10-Q 1 tm2118616d1_10q.htm FORM 10-Q

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

 

FORM 10-Q

 

 

 

(Mark One)

 

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

 

For the quarterly period ended June 30, 2021

 

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: 814-01154

 

 

 

AUDAX CREDIT BDC INC.

(Exact name of registrant as specified in its charter)

 

 

 

DELAWARE   47-3039124

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

101 HUNTINGTON AVENUE    
BOSTON, MASSACHUSETTS   02199
(Address of principal executive office)   (Zip Code)

 

(617) 859-1500

(Registrant’s telephone number, including area code)

 

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:

None.

 

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

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T 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 12 b-2 of the Exchange Act.

 

Large accelerated filer ¨ Accelerated filer ¨
       
Non-accelerated filer x Smaller reporting company ¨
       
Emerging growth company x    

 

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

 

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

 

The registrant had 39,961,405 shares of common stock, par value $0.001 per share, outstanding as of August 13, 2021.

 

 

 

 

 

 

AUDAX CREDIT BDC INC.

TABLE OF CONTENTS

 

PART I. FINANCIAL INFORMATION:  
     
Item 1. Financial Statements  
     
  Statements of Assets and Liabilities as of June 30, 2021 (unaudited) and December 31, 2020   2
  Statements of Operations for the three and six months ended June 30, 2021 (unaudited) and 2020 (unaudited) 3
  Statements of Changes in Net Assets for the six months ended June 30, 2021 (unaudited) and 2020 (unaudited) 4
  Statements of Cash Flows for the six months ended June 30, 2021 (unaudited) and 2020 (unaudited) 5
  Schedules of Investments as of June 30, 2021 (unaudited) and December 31, 2020 6
  Notes to Financial Statements (unaudited) 16
     
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations  
     
  Overview 37
  Results of Operations 39
  Financial Condition, Liquidity and Capital Resources 41
     
Item 3. Quantitative and Qualitative Disclosures About Market Risk 48
     
Item 4. Controls and Procedures 49
     
PART II. OTHER INFORMATION:  
     
Item 1. Legal Proceedings 50
     
Item 1A. Risk Factors 50
     
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 50
     
Item 3. Defaults Upon Senior Securities 50
     
Item 4. Mine Safety Disclosures 50
     
Item 5. Other Information 51
     
Item 6. Exhibits 51
   
SIGNATURES 52

 

 

 

 

Audax Credit BDC Inc.

Statements of Assets and Liabilities
June 30, 2021 and December 31, 2020

(Expressed in U.S. Dollars)

 

   June 30, 2021    
   (unaudited)   December 31, 2020 
Assets          
Investments, at fair value          
Non-Control/Non-Affiliate investments (Cost of $356,415,001 and $358,990,792, respectively)  $355,059,390   $355,359,843 
Cash and cash equivalents   20,393,297    4,289,122 
Interest receivable   997,607    954,012 
Receivable from investments sold   229,794    - 
Receivable from bank loan repayment   22,493    - 
Other assets   97,500    - 
           
Total assets  $376,800,081   $360,602,977 
           
Liabilities          
Accrued expenses and other liabilities  $190,580   $316,522 
Fee due to administrator(a)   66,250    66,250 
Fees due to investment advisor, net of waivers(a)   626,320    614,844 
Payable for investments purchased   11,337,405    2,722,500 
           
Total liabilities  $12,220,555   $3,720,116 
Commitments and contingencies(b)          
           
Net Assets          
Common stock, $0.001 par value per share, 100,000,000 shares authorized, 39,009,533 and 38,343,580 shares issued and outstanding, respectively  $39,009   $38,343 
Capital in excess of par value   369,880,141    363,826,108 
Total distributable earnings   (5,339,624)   (6,981,590)
Total Net Assets  $364,579,526   $356,882,861 
           
Net Asset Value per Share of Common Stock at End of Period  $9.35   $9.31 
           
Shares Outstanding   39,009,533    38,343,580 

 

  (a) Refer to Note 4-Related Party Transactions for additional information.
  (b) Refer to Note 8-Commitments and Contingencies for additional information.

 

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

 

2

 

Audax Credit BDC Inc.

Statements of Operations

(Expressed in U.S. Dollars)

(unaudited)

 

   Three Months Ended   Three Months Ended   Six Months Ended   Six Months Ended 
   June 30, 2021   June 30, 2020   June 30, 2021   June 30, 2020 
Investment Income                    
Interest income                    
Non-Control/Non-Affiliate  $4,762,471   $4,961,112   $9,531,156   $10,163,820 
Other   356    1,325    630    29,995 
Total interest income   4,762,827    4,962,437    9,531,786    10,193,815 
Other income                    
Non-Control/Non-Affiliate   15,488    124,633    63,002    139,373 
Total income   4,778,315    5,087,070    9,594,788    10,333,188 
                     
Expenses                    
Base management fee(a)  $948,730   $942,530   $1,862,780   $1,823,382 
Incentive fee(a)   96,455    623,599    387,748    1,284,958 
Administrative fee(a)   66,250    66,250    132,500    132,500 
Directors' fees   56,250    52,500    112,500    105,000 
Professional fees   144,378    139,116    237,696    237,058 
Other expenses   116,707    59,805    205,930    108,190 
                     
Expenses before waivers from investment adviser and administrator   1,428,770    1,883,800    2,939,154    3,691,088 
Base management fee waivers(a)   (332,055)   (329,886)   (651,972)   (638,184)
Incentive fee waivers(a)   (86,809)   (552,873)   (348,973)   (1,116,651)
Total expenses, net of waivers   1,009,906    1,001,041    1,938,209    1,936,253 
Net Investment Income   3,768,409    4,086,029    7,656,579    8,396,935 
                     
Realized and Unrealized Gain (Loss) on Investments                    
Net realized (loss) gain on investments   (696,642)   384    (633,372)   (3,392)
Net change in unrealized appreciation (depreciation) on investments   1,149,424    2,368,943    2,275,338    (13,168,590)
Net realized and unrealized gain (loss) on investments   452,782    2,369,327    1,641,966    (13,171,982)
                     
Net Increase (Decrease) in Net Assets Resulting from Operations  $4,221,191   $6,455,356   $9,298,545   $(4,775,047)
                     
Basic and Diluted per Share of Common Stock:                    
Net investment income  $0.10   $0.11   $0.20   $0.23 
Net increase (decrease) in net assets resulting from operations  $0.11   $0.17   $0.24   $(0.13)
                     
Weighted average shares of common stock outstanding basic diluted   39,009,531    37,769,447    38,983,776    37,155,262 

 

  (a) Refer to Note 4-Related Party Transactions for additional information

 

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

 

3

 

 

Audax Credit BDC Inc.

Statements of Changes in Net Assets

(Expressed in U.S. Dollars)

(unaudited)

 

 

   Six Months Ended
June 30, 2021		   Six Months Ended
June 30, 2020		 
Operations          
Net investment income  $7,656,579   $8,396,935 
Net realized loss on investments   (633,372)   (3,392)
Net change in unrealized appreciation (depreciation) on investments   2,275,338    (13,168,590)
Net increase (decrease) in net assets resulting from operations   9,298,545    (4,775,047)
           
Distributions:          
Distributions to common stockholders   (7,656,579)   (8,125,607)
Return of capital to common stockholders   (145,326)   - 
Total distributions   (7,801,905)   (8,125,607)
           
Capital Share Transactions:          
Issuance of common stock   6,200,000    25,000,000 
Reinvestment of common stock   25    26 
Net increase in net assets from capital share transactions   6,200,025    25,000,026 
           
Net Increase in Net Assets   7,696,665    12,099,372 
           
Net Assets, Beginning of Period   356,882,861    331,399,673 
           
Net Assets, End of Period  $364,579,526   $343,499,045 

 

The accompanying notes are an integral part of these financial statements

 

4

 

Audax Credit BDC Inc.

