10-Q 1 d789089d10q.htm 10-Q 10-Q
Table of Contents

 

 

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 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)

Registrant’s Telephone Number, Including Area Code: (310) 235-5900

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

NA    NA    NA

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 Securities Exchange Act of 1934).    Yes  ☐    No  ☒

The number of shares of the Registrant’s common stock, $.001 par value per share, outstanding at August 13, 2019 was 19,549,618.

 

 

 


Table of Contents

CRESCENT CAPITAL BDC, INC.

FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 2019

Table of Contents

 

   

INDEX

   PAGE
NO.
 
PART I.   FINANCIAL INFORMATION      2  
  Item 1.   Financial Statements      2  
  Consolidated Statements of Assets and Liabilities as of June 30, 2019 (Unaudited) and December 31, 2018      2  
  Consolidated Statements of Operations for the three and six months ended June 30, 2019 and 2018 (Unaudited)      3  
  Consolidated Statements of Changes in Net Assets for the six months ended June 30, 2019 and 2018 (Unaudited)      4  
  Consolidated Statements of Cash Flows for the six months ended June 30, 2019 and 2018 (Unaudited)      6  
  Consolidated Schedule of Investments as of June 30, 2019 (Unaudited)      7  
  Consolidated Schedule of Investments as of December 31, 2018      16  
  Notes to Consolidated Financial Statements (Unaudited)      24  
  Item 2.   Management’s Discussion and Analysis of Financial Condition and Results of Operations      54  
  Item 3.   Quantitative and Qualitative Disclosures About Market Risk      78  
  Item 4.   Controls and Procedures      79  
PART II.   OTHER INFORMATION      79  
  Item 1.   Legal Proceedings      79  
  Item 1A   Risk Factors      80  
  Item 2.   Unregistered Sales of Equity Securities and Use of Proceeds      82  
  Item 3.   Defaults Upon Senior Securities      82  
  Item 4.   [Reserved]      82  
  Item 5.   Other Information      82  
  Item 6.   Exhibits      82  


Table of Contents

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;

 

   

the acquisition (the “Alcentra Acquisition”) of Alcentra Capital Corporation (“Alcentra Capital”);

 

   

the outcome and impact of any litigation relating to the Alcentra Acquisition;

 

   

the likelihood that the Alcentra Acquisition is completed and the anticipated timing of its completion;

 

   

the ability of our business and Alcentra Capital’s business to successfully integrate if the Alcentra Acquisition is completed; and

 

   

the impact to the periods following the completion of the Alcentra Acquisition.

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.

 

1


Table of Contents

Crescent Capital BDC, Inc.

Consolidated Statements of Assets and Liabilities

 

     As of
    June 30, 2019    
(Unaudited)
  As of
    December 31,    
2018

Assets

    
Investments, non-controlled and non-affiliated, at fair value (cost of $600,425,404 and $500,680,681, respectively)      $ 598,117,955       $ 493,341,724  
Investments, controlled and affiliated, at fair value (cost of $27,500,000 and $0, respectively)      26,787,440        
Cash and cash equivalents      8,721,397       9,809,812  
Cash denominated in foreign currency (cost of $316,121 and $580,874, respectively)      319,022       559,011  
Receivable for investments sold            37,427  
Interest receivable      2,852,103       1,334,535  
Unrealized appreciation on foreign currency forward contracts      308,078       17,406  
Prepaid expenses and other assets      105,029       20,041  
  

 

 

 

 

 

 

 

Total assets

     $ 637,211,024       $ 505,119,956  
  

 

 

 

 

 

 

 

Liabilities

    
Debt (net of deferred financing costs of $1,923,061 and $1,695,193, respectively)      $ 266,597,017       $ 235,707,992  
Unrealized depreciation on foreign currency forward contracts      8,691        
Payable for investments purchased      37,824,662       299,570  
Distributions payable      6,660,776       5,343,316  
Management fees payable - affiliate      1,115,822       963,009  
Due to Advisor - affiliate      116,772       136,235  
Due to Administrator - affiliate      254,810       178,461  
Professional fees payable      275,892       254,929  
Directors’ fees payable      141,313       62,063  
Interest and other debt financing costs payable      2,347,528       1,849,983  
Deferred tax liability      784,643       304,928  
Accrued expenses and other liabilities      298,829       440,630  
  

 

 

 

 

 

 

 

Total liabilities

     $ 316,426,755       $ 245,541,116  
  

 

 

 

 

 

 

 

Commitments and Contingencies (Note 8)

    

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, 16,245,796 and 13,358,289 shares issued and outstanding, respectively)      16,246       13,358  
Paid-in capital in excess of par value      322,542,604       266,023,849  
Distributable earnings (accumulated loss)      (1,774,581     (6,458,367
  

 

 

 

 

 

 

 

Total Net Assets

     $ 320,784,269       $ 259,578,840  
  

 

 

 

 

 

 

 

Total Liabilities and Net Assets

     $     637,211,024       $     505,119,956  
  

 

 

 

 

 

 

 

Net asset value per share      $ 19.75       $ 19.43  

 

See accompanying notes

 

2


Table of Contents

Crescent Capital BDC, Inc.

Consolidated Statements of Operations

(Unaudited)

 

     For the three
months ended
June 30,
     For the six
months ended
June 30,
 
     2019      2018      2019      2018  

Investment Income:

 

From non-controlled and non-affiliated investments:

 

Interest income

   $ 10,932,814         $ 7,222,142         $ 21,556,338         $ 13,994,039     

Paid-in-kind interest

     171,378           28,810           336,628           67,894     

Dividend income

     507,878           —           931,281           —     

Other income

     356,260           —           599,839           —     
From controlled and affiliated investments:

 

Interest income

     —           —           —           —     

Dividend income

     550,000           —           550,000           —     

Other income

     —           —           —           —     
  

 

 

    

 

 

    

 

 

    

 

 

 

Total investment income

     12,518,330           7,250,952           23,974,086           14,061,933     
  

 

 

    

 

 

    

 

 

    

 

 

 

Expenses:

 

Interest and other debt financing costs      3,172,762           1,956,208           5,982,238           3,608,168     
Management fees      2,160,039           1,368,192           4,050,165           2,576,786     
Income incentive fees      1,106,355           560,906           2,130,733           1,115,883     
Directors’ fees      72,500           72,500           145,000           145,000     
Professional fees      192,234           189,632           384,405           375,080     
Organization expenses      48,676           32,452           90,863           56,790     
Other general and administrative expenses      537,300           457,943           1,057,917           897,856     
  

 

 

    

 

 

    

 

 

    

 

 

 

Total expenses

     7,289,866           4,637,833           13,841,321           8,775,563     
Management and income incentive fees waived      (2,150,573)          (1,133,852)          (4,077,803)          (1,604,694)    
  

 

 

    

 

 

    

 

 

    

 

 

 
Net expenses      5,139,293           3,503,981           9,763,518           7,170,869     
  

 

 

    

 

 

    

 

 

    

 

 

 
Net investment income before taxes      7,379,037           3,746,971           14,210,568           6,891,064     
Income and excise taxes      3,336           7,600           5,679           6,821     
  

 

 

    

 

 

    

 

 

    

 

 

 
Net investment income after taxes      7,375,701           3,739,371           14,204,889           6,884,243     
  

 

 

    

 

 

    

 

 

    

 

 

 

Net realized and unrealized gains (losses) on investments:

 

Net realized gain/(loss) on:

 

Non-controlled and non-affiliated investments

     (659,774)          (44,196)          (920,576)          (219,319)    

Foreign currency transactions

     475,567           3,026           488,871           5,160     
Net change in unrealized appreciation (depreciation) on:

 

Non-controlled and non-affiliated investments and foreign currency translation

     1,513,789           (1,397,426)          4,510,134           (1,558,648)    

Controlled and affiliated investments

     (471,880)          —           (712,560)          —     

Foreign currency forward contracts

     309,355           —           281,981           —     
  

 

 

    

 

 

    

 

 

    

 

 

 

Net realized and unrealized gains (losses) on investments

     1,167,057           (1,438,596)          3,647,850           (1,772,807)    
Benefit/(Provision) for taxes on unrealized appreciation (depreciation) on investments   

 

(30,650)  

 

     (25,907)          (479,715)          5,499     
  

 

 

    

 

 

    

 

 

    

 

 

 
Net increase (decrease) in net assets resulting from operations    $     8,512,108         $     2,274,868         $     17,373,024         $     5,116,935     
  

 

 

    

 

 

    

 

 

    

 

 

 

Per Common Share Data:

 

Net increase in net assets resulting from operations per share (basic and diluted):    $ 0.54         $ 0.23         $ 1.15         $ 0.55     
Net investment income per share (basic and diluted):    $ 0.47         $ 0.38         $ 0.94         $ 0.74     
Weighted average shares outstanding (basic and diluted):      15,703,473           9,902,467           15,087,362           9,357,106     

 

See accompanying notes

 

3


Table of Contents

Crescent Capital BDC, Inc.

