based on the last reset date. |
(5) | Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion. See Note 7 Commitments and Contingencies. |
(6) | The negative cost, if applicable, is the result of the capitalized discount or unfunded commitment being greater than the principal amount outstanding on the loan. The negative fair value, if applicable, is the result of the capitalized discount or unfunded commitment on the loan. |
(7) | The interest rate on these loans is subject to the greater of a LIBOR floor or 12 month LIBOR plus a base rate. The 12 month LIBOR as of June 30, 2018 was 2.76%.For some of these loans, the interest rate is based on the last reset date. |
(8) | The interest rate on these loans is subject to the greater of a LIBOR floor or 2 month LIBOR plus a base rate. The 2 month LIBOR as of June 30, 2018 was 2.17%.For some of these loans, the interest rate is based on the last reset date. |
(9) | These loans are first lien/last-out term loans. In addition to the interest earned based on the stated interest rate of this loan, which is the amount reflected in this schedule, the Company is entitled to receive additional interest as a result of an agreement among lenders whereby the loan has been allocated to first-out and last-out tranches, whereby the first-out tranche will have priority as to the last-out tranche with respect to payments of principal, interest and any amounts due thereunder. The Company holds the last-out tranche. |
(10) | The interest rate on these loans is subject to the greater of a LIBOR floor or 6 month LIBOR plus a base rate. The 6 month LIBOR as of June 30, 2018 was 2.50%.For some of these loans, the interest rate is based on the last reset date. |
(11) | Investment is not a qualifying investment as defined under section 55 (a) of the Investment Company Act of 1940. Qualifying assets must represent at least 70% of total assets at the time of acquisition. |
(12) | The investment is on non-accrual status as of June 30, 2018. |
(13) | The interest rate on these loans is subject to the U.S. Prime rate, which as of June 30, 2018 was 5.00%. |
(14) | Non-income producing security. |
(15) | The interest rate on these loans is subject to the greater of a EURIBOR floor or 3 month EURIBOR plus a base rate. The 3 month EURIBOR as of June 30, 2018 was (0.32)%. For some of these loans, the interest rate is based on the last reset date. |
(16) | The interest rate on these loans is subject to the greater of a GBP LIBOR floor or 3 month GBP LIBOR plus a base rate. The 3 month GBP LIBOR as of June 30, 2018 was 0.67%. For some of these loans, the interest rate is based on the last reset date. |
See accompanying notes
12
CRESCENT CAPITAL BDC, INC.
Consolidated Schedule of Investments
December 31, 2017
Investment Type |
Spread Above Index * |
Interest Rate |
Maturity Date |
Principal Amount, Par Value or Shares |
Cost | Percentage of Net Assets ** |
Fair Value |
|||||||||||||||||||||||
Investments(1) |
||||||||||||||||||||||||||||||
United States |
||||||||||||||||||||||||||||||