Statements of Cash Flows

(Expressed in U.S. Dollars)

(unaudited)

 

 

   Six Months Ended   Six Months Ended 
   June 30, 2021   June 30, 2020 
Cash flows from operating activities:          
Net increase (decrease) in net assets resulting from operations     $9,298,545   $(4,775,047)
Adjustments to reconcile net increase (decrease) in net assets from operations to net cash provided by (used in) operating activities:           
Net realized loss on investments   633,372    3,392 
Net change in unrealized (appreciation) depreciation on investments   (2,275,338)   13,168,590 
Accretion of original issue discount interest and payment-in-kind interest   (380,092)   (216,568)
(Increase) Decrease in receivable from investments sold      (229,794)   1,993,379 
Increase in interest receivable    (43,595)   (32,583)
(Increase) decrease in receivable from bank loan repayment    (22,493)   70,177 
Increase in other assets   (97,500)   (98,529)
(Decrease) increase in accrued expenses and other liabilities    (125,942)   24,234 
Increase (decrease) in fees due to investment advisor(a)       11,476    (4,766)
Increase (decrease) in payable for investments purchased      8,614,905    (6,945,000)
Investment activity:          
Investments purchased    (55,617,977)   (36,506,991)
Proceeds from investments sold   10,135,008    5,743,556 
Repayment of bank loans   47,805,480    20,918,019 
Total investment activity   2,322,511    (9,845,416)
           
Net cash provided by (used in) operating activities   17,706,055    (6,658,137)
           
Cash flows from financing activities:           
Issuance of shares of common stock    6,200,000    25,000,000 
Distributions paid to common stockholders   (7,801,880)   (8,125,581)
           
Net cash (used in) provided by financing activities   (1,601,880)   16,874,419 
           
Net increase in cash and cash equivalents    16,104,175    10,216,282 
           
Cash and cash equivalents:          
Cash and cash equivalents, beginning of period   4,289,122    5,506,217 
           
Cash and cash equivalents, end of period  $20,393,297   $15,722,499 
           
Supplemental non-cash information          
Issuance of common shares in connection with dividend reinvestment plan  $25   $26 
Payment-in-kind ("PIK") interest income  $110,285   $35,921 

 

(a)Refer to Note 4-Related Party Transactions for additional information

 

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

 

5

 

Audax Credit BDC Inc.

Schedule of Investments 

As of June 30, 2021 

(Expressed in U.S. Dollars) 

(unaudited)

 

Portfolio Investments (a) (b) (c) (d) (e) (f)  Par   Cost   Value 
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS - (97.3%)(g)(h):            
             
Healthcare & Pharmaceuticals               
Radiology Partners, Senior Secured Term B Loan (First Lien), 4.40% (Libor + 4.25%), maturity 7/9/25(i)  $4,215,792   $4,350,391   $4,220,971 
Advarra, Senior Secured Initial Term Loan (First Lien), 5.25% (Libor + 4.25%), maturity 7/9/26   4,166,817    4,135,365    4,166,816 
Young, Senior Secured Initial Term Loan (First Lien), 5.00% (Libor + 4.00%), maturity 11/7/24   3,775,182    3,767,147    3,737,430 
InHealth Medical Alliance, Senior Secured Term Loan, 7.00% (Libor + 6.00%), maturity 7/3/28(i)   3,500,000    3,465,000    3,465,000 
Confluent Health, Senior Secured Initial Term Loan, 5.15% (Libor + 5.00%), maturity 6/24/26   3,436,203    3,409,760    3,436,202 
PharMedQuest, Senior Secured Initial Term Loan, 6.50% (Libor + 5.50%), maturity 10/31/24   3,295,898    3,263,753    3,287,658 
Zest Dental, Senior Secured Initial Term Loan (First Lien), 3.65% (Libor + 3.50%), maturity 3/14/25(i)   3,247,592    3,262,271    3,175,047 
Veritext, Senior Secured Initial Term Loan (First Lien), 3.40% (Libor + 3.25%), maturity 8/1/25(i)   3,137,207    3,122,963    3,120,998 
Waystar, Senior Secured Term Loan B, 4.15% (Libor + 4.00%), maturity 10/22/26(i)   2,964,987    2,956,808    2,973,817 
Physicians Endoscopy, Senior Secured Initial Term Loan (First Lien), 5.25% (Libor + 4.25%), maturity 8/18/23   2,867,533    2,852,719    2,810,182 
Soliant, Senior Secured Term Loan, 5.00% (Libor + 4.25%), maturity 3/31/28   2,500,000    2,481,250    2,500,000 
Packaging Coordinators, Senior Secured Term B Loan (First Lien), 4.25% (Libor + 3.50%), maturity 11/30/27(i)   2,493,750    2,485,170    2,498,902 
Zelis RedCard, Senior Secured Initial Term Loan, 3.65% (Libor + 3.50%), maturity 9/30/26(i)   2,432,866    2,421,059    2,430,426 
OB Hospitalist Group, Senior Secured Initial Term Loan (First Lien), 5.25% (Libor + 4.25%), maturity 8/1/24   2,316,088    2,308,642    2,316,088 
Premise Health, Senior Secured Initial Term Loan (First Lien), 3.65% (Libor + 3.50%), maturity 7/10/25   2,294,397    2,300,122    2,294,397 
Press Ganey, Senior Secured Initial Term Loan (First Lien), 3.65% (Libor + 3.50%), maturity 7/24/26(i)   1,965,000    1,959,329    1,957,526 
Avalign Technologies, Senior Secured Initial Term Loan (First Lien), 4.65% (Libor + 4.50%), maturity 12/22/25   1,950,000    1,937,919    1,925,625 
CareCentrix, Senior Secured Initial Term Loan, 4.65% (Libor + 4.50%), maturity 4/3/25   1,837,500    1,832,007    1,837,500 
Alpaca, Senior Secured Term Loan, 7.75% (Libor + 6.75%), maturity 4/19/24(j)   1,648,889    1,629,789    1,595,300 
Symplr, Senior Secured Initial Term Loan (First Lien), 5.25% (Libor + 4.50%), maturity 12/22/27(i)   1,496,250    1,473,750    1,499,756 
nThrive, Senior Secured Initial Loan (Second Lien), 8.50% (Libor + 7.75%), maturity 1/29/29   1,500,000    1,470,000    1,496,250 
Therapy Brands, Senior Secured Initial Term Loan (First Lien), 4.75% (Libor + 4.00%), maturity 5/18/28   1,500,000    1,492,500    1,488,750 
Upstream Rehabilitation, Senior Secured Term Loan, 4.65% (Libor + 4.50%), maturity 11/20/26(i)   1,481,250    1,479,427    1,485,172 
CPS, Unitranche, 6.50% (Libor + 5.50%), maturity 2/28/25   1,470,161    1,455,487    1,451,784 
Stepping Stones, Unitranche, 7.25% (Libor + 6.25%), maturity 3/9/27   1,435,441    1,419,738    1,431,853 
Tecomet, Senior Secured 2017 Term Loan (First Lien), 4.50% (Libor + 3.50%), maturity 5/1/24(i)   1,161,987    1,158,529    1,153,856 
nThrive, Senior Secured Initial Term Loan (First Lien), 4.50% (Libor + 3.75%), maturity 1/28/28(i)   1,000,000    995,000    1,000,681 
Veritext, Senior Secured Initial Term Loan (Second Lien), 7.15% (Libor + 7.00%), maturity 7/31/26   1,000,000    996,402    997,500 
Allied Benefit Systems, Senior Secured Initial Term B Loan, 5.50% (Libor + 4.75%), maturity 11/18/26   995,000    981,590    995,000 
Solis Mammography, Senior Secured Term Loan, 5.50% (Libor + 4.75%), maturity 4/17/28   1,000,000    990,000    995,000 
Solis Mammography, Senior Secured Term Loan (Second Lien ), 8.75% (Libor + 8.00%), maturity 4/1/29   1,000,000    985,000    995,000 
Wedgewood Pharmacy, Senior Secured TL, 5.25% (Libor + 4.50%), maturity 3/31/28   1,000,000    990,000    992,500 
Athena, Senior Secured Term B-1 Loan (First Lien), 4.40% (Libor + 4.25%), maturity 2/11/26(i)   984,975    978,032    990,549 
Ensemble, Senior Secured Closing Date Term Loan, 3.90% (Libor + 3.75%), maturity 8/3/26(i)   982,500    978,718    983,958 
Alcami, Senior Secured Initial Term Loan (First Lien), 4.40% (Libor + 4.25%), maturity 7/14/25   972,500    969,415    940,894 
Dermatologists of Central States, Senior Secured Term Loan, 8.00% (Libor + 7.00%), maturity 4/20/22   962,412    962,412    938,351 
Aegis Sciences, Senior Secured Initial Term Loan (2018) (First Lien), 6.50% (Libor + 5.50%), maturity 5/9/25(i)   844,028    836,149    831,368 
ATI Physical Therapy, Senior Secured Initial Term Loan (First Lien), 4.50% (Libor + 3.50%), maturity 5/10/23(i)   654,160    656,173    654,469 
AccentCare, Senior Secured 2021 Term Loan (First Lien), 4.15% (Libor + 4.00%), maturity 6/22/26(i)   500,000    500,000    501,250 
Press Ganey, Senior Secured 2020 Incremental Term Loan (First Lien), 4.75% (Libor + 4.00%), maturity 7/24/26(i)   498,750    494,209    500,877 
MedRisk, Senior Secured Initial Term Loan (First Lien), 4.50% (Libor + 3.75%), maturity 5/10/28(i)   500,000    495,000    500,827 
RMP & MedA/Rx, Senior Secured Term Loan, 5.50% (Libor + 4.50%), maturity 2/6/25   496,875    491,875    495,633 
RMP & MedA/Rx, Senior Secured Term Loan (First Lien), 5.25% (Libor + 4.25%), maturity 2/6/25   425,085    424,742    424,022 
Alpaca, Senior Secured Revolver, 7.75% (Libor + 6.75%), maturity 4/19/24(j)   129,426    125,543    125,220 
Advarra, Senior Secured Initial Revolving Loan (First Lien), 5.25% (Libor + 4.25%), maturity 7/9/24   -    (7,619)   - 
                