Consolidated Statements of Changes in Net Assets

(Unaudited)

 

     Common Stock                       
     Shares      Par Amount      Paid in Capital
in
Excess of Par
     Distributable
Earnings
     Total
Net Assets
 
Balance at March 31, 2019      14,703,566         $ 14,704         $ 292,259,610         $ (3,625,913)        $ 288,648,401     
Net increase (decrease) in net assets resulting from operations:

 

Net investment income      —           —           —           7,375,701           7,375,701     
Net realized gain (loss) on investments and foreign currency transactions      —           —           —           (184,207)          (184,207)    
Net change in unrealized appreciation (depreciation) on investments, foreign currency forward contracts and foreign currency translation      —           —           —           1,351,264           1,351,264     
Benefit/(Provision) for taxes on unrealized appreciation/(depreciation) on investments      —           —           —           (30,650)          (30,650)    
Shareholder distributions:

 

Issuance of common stock      1,524,312           1,525           29,998,475           —           30,000,000     
Issuance of common shares pursuant to dividend reinvestment plan      17,918           17           352,615           —           352,632     
Equity offering costs      —           —           (68,096)          —           (68,096)    
Distributions to shareholders      —           —           —           (6,660,776)          (6,660,776)    
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
Total increase (decrease) for the three months ended June 30, 2019      1,542,230           1,542           30,282,994           1,851,332           32,135,868     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
Balance at June 30, 2019      16,245,796         $     16,246         $     322,542,604         $ (1,774,581)        $     320,784,269     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
Distributions to shareholder per share for the three months ended June 30, 2019      —         $ —         $ —         $ 0.41         $ 0.41     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
Balance at December 31, 2018      13,358,289         $ 13,358         $ 266,023,849         $ (6,458,367)        $ 259,578,840     
Net increase (decrease) in net assets resulting from operations:

 

Net investment income      —           —           —               14,204,889           14,204,889     
Net realized gain (loss) on investments and foreign currency transactions      —           —           —           (431,705)          (431,705)    
Net change in unrealized appreciation (depreciation) on investments, foreign currency forward contracts and foreign currency translation      —           —           —           4,079,555           4,079,555     
Benefit/(Provision) for taxes on unrealized appreciation/(depreciation) on investments      —           —           —           (479,715)          (479,715)    
Shareholder distributions:

 

Issuance of common stock      2,854,440           2,855           55,997,145           —           56,000,000     
Issuance of common shares pursuant to dividend reinvestment plan      33,067           33           648,722           —           648,755     
Equity offering costs      —           —           (127,112)          —           (127,112)    
Distributions to shareholders      —           —           —           (12,689,238)          (12,689,238)    
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
Total increase (decrease) for the six months ended June 30, 2019      2,887,507           2,888           56,518,755           4,683,786           61,205,429     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
Balance at June 30, 2019      16,245,796         $ 16,246         $ 322,542,604         $ (1,774,581)       $ 320,784,269     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
Distributions to shareholders per share for six months ended June 30, 2019      —         $ —         $ —         $ 0.82         $ 0.82     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

See accompanying notes

 

4


Table of Contents

Crescent Capital BDC, Inc.

Consolidated Statements of Changes in Net Assets

(Unaudited)

 

     Common Stock                       
     Shares      Par Amount      Paid in Capital
in
Excess of Par
     Distributable
Earnings
     Total
Net Assets
 

Balance at March 31, 2018

     9,343,227         $ 9,343         $ 185,806,718         $ 1,841,954         $ 187,658,015     

Net increase (decrease) in net assets resulting from operations:

 

Net investment income

     —           —           —           3,739,371           3,739,371     
Net realized gain (loss) on investments and foreign currency transactions      —           —           —           (41,170)          (41,170)    
Net change in unrealized appreciation (depreciation) on investments, foreign currency forward contracts and foreign currency translation      —           —           —           (1,397,426)          (1,397,426)    
Benefit/(Provision) for taxes on unrealized appreciation/(depreciation) on investments      —           —           —           (25,907)          (25,907)    

Shareholder distributions:

 

Issuance of common stock

     991,916           992           19,999,008           —           20,000,000     
Issuance of common shares pursuant to dividend reinvestment plan      5,943           6           119,832           —           119,838     

Equity offering costs

     —           —           (45,397)          —           (45,397)    

Distributions to shareholders

     —           —           —           (3,876,874)          (3,876,874)    
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
Total increase (decrease) for the three months ended June 30, 2018      997,859           998           20,073,443           (1,602,006)          18,472,435    
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Balance at June 30, 2018

     10,341,086         $     10,341         $     205,880,161         $ 239,948         $     206,130,450     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
Distributions to shareholder per share for the three months ended June 30, 2018      —         $ —         $ —         $ 0.38         $ 0.38     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Balance at December 31, 2017

     8,597,116         $ 8,597         $ 170,755,891         $     2,035,501         $ 172,799,989     

Net increase (decrease) in net assets resulting from operations:

 

Net investment income

     —           —           —           6,884,243           6,884,243     
Net realized gain (loss) on investments and foreign currency transactions      —           —           —           (214,159)          (214,159)    
Net change in unrealized appreciation (depreciation) on investments, foreign currency forward contracts and foreign currency translation      —           —           —           (1,558,648)          (1,558,648)    
Benefit/(Provision) for taxes on unrealized appreciation/(depreciation) on investments      —           —           —           5,499           5,499     

Shareholder distributions:

 

Issuance of common stock

     1,733,792           1,734           34,998,266           —           35,000,000     
Issuance of common shares pursuant to dividend reinvestment plan      10,178           10           205,448           —           205,458     

Equity offering costs

     —           —           (79,444)          —           (79,444)    

Distributions to shareholders

     —           —           —           (6,912,488)          (6,912,488)    
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
Total increase (decrease) for the six months ended June 30, 2018      1,743,970           1,744           35,124,270           (1,795,553)          33,330,461     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Balance at June 30, 2018

     10,341,086         $ 10,341         $ 205,880,161         $ 239,948         $ 206,130,450     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
Distributions to shareholders per share for six months ended June 30, 2018      —         $ —         $ —         $ 0.70          $ 0.70     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

See accompanying notes

 

5


Table of Contents

Crescent Capital BDC, Inc.

Consolidated Statements of Cash Flows

(Unaudited)

 

     For the six
months ended
  June 30, 2019  
  For the six
months ended
  June 30, 2018  

Cash flows from operating activities:

 

Net increase (decrease) in net assets resulting from operations

    $ 17,373,024      $ 5,116,935  

Adjustments to reconcile net increase (decrease) in net assets resulting from

operations to net cash provided by (used for) operating activities:

    

Purchases of investments

     (185,173,445     (133,962,061

Paid-in-kind interest income

     (336,628     (67,894

Proceeds from sales of investments and principal repayments

     58,635,995       54,840,795  

Net realized (gain) loss on investments

     920,576       219,319  

Net change in unrealized (appreciation) depreciation on investments and foreign currency translation

     (3,797,574     1,558,648  

Net change in unrealized (appreciation) depreciation on foreign currency forward contracts

     (281,981      

Amortization of premium and accretion of discount, net

     (1,291,221     (833,496

Amortization of deferred financing costs

     414,048       392,061  

Change in operating assets and liabilities:

 

(Increase) decrease in receivable for investments sold

     37,427       5,082  

(Increase) decrease in interest receivable

     (1,517,568     (98,117

(Increase) decrease in prepaid expenses and other assets

     (84,988     (104,941

Increase (decrease) in payable for investments purchased

     37,525,092       4,068,936  

Increase (decrease) in management fees payable - affiliate

     152,813       60,741  

Increase (decrease) in income incentive fees payable - affiliate

           (504,295

Increase (decrease) in due to Advisor - affiliate

     (19,463     38,924  

Increase (decrease) in due to Administrator - affiliate

     76,349       13,882  

Increase (decrease) in professional fees payable

     20,963       17,977  

Increase (decrease) in directors’ fees payable

     79,250       4,500  

Increase (decrease) in interest and credit facility fees and expenses payable

     497,545       257,532  

Increase (decrease) in deferred tax liability

     479,715       (5,500

Increase (decrease) in accrued expenses and other liabilities

     (141,801     (17,767
  

 

 

 

 

 

 

 

Net cash provided by (used for) operating activities

     (76,431,872     (68,998,739
  

 

 

 

 

 

 

 

Cash flows from financing activities:     

Issuance of common stock

     56,000,000       35,000,000  

Financing costs paid related to revolving credit facilities

     (641,916     (119,880

Distributions paid

     (10,723,023     (5,537,389

Equity offering costs

     (127,112     (79,444

Borrowings on debt

     108,495,309       101,700,000  

Repayments on debt

     (77,924,554     (62,000,000
  

 

 

 

 

 

 

 

Net cash provided by (used for) financing activities

     75,078,704       68,963,287  
  

 

 

 

 

 

 

 

Effect of exchange rate changes on cash denominated in foreign currency

     24,764       (23,769

Net increase (decrease) in cash, cash equivalents and foreign currency

     (1,328,404     (59,221

Cash, cash equivalents and foreign currency, beginning of period

     10,368,823       9,270,912  
  

 

 

 

 

 

 

 

Cash, cash equivalents and foreign currency, end of period     $       9,040,419      $       9,211,691  
  

 

 

 

 

 

 

 

Supplemental and non-cash financing activities:     

Cash paid during the period for interest

    $ 5,070,645      $ 2,837,386  

Issuance of common stock pursuant to distribution reinvestment plan

    $ 648,755      $ 205,458  

Accrued but unpaid equity offering costs

    $ 68,096      $ 45,397  

Accrued but unpaid distributions

    $ 6,660,776      $ 3,876,873  

 

See accompanying notes

 

6


Table of Contents

CRESCENT CAPITAL BDC, INC.