Debt Investments |
||||||||||||||||||||||||||||||
Automobiles & Components |
||||||||||||||||||||||||||||||
AP Exhaust Acquisition, LLC |
Senior Secured Second Lien |
L + 850 | (2) | 10.07 | % | 05/2025 | $ | 9,072,563 | $ | 8,772,269 | 5.1 | % | $ | 8,755,023 | ||||||||||||||||
Continental Battery Company(3) (4) (5) |
Senior Secured First Lien |
12/2022 | | (14,728 | ) | 0.0 | (8,417 | ) | ||||||||||||||||||||||
Continental Battery Company(4) |
Senior Secured First Lien |
L + 450 | (2) | 5.97 | % | 12/2022 | 3,500,000 | 3,439,279 | 2.0 | 3,465,339 | ||||||||||||||||||||
POC Investors, LLC(4) |
Senior Secured First Lien |
L + 550 | (2) | 7.19 | % | 11/2021 | 5,455,000 | 5,386,590 | 3.1 | 5,455,000 | ||||||||||||||||||||
POC Investors, LLC(3) (4) |
Senior Secured First Lien |
P + 450 | (6) | 9.00 | % | 11/2021 | 291,666 | 282,750 | 0.2 | 291,666 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
18,319,229 | 17,866,160 | 10.4 | 17,958,611 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Capital Goods |
||||||||||||||||||||||||||||||
Alion Science and Technology Corporation(4) |
Unsecured Debt |
11.00 | % | 08/2022 | 5,000,000 | 4,888,189 | 2.9 | 5,000,000 | ||||||||||||||||||||||
MB Aerospace Holdings Inc.(7) |
Senior Secured First Lien |
L + 550 | (8) | 7.13 | % | 12/2022 | 4,316,796 | 4,285,785 | 2.5 | 4,316,796 | ||||||||||||||||||||
Midwest Industrial Rubber(4) |
Senior Secured First Lien |
L + 550 | (2) | 7.19 | % | 12/2021 | 4,059,000 | 4,001,434 | 2.4 | 4,059,000 | ||||||||||||||||||||
Midwest Industrial Rubber(3) (4) (5) |
Senior Secured First Lien |
12/2021 | | (5,829 | ) | | | |||||||||||||||||||||||
Potter Electric Signal Company(3) (4) |
Senior Secured First Lien |
P + 350 | (6) | 8.00 | % | 12/2022 | 45,000 | 39,415 | 0.0 | 40,525 | ||||||||||||||||||||
Potter Electric Signal Company(3) (4) (5) |
Senior Secured First Lien |
12/2023 | | (8,688 | ) | 0.0 | (6,962 | ) | ||||||||||||||||||||||
Potter Electric Signal Company(4) |
Senior Secured First Lien |
L + 450 | (2) | 6.11 | % | 12/2023 | 2,550,000 | 2,518,322 | 1.5 | 2,524,637 | ||||||||||||||||||||
Pro Mach Group, Inc. |
Senior Secured First Lien |
L + 375 | (8) | 5.32 | % | 10/2021 | 731,156 | 734,727 | 0.4 | 736,822 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
16,701,952 | 16,453,355 | 9.7 | 16,670,818 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Commercial & Professional Services |
||||||||||||||||||||||||||||||
ADMI Corp. |
Senior Secured First Lien |
L + 375 | (2) | 5.13 | % | 04/2022 | 975,000 | 982,876 | 0.6 | 985,667 | ||||||||||||||||||||
Advantage Sales & Marketing, Inc. |
Senior Secured First Lien |
L + 325 | (2) | 4.63 | % | 07/2021 | 828,589 | 828,859 | 0.5 | 809,946 | ||||||||||||||||||||
Advantage Sales & Marketing, Inc. |
Senior Secured Second Lien |
L + 650 | (2) | 7.88 | % | 07/2022 | 500,000 | 502,431 | 0.3 | 470,000 | ||||||||||||||||||||
ASP MCS Acquisition Corp. |
Senior Secured First Lien |
L + 475 | (8) | 6.25 | % | 05/2024 | 5,348,125 | 5,323,240 | 3.1 | 5,388,236 | ||||||||||||||||||||