High Tech Industries            
Qlik, Senior Secured 2021 Refinancing Term Loan, 4.15% (Libor + 4.00%), maturity 4/26/24(i)   3,920,300    3,903,069    3,930,461 
Netsmart, Senior Secured Initial Term Loan (First Lien), 4.75% (Libor + 4.00%), maturity 10/1/27(i)   3,491,250    3,477,153    3,505,273 
Masergy, Senior Secured Initial Loan (Second Lien), 8.50% (Libor + 7.50%), maturity 12/16/24   3,428,571    3,422,752    3,428,571 
Jaggaer, Senior Secured Initial Term Loan (First Lien), 3.90% (Libor + 3.75%), maturity 8/14/26(i)   3,106,912    3,102,778    3,113,121 
EverCommerce, Senior Secured Initial Term Loan, 5.65% (Libor + 5.50%), maturity 8/23/25(i)   3,106,884    3,045,395    3,106,884 
Ivanti Software, Senior Secured Initial Term Loan (First Lien), 5.75% (Libor + 4.75%), maturity 12/1/27(i)   2,992,500    2,952,271    3,000,689 
Infogroup, Senior Secured Term Loan (First Lien), 6.00% (Libor + 5.00%), maturity 4/3/23   2,874,900    2,860,800    2,846,151 
Planview, Senior Secured Closing Date Term Loan (First Lien), 4.75% (Libor + 4.00%), maturity 12/17/27(i)   2,645,584    2,619,556    2,654,689 
Idera, Senior Secured Term B-1 Loan (First Lien), 4.50% (Libor + 3.75%), maturity 3/2/28(i)   2,612,412    2,611,294    2,616,258 
Precisely, Senior Secured Vision Solutions, Inc. (Precisely Software Incorporated), 4.40% (Libor + 4.25%), maturity 4/24/28(i)   2,500,000    2,487,500    2,500,548 
Flexera Software, Senior Secured Term B-1 Loan (First Lien), 4.50% (Libor + 3.75%), maturity 3/3/28(i)   2,402,816    2,402,816    2,410,432 
ECi Software, Senior Secured Initial Term Loan (First Lien), 4.50% (Libor + 3.75%), maturity 11/9/27(i)   1,990,000    1,982,045    1,997,895 
Sophos, Senior Secured Dollar Tranche Term Loan (First Lien), 3.65% (Libor + 3.50%), maturity 3/5/27(i)(o)   1,980,006    1,877,844    1,969,229 
QuickBase, Senior Secured Term Loan (First Lien), 4.15% (Libor + 4.00%), maturity 4/2/26   1,960,000    1,953,051    1,950,200 
Intermedia , Senior Secured New Term Loan (First Lien), 7.00% (Libor + 6.00%), maturity 7/21/25   1,950,000    1,939,905    1,928,063 
Bomgar, Senior Secured Initial Term Loan (First Lien), 4.15% (Libor + 4.00%), maturity 4/18/25(i)   1,649,857    1,657,137    1,650,979 
OEConnection, Senior Secured Initial Term Loan, 4.15% (Libor + 4.00%), maturity 9/25/26   1,615,872    1,610,266    1,611,832 
Navex Global, Senior Secured Initial Term Loan (First Lien), 3.40% (Libor + 3.25%), maturity 9/5/25(i)   1,458,750    1,448,102    1,449,166 
Corsair, Senior Secured Term Loan (First Lien), 4.75% (Libor + 3.75%), maturity 8/28/24   1,162,057    1,155,041    1,162,057 

 

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

 

6

 

Audax Credit BDC Inc.

Schedule of Investments (Continued)

As of June 30, 2021 

(Expressed in U.S. Dollars) 

(unaudited)

 

Portfolio Investments (a) (b) (c) (d) (e) (f)  Par   Cost   Value 
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS(h) (Continued):               
                
High Tech Industries (continued)               
Infoblox, Senior Secured Initial Term Loan (First Lien), 4.50% (Libor + 3.75%), maturity 12/1/27(i)  $1,000,000   $995,530   $1,003,612 
SmartBear, Senior Secured Initial Term Loan (First Lien), 4.75% (Libor + 4.25%), maturity 3/3/28   1,000,000    990,000    1,000,000 
Barracuda, Senior Secured 2020 Term Loan (First Lien), 4.50% (Libor + 3.75%), maturity 2/12/25(i)   992,500    992,500    996,863 
Imperva, Senior Secured Term Loan, 5.00% (Libor + 4.00%), maturity 1/12/26(i)   991,152    982,906    995,924 
Veracode, Senior Secured Initial Term Loan, 4.75% (Libor + 4.00%), maturity 11/5/27   997,500    988,494    995,006 
Unison, Unitranche, 8.00% (Libor + 7.00%), maturity 6/25/26   990,000    968,459    990,000 
Insurity, Senior Secured Closing Date Term Loan (First Lien), 4.15% (Libor + 4.00%), maturity 7/31/26   985,499    981,716    980,572 
Community Brands, Senior Secured Initial Term Loan (First Lien), 5.00% (Libor + 4.00%), maturity 12/2/22   821,511    818,909    815,350 
HelpSystems, Senior Secured Seventh Amendment Refinancing Loan (First Lien), 5.75% (Libor + 4.75%), maturity 11/19/26(i)   493,750    492,693    495,590 
DigiCert, Senior Secured Initial Term Loan (First Lien), 4.00% (Libor + 4.00%), maturity 10/16/26(i)   493,750    469,519    495,032 
Liaison, Senior Secured 2021 Term Loan, 4.50% (Libor + 3.75%), maturity 3/11/28   497,500    496,253    493,769 
Masergy, Senior Secured 2017 Replacement Term Loan (First Lien), 4.25% (Libor + 3.25%), maturity 12/15/23(i)   477,408    476,431    477,869 
Skillsoft, Unitranche, 8.50% (Libor + 7.50%), maturity 4/27/25(i)   400,000    400,000    400,000 
GlobalLogic, Senior Secured Initial Term Loan, 2.90% (Libor + 2.75%), maturity 8/1/25(i)   214,214    213,727    214,214 
               