Consolidated Schedule of Investments (Unaudited)

June 30, 2019

 

   

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)      11.31     05/2025     $ 9,072,563     $ 8,815,446       2.3   $ 7,382,652  

Auto-Vehicle Parts, LLC(2)

 

Senior Secured First Lien

    L + 450 (4)      6.90     01/2023       4,744,386       4,690,907       1.5       4,744,386  

Auto-Vehicle Parts, LLC(2) (5) (6)

 

Senior Secured First Lien

        01/2023             (6,319            

Continental Battery Company(2)

 

Senior Secured First Lien

    L + 475 (4)      7.15     12/2022       3,993,375       3,941,376       1.2       3,993,375  

Continental Battery Company(2) (5)

 

Senior Secured First Lien

    L + 475 (4)      7.15     12/2022       7,211,719       7,099,828       2.2       7,211,719  

Empire Auto Parts, LLC(2)

 

Senior Secured First Lien

    L + 550 (3)      7.98     09/2024       2,481,250       2,437,101       0.8       2,506,062  

Empire Auto Parts, LLC(2) (5) (6)

 

Senior Secured First Lien

        09/2024             (6,909           4,000  

POC Investors, LLC(2)

 

Senior Secured First Lien

    L + 550 (3)      7.83     11/2021       9,491,858           9,395,788       3.0       9,541,174  

POC Investors, LLC(2) (5) (6)

 

Senior Secured First Lien

        11/2021             (8,569           5,196  
         

 

 

   

 

 

 

 

 

 

   

 

 

 
                36,995,151       36,358,649       11.0           35,388,564  
         

 

 

   

 

 

 

 

 

 

   

 

 

 

Capital Goods

               

Alion Science and Technology Corporation

 

Senior Secured First Lien

    L + 450 (4)      6.90     08/2021       3,000,000       3,000,000       0.9       3,009,375  

Alion Science and Technology Corporation(2)

 

Unsecured Debt

      11.00     08/2022       6,542,905       6,423,031       2.0       6,575,620  

Midwest Industrial Rubber(2)

 

Senior Secured First Lien

    L + 525 (3)      7.58     12/2021       5,965,968       5,908,245       1.9       5,965,968  

Midwest Industrial Rubber(2) (5)

 

Senior Secured First Lien

    L + 525 (3)      7.70     12/2021       218,750       213,963       0.1       218,750  

Potter Electric Signal Company(2) (5)

 

Senior Secured First Lien

    P + 325 (7)      8.75     12/2022       153,225       149,322             150,975  

Potter Electric Signal Company(2)

 

Senior Secured First Lien

    L + 425 (8)      6.54     12/2023       2,518,125       2,493,548       0.8       2,505,534  

Potter Electric Signal Company(2) (5)

 

Senior Secured First Lien

    L + 425 (3)      6.83     12/2023       192,733       186,662       0.1       189,233  
         

 

 

   

 

 

 

 

 

 

   

 

 

 
            18,591,706       18,374,771       5.8       18,615,455  
         

 

 

   

 

 

 

 

 

 

   

 

 

 

Commercial & Professional Services

               

Advantage Sales & Marketing, Inc.

 

Senior Secured First Lien

    L + 325 (3)      5.58     07/2021       815,743       815,902       0.2       748,648  

Advantage Sales & Marketing, Inc.

 

Senior Secured Second Lien

    L + 650 (3)      8.83     07/2022       500,000       501,723       0.1       398,127  

Allied Universal Holdco, LLC

 

Senior Secured First Lien

        06/2026       13,648,649       13,512,162       4.3       13,614,527  

Allied Universal Holdco, LLC(5) (6)

 

Senior Secured First Lien

        06/2026                         (3,378

Allied Universal Holdco, LLC(2)

 

Senior Secured Second Lien

    L + 850 (4)      10.90     07/2023       750,000       720,078       0.2       757,500  

ASP MCS Acquisition Corp.

 

Senior Secured First Lien

    L + 475 (4)      7.15     05/2024       5,267,500       5,247,872       1.0       3,318,525  

BFC Solmetex LLC & Bonded Filter Co. LLC(2) (5)

 

Senior Secured First Lien

    L + 625 (3)      8.58     04/2023       720,000       707,304       0.2       729,336  

BFC Solmetex LLC & Bonded Filter Co. LLC(2)

 

Senior Secured First Lien

    L + 625 (3)      8.58     09/2023       6,638,001       6,520,236       2.1       6,720,629  

BFC Solmetex LLC & Bonded Filter Co. LLC(2) (5) (6)

 

Senior Secured First Lien

        09/2023             (7,206           10,581  

CHA Holdings, Inc(2)

 

Senior Secured First Lien

    L + 450 (3)      6.83     04/2025       4,879,286       4,858,320       1.5       4,873,187  

CHA Holdings, Inc(2) (5)

 

Senior Secured First Lien

    L + 450 (3)      6.81     04/2025       1,028,572       1,024,139       0.3       1,027,232  

DFS Intermediate Holdings, LLC(2)

 

Senior Secured First Lien

    L + 525 (4)      7.65     03/2022       8,837,925       8,734,396       2.8       8,837,925  

DFS Intermediate Holdings, LLC(2) (5)

 

Senior Secured First Lien

    L + 525 (4)      7.65     03/2022       4,836,861       4,756,980       1.5       4,836,861  

 

See accompanying notes

 

7


Table of Contents

CRESCENT CAPITAL BDC, INC.

Consolidated Schedule of Investments (Unaudited)

June 30, 2019

 

   

Investment Type

  Spread
Above
Index *
    Interest
Rate
    Maturity
Date
    Principal
Amount,

Par
Value or
Shares
    Cost   Percentage
of Net
Assets **
    Fair
Value
 

GH Holding Company(2)

 

Senior Secured First Lien

    L + 450 (4)      6.90     02/2023     $ 1,481,250     $ 1,475,581       0.5   $ 1,481,250  

GI Revelation Acquisition LLC

 

Senior Secured First Lien

    L + 500 (4)      7.40     04/2025       7,433,684       7,400,539       2.3       7,377,932  

Hepaco, LLC(2) (5)

 

Senior Secured First Lien

    L + 475 (4)      7.14     08/2023       416,667       414,000       0.1       416,667  

Hepaco, LLC(2)

 

Senior Secured First Lien

    L + 475 (4)      7.15     08/2024       5,177,750       5,134,390       1.6       5,177,750  

Hepaco, LLC(2) (5)

 

Senior Secured First Lien

    L + 475 (4)      7.15     08/2024       3,998,165       3,961,172       1.3       3,998,165  

Jordan Healthcare Inc.(2) (5)

 

Senior Secured First Lien

    L + 550 (3)      7.83     07/2022       162,000       159,173       0.1       166,500  

Jordan Healthcare Inc.(2)

 

Senior Secured First Lien

    L + 550 (3)      7.83     07/2022       4,041,907       4,014,466       1.3       4,082,326  

Jordan Healthcare Inc.(2) (5)

 

Senior Secured First Lien

    L + 550 (3)      7.83     07/2022       701,679       692,895       0.2       713,717  

MHS Acquisition Holdings, LLC(2)

 

Senior Secured Second Lien

    L + 875 (3)      11.35     03/2025       8,101,633       7,916,417       2.5       8,061,124  

MHS Acquisition Holdings, LLC(2) (5)

 

Senior Secured Second Lien

    L + 875 (3)      11.35     03/2025       466,576       450,174       0.1       461,317  

MHS Acquisition Holdings, LLC(2)

 

Unsecured Debt

    L + 1350 PIK (3)      13.50     03/2026       889,101       878,260       0.3       815,126  

Miraclon Corporation(2)

 

Senior Secured First Lien

    L + 625 (3)      8.84     03/2026       4,161,529       4,039,670       1.3       4,161,529  

SavATree, LLC(2)

 

Senior Secured First Lien

    L + 525 (3)      7.58     06/2022       3,975,920       3,928,518       1.2       3,975,920  

SavATree, LLC(2) (5) (6)

 

Senior Secured First Lien

        06/2022             (6,428            

SavATree, LLC(2) (5) (6)

 

Senior Secured First Lien

        06/2022             (7,826            

TecoStar Holdings, Inc.(2)

 

Senior Secured Second Lien

    L + 850 (4)      10.91     11/2024       5,000,000       4,902,019       1.6       5,000,000  

UP Acquisition Corp(2)

 

Senior Secured First Lien

    L + 575 (4)      6.75     05/2024       4,400,000       4,313,529       1.4       4,400,000  

UP Acquisition Corp(2) (5) (6)

 

Senior Secured First Lien

        05/2024             (24,466            

USAGM HoldCo LLC(2)

 

Senior Secured Second Lien

      11.00     07/2023       2,380,952       2,345,737       0.8       2,404,762  

USAGM HoldCo LLC

 

Senior Secured Second Lien

    L + 850 (4)      10.90     07/2023       10,000,000       9,756,349       3.1       10,006,250  

Valet Waste Holdings, Inc.