Brickman Group Ltd. LLC |
Senior Secured Second Lien |
L + 650 | (8) | 7.99 | % | 12/2021 | 234,042 | 234,832 | 0.1 | 235,652 | ||||||||||||||||||||
DFS Intermediate Holdings, LLC |
Senior Secured First Lien |
L + 525 | (8) | 6.82 | % | 03/2022 | 551,400 | 509,092 | 0.3 | 551,400 | ||||||||||||||||||||
DFS Intermediate Holdings, LLC(4) |
Senior Secured First Lien |
L + 525 | (8) | 6.61 | % | 03/2022 | 7,294,875 | 7,168,177 | 4.2 | 7,294,875 | ||||||||||||||||||||
Hepaco, LLC(3) (4) |
Senior Secured First Lien |
P + 400 | (6) | 8.50 | % | 08/2021 | 125,000 | 120,465 | 0.1 | 125,000 | ||||||||||||||||||||
Hepaco, LLC(4) |
Senior Secured First Lien |
L + 500 | (2) | 6.67 | % | 08/2022 | 5,257,250 | 5,205,291 | 3.0 | 5,257,250 | ||||||||||||||||||||
Hepaco, LLC(3) (4) |
Senior Secured First Lien |
L + 500 | (2) | 6.49 | % | 08/2022 | 190,571 | 176,591 | 0.1 | 190,571 | ||||||||||||||||||||
Jordan Healthcare Inc.(3) (4) (5) |
Senior Secured First Lien |
07/2022 | | (13,197 | ) | | | |||||||||||||||||||||||
Jordan Healthcare Inc.(4) |
Senior Secured First Lien |
L + 600 | (2) | 7.69 | % | 07/2022 | 4,103,615 | 4,064,096 | 2.4 | 4,103,615 | ||||||||||||||||||||
Jordan Healthcare Inc.(3) (4) (5) |
Senior Secured First Lien |
07/2022 | | (3,999 | ) | | | |||||||||||||||||||||||
MHS Acquisition Holdings, LLC(4) |
Senior Secured Second Lien |
L + 875 | (2) | 10.44 | % | 03/2025 | 8,101,633 | 7,881,618 | 4.5 | 7,878,838 | ||||||||||||||||||||
MHS Acquisition Holdings, LLC(3) (4) |
Senior Secured Second Lien |
L + 875 | (2) | 10.44 | % | 03/2025 | 466,576 | 445,780 | 0.2 | 437,651 | ||||||||||||||||||||
MHS Acquisition Holdings, LLC(4) |
Unsecured Debt |
13.50 PIK | % | 03/2026 | 545,279 | 536,003 | 0.3 | 509,835 | ||||||||||||||||||||||
MHS Acquisition Holdings, LLC(4) |
Unsecured Debt |
13.50 | % | 03/2026 | 140,887 | 138,336 | 0.1 | 131,730 |
See accompanying notes
13
CRESCENT CAPITAL BDC, INC.
Consolidated Schedule of Investments
December 31, 2017
Investment Type |
Spread Above Index * |
Interest Rate |
Maturity Date |
Principal Amount, Par Value or Shares |
Cost | Percentage of Net Assets ** |
Fair Value |
|||||||||||||||||||||||
PowerTeam Services, LLC |
Senior Secured First Lien |
L + 325 | (2) | 4.94 | % | 05/2020 | $ | 975,408 | $ | 974,174 | 0.6 | % | $ | 979,680 | ||||||||||||||||
SavATree, LLC(4) |
Senior Secured First Lien |
L + 525 | (2) | 6.94 | % | 06/2022 | 3,683,625 | 3,620,467 | 2.1 | 3,683,625 | ||||||||||||||||||||
SavATree, LLC(3) (4) (5) |
Senior Secured First Lien |
06/2022 | | (9,717 | ) | | | |||||||||||||||||||||||
SavATree, LLC(3) (4) (5) |
Senior Secured First Lien |
06/2022 | | (6,183 | ) | | | |||||||||||||||||||||||
TecoStar Holdings, Inc.(4) |
Senior Secured Second Lien |
L + 850 | (2) | 9.88 | % | 11/2024 | 5,000,000 | 4,882,850 | 3.0 | 5,150,000 | ||||||||||||||||||||
USAGM HoldCo LLC(4) |
Senior Secured Second Lien |
11.00 | % | 07/2023 | 2,000,000 | 1,957,275 | 1.2 | 2,051,324 | ||||||||||||||||||||||
USAGM HoldCo LLC |
Senior Secured Second Lien |