Services: Business               
CoAdvantage, Senior Secured Initial Term Loan (First Lien), 6.00% (Libor + 5.00%), maturity 9/23/25   3,930,000    3,901,796    3,910,350 
RevSpring, Senior Secured Initial Term Loan (First Lien), 4.15% (Libor + 4.00%), maturity 10/11/25(i)   3,900,000    3,896,678    3,893,504 
Addison, Senior Secured Initial Term Loan, 4.90% (Libor + 4.75%), maturity 4/15/26   2,940,000    2,900,104    2,940,000 
Cast & Crew, Senior Secured Initial Term Loan (First Lien), 3.90% (Libor + 3.75%), maturity 2/9/26(i)   2,939,943    2,923,687    2,929,984 
Fleetwash, Senior Secured Incremental Term Loan, 5.75% (Libor + 4.75%), maturity 10/1/24   2,917,950    2,900,554    2,910,655 
Aimbridge, Senior Secured Initial Term Loan (2019) (First Lien), 3.90% (Libor + 3.75%), maturity 2/2/26(i)   2,937,675    2,930,231    2,878,398 
Duff & Phelps, Senior Secured Initial Dollar Term Loan (First Lien), 4.75% (Libor + 3.75%), maturity 4/9/27(i)   2,475,000    2,453,929    2,490,598 
HireRight, Senior Secured Initial Term Loan (Second Lien), 7.40% (Libor + 7.25%), maturity 7/10/26   2,500,000    2,484,490    2,437,500 
Newport Group, Senior Secured Initial Term Loan (First Lien), 3.65% (Libor + 3.50%), maturity 9/12/25(i)   2,433,693    2,423,931    2,424,319 
Vistage, Senior Secured Term B Loan (First Lien), 5.00% (Libor + 4.00%), maturity 2/10/25   2,335,958    2,332,388    2,335,958 
Sterling Backcheck, Senior Secured Initial Term Loan (First Lien), 4.50% (Libor + 3.50%), maturity 6/19/24   2,331,975    2,331,975    2,320,315 
Service Logic, Senior Secured Closing Date Initial Term Loan (First Lien), 4.75% (Libor + 4.00%), maturity 10/29/27   2,069,231    2,045,615    2,058,885 
Veregy, Senior Secured Incremental Term Loan, 7.00% (Libor + 6.00%), maturity 11/3/27   1,990,000    1,934,945    1,985,025 
Quantum Health, Senior Secured Amendment No. 1 Refinancing Term Loan (First Lien), 5.75% (Libor + 5.00%), maturity 12/22/27(i)   1,500,000    1,477,500    1,500,000 
Eliassen Group, Senior Secured Initial Term B Loan, 4.40% (Libor + 4.25%), maturity 11/5/24(i)   1,481,868    1,477,276    1,474,459 
OSG Billing Services, Senior Secured Term B Loan (First Lien), 5.50% (Libor + 4.50%), maturity 3/27/24   1,451,891    1,448,740    1,441,002 
Epic Staffing Group, Senior Secured Initial Term Loan, 7.25% (Libor + 6.25%), maturity 2/5/27   1,253,615    1,223,615    1,244,213 
First Advantage, Senior Secured Term B-1 Loan (First Lien), 3.15% (Libor + 3.00%), maturity 1/31/27(i)   1,100,312    1,087,934    1,096,962 
eResearch (ERT), Senior Secured Initial Term Loan (First Lien), 5.50% (Libor + 4.50%), maturity 2/4/27(i)   994,981    994,981    1,000,856 
WCG, Senior Secured Term Loan, 5.00% (Libor + 4.00%), maturity 1/8/27(i)   990,000    981,521    994,048 
Divisions Maintenance Group, Senior Secured Term B Loan, 5.50% (Libor + 4.75%), maturity 5/27/28   1,000,000    990,000    992,500 
Franklin Energy, Senior Secured Term B Loan (First Lien), 4.15% (Libor + 4.00%), maturity 8/14/26   982,500    980,457    957,938 
Diversified, Senior Secured Initial Term Loan, 5.75% (Libor + 4.75%), maturity 12/23/23   899,347    895,168    892,602 
Worley Claims Services, Senior Secured Initial Term Loan (First Lien), 4.15% (Libor + 4.00%), maturity 6/3/26   541,099    538,088    539,746 
System One, Senior Secured Initial Term Loan, 5.25% (Libor + 4.50%), maturity 3/2/28(i)   500,000    497,500    500,000 
ImageFirst, Senior Secured Initial Term Loan, 5.25% (Libor + 4.50%), maturity 4/27/28   500,000    496,932    496,250 
Therma Holdings, Senior Secured Initial Term Loan, 4.75% (Libor + 4.00%), maturity 12/16/27   417,258    413,065    415,172 
                
Chemicals, Plastics & Rubber               
Plaskolite, Senior Secured 2021-1 Refinancing Term Loan (First Lien), 5.25% (Libor + 4.25%), maturity 12/15/25(i)   3,900,225    3,851,017    3,924,852 
Transcendia, Senior Secured 2017 Refinancing Term Loan (First Lien), 4.50% (Libor + 3.50%), maturity 5/30/24   3,370,557    3,361,688    3,261,014 
DuBois Chemicals, Senior Secured Term Loan (Second Lien) - 2019, 8.65% (Libor + 8.50%), maturity 9/30/27   3,000,000    2,972,217    2,992,500 
Vertellus, Senior Secured Term Loan Facility, 7.00% (Libor + 6.00%), maturity 12/22/27   2,987,250    2,912,250    2,964,846 
Universal Fiber Systems, Senior Secured Initial Term Loan (First Lien), 5.75% (Libor + 4.75%), maturity 10/4/21   2,718,128    2,717,341    2,582,222 
Spectrum Plastics, Senior Secured Closing Date Term Loan (First Lien), 4.25% (Libor + 3.25%), maturity 1/31/25(i)   2,641,275    2,648,229    2,544,038 
Unifrax, Senior Secured USD Term Loan (First Lien), 3.90% (Libor + 3.75%), maturity 12/12/25(i)   2,438,722    2,419,427    2,406,078 
Boyd Corp, Senior Secured Initial Loan (Second Lien), 6.90% (Libor + 6.75%), maturity 9/6/26(i)   2,000,000    2,001,814    2,000,901 
Q Holding, Senior Secured Term B Loan (2019), 6.00% (Libor + 5.00%), maturity 12/29/23   1,965,000    1,957,922    1,935,525 
DuBois Chemicals, Senior Secured Term Loan B (First Lien), 4.65% (Libor + 4.50%), maturity 9/30/26   1,786,365    1,751,698    1,777,433 
Prince Minerals, Senior Secured Initial Term Loan (First Lien), 4.50% (Libor + 3.50%), maturity 3/31/25(i)   967,500    964,614    962,502 
Vantage Specialty Chemicals, Senior Secured Closing Date Term Loan (First Lien), 4.50% (Libor + 3.50%), maturity 10/28/24(i)   972,292    960,194    949,765 
Polytek, Senior Secured Term Loan, 5.75% (Libor + 4.75%), maturity 9/20/24   497,501    492,501    497,501 
Boyd Corp, Senior Secured Initial Term Loan (First Lien), 3.65% (Libor + 3.50%), maturity 9/6/25(i)   494,911    464,843    489,052 
Vertellus, Senior Secured Revolving Facility, 7.00% (Libor + 6.00%), maturity 12/22/25   -    (12,156)   - 

 

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

 

7

 

Audax Credit BDC Inc.

Schedule of Investments (Continued)

As of June 30, 2021 

(Expressed in U.S. Dollars) 

(unaudited)

 

Portfolio Investments (a) (b) (c) (d) (e) (f)  Par   Cost   Value 
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS(h) (Continued):               
                
Aerospace & Defense               
CPI International, Senior Secured Second Amendment Incremental Term Loan (First Lien), 5.75% (Libor + 4.75%), maturity 7/26/24  $5,248,817   $5,204,132   $5,209,451 
HDT Global, Senior Secured Term Loan B, 6.50% (Libor + 5.75%), maturity 7/10/28(i)   3,500,000    3,395,000    3,395,000 
StandardAero, Senior Secured 2020 Term B-1 Loan, 3.65% (Libor + 3.50%), maturity 4/6/26(i)   3,287,887    3,280,035    3,203,477 
Consolidated Precision Products, Senior Secured Initial Term Loan (Second Lien), 8.75% (Libor + 7.75%), maturity 4/30/26   2,000,000    2,007,673    1,935,000 
Whitcraft, Unitranche, 7.00% (Libor + 6.00%), maturity 4/3/23   1,972,425    1,963,997    1,923,115 
StandardAero, Senior Secured 2020 Term B-2 Loan, 3.65% (Libor + 3.50%), maturity 4/6/26(i)   1,767,681    1,763,460    1,722,299 
Eton, Senior Secured Initial Term Loan (First Lien), 4.15% (Libor + 4.00%), maturity 5/1/25(i)   1,489,911    1,485,492    1,494,981 
Tronair, Senior Secured Initial Term Loan (First Lien), 5.75% (Libor + 4.75%), maturity 9/8/23   1,369,399    1,365,811    1,292,712 
Amentum, Senior Secured Tranche 2 Term Loan (First Lien), 5.50% (Libor + 4.75%), maturity 1/29/27(i)   997,500    979,620    1,008,836 
Peraton, Senior Secured Term B Loan (First Lien), 4.50% (Libor + 3.75%), maturity 2/1/28(i)   997,500    992,500    1,001,739 
Amentum, Senior Secured Tranche 1 Term Loan (First Lien), 3.65% (Libor + 3.50%), maturity 1/29/27(i)   990,000    962,492    989,952 
API Technologies, Senior Secured Initial Term Loan (First Lien), 4.40% (Libor + 4.25%), maturity 5/9/26(i)   984,925    959,337    972,816 
Consolidated Precision Products, Senior Secured Initial Term Loan (First Lien), 4.75% (Libor + 3.75%), maturity 4/30/25(i)   490,309    488,353    480,955 
Novaria Group, Senior Secured Initial Term Loan, 6.50% (Libor + 5.50%), maturity 1/27/27   481,818    477,582    466,159 
                