 

Senior Secured First Lien

    L + 400 (4)      6.40     09/2025       14,887,500       14,853,534       4.6       14,840,977  

Xcentric Mold and Engineering Acquisition Company, LLC(2)

 

Senior Secured First Lien

    L + 575 (4)      8.18     01/2022       5,636,375       5,575,633       1.7       5,477,380  
         

 

 

   

 

 

 

 

 

 

   

 

 

 
                131,235,225           129,565,242       40.2           128,888,392  
         

 

 

   

 

 

 

 

 

 

   

 

 

 

Consumer Durables & Apparel

               

EiKo Global, LLC(2)

 

Senior Secured First Lien

    L + 600 (3)      8.33     06/2023       3,273,000       3,217,226       1.0       3,273,000  

EiKo Global, LLC(2) (5)

 

Senior Secured First Lien

    L + 600 (3)      8.33     06/2023       112,500       99,715       0.1       112,500  
         

 

 

   

 

 

 

 

 

 

   

 

 

 
            3,385,500       3,316,941       1.1       3,385,500  
         

 

 

   

 

 

 

 

 

 

   

 

 

 

Consumer Services

               

Colibri Group LLC(2)

 

Senior Secured First Lien

    L + 575 (4)      8.16     05/2025       8,250,000       8,047,800       2.6       8,250,000  

Colibri Group LLC(2) (5) (6)

 

Senior Secured First Lien

        05/2025             (32,879            

Colibri Group LLC(2) (5)

 

Senior Secured First Lien

    P + 475 (7)      10.25     05/2025       66,667       42,312             66,667  

COP Home Services Holdings, Inc.(2)

 

Senior Secured First Lien

    L + 450 (3)      7.04     05/2025       3,482,879       3,414,475       1.1       3,465,465  

COP Home Services Holdings, Inc.(2) (5) (6)

 

Senior Secured First Lien

        05/2025             (19,295           (5,805

Counsel On Call, LLC(2)

 

Senior Secured First Lien

    L + 525 (4)      7.66     09/2022       3,015,114       2,991,834       0.9       3,045,265  

Counsel On Call, LLC(2) (5) (6)

 

Senior Secured First Lien

        09/2022             (2,710           4,000  

 

See accompanying notes

 

8


Table of Contents

CRESCENT CAPITAL BDC, INC.

Consolidated Schedule of Investments (Unaudited)

June 30, 2019

 

   

Investment Type

  Spread
Above
Index *
    Interest
Rate
    Maturity
Date
    Principal
Amount,

Par
Value or
Shares
    Cost     Percentage
of Net
Assets **
    Fair
Value
 

JLL XDD, Inc.(2)

 

Senior Secured First Lien

    L + 475 (3)      7.33     12/2023     $ 2,144,625     $ 2,091,148       0.7   $ 2,123,226  

Learn-It Systems, LLC(2)

 

Senior Secured First Lien

    L + 450 (3)      6.90     03/2025       4,389,000       4,286,382       1.4       4,389,000  

Learn-It Systems, LLC(2) (5)

 

Senior Secured First Lien

    L + 450 (4)      6.90     03/2025       300,000       285,688       0.1       300,000  

Learn-It Systems, LLC(2) (5) (6)

 

Senior Secured First Lien

        03/2025             (60,563            

New Mountain Learning(2)

 

Senior Secured First Lien

    L + 600 (3)      8.33     03/2024       2,217,583       2,181,335       0.6       1,898,704  

New Mountain Learning(2) (5)

 

Senior Secured First Lien

    L + 600 (3)      8.33     03/2024       575,000       565,584       0.2       488,722  

NS Intermediate Holdings, LLC(2)

 

Senior Secured First Lien

    L + 475 (4)      7.15     09/2021       2,836,604       2,810,593       0.9       2,836,604  

NS Intermediate Holdings, LLC(2) (5) (6)

 

Senior Secured First Lien

        09/2021             (1,965            

Pre-Paid Legal Services, Inc.

 

Senior Secured First Lien

    L + 325 (4)      5.65     05/2025       3,620,655       3,605,135       1.1       3,620,655  

Pre-Paid Legal Services, Inc.

 

Senior Secured Second Lien

    L + 750 (4)      9.90     05/2026       9,333,333       9,244,221       2.9       9,294,413  

Teaching Strategies LLC(2)

 

Senior Secured First Lien

    L + 600 (3)      8.33     05/2024       9,281,250       9,084,552       2.9       9,306,526  

Teaching Strategies LLC(2) (5)

 

Senior Secured First Lien

    L + 600 (3)      8.33     05/2024       182,466       169,700       0.1       184,180  

United Language Group, Inc.(2)

 

Senior Secured First Lien

    L + 600 (4)      8.50     12/2021       5,112,775       5,042,835       1.5       5,052,540  

Vistage Worldwide, Inc.

 

Senior Secured First Lien

    L + 400 (4)      6.40     02/2025       8,511,263       8,518,160       2.6       8,484,665  

Wrench Group LLC(2)

 

Senior Secured First Lien

    L + 425 (9)      6.45     04/2026       4,607,480       4,562,089       1.4       4,607,480  

Wrench Group LLC(2) (5)

 

Senior Secured First Lien

        04/2026                          

Wrench Group LLC(2)

 

Senior Secured Second Lien

    L + 788 (9)      10.07     04/2027       2,500,000       2,426,047       0.8       2,500,000  
         

 

 

   

 

 

   

 

 

   

 

 

 
                70,426,694           69,252,478       21.8           69,912,307  
         

 

 

   

 

 

   

 

 

   

 

 

 

Diversified Financials

               

Vanguard Holdings Corp.(2) (5)

 

Senior Secured First Lien

    L + 500 (4)      6.00     09/2023       526,916       507,539       0.1       526,916  

Vanguard Holdings Corp.(2)

 

Senior Secured First Lien

    L + 500 (4)      7.40     09/2023       11,761,125       11,556,947       3.7       11,761,125  

Vanguard Holdings Corp.(2) (5) (6)

 

Senior Secured First Lien

        09/2023             (12,112            
         

 

 

   

 

 

   

 

 

   

 

 

 
            12,288,041       12,052,374       3.8       12,288,041  
         

 

 

   

 

 

   

 

 

   

 

 

 

Energy

               

BJ Services, LLC(2) (10)

 

Senior Secured First Lien

    L + 1033 (3)      12.92     01/2023       8,500,000       8,421,815       2.6       8,500,000  

BJ Services, LLC(2)

 

Senior Secured First Lien

    L + 700 (3)      9.59     01/2023       5,000,000       4,954,541       1.6       5,000,000  
         

 

 

   

 

 

   

 

 

   

 

 

 
            13,500,000       13,376,356       4.2       13,500,000  
         

 

 

   

 

 

   

 

 

   

 

 

 

Food & Staples Retailing

               

Isagenix International, LLC

 

Senior Secured First Lien

    L + 575 (3)      8.08     06/2025       6,650,000       6,617,827       1.6       5,286,750  
         

 

 

   

 

 

   

 

 

   

 

 

 

Food, Beverage & Tobacco

               

Mann Lake Ltd.(2)

 

Senior Secured First Lien

    L + 550 (3)      7.82     10/2024       3,283,500       3,224,364       1.0       3,283,500  

Mann Lake Ltd.(2) (5)

 

Senior Secured First Lien

    L + 550 (3)      7.82     10/2024       54,000       38,217             54,000  
         

 

 

   

 

 

   

 

 

   

 

 

 
            3,337,500       3,262,581       1.0       3,337,500  
         

 

 

   

 

 

   

 

 

   

 

 

 

Health Care Equipment & Services

               

Ameda, Inc.(2)

 

Senior Secured First Lien

    L + 700 (4)      9.40     09/2022       2,565,122       2,532,429       0.8       2,466,039  

Ameda, Inc.(2) (5)

 

Senior Secured First Lien

    L + 700 (4)      9.40     09/2022       187,500       183,911       0.1       175,912  

Avalign Technologies, Inc.(2) (5) (6)

 

Senior Secured First Lien

        12/2025                         (2,062

 

See accompanying notes

 

9


Table of Contents

CRESCENT CAPITAL BDC, INC.

Consolidated Schedule of Investments (Unaudited)

June 30, 2019

 

   

Investment Type

  Spread
Above
Index *
    Interest
Rate
    Maturity
Date
    Principal
Amount,

Par
Value or
Shares
    Cost     Percentage
of Net
Assets **
    Fair
Value
 

Avalign Technologies, Inc.(2)

 

Senior Secured First Lien

    L + 450 (3)     
6.70

    12/2025     $ 17,094,549     $ 16,932,443       5.3   $ 17,051,813  

Carestream Health, Inc.(11)

 

Senior Secured First Lien

    L + 575 (4)      8.15     02/2021       198,407       198,434       0.1       192,455  

Carestream Health, Inc.(2) (11)

 

Senior Secured Second Lien

    L + 950 (4)      11.90     06/2021       154,612       154,612             148,814  

Centauri Health Solutions, Inc(2)

 

Senior Secured First Lien

    L + 500 (4)      7.40     01/2022       895,500       883,556       0.3       904,455  

Centauri Health Solutions, Inc.(2)

 

Senior Secured First Lien

    L + 500 (4)      7.40     01/2022       14,617,757       14,422,715       4.6       14,763,935  

Centauri Health Solutions, Inc.(2) (5) (6)

 

Senior Secured First Lien

        01/2022             (10,868           15,750  

CRA MSO, LLC(2)

 

Senior Secured First Lien

    L + 475 (4)      7.16     12/2023       1,243,750       1,221,516       0.4       1,243,750  

CRA MSO, LLC(2) (5) (6)

 

Senior Secured First Lien

        12/2023             (10,208            

ExamWorks Group, Inc.(2)

 

Senior Secured Second Lien

    L + 725 (4)      9.65     07/2024       5,735,294       5,610,673       1.8       5,706,618  

GrapeTree Medical Staffing, LLC(2)

 

Senior Secured First Lien

    L + 500 (4)      7.40     10/2022       1,670,250       1,649,893       0.5       1,670,250  

GrapeTree Medical Staffing, LLC(2) (5) (6)

 

Senior Secured First Lien

        10/2022             (5,201            

MDVIP, Inc.(2)