L + 850 | (2) | 9.88 | % | 07/2023 | 10,000,000 | 9,689,631 | 5.8 | 9,991,700 | ||||||||||||||||||||
Valet Waste Holdings, Inc.(4) |
Senior Secured First Lien |
L + 700 | (8) | 8.57 | % | 09/2021 | 4,790,761 | 4,742,306 | 2.8 | 4,832,273 | ||||||||||||||||||||
Valet Waste Holdings, Inc.(3) (4) (5) |
Senior Secured First Lien |
09/2021 | | (5,253 | ) | 0.0 | 4,709 | |||||||||||||||||||||||
Vencore, Inc. |
Senior Secured First Lien |
L + 475 | (2) | 6.44 | % | 11/2019 | 481,973 | 482,292 | 0.3 | 487,169 | ||||||||||||||||||||
William Morris Endeavor Entertainment, LLC |
Senior Secured Second Lien |
L + 725 | (2) | 8.63 | % | 05/2022 | 166,667 | 163,744 | 0.1 | 167,500 | ||||||||||||||||||||
Xcentric Mold and Engineering Acquisition Company, LLC(4) |
Senior Secured First Lien |
L + 550 | (8) | 6.88 | % | 01/2022 | 5,012,125 | 4,929,254 | 2.9 | 5,012,125 | ||||||||||||||||||||
Xcentric Mold and Engineering Acquisition Company, LLC(3) (4) |
Senior Secured First Lien |
L + 550 | (8) | 6.88 | % | 01/2022 | 175,000 | 163,783 | 0.1 | 175,000 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
66,948,401 | 65,685,114 | 38.7 | 66,905,371 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Consumer Durables & Apparel |
||||||||||||||||||||||||||||||
C.F. Stinson, LLC(4) |
Senior Secured First Lien |
L + 600 | (8) (9) | 7.88 | % | 06/2021 | 3,000,000 | 2,956,173 | 1.8 | 3,030,000 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Consumer Services |
||||||||||||||||||||||||||||||
Catapult Learning, LLC(4) |
Senior Secured First Lien |
L + 650 | (2) (9) | 7.88 | % | 07/2020 | 4,934,211 | 4,906,471 | 2.8 | 4,884,868 | ||||||||||||||||||||
Counsel On Call, LLC(3) (4) (5) |
Senior Secured First Lien |
09/2022 | | (6,979 | ) | 0.0 | (7,001 | ) | ||||||||||||||||||||||
Counsel On Call, LLC(4) |
Senior Secured First Lien |
L + 550 | (8) | 7.07 | % | 09/2022 | 1,197,000 | 1,185,060 | 0.7 | 1,185,028 | ||||||||||||||||||||
NS Intermediate Holdings, LLC(3) (4) (5) |
Senior Secured First Lien |
09/2021 | | (3,273 | ) | 0.0 | 2,238 | |||||||||||||||||||||||
NS Intermediate Holdings, LLC(4) |
Senior Secured First Lien |
L + 550 | (8) | 7.07 | % | 09/2021 | 2,532,110 | 2,497,657 | 1.5 | 2,554,778 | ||||||||||||||||||||
Oncourse Learning Corporation(3) (4) |
Senior Secured First Lien |
L + 650 | (2) | 7.83 | % | 09/2021 | 13,190,175 | 13,033,704 | 7.6 | 13,190,175 | ||||||||||||||||||||
SkillSoft Corporation |
Senior Secured First Lien |
L + 475 | (8) | 6.32 | % | 04/2021 | 969,713 | 957,665 | 0.5 | 936,292 | ||||||||||||||||||||
Teaching Company, LLC(4) |
Senior Secured First Lien |
L + 475 | (2) | 6.44 | % | 02/2023 | 4,962,500 | 4,918,925 | 2.9 | 5,012,125 | ||||||||||||||||||||
Wrench Group LLC(3) (4) (5) |
Senior Secured First Lien |
03/2022 | | (5,753 | ) | | | |||||||||||||||||||||||
Wrench Group LLC(4) |
Senior Secured First Lien |
L + 450 | (2) | 6.19 | % | 03/2022 | 3,772,222 | 3,730,704 | 2.2 | 3,772,222 | ||||||||||||||||||||
Wrench Group LLC(3) (4) (5) |
Senior Secured First Lien |