Services: Consumer               
A Place For Mom, Senior Secured Term Loan, 4.75% (Libor + 3.75%), maturity 8/10/24   2,625,231    2,624,896    2,598,979 
Weld North, Senior Secured Term Loan B (First Lien), 4.75% (Libor + 4.00%), maturity 12/21/27(i)   2,432,643    2,432,643    2,440,144 
Cambium Learning, Senior Secured Initial Term Loan (First Lien), 5.25% (Libor + 4.50%), maturity 12/18/25(i)   2,251,586    2,173,005    2,251,586 
LegalShield, Senior Secured Initial Term Loan (First Lien), 3.40% (Libor + 3.25%), maturity 5/1/25(i)   1,927,000    1,917,584    1,916,396 
Mister Car Wash, Senior Secured Initial Term Loan (First Lien), 3.40% (Libor + 3.25%), maturity 5/14/26(i)   1,537,419    1,534,691    1,534,101 
Ned Stevens, Senior Secured Term A Loan, 6.75% (Libor + 5.75%), maturity 9/30/25(j)   1,441,661    1,422,196    1,430,849 
Smart Start, Senior Secured Initial Term Loan, 5.75% (Libor + 4.75%), maturity 8/19/27(i)   992,513    983,617    994,994 
Spring Education, Senior Secured Initial Term Loan (First Lien), 4.40% (Libor + 4.25%), maturity 7/30/25(i)   972,500    970,947    939,934 
LegalShield, Senior Secured New Term Loan (First Lien), 4.75% (Libor + 4.00%), maturity 5/1/25   496,250    489,439    492,528 
StubHub, Senior Secured USD Term B Loan, 3.65% (Libor + 3.50%), maturity 2/12/27(i)   492,500    490,393    483,054 
Ned Stevens, Senior Secured Revolver, 5.75% (Libor + 4.75%), maturity 9/30/25(j)   -    (2,614)   - 
                
Banking, Finance, Insurance & Real Estate               
American Beacon Advisors, Senior Secured Tranche C Term Loan (Second Lien), 8.50% (Libor + 7.50%), maturity 4/30/25   2,500,000    2,506,061    2,500,000 
AmeriLife, Senior Secured Initial Term Loan (First Lien), 4.15% (Libor + 4.00%), maturity 3/18/27   2,475,298    2,461,176    2,462,922 
Kestra Financial, Senior Secured Initial Term Loan, 4.40% (Libor + 4.25%), maturity 6/3/26(i)   1,965,000    1,950,401    1,969,738 
Integro Insurance Brokers, Senior Secured Initial Term Loan (First Lien), 6.75% (Libor + 5.75%), maturity 10/31/22   1,944,823    1,936,902    1,905,927 
Orion, Senior Secured 2021 Refinancing Term Loan (First Lien), 4.50% (Libor + 3.75%), maturity 9/24/27(i)   1,492,509    1,477,509    1,497,813 
EPIC Insurance, Senior Secured Initial Term Loan (First Lien), 5.25% (Libor + 4.25%), maturity 9/6/24   1,447,500    1,445,811    1,443,881 
Advisor Group, Senior Secured Term B-1 Loan, 4.65% (Libor + 4.50%), maturity 7/31/26(i)   1,034,686    1,028,387    1,038,469 
Mitchell International, Senior Secured Amendment No. 2 New Term Loan Facility (First Lien), 4.75% (Libor + 4.25%), maturity 11/29/24(i)   992,500    944,648    998,667 
SIAA, Unitranche, 7.25% (Libor + 6.25%), maturity 4/28/28   1,000,000    981,404    992,500 
Sedgwick Claims, Senior Secured Initial Term Loan, 3.40% (Libor + 3.25%), maturity 12/31/25(i)   492,424    491,897    487,824 
                
Containers, Packaging & Glass               
Anchor Packaging, Senior Secured Initial Term Loan (First Lien), 4.15% (Libor + 4.00%), maturity 7/18/26   2,894,446    2,881,961    2,887,210 
TricorBraun, Senior Secured Closing Date Initial Term Loan (First Lien), 3.75% (Libor + 3.25%), maturity 3/3/28(i)   1,511,246    1,503,690    1,503,025 
Technimark, Senior Secured Term Loan, 4.25% (Libor + 3.75%), maturity 7/15/28(i)   1,500,000    1,492,500    1,492,500 
Potters Industries, Senior Secured Initial Term Loan, 4.75% (Libor + 4.00%), maturity 12/14/27   1,496,250    1,482,840    1,481,288 
Lacerta, Senior Secured Term Loan, 6.25% (Libor + 5.50%), maturity 12/30/26   995,000    985,000    990,025 
Pregis Corporation, Senior Secured Initial Term Loan (First Lien), 4.15% (Libor + 4.00%), maturity 7/31/26(i)   985,000    983,148    985,738 
Tank Holding, Senior Secured 2020 Refinancing Term Loan (First Lien), 3.65% (Libor + 3.50%), maturity 3/26/26(i)   982,500    979,348    977,586 
Pregis Corporation, Senior Secured Third Amendment Refinancing Term Loan (First Lien), 4.50% (Libor + 4.00%), maturity 7/31/26   500,000    497,765    498,750 
Applied Adhesives, Senior Secured Term A Loan, 5.75% (Libor + 5.00%), maturity 3/12/27   498,750    493,101    497,503 
Berlin Packaging, Senior Secured Initial Term Loan (First Lien), 3.00% (Libor + 3.00%), maturity 11/7/25(i)   492,386    473,771    488,431 
Alpha Packaging, Senior Secured Tranche B-1 Term Loan, 7.00% (Libor + 6.00%), maturity 5/12/22   465,186    464,767    465,186 
Applied Adhesives, Senior Secured Revolving Loan, 5.75% (Libor + 5.00%), maturity 3/12/27   29,867    29,156    29,792 
                
Capital Equipment               
MW Industries, Senior Secured 2018 New Term Loan (First Lien), 3.90% (Libor + 3.75%), maturity 9/30/24(i)   2,037,185    2,037,185    1,985,679 
BAS, Senior Secured Repricing Term Loan, 4.75% (Libor + 3.75%), maturity 5/21/24(i)   1,939,215    1,941,889    1,939,215 
Excelitas, Senior Secured Initial Term Loan (Second Lien), 8.50% (Libor + 7.50%), maturity 12/1/25(i)   1,500,000    1,481,037    1,502,560 
Edward Don, Senior Secured Initial Term Loan, 5.25% (Libor + 4.25%), maturity 7/2/25   1,370,943    1,367,272    1,302,395 
Flow Control Group, Senior Secured Initial Term Loan (First Lien), 4.25% (Libor + 3.75%), maturity 3/31/28(i)   1,000,000    997,500    1,002,099 
Cole-Parmer, Senior Secured Term B-1 Loan (First Lien), 4.15% (Libor + 4.00%), maturity 11/4/26(i)   987,500    984,057    989,668 
TriMark, Senior Secured Initial Term Loan (First Lien), 3.65% (Libor + 3.50%), maturity 8/28/24   978,529    895,739    596,903 
Infinite Electronics, Senior Secured Initial Term Loan (First Lien), 4.25% (Libor + 3.75%), maturity 3/2/28   500,000    498,750    496,250 
Restaurant Technologies, Senior Secured Initial Loan (Second Lien), 6.65% (Libor + 6.50%), maturity 10/1/26   500,000    503,259    498,750 
Duravant, Senior Secured Incremental Amendment No. 2 Term Loan (First Lien), 5.25% (Libor + 4.25%), maturity 7/19/24   492,424    492,424    492,424 
Excelitas, Senior Secured Initial USD Term Loan (First Lien), 4.50% (Libor + 3.50%), maturity 12/2/24(i)   486,146    488,883    487,011 
                
Construction & Building               
Tangent, Senior Secured Closing Date Term Loan (First Lien), 4.90% (Libor + 4.75%), maturity 11/30/24   1,802,007    1,791,365    1,802,007 
PlayPower, Senior Secured Initial Term Loan, 5.65% (Libor + 5.50%), maturity 5/8/26   1,766,639    1,766,639    1,718,056 

 

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

 

8

 

Audax Credit BDC Inc. 