 

Senior Secured First Lien

    L + 425 (4)      6.65     11/2024       9,708,398       9,708,398       3.0       9,696,262  

NMN Holdings III Corp.(2)

 

Senior Secured Second Lien

    L + 775 (4)      10.15     11/2026       7,222,222       7,017,120       2.2       7,222,222  

NMN Holdings III Corp.(2) (5) (6)

 

Senior Secured Second Lien

        11/2026             (23,032            

NMSC Holdings, Inc.(2)

 

Senior Secured Second Lien

    L + 1000 (3)      12.58     10/2023       4,307,480       4,190,685       1.3       4,308,123  

Omni Ophthalmic Management Consultants,
LLC(2) (5) (6)

 

Senior Secured First Lien

        09/2021             (23,804            

Omni Ophthalmic Management Consultants, LLC(2)

 

Senior Secured First Lien

    L + 525 (4)      7.66     09/2021       6,982,500       6,881,310       2.2       6,982,500  

Professional Physical Therapy(2)

 

Senior Secured First Lien

   

L + 750

(including

400 PIK

 

 

)(3) 

    9.94     12/2022       8,819,513       8,432,281       2.3       7,232,000  

PT Network, LLC(2) (5)

 

Senior Secured First Lien

    P + 450 (7)      10.00     11/2021       318,486       317,518       0.1       310,437  

PT Network, LLC(2)

 

Senior Secured First Lien

    L + 550 (3)      8.10     11/2021       4,698,827       4,687,232       1.4       4,604,283  

Safco Dental Supply, LLC(2)

 

Senior Secured First Lien

    L + 550 (4)      7.91     06/2025       5,450,000       5,355,210       1.7       5,395,972  

Safco Dental Supply, LLC(2) (5) (6)

 

Senior Secured First Lien

        06/2025             (10,419           (5,948

Smile Brands, Inc.(2) (5)

 

Senior Secured First Lien

    P + 350 (7)      9.00     10/2023       80,000       77,444             78,500  

Smile Brands, Inc.(2) (5)

 

Senior Secured First Lien

    L + 450 (9)      7.38     10/2024       272,064       265,054       0.1       268,069  

Smile Brands, Inc.(2)

 

Senior Secured First Lien

    L + 450 (3)      7.38     10/2024       2,089,500       2,070,684       0.6       2,079,053  

Smile Doctors LLC(2) (5)

 

Senior Secured First Lien

    L + 600 (3)      8.33     10/2022       77,083       76,362             77,083  

Smile Doctors LLC(2)

 

Senior Secured First Lien

    L + 600 (3)      8.33     10/2022       3,189,146       3,157,864       1.0       3,221,037  

Smile Doctors LLC(2) (5)

 

Senior Secured First Lien

    L + 600 (3)      8.33     10/2022       1,201,420       1,197,526       0.4       1,221,738  

Upstream Rehabilition, Inc.(2)

 

Senior Secured First Lien

    L + 400 (4)      6.40     01/2024       2,117,750       2,109,441       0.7       2,117,666  

Upstream Rehabilition, Inc.(2) (5) (6)

 

Senior Secured First Lien

        01/2024             (752           (8

Zest Acquisition Corp.

 

Senior Secured First Lien

    L + 350 (4)      5.91     03/2025       8,874,663       8,875,321       2.6       8,467,937  
         

 

 

   

 

 

   

 

 

   

 

 

 
                109,771,793           108,125,348       33.5           107,614,655  
         

 

 

   

 

 

   

 

 

   

 

 

 

 

See accompanying notes

 

10


Table of Contents

CRESCENT CAPITAL BDC, INC.

Consolidated Schedule of Investments (Unaudited)

June 30, 2019

 

   

Investment Type

  Spread
Above
Index *
    Interest
Rate
    Maturity
Date
    Principal
Amount,

Par
Value or
Shares
    Cost     Percentage
of Net
Assets **
    Fair
Value
 

Household & Personal Products

               

Tranzonic(2)

 

Senior Secured First Lien

    L + 475 (4)      7.15     03/2023     $ 4,002,795     $ 3,970,445       1.3   $ 4,002,795  

Tranzonic(2) (5)

 

Senior Secured First Lien

    P + 375 (7)      9.25     03/2023       22,000       17,889             22,000  
         

 

 

   

 

 

   

 

 

   

 

 

 
            4,024,795       3,988,334       1.3       4,024,795  
         

 

 

   

 

 

   

 

 

   

 

 

 

Insurance

               

Comet Acquisition, Inc.

 

Senior Secured Second Lien

    L + 750 (3)      10.02     10/2026       4,632,123       4,621,188       1.4       4,608,962  

Integrity Marketing Group, LLC(2) (5)

 

Senior Secured First Lien

    L + 425 (3)      6.58     11/2025       2,600,000       2,532,583       0.8       2,552,265  

Integro Parent Inc.(2) (11)

 

Senior Secured First Lien

    L + 575 (3)      8.27     10/2022       482,642       477,672       0.2       472,989  

Integro Parent Inc.(2) (11)

 

Senior Secured Second Lien

    L + 925 (3)      11.65     10/2023       380,282       376,164       0.1       380,282  

Integro Parent Inc.(2) (11)

 

Senior Secured Second Lien

    L + 925 (3)      11.77     10/2023       2,915,493       2,878,119       0.9       2,915,493  
         

 

 

   

 

 

   

 

 

   

 

 

 
            11,010,540       10,885,726       3.4       10,929,991  
         

 

 

   

 

 

   

 

 

   

 

 

 

Materials

               

Kestrel Parent, LLC(2) (5) (6)

 

Senior Secured First Lien

        11/2023             (19,025            

Kestrel Parent, LLC(2)

 

Senior Secured First Lien

    L + 600 (4)      8.40     11/2025       6,774,067       6,616,332       2.1       6,774,067  

Maroon Group, LLC (2)

 

Senior Secured First Lien

    L + 675 (3)      9.10     08/2022       2,425,472       2,406,850       0.8       2,425,472  

Maroon Group, LLC (2) (5)

 

Senior Secured First Lien

    P + 575 (7)      11.25     08/2022       154,000       151,426             154,000  

Maroon Group, LLC (2) (5) (6)

 

Senior Secured First Lien

        08/2022             (9,194            
         

 

 

   

 

 

   

 

 

   

 

 

 
            9,353,539       9,146,389       2.9       9,353,539  
         

 

 

   

 

 

   

 

 

   

 

 

 

Media

               

Hoya Midco, LLC(2)

 

Senior Secured Second Lien

    L + 875 (4)      11.15     06/2025       540,540       514,470       0.2       545,946  
         

 

 

   

 

 

   

 

 

   

 

 

 

Pharmaceuticals, Biotechnology & Life Sciences

             

Trinity Partners, LLC(2)

 

Senior Secured First Lien

    L + 500 (3)      7.32     02/2023       3,211,957       3,174,370       1.0       3,211,957  

Trinity Partners, LLC(2) (5) (6)

 

Senior Secured First Lien

        02/2023             (6,560            
         

 

 

   

 

 

   

 

 

   

 

 

 
            3,211,957       3,167,810       1.0       3,211,957  
         

 

 

   

 

 

   

 

 

   

 

 

 

Retailing

               

Slickdeals Holdings, LLC(2) (5) (6)

 

Senior Secured First Lien

        06/2023             (15,794           3,636  

Slickdeals Holdings, LLC(2)

 

Senior Secured First Lien

    L + 600 (3)      8.44     06/2024       10,800,019       10,544,548       3.4       10,854,019  

Strategic Partners, Inc.(2)

 

Senior Secured First Lien

    L + 375 (4)      6.15     06/2023       6,354,683       6,343,938       2.0       6,362,626  
         

 

 

   

 

 

   

 

 

   

 

 

 
                17,154,702           16,872,692       5.4           17,220,281  
         

 

 

   

 

 

   

 

 

   

 

 

 

Software & Services

               

Ansira Partners, Inc.(2)

 

Senior Secured First Lien

    L + 575 (4)      8.15     12/2022       6,901,798       6,858,335       2.2       6,884,543  

Ansira Partners, Inc.(2) (5)

 

Senior Secured First Lien

    L + 575 (4)      8.17     12/2022       629,413       624,991       0.2       627,036  

Avaap USA LLC(2)

 

Senior Secured First Lien

    L + 525 (4)      7.65     03/2023       4,176,000       4,101,864       1.3       4,176,000  

Avaap USA LLC(2) (5) (6)

 

Senior Secured First Lien

        03/2023             (5,214            

Benesys, Inc.(2)

 

Senior Secured First Lien

    L + 425 (4)      6.66     10/2024       1,439,375       1,419,940       0.4       1,426,410  

Benesys, Inc.(2) (5)

 

Senior Secured First Lien

    L + 425 (3)      6.66     10/2024       60,000       58,026             58,649  

C-4 Analytics, LLC(2)

 

Senior Secured First Lien

    L + 450 (4)      6.90     08/2023       10,365,375       10,232,447       3.3       10,417,202  

C-4 Analytics, LLC(2) (5) (6)

 

Senior Secured First Lien

        08/2023             (7,251            

 

See accompanying notes

 

11


Table of Contents

CRESCENT CAPITAL BDC, INC.