12/2024 | | (2,615 | ) | | | |||||||||||||||||||||||
Wrench Group LLC(4) |
Senior Secured First Lien |
L + 450 | (2) | 6.19 | % | 12/2024 | 850,000 | 844,099 | 0.5 | 850,000 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
32,407,931 | 32,055,665 | 18.7 | 32,380,725 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Diversified Financials |
||||||||||||||||||||||||||||||
Edelman Financial Group, The |
Senior Secured First Lien |
L + 425 | (2) | 5.65 | % | 11/2024 | 3,485,500 | 3,476,920 | 2.0 | 3,531,247 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Energy |
||||||||||||||||||||||||||||||
Murray Energy Corporation |
Senior Secured First Lien |
L + 725 | (2) | 8.94 | % | 04/2020 | 351,585 | 339,560 | 0.2 | 311,446 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Food & Staples Retailing |
||||||||||||||||||||||||||||||
Good Source Solutions, Inc.(4) |
Senior Secured First Lien |
L + 725 | (2) | 8.94 | % | 07/2021 | 2,598,346 | 2,578,786 | 1.5 | 2,619,644 |
See accompanying notes
14
CRESCENT CAPITAL BDC, INC.
Consolidated Schedule of Investments
December 31, 2017
Investment Type |
Spread Above Index * |
Interest Rate |
Maturity Date |
Principal Amount, Par Value or Shares |
Cost | Percentage of Net Assets ** |
Fair Value |
|||||||||||||||||||||||
HLF Financing S.a r.l.(7) |
Senior Secured First Lien |
L + 550 | (8) | 7.07 | % | 02/2023 | $ | 4,718,750 | $ | 4,635,945 | 2.7 | % | $ | 4,718,019 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
7,317,096 | 7,214,731 | 4.2 | 7,337,663 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Food, Beverage & Tobacco |
||||||||||||||||||||||||||||||
Shearers Foods, Inc. |
Senior Secured First Lien |
L + 425 | (2) | 5.94 | % | 06/2021 | 735,000 | 730,176 | 0.4 | 736,837 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Health Care Equipment & |
|
|||||||||||||||||||||||||||||
Ameda, Inc.(4) |
Senior Secured First Lien |
L + 600 | (8) | 7.35 | % | 09/2022 | 2,643,375 | 2,596,923 | 1.5 | 2,610,648 | ||||||||||||||||||||
Ameda, Inc.(3) (4) (5) |
Senior Secured First Lien |
09/2022 | | (5,242 | ) | 0.0 | (3,714 | ) | ||||||||||||||||||||||
Beaver-Visitec International, Inc.(7) |
Senior Secured First Lien |
L + 500 | (2) | 6.69 | % | 08/2023 | 9,396,174 | 9,333,914 | 5.4 | 9,396,174 | ||||||||||||||||||||
CDRH Parent, Inc. |
Senior Secured First Lien |
L + 425 | (2) | 5.75 | % | 07/2021 | 365,246 | 367,319 | 0.2 | 321,051 | ||||||||||||||||||||
Centauri Health Solutions, Inc(3) (4) |
Senior Secured First Lien |
L + 550 | (8) | 6.87 | % | 01/2022 | 1,181,250 | 1,164,103 | 0.7 | 1,197,000 | ||||||||||||||||||||
Centauri Health Solutions, Inc(4) |
Senior Secured First Lien |
L + 550 | (8) | 6.87 | % | 01/2022 | 8,237,750 | 8,099,349 | 4.8 | 8,320,127 | ||||||||||||||||||||
ExamWorks Group, Inc.(4) |
Senior Secured Second Lien |
L + 1050 | (2) | 10.50 | % | 07/2024 | 5,000,000 | 4,868,280 | 3.0 | 5,150,000 | ||||||||||||||||||||
GrapeTree Medical Staffing, LLC(4) |
Senior Secured First Lien |
L + 500 | (8) | 6.37 | % | 10/2022 | 1,695,750 | 1,667,116 |