Schedule of Investments (Continued)

As of June 30, 2021 

(Expressed in U.S. Dollars) 

(unaudited)

 

Portfolio Investments (a) (b) (c) (d) (e) (f)  Par   Cost   Value 
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS(h) (Continued):               
                
Construction & Building (continued)               
PlayCore, Senior Secured Initial Term Loan (Second Lien), 8.75% (Libor + 7.75%), maturity 9/29/25  $1,500,000   $1,472,492   $1,492,500 
DiversiTech Corporation, Senior Secured Tranche B-2 Term Loan (First Lien), 4.25% (Libor + 3.25%), maturity 12/2/24(i)   1,452,233    1,444,062    1,457,049 
Aegion, Senior Secured Initial Term Loan, 5.50% (Libor + 4.75%), maturity 5/17/28   1,000,000    995,000    992,500 
PlayCore, Senior Secured Initial Term Loan (First Lien), 4.75% (Libor + 3.75%), maturity 9/30/24(i)   961,921    960,520    958,974 
CHI Overhead Doors, Senior Secured Third Amendment Initial Term Loan (First Lien), 4.50% (Libor + 3.50%), maturity 7/31/25   618,857    618,059    618,857 
DiversiTech Corporation, Senior Secured Initial Term Loan (Second Lien), 8.50% (Libor + 7.50%), maturity 6/2/25   500,000    491,087    500,000 
Acuren, Senior Secured Initial Term Loan, 4.15% (Libor + 4.00%), maturity 1/23/27(i)   481,218    479,111    483,330 
Hoffman Southwest, Senior Secured Initial Term Loan, 6.00% (Libor + 5.00%), maturity 8/14/23   446,460    445,724    446,460 
                
Automotive               
Highline, Senior Secured Initial Term Loan (First Lien), 5.25% (Libor + 4.50%), maturity 11/9/27(i)   2,856,477    2,786,076    2,871,098 
Les Schwab Tire, Senior Secured Initial Term Loan, 4.25% (Libor + 3.50%), maturity 11/2/27(i)   1,990,000    1,980,979    1,993,594 
Truck Hero, Senior Secured Initial Term Loan, 4.50% (Libor + 3.75%), maturity 1/31/28(i)   1,496,250    1,496,250    1,498,466 
Safe Fleet, Senior Secured Tranche B-1 Term Loan (First Lien), 4.75% (Libor + 3.75%), maturity 2/3/25   972,500    954,017    965,206 
IXS, Senior Secured Initial Term Loan, 5.00% (Libor + 4.25%), maturity 3/5/27(i)   798,564    796,299    802,575 
Wheel Pros, Senior Secured Cov-Lite Term Loan, 4.65% (Libor + 4.50%), maturity 5/11/28(i)   500,000    495,000    502,005 
Safe Fleet, Senior Secured Initial Term Loan (Second Lien), 7.75% (Libor + 6.75%), maturity 2/2/26(i)   500,000    490,518    490,191 
                
Transportation: Cargo               
Odyssey Logistics & Technology , Senior Secured New Term Loan (First Lien), 5.00% (Libor + 4.00%), maturity 10/12/24(i)   3,590,398    3,587,219    3,549,635 
Transplace, Senior Secured Closing Date Term Loan (First Lien), 4.75% (Libor + 3.75%), maturity 10/7/24(i)   2,428,802    2,424,504    2,435,984 
Capstone Logistics, Senior Secured Closing Date Term Loan (First Lien), 5.75% (Libor + 4.75%), maturity 11/12/27   1,990,000    1,970,328    1,990,000 
Kenan Advantage Group, Senior Secured U.S. Term B-1 Loan, 4.50% (Libor + 3.75%), maturity 3/24/26(i)   995,000    990,013    998,140 
                
Wholesale               
Carlisle FoodService, Senior Secured Initial Term Loan (First Lien), 4.00% (Libor + 3.00%), maturity 3/20/25   3,869,544    3,870,046    3,830,849 
PetroChoice, Senior Secured Initial Term Loan (First Lien), 6.00% (Libor + 5.00%), maturity 8/19/22   1,885,184    1,875,547    1,823,916 
ABB Optical, Senior Secured Initial Term Loan (First Lien), 6.00% (Libor + 5.00%), maturity 6/15/23   1,432,349    1,432,348    1,392,959 
                
Beverage, Food & Tobacco               
Sovos Brands, Senior Secured Initial Term Loan (First Lien), 5.00% (Libor + 4.25%), maturity 6/8/28(i)   2,452,455    2,452,455    2,465,048 
Dessert Holdings, Senior Secured Initial Term Loan (First Lien), 4.75% (Libor + 4.00%), maturity 6/9/28(i)   1,500,000    1,488,750    1,500,000 
Kettle Cuisine, Senior Secured Initial Term Loan (First Lien), 4.75% (Libor + 3.75%), maturity 8/25/25   1,945,000    1,939,451    1,920,688 
                
Forest Products & Paper               
Hoffmaster Group, Senior Secured Tranche B-1 Term Loan (First Lien), 5.00% (Libor + 4.00%), maturity 11/21/23(i)   2,406,369    2,400,428    2,325,948 
Loparex, Senior Secured Initial Term Loan (First Lien), 4.65% (Libor + 4.50%), maturity 7/31/26   1,473,750    1,462,396    1,466,381 
Hoffmaster Group, Senior Secured Initial Term Loan (Second Lien), 10.50% (Libor + 9.50%), maturity 11/21/24   1,250,000    1,250,000    1,209,375 
                
Consumer Goods: Non-durable               
Augusta Sportswear Group, Senior Secured Initial Term Loan, 5.50% (Libor + 4.50%), maturity 10/26/23(i)   2,173,916    2,164,995    2,152,176 
Badger Sportswear, Senior Secured Initial Term Loan (First Lien), 6.25% (Libor + 5.00%), maturity 9/11/23   1,903,494    1,896,483    1,879,700 
Varsity Brands, Senior Secured Initial Term Loan (First Lien), 4.50% (Libor + 3.50%), maturity 12/16/24(i)   972,320    977,082    951,516 
                
Media: Advertising, Printing & Publishing               
Ansira, Unitranche, 7.50% (Libor + 6.50%), maturity 12/20/24   2,090,114    2,082,646    1,483,982 
Northstar, Senior Secured Term Loan, 6.75% (Libor + 6.25%), maturity 6/7/24   1,380,435    1,380,435    1,335,570 
Vestcom International, Senior Secured L/C Collaterilized, 5.00% (Libor + 4.00%), maturity 12/19/23(i)   775,705    777,516    778,613 
                
Environmental Industries               
Denali Water Solutions, Senior Secured Closing Date Term Loan, 5.00% (Libor + 4.25%), maturity 3/27/28   2,000,000    1,980,000    1,985,000 
Culligan, Senior Secured Term Loan B, 4.50% (Libor + 4.00%), maturity 7/31/28(i)   500,000    497,469    497,500 
                
Telecommunications               
ORBCOMM, Senior Secured Term Loan (First Lien), 5.00% (Libor + 4.25%), maturity 6/30/28(i)   1,000,000    995,000    1,002,500 
                
Utilities: Electric               
Systems Control, Senior Secured Initial Term Loan, 5.75% (Libor + 4.75%), maturity 3/28/25(i)   997,423    992,436    992,436 
                
Metals & Mining               
Dynatect, Senior Secured Term B Loan, 5.50% (Libor + 4.50%), maturity 9/30/22   941,904    941,375    923,066 
                
Hotel, Gaming & Leisure               
Auto Europe, Senior Secured Initial Dollar Term Loan, 6.00% (Libor + 5.00%), maturity 10/21/23   1,119,231    1,114,043    895,385 
                
Health Care Equipment & Services               
MyEyeDr, Senior Secured Initial Term Loan (First Lien), 4.40% (Libor + 4.25%), maturity 8/31/26(i)   529,394    525,334    530,771 
                
Consumer Goods: Durable               
Careismatic Brands, Senior Secured Initial Term Loan (First Lien), 3.75% (Libor + 3.25%), maturity 1/6/28(i)   500,000    498,750    498,792 
                
Total Bank Loans       $355,907,913   $354,631,756 

 

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

 

9

 

Audax Credit BDC Inc. 