Consolidated Schedule of Investments (Unaudited)

June 30, 2019

 

   

Investment Type

  Spread
Above
Index *
    Interest
Rate
    Maturity
Date
    Principal
Amount,

Par
Value or
Shares
    Cost     Percentage
of Net
Assets **
    Fair
Value
 

CAT Buyer, LLC(2)

 

Senior Secured First Lien

    L + 550 (4)      7.91     04/2024     $ 3,600,000     $ 3,522,925       1.1   $ 3,588,781  

CAT Buyer, LLC(2) (5) (6)

 

Senior Secured First Lien

        04/2024             (7,433           (1,091

Claritas, LLC(2)

 

Senior Secured First Lien

    L + 600 (3)      8.33     12/2023       1,135,625       1,124,831       0.4       1,135,625  

Claritas, LLC(2) (5)

 

Senior Secured First Lien

    L + 600 (3)      8.40     12/2023       37,500       34,678             37,500  

List Partners, Inc.(2)

 

Senior Secured First Lien

    L + 500 (4)      7.40     01/2023       4,646,375       4,577,590       1.5       4,692,839  

List Partners, Inc.(2) (5) (6)

 

Senior Secured First Lien

        01/2023             (9,669           14,000  

Mediaocean LLC

 

Senior Secured First Lien

    L + 425 (4)      6.66     08/2022       8,328,734       8,290,860       2.6       8,342,602  

Perforce Software Inc.(2)

 

Senior Secured First Lien

        07/2026       12,500,000       12,437,500       3.9       12,500,000  

Ruffalo Noel Levitz, LLC(2)

 

Senior Secured First Lien

    L + 600 (9)      8.69     05/2022       2,550,000       2,516,508       0.8       2,537,250  

Ruffalo Noel Levitz, LLC(2) (5) (6)

 

Senior Secured First Lien

        05/2022             (3,867           (1,500

SMS Systems Maintenance Services, Inc.(2) (12)

 

Senior Secured Second Lien

     
PIK
15.00
 
    10/2024       6,155,879       5,619,108       0.8       2,602,520  

SMS Systems Maintenance Services, Inc.(2) (12)

 

Senior Secured Second Lien

     
PIK
15.00
 
    10/2024       2,859,121       2,651,777       0.6       1,960,294  

SMS Systems Maintenance Services, Inc.(2) (12)

 

Senior Secured Second Lien

     
PIK
15.00
 
    10/2024       4,703,478       4,286,559       0.6       1,988,488  

Transportation Insight, LLC(2) (5)

 

Senior Secured First Lien

    L + 450 (4)      6.90     12/2024       107,143       100,536             103,393  

Transportation Insight, LLC(2)

 

Senior Secured First Lien

    L + 450 (4)      6.90     12/2024       5,233,700       5,186,667       1.6       5,207,531  

Transportation Insight, LLC(2) (5) (6)

 

Senior Secured First Lien

        12/2024             (11,111           (6,450

Winxnet Holdings LLC(2) (5) (6)

 

Senior Secured First Lien

        06/2023             (3,193           (3,088

Winxnet Holdings LLC(2)

 

Senior Secured First Lien

    L + 600 (4)      8.40     06/2023       1,980,000       1,947,159       0.6       1,964,715  

Winxnet Holdings LLC(2) (5)

 

Senior Secured First Lien

    L + 600 (4)      8.40     06/2023       80,000       73,608             76,912  
         

 

 

   

 

 

   

 

 

   

 

 

 
            77,489,516       75,618,171       21.9       70,330,161  
         

 

 

   

 

 

   

 

 

   

 

 

 

Technology Hardware & Equipment

               

Onvoy, LLC(2)

 

Senior Secured Second Lien

    L + 1050 (3)      13.10     02/2025       2,635,052       2,534,871       0.7       2,161,173  
         

 

 

   

 

 

   

 

 

   

 

 

 

Transportation

               

Pilot Air Freight, LLC(2)

 

Senior Secured First Lien

    L + 500 (4)      7.40     10/2022       5,444,753       5,416,203       1.7       5,444,753  

Pilot Air Freight, LLC(2) (5)

 

Senior Secured First Lien

    L + 500 (4)      7.40     10/2022       1,214,586       1,214,586       0.4       1,214,586  

Pilot Air Freight, LLC(2) (5) (6)

 

Senior Secured First Lien

        07/2024             (5,489            
         

 

 

   

 

 

   

 

 

   

 

 

 
            6,659,339       6,625,300       2.1       6,659,339  
         

 

 

   

 

 

   

 

 

   

 

 

 
Total Debt Investments
United States
          $     538,261,590     $     529,656,330       162.9   $     522,654,346  
         

 

 

   

 

 

   

 

 

   

 

 

 

Equity Investments

               

Automobiles & Components

               

AP Centric(2) (13)

 

Common Stock

          927       927,437             127,182  
         

 

 

   

 

 

   

 

 

   

 

 

 

Capital Goods

               

Alion Science and Technology
Corporation(2) (13)

 

Common Stock

          745,504       766,483       0.3       1,036,040  
         

 

 

   

 

 

   

 

 

   

 

 

 

Commercial & Professional Services

               

MHS Acquisition Holdings, LLC(2) (13)

 

Preferred Stock

          20       19,794             19,794  

MHS Acquisition Holdings, LLC(2) (13)

 

Common Stock

          913       912,639       0.2       613,473  

TecoStar Holdings, Inc.(2) (13)

 

Common Stock

          500,000       500,000       0.2       707,383  

 

See accompanying notes

 

12


Table of Contents

CRESCENT CAPITAL BDC, INC.

Consolidated Schedule of Investments (Unaudited)

June 30, 2019

 

   

Investment Type

  Spread
Above
Index *
    Interest
Rate
    Maturity
Date
    Principal
Amount,

Par
Value or
Shares
    Cost     Percentage
of Net
Assets **
    Fair
Value
 

Universal Services Equity Investments(2) (13)

 

Common Stock

          1,000,000     $ 1,000,000       0.9   $ 2,897,018  

USAGM HoldCo LLC(2) (13)

 

Common Stock

          346,956       558,223       0.3       1,005,138  
         

 

 

   

 

 

   

 

 

   

 

 

 
            1,847,889       2,990,656       1.6       5,242,806  
         

 

 

   

 

 

   

 

 

   

 

 

 

Consumer Services

               

Green Wrench Acquisition, LLC(2) (13)

 

Common Stock

          3,906       390,602       0.1       418,502  

Legalshield(2) (13)

 

Common Stock

          527       526,882       0.2       679,758  

Wrench Group Holdings, LLC(2) (13)

 

Common Stock, Class A

          1,094       109,398       0.1       117,212  
         

 

 

   

 

 

   

 

 

   

 

 

 
            5,527       1,026,882       0.4       1,215,472  
         

 

 

   

 

 

   

 

 

   

 

 

 

Diversified Financials

               

CBDC Senior Loan Fund
LLC(2) (5) (11) (14) (15)

 

Partnership Interest

          27,500,000       27,500,000       8.3       26,787,440  

Gacp II LP(2) (5) (11) (15)

 

Partnership Interest

          17,250,534       17,250,534       5.6       17,860,285  
         

 

 

   

 

 

   

 

 

   

 

 

 
            44,750,534       44,750,534       13.9       44,647,725  
         

 

 

   

 

 

   

 

 

   

 

 

 

Health Care Equipment & Services

               

ExamWorks Group, Inc.(2) (13)

 

Common Stock

          7,500       750,000       0.4       1,387,294  

MDVIP, Inc.(2) (13)

 

Common Stock

          46,807       666,667       0.3       923,178  

NMN Holdings LP(2) (13)

 

Common Stock

          11,111       1,111,111       0.4       1,103,796  
         

 

 

   

 

 

   

 

 

   

 

 

 
            65,418       2,527,778       1.1       3,414,268  
         

 

 

   

 

 

   

 

 

   

 

 

 

Insurance

               

Integro Parent Inc.(2) (11) (13)

 

Common Stock

          4,468       454,072       0.3       858,233  
         

 

 

   

 

 

   

 

 

   

 

 

 

Materials

               

Kestrel Upperco, LLC(2) (13)

 

Common Stock, Class A

          41,791       208,955       0.1       212,047  
         

 

 

   

 

 

   

 

 

   

 

 

 

Media

               

Vivid Seats Ltd.(2) (13)

 

Common Stock

          608,108       608,108       0.3       837,183  

Vivid Seats Ltd.(2) (13)

 

Preferred Stock

          1,891,892       1,891,892       0.7       2,411,082  
         

 

 

   

 

 

   

 

 

   

 

 

 
            2,500,000       2,500,000       1.0       3,248,265  
         

 

 

   

 

 

   

 

 

   

 

 

 

Retailing

               

Slickdeals Holdings, LLC(2) (13)

 

Common Stock

          109       1,090,911       0.4       1,418,577  
         

 

 

   

 

 

   

 

 

   

 

 

 

Software & Services

               

SMS Systems Maintenance Services, Inc.(2) (13)

 

Common Stock

          1,142,789       1,144,520              
         

 

 

   

 

 

   

 

 

   

 

 

 

Technology Hardware & Equipment

               

Onvoy, LLC(2) (13)

 

Common Stock, Class A

          3,649       364,948       0.1       232,118  

Onvoy, LLC(2) (13)

 

Common Stock, Class B

          2,536                    
         

 

 

   

 

 

   

 

 

   

 

 

 
            6,185       364,948       0.1       232,118  
         

 

 

   

 

 

   

 

 

   

 

 

 

Total Equity Investments
United States

          $     51,111,141     $     58,753,176       19.2   $ 61,652,733  
         

 

 

   

 

 

   

 

 

   

 

 

 

Total United States

            $ 588,409,506       182.1   $     584,307,079  
           

 

 

   

 

 

   

 

 

 
Canada                

Debt Investments

               

Software & Services

               

Corel Corp.(11)

 

Senior Secured First Lien

        06/2026     $ 12,500,000       11,875,000       3.8       12,104,188  
         

 

 

   

 

 

   

 

 

   

 

 

 

Total Debt Investments
Canada

          $ 12,500,000     $ 11,875,000       3.8   $ 12,104,188  
         

 

 

   

 

 

   

 

 

   

 

 

 
Total Canada             $ 11,875,000       3.8   $ 12,104,188  
           

 

 

   

 

 

   

 

 

 
France                

Debt Investments

               

Technology Hardware & Equipment

               

Parkeon, Inc.(11)

 

Senior Secured First Lien

   
E +
475
 
(16) 
    4.75     04/2023     1,994,499       2,118,934       0.7       2,282,693  

 

See accompanying notes

 

13


Table of Contents

CRESCENT CAPITAL BDC, INC.

Consolidated Schedule of Investments (Unaudited)

June 30, 2019

 

   

Investment Type

  Spread
Above
Index *
    Interest
Rate
    Maturity
Date
    Principal
Amount,

Par
Value or
Shares
    Cost   Percentage
of Net
Assets **
    Fair
Value
 
Total Debt Investments
France
          1,994,499     $ 2,118,934       0.7   $ 2,282,693  
         

 

 

   

 

 

 

 

 

 

   

 

 

 
Total France             $ 2,118,934       0.7   $ 2,282,693  
           

 

 

 

 

 

 

   

 

 

 
United Kingdom                

Debt Investments

               

Commercial & Professional Services

 

       

Crusoe Bidco Limited(2) (11)

 

Senior Secured First Lien

    L + 625 (17)      7.02     12/2025     £ $    6,067,416     $ 7,388,900       2.4   $ 7,722,002  

Crusoe Bidco Limited(2) (5) (6) (11)

 

Senior Secured First Lien

        12/2025                          
         

 

 

   

 

 

 

 

 

 

   

 

 

 
            6,067,416       7,388,900       2.4       7,722,002  
         

 

 

   

 

 

 

 

 

 

   

 

 

 
Total Debt Investments
United Kingdom
          £ 6,067,416     $ 7,388,900       2.4   $ 7,722,002  
         

 

 

   

 

 

 

 

 

 

   

 

 

 
Total United Kingdom             $ 7,388,900       2.4   $ 7,722,002  
           

 

 

 

 

 

 

   

 

 

 
Netherlands                

Debt Investments

               

Pharmaceuticals, Biotechnology & Life Sciences

 

       

PharComp Parent B.V.(2) (5) (6) (11)

 

Senior Secured First Lien

        02/2025                       (63,802

PharComp Parent B.V.(2) (10) (11)

 

Senior Secured First Lien

    E + 650 (16)      6.50     02/2025       6,909,804       7,608,585       2.4       7,632,821  
         

 

 

   

 

 

 

 

 

 

   

 

 

 
            6,909,804       7,608,585       2.4       7,569,019  
         

 

 

   

 

 

 

 

 

 

   

 

 

 
Total Debt Investments
Netherlands
          6,909,804     $ 7,608,585       2.4   $ 7,569,019  
         

 

 

   

 

 

 

 

 

 

   

 

 

 
Total Netherlands             $ 7,608,585       2.4   $ 7,569,019  
           

 

 

 

 

 

 

   

 

 

 
Belgium                

Debt Investments

               

Commercial & Professional Services

 

       

MIR Bidco SA(2) (11) (13) (16)

 

Senior Secured First Lien

    E + 625       6.25     03/2026     9,507,204       10,432,000       3.4       10,826,808  
         

 

 

   

 

 

 

 

 

 

   

 

 

 
Total Debt Investments
Belgium
          9,507,204     $ 10,432,000       3.4   $ 10,826,808  
         

 

 

   

 

 

 

 

 

 

   

 

 

 

Equity Investments

               

Commercial & Professional Services

               

MIR Bidco SA(2) (11) (13)

 

Common Stock

        921       1,035             1,047  

MIR Bidco SA(2) (11) (13)

 

Preferred Stock

          81,384       91,444             92,559  
         

 

 

   

 

 

 

 

 

 

   

 

 

 
            82,305       92,479             93,606  
         

 

 

   

 

 

 

 

 

 

   

 

 

 
Total Equity Investments
Belgium
          82,305     $ 92,479         $ 93,606  
         

 

 

   

 

 

 

 

 

 

   

 

 

 
Total Belgium             $ 10,524,479       3.4   $ 10,920,414  
           

 

 

 

 

 

 

   

 

 

 
Total Investments             $     627,925,404       194.8   $     624,905,395  
           

 

 

 

 

 

 

   

 

 

 

 

*

The majority of the investments bear interest at a rate that may be determined by reference to London Interbank Offered Rate (“LIBOR” or “L”), Prime (“P”) or EURIBOR (“E”) 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, 2019. 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 $320,784,269 as of June 30, 2019.

 

(1)

All positions held are non-controlled/non-affiliated investments, unless otherwise denoted, 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.

 

(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, 2019 was 2.32%.

 

(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, 2019 was 2.40%.

 

(5)

Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion. See Note 8 “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.

 

See accompanying notes

 

14


Table of Contents

CRESCENT CAPITAL BDC, INC.

Consolidated Schedule of Investments (Unaudited)

June 30, 2019

 

(7)

The interest rate on these loans is subject to the U.S. Prime rate, which as of June 30, 2019 was 5.50%.

 

(8)

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, 2019 was 2.18%.

 

(9)

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, 2019 was 2.20%.

 

(10)

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.

 

(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, 2019.

 

(13)

Non-income producing security.

 

(14)

As defined in the Investment Company Act of 1940, the portfolio company is deemed to be a “controlled affiliated person” of the Company because the Company owns, either directly or indirectly, 25% or more of the portfolio company’s outstanding voting securities or has the power to exercise control over management or policies of such portfolio company. See Note 3 “Agreements and Related Party Transactions”.

 

(15)

This investment was valued using net asset value as a practical expedient for fair value. Consistent with FASB guidance under ASC 820, these investments are excluded from the hierarchical levels.

 

(16)

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, 2019 was (0.35)%.

 

(17)

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, 2019 was 0.77%.

Foreign Currency Exchange

Contracts

 

Counterparty

   Currency
Purchased
     Currency Sold      Settlement      Unrealized
Appreciation
(Depreciation)
 

Wells Fargo Bank, N.A.

     USD 7,974,709        GBP 5,885,394        12/01/2023      $ 187,311  

Wells Fargo Bank, N.A.

     USD 11,682,415        EUR 9,221,988        04/10/2024        (8,691

Wells Fargo Bank, N.A.

     USD 8,602,672        EUR 6,702,510        02/20/2024        120,767  

 

 
            $     299,387  

 

 

 

EUR

Euro

GBP

Great British Pound

PIK

Payment In-Kind

USD

United States Dollar

 

See accompanying notes

 

15


Table of Contents

CRESCENT CAPITAL BDC, INC.

Consolidated Schedule of Investments

December 31, 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)      11.41     05/2025     $ 9,072,563     $ 8,800,463       2.9   $ 7,607,476  

Auto-Vehicle Parts, LLC(2)

 

Senior Secured First Lien

    L + 450 (4)      7.01     01/2023       4,857,500       4,795,943       1.9       4,857,500  

Auto-Vehicle Parts, LLC(2) (5) (6)

 

Senior Secured First Lien

        01/2023             (7,211            

Continental Battery Company(2)

 

Senior Secured First Lien

    L + 450 (4)      7.02     12/2022       4,013,625       3,954,779       1.5       4,013,625  

Continental Battery Company(2) (5) (6)

 

Senior Secured First Lien

        12/2022             (11,755            

Continental Battery Company(2) (5)

 

Senior Secured First Lien

    L + 450 (4)      7.02     12/2022       2,881,415       2,835,581       1.1       2,881,415  

Empire Auto Parts, LLC(2)

 

Senior Secured First Lien

    L + 550 (3)      8.25     09/2024       2,493,750       2,446,027       1.0       2,493,750  

Empire Auto Parts, LLC(2) (5) (6)

 

Senior Secured First Lien

        09/2024             (7,569            

POC Investors, LLC(2)

 

Senior Secured First Lien

    L + 550 (3)      8.32     11/2021       6,000,204       5,939,037       2.3       6,000,204  

POC Investors, LLC(2) (5) (6)

 

Senior Secured First Lien

        11/2021             (6,597            
         

 

 

   

 

 

 

 

 

 

 

 

 

 

 
                29,319,057           28,738,698       10.7           27,853,970  
         

 

 

   

 

 

 

 

 

 

 

 

 

 

 

Capital Goods

               

Alion Science and Technology Corporation

 

Senior Secured First Lien

    L + 450 (4)      7.02     08/2021       3,000,000       3,000,000       1.2       2,998,605  

Alion Science and Technology Corporation(2)

 

Unsecured Debt

      11.00     08/2022       6,542,905       6,407,624       2.5       6,542,905  

Midwest Industrial Rubber(2)

 

Senior Secured First Lien

    L + 550 (3)      8.30     12/2021       5,467,312       5,404,426       2.1       5,467,312  

Midwest Industrial Rubber(2) (5)

 

Senior Secured First Lien

    L + 550 (3)      8.32     12/2021       87,500       81,734             87,500  

Potter Electric Signal Company(2) (5)

 

Senior Secured First Lien

    P + 350 (7)      9.00     12/2022       78,750       74,289             76,500  

Potter Electric Signal Company(2)

 

Senior Secured First Lien

    L + 450 (8)      7.27     12/2023       2,530,875       2,503,862       1.0       2,518,220  

Potter Electric Signal Company(2) (5) (6)

 

Senior Secured First Lien

        12/2023             (6,939           (3,500
         

 

 

   

 

 

 

 

 

 

 

 

 

 

 
            17,707,342       17,464,996       6.8       17,687,542  
         

 

 

   

 

 

 

 

 

 

 

 

 

 

 

Commercial & Professional Services

               

Advantage Sales & Marketing, Inc.