Schedule of Investments (Continued) 

As of June 30, 2021 

(Expressed in U.S. Dollars) 

(unaudited)

 

Portfolio Investments (a) (b) (c) (d) (e) (f)  Par   Cost   Value 
EQUITY AND PREFERRED SHARES:  NON-CONTROL/NON-AFFILIATE INVESTMENTS- (0.1%)(g)(h):               
                
Services: Consumer              
Ned Stevens, Class B Common Units (261,438 Common B units, Fair value of $226,386)(j)(k)(l)(m)       $261,438   $226,386 
               
Chemicals, Plastics & Rubber               
Vertellus, Series A Units (1,651 Series A units, Fair value of $167,478)(k)(m)(p)        165,138    167,478 
                
Healthcare & Pharmaceuticals               
Alpaca, Class A Units (45,746 Class A Units, Fair value of $33,770)(j)(k)(m)(n)        80,512    33,770 
                
Total Equity and Preferred Shares       $507,088   $427,634 
                
Total Portfolio Investments(q)       $356,415,001   $355,059,390 

 

(a) All companies are located in the United States of America, unless otherwise noted.
(b) Interest rate percentages represent actual interest rates which are indexed from then 30-day London Interbank Offered Rate ("LIBOR") unless otherwise noted. LIBOR rates are subject to interest rate floors which can vary based on the contractual agreement with the borrower.  Due dates represent the contractual maturity date.
(c) All loans are income-producing, unless otherwise noted.
(d) All investments are qualifying assets under Section 55(a) of the Investment Company Act of 1940, as amended (the "1940 Act") unless otherwise noted.
(e) All investments are exempt from registration under the Securities Act of 1933 (the “Securities Act”), and may be deemed to be “restricted securities” under the Securities Act.
(f)

Unless indicated otherwise, all of our investments are valued using Level 3 inputs within the FASB Accounting Standard Codification (“ASC”) Topic 820, “Fair Value Measurements and Disclosures” (“ASC 820”) fair value hierarchy. Refer to Note 3 – Investments in the accompanying Notes to Financial Statements for additional information.

(g) Percentages are calculated using fair value of investments over net assets.
(h) As defined in 1940 Act, the Company is not deemed to be an “Affiliated Person” of or “Control” this portfolio company because it neither owns 5% or more of the portfolio company’s outstanding voting securities nor has the power to exercise control over the management or policies of such portfolio company (including through a management agreement).
(i) Investment was valued using Level 2 inputs within the ASC 820 fair value hierarchy. Refer to Note 3 – Investments in the accompanying Notes to Financial Statements for additional information.
(j) Three of our affiliated funds, Audax Direct Lending Solutions Fund - A, L.P., Audax Direct Lending Solutions Fund - C, L.P., and Audax Direct Lending Solutions Fund - D, L.P.,'co-invested with us in this portfolio company pursuant to an exemptive order granted by the U.S. Securities and Exchange Commission.
(k) Investment is non-income producing.
(l) Represents an investment in APD NS Equity, L.P., a holding company, made through an affiliated equity aggregator vehicle.
(m) Other net assets of $0 at the aggregator levels are included in the fair value of the investments when using the net asset value as a practical expedient.
(n) Represents an investment in APD ALP Equity, L.P., a holding company, made through an affiliated equity aggregator vehicle.
(o) The borrower for Sophos, Surf Holdings S.a.r.l., is located in United Kingdom.
(p) Represents an investment in ADP VERT Equity, L.P., a holding company, made through an affiliated equity aggregator vehicle.
(q) At June 30, 2021, the cost of investments for income tax purposes was $356,415,001, the gross unrealized depreciation for federal tax purposes was $3,234,378, the gross unrealized appreciation for federal income tax purposes was $1,878,767, and the net unrealized depreciation was $1,355,611.

 

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

 

10

 

 

Audax Credit BDC Inc. 

Schedule of Investments 

As of December 31, 2020 

(Expressed in U.S. Dollars)

 

Portfolio Investments (a) (b) (c) (d) (e) (f)  Par   Cost   Value 
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS - (99.3%)(g)(h):               
                
Healthcare & Pharmaceuticals               
Advarra, Senior Secured Initial Term Loan (First Lien), 5.25% (Libor + 4.25%), maturity 7/9/26  $4,188,729   $4,154,267   $4,188,728 
Radiology Partners, Senior Secured Term B Loan (First Lien), 5.25% (Libor + 4.25%), maturity 7/9/25(i)   4,215,792    4,347,260    4,176,926 
Tecomet, Senior Secured 2017 Term Loan (First Lien), 4.50% (Libor + 3.50%), maturity 5/1/24   3,918,622    3,904,639    3,879,434 
Young, Senior Secured Initial Term Loan (First Lien), 5.00% (Libor + 4.00%), maturity 11/7/24   3,794,840    3,786,074    3,737,916 
Confluent Health, Senior Secured Initial Term Loan, 5.24% (Libor + 5.00%), maturity 6/24/26   3,453,734    3,424,590    3,453,733 
Specialty Care, Senior Secured Initial Term Loan (First Lien), 4.50% (Libor + 3.50%), maturity 9/1/23   3,308,843    3,311,499    3,308,842 
Zest Dental, Senior Secured Initial Term Loan (First Lien), 3.74% (Libor + 3.50%), maturity 3/14/25(i)   3,247,592    3,264,389    3,125,437 
Veritext, Senior Secured Initial Term Loan (First Lien), 3.74% (Libor + 3.50%), maturity 8/1/25(i)   3,153,327    3,139,037    3,090,261 
Physicians Endoscopy, Senior Secured Initial Term Loan (First Lien), 6.50% (Libor + 5.50%), maturity 8/18/23   2,880,590    2,864,047    2,786,971 
Packaging Coordinators, Senior Secured Term B Loan (First Lien), 4.50% (Libor + 3.75%), maturity 11/30/27(i)   2,500,000    2,490,762    2,511,458 
Waystar, Senior Secured Term Loan B, 4.24% (Libor + 4.00%), maturity 10/22/26   2,481,250    2,472,081    2,462,641 
MedRisk, Senior Secured Initial Term Loan (First Lien), 2.99% (Libor + 2.75%), maturity 12/27/24   2,425,000    2,429,293    2,425,000 
Eating Recovery Center, Senior Secured Initial Term Loan (First Lien), 5.50% (Libor + 4.50%), maturity 9/23/24   2,421,519    2,404,861    2,409,412 
OB Hospitalist Group, Senior Secured Term Loan (First Lien), 5.00% (Libor + 4.00%), maturity 8/1/24   2,316,088    2,307,504    2,316,088 
Premise Health, Senior Secured Initial Term Loan (First Lien), 3.74% (Libor + 3.50%), maturity 7/10/25   2,306,194    2,312,549    2,306,194 
PharMedQuest, Senior Secured Initial Term Loan, 6.00% (Libor + 5.00%), maturity 10/31/24(j)   2,298,398    2,272,767    2,298,398 
MedRisk, Senior Secured Initial Loan (Second Lien), 6.99% (Libor + 6.75%), maturity 12/29/25   2,100,000    2,078,820    2,100,000 
Press Ganey, Senior Secured Initial Term Loan (First Lien), 3.74% (Libor + 3.50%), maturity 7/24/26(i)   1,975,000    1,968,810    1,967,793 
Zelis RedCard, Senior Secured Initial Term Loan, 4.99% (Libor + 4.75%), maturity 9/30/26(i)   1,945,092    1,931,721    1,955,747 
Avalign Technologies, Senior Secured Initial Term Loan (First Lien), 4.74% (Libor + 4.50%), maturity 12/22/25   1,960,000    1,946,588    1,937,950 
CareCentrix, Senior Secured Initial Term Loan, 4.74% (Libor + 4.50%), maturity 4/3/25(i)   1,862,500    1,856,296    1,831,763 
Alpaca, Senior Secured Term Loan, 7.75% (Libor + 6.75%), maturity 4/19/24(j)   1,657,302    1,636,678    1,591,010 
Symplr, Senior Secured Initial Term Loan (First Lien), 5.25% (Libor + 4.50%), maturity 12/22/27(i)   1,500,000    1,477,500    1,488,750 
Upstream Rehabilitation, Senior Secured Term Loan, 4.74% (Libor + 4.50%), maturity 11/20/26(i)   1,488,750    1,486,743    1,473,863 
CPS, Unitranche, 6.50% (Libor + 5.50%), maturity 2/28/25(j)   1,477,608    1,461,164    1,444,361 
Stepping Stones, Unitranche, 6.75% (Libor + 5.75%), maturity 12/12/24(j)   1,469,147    1,463,066    1,436,091 
Allied Benefit Systems, Senior Secured Term Loan B, 5.50% (Libor + 4.75%), maturity 11/18/26   1,000,000    985,273    992,500 
Ensemble, Senior Secured Closing Date Term Loan, 3.99% (Libor + 3.75%), maturity 8/3/26(i)   987,500    983,378    990,414 
Athena, Senior Secured Term B Loan (First Lien), 4.74% (Libor + 4.50%), maturity 2/11/26(i)   987,443    979,417    989,278 
Veritext, Senior Secured Initial Term Loan (Second Lien), 7.24% (Libor + 7.00%), maturity 7/31/26   1,000,000    996,131    987,500 
Aegis Sciences, Senior Secured Initial Term Loan (2018) (First Lien), 6.50% (Libor + 5.50%), maturity 5/9/25   977,423    967,355    955,431 
Alcami, Senior Secured Initial Term Loan (First Lien), 4.49% (Libor + 4.25%), maturity 7/14/25   977,500    974,068    945,731 
Dermatologists of Central States, Senior Secured Term Loan, 8.00% (Libor + 7.00%), maturity 4/20/22(j)   967,378    967,378    935,938 
ATI Physical Therapy, Senior Secured Initial Term Loan (First Lien), 4.50% (Libor + 3.50%), maturity 5/10/23(i)   912,467    915,992    902,122 
Specialty Care, Senior Secured Initial Term Loan (Second Lien), 9.25% (Libor + 8.25%), maturity 9/1/24   850,000    844,525    850,000 
Press Ganey, Senior Secured 2020 Incremental Term Loan (First Lien), 4.75% (Libor + 4.00%), maturity 7/24/26(i)   500,000    495,149    498,750 
Waystar, Senior Secured 2020 Incremental Term Loan (First Lien), 4.75% (Libor + 4.00%), maturity 10/22/26   498,750    497,500    495,009 
RMP & MedA/Rx, Senior Secured Term Loan (First Lien), 5.00% (Libor + 4.00%), maturity 2/6/25   430,606    430,014    430,606 
Alpaca, Senior Secured Revolver, 7.75% (Libor + 6.75%), maturity 4/19/24(j)   232,967    229,084    223,648 
Advarra, Senior Secured Initial Revolving Loan (First Lien), 5.25% (Libor + 4.25%), maturity 7/9/24   114,286    106,667    114,286 
Stepping Stones, Senior Secured COVID-19 Revolving Loan, 6.75% (Libor + 5.75%), maturity 6/30/21(j)   30,537    30,537    29,850 
                
High Tech Industries               
Qlik, Senior Secured 2019 Incremental Term Loan, 4.49% (Libor + 4.25%), maturity 4/26/24   3,940,000    3,919,979    3,910,450 
Netsmart, Senior Secured Initial Term Loan (First Lien), 4.75% (Libor + 4.00%), maturity 10/1/27(i)   3,500,000    3,484,841    3,513,749 
Masergy, Senior Secured Initial Loan (Second Lien), 8.50% (Libor + 7.50%), maturity 12/16/24   3,428,571    3,421,842    3,428,571 
Syncsort, Senior Secured 2018 Refinancing Term Loan (First Lien), 6.49% (Libor + 6.25%), maturity 8/16/24(i)   3,387,038    3,367,343    3,385,883 
Jaggaer, Senior Secured Initial Term Loan (First Lien), 4.24% (Libor + 4.00%), maturity 8/14/26(i)   3,122,723    3,118,268    3,128,371 
Ivanti Software, Senior Secured Initial Term Loan (First Lien), 5.75% (Libor + 4.75%), maturity 12/1/27(i)   3,000,000    2,955,819    3,009,205 
EverCommerce, Senior Secured Initial Term Loan, 5.74% (Libor + 5.50%), maturity 8/23/25   2,978,453    2,920,009    2,978,453 
Infogroup, Senior Secured Term Loan (First Lien), 6.00% (Libor + 5.00%), maturity 4/3/23(i)   2,889,912    2,872,270    2,737,616 
Idera, Senior Secured Initial Term Loan (First Lien), 5.00% (Libor + 4.00%), maturity 6/28/24(i)   2,618,959    2,617,482    2,622,683 
ECi Software, Senior Secured Initial Term Loan (First Lien), 4.50% (Libor + 3.75%), maturity 11/9/27(i)   2,000,000    1,991,387    2,004,324 
Sophos, Senior Secured Dollar Tranche Term Loan (First Lien), 3.74% (Libor + 3.50%), maturity 3/5/27(i)(q)   1,990,000    1,878,212    1,983,324 
Flexera Software, Senior Secured Initial Term Loan (First Lien), 4.25% (Libor + 3.25%), maturity 2/26/25(i)   1,945,000    1,950,930    1,953,467 
QuickBase, Senior Secured Term Loan (First Lien), 4.24% (Libor + 4.00%), maturity 4/2/26   1,970,000    1,962,273    1,950,300 
Intermedia , Senior Secured New Term Loan (First Lien), 7.00% (Libor + 6.00%), maturity 7/21/25   1,960,000    1,948,624    1,945,300 
Planview, Senior Secured Closing Date Term Loan (First Lien), 4.75% (Libor + 4.00%), maturity 12/17/27(i)   1,750,000    1,732,500    1,750,000 
GlobalLogic, Senior Secured Initial Term Loan, 2.99% (Libor + 2.75%), maturity 8/1/25   1,715,313    1,708,011    1,702,448 
Bomgar, Senior Secured Initial Term Loan (First Lien), 4.24% (Libor + 4.00%), maturity 4/18/25(i)   1,706,250    1,714,482    1,693,453 
OEConnection, Senior Secured Initial Term Loan, 4.24% (Libor + 4.00%), maturity 9/25/26   1,617,452    1,611,336    1,609,365 
Liaison, Senior Secured Initial Term Loan, 5.25% (Libor + 4.25%), maturity 12/20/26   1,485,000    1,481,489    1,485,000 
Navex Global, Senior Secured Initial Term Loan (First Lien), 3.49% (Libor + 3.25%), maturity 9/5/25(i)   1,466,250    1,454,411    1,448,683 
Corsair, Senior Secured Term Loan (First Lien), 4.75% (Libor + 3.75%), maturity 8/28/24   1,386,885    1,377,896    1,386,885 

 

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

 

11

 

Audax Credit BDC Inc. 

Schedule of Investments (Continued) 

As of December 31, 2020 

(Expressed in U.S. Dollars)

 

Portfolio Investments (a) (b) (c) (d) (e) (f)  Par   Cost   Value 
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS(h) (Continued):               
                
High Tech Industries (continued)               
                
Infoblox, Senior Secured Term Loan, 4.50% (Libor + 3.75%), maturity 12/1/27(i)  $1,000,000   $995,091   $1,002,861 
SmartBear, Senior Secured Term Loan, 4.75% (Libor + 4.25%), maturity 11/20/27(i)   1,000,000    990,000    1,000,000 
Imperva, Senior Secured Term Loan, 5.00% (Libor + 4.00%), maturity 1/12/26(i)   996,209    987,170    999,433 
Barracuda, Senior Secured 2020 Term Loan (First Lien), 4.50% (Libor + 3.75%), maturity 2/12/25(i)   997,500    997,500    999,242 
Veracode, Senior Secured Initial Term Loan, 4.75% (Libor + 4.00%), maturity 11/5/27   1,000,000    990,167    992,500 
Unison, Senior Secured 