 

Senior Secured First Lien

    L + 325 (4)      5.77     07/2021       820,025       820,221       0.3       728,453  

Advantage Sales & Marketing, Inc.

 

Senior Secured Second Lien

    L + 650 (4)      9.02     07/2022       500,000       501,967       0.1       396,043  

Allied Universal Holdco, LLC(2)

 

Senior Secured Second Lien

    L + 850 (4)      11.02     07/2023       750,000       717,248       0.3       723,460  

ASP MCS Acquisition Corp.

 

Senior Secured First Lien

    L + 475 (4)      7.27     05/2024       5,294,375       5,272,970       1.7       4,341,387  

BFC Solmetex LLC & Bonded Filter Co.
LLC(2) (5)

 

Senior Secured First Lien

    L + 625 (3)      9.05     04/2023       150,000       135,628       0.1       157,500  

BFC Solmetex LLC & Bonded Filter Co. LLC(2)

 

Senior Secured First Lien

    L + 625 (3)      9.05     09/2023       6,671,500       6,541,771       2.5       6,738,216  

BFC Solmetex LLC & Bonded Filter Co.
LLC(2) (5) (6)

 

Senior Secured First Lien

        09/2023             (8,049           8,500  

CHA Holdings, Inc(2)

 

Senior Secured First Lien

    L + 450 (3)      7.30     04/2025       4,903,929       4,881,407       1.9       4,897,799  

CHA Holdings, Inc(2) (5) (6)

 

Senior Secured First Lien

        04/2025             (4,813           (1,339

DFS Intermediate Holdings, LLC(2)

 

Senior Secured First Lien

    L + 525 (4)      7.77     03/2022       8,887,200       8,766,354       3.4       8,887,200  

DFS Intermediate Holdings, LLC(2) (5)

 

Senior Secured First Lien

    L + 525 (4)      7.77     03/2022       3,618,977       3,529,500       1.4       3,618,977  

GH Holding Company(2)

 

Senior Secured First Lien

    L + 450 (4)      7.02     02/2023       1,488,750       1,482,380       0.6       1,488,750  

 

See accompanying notes

 

16


Table of Contents

CRESCENT CAPITAL BDC, INC.

Consolidated Schedule of Investments

December 31, 2018

 

                                                                                                                                                                               
   

Investment Type

  Spread
Above
Index *
    Interest
Rate
    Maturity
Date
    Principal
Amount,
Par
Value or
Shares
    Cost   Percentage
of Net
Assets **
  Fair
Value
 

GI Revelation Acquisition LLC

 

Senior Secured First Lien

    L + 500 (4)      7.52     04/2025     $ 7,471,228     $ 7,435,645       2.8   $ 7,368,499  

Hepaco, LLC(2) (5) (6)

 

Senior Secured First Lien

        08/2023             (3,286            

Hepaco, LLC(2)

 

Senior Secured First Lien

    L + 475 (4)      7.27     08/2024       5,204,250       5,157,182       2.0       5,204,250  

Hepaco, LLC(2) (5)

 

Senior Secured First Lien

    L + 475 (4)      7.21     08/2024       3,433,020       3,392,304       1.3       3,433,020  

Jordan Healthcare Inc.(2)

 

Senior Secured First Lien

    L + 550 (3)      8.30     07/2022       4,062,476       4,030,903       1.6       4,062,476  

Jordan Healthcare Inc.(2) (5)

 

Senior Secured First Lien

    L + 550 (3)      8.30     07/2022       705,218       694,965       0.3       705,218  

Jordan Healthcare, Inc.(2) (5)

 

Senior Secured First Lien

    L + 550 (3)      8.30     07/2022       90,000       86,709             90,000  

MHS Acquisition Holdings, LLC(2)

 

Senior Secured Second Lien

    L + 875 (3)      11.55     03/2025       8,101,633       7,905,202       2.9       7,605,814  

MHS Acquisition Holdings, LLC(2) (5)

 

Senior Secured Second Lien

    L + 875 (3)      11.55     03/2025       466,576       448,746       0.2       402,206  

MHS Acquisition Holdings, LLC(2)

 

Unsecured Debt

    L +1350 PIK (3)      13.50     03/2026       624,285       615,675       0.2       540,006  

MHS Acquisition Holdings, LLC(2)

 

Unsecured Debt

    L + 1350 PIK (3)      13.50     03/2026       208,011       205,222       0.1       179,930  

SavATree, LLC(2) (5)

 

Senior Secured First Lien

    P + 425 (7)      9.75     06/2022       195,545       190,769       0.1       195,545  

SavATree, LLC(2)

 

Senior Secured First Lien

    L + 525 (3)      8.05     06/2022       3,646,625       3,596,594       1.4       3,646,625  

SavATree, LLC(2) (5) (6)

 

Senior Secured First Lien

        06/2022             (7,518            

TecoStar Holdings, Inc.(2)

 

Senior Secured Second Lien

    L + 850 (4)      10.89     11/2024       5,000,000       4,895,359       1.9       5,032,782  

USAGM HoldCo LLC

 

Senior Secured Second Lien

    L + 850 (4)      11.02     07/2023       10,000,000       9,733,031       3.7       9,525,000  

USAGM HoldCo LLC(2)

 

Senior Secured Second Lien

      11.00     07/2023       2,380,952       2,342,426       0.9       2,296,699  

Valet Waste Holdings, Inc.

 

Senior Secured First Lien

    L + 400 (4)      6.52     09/2025       14,962,500       14,926,164       5.7       14,700,656  

Xcentric Mold and Engineering Acquisition Company, LLC(2)

 

Senior Secured First Lien

    L + 550 (4)      7.88     01/2022       4,961,625       4,897,993       1.9       4,986,433  

Xcentric Mold and Engineering Acquisition Company, LLC(2) (5)

 

Senior Secured First Lien

    L + 550 (4)      7.88     01/2022       612,500       604,082       0.2       616,000  
         

 

 

   

 

 

 

 

 

 

 

 

 

 

 
                105,211,200           103,784,751       39.5           102,576,105  
         

 

 

   

 

 

 

 

 

 

 

 

 

 

 

Consumer Durables & Apparel

               

EiKo Global, LLC(2)

 

Senior Secured First Lien

    L + 600 (3)      8.80     06/2023       2,487,500       2,442,612       0.9       2,487,500  

EiKo Global, LLC(2) (5)

 

Senior Secured First Lien

    L + 600 (3)      8.80     06/2023       135,000       127,055       0.1       135,000  
         

 

 

   

 

 

 

 

 

 

 

 

 

 

 
            2,622,500       2,569,667       1.0       2,622,500  
         

 

 

   

 

 

 

 

 

 

 

 

 

 

 

Consumer Services

               

Counsel On Call, LLC(2)

 

Senior Secured First Lien

    L + 550 (4)      8.03     09/2022       2,731,125       2,706,868       1.1       2,758,436  

Counsel On Call, LLC(2) (5) (6)

 

Senior Secured First Lien

        09/2022             (3,134           4,000  

Counsel On Call, LLC(2) (5)

 

Senior Secured First Lien

    L + 550 (4)      8.03     09/2022       299,247       295,490       0.1       303,739  

Iconic Group, Inc.(2)

 

Senior Secured First Lien

    L + 500 (4)      7.51     05/2024       1,093,661       1,083,587       0.4       1,093,661  

Iconic Group, Inc.(2) (5) (6)

 

Senior Secured First Lien

        05/2024             (2,261            

Learn-It Systems, LLC(2)

 

Senior Secured First Lien

    L + 525 (4)      7.78     07/2023       4,242,384       4,182,523       1.6       4,242,384  

Learn-It Systems, LLC(2) (5)

 

Senior Secured First Lien

    L + 525 (4)      7.78     07/2023       120,000       115,889             120,000  

New Mountain Learning(2)

 

Senior Secured First Lien

    L + 550 (3)      8.30     03/2024       2,217,583       2,178,153       0.8       2,077,413  

New Mountain Learning(2) (5) (6)

 

Senior Secured First Lien

        03/2024             (10,407           (37,925

 

See accompanying notes

 

17


Table of Contents

CRESCENT CAPITAL BDC, INC.

Consolidated Schedule of Investments

December 31, 2018

 

                                                                                                                                                                               
   

Investment Type

  Spread
Above
Index *
    Interest
Rate
    Maturity
Date
    Principal
Amount,
Par

Value or
Shares
    Cost   Percentage
of Net
Assets **
  Fair
Value
 

NS Intermediate Holdings, LLC(2)

 

Senior Secured First Lien

    L + 500 (4)      7.52     09/2021     $ 3,152,852     $ 3,118,298       1.2   $ 3,152,852  

NS Intermediate Holdings, LLC(2) (5) (6)

 

Senior Secured First Lien

        09/2021             (2,398       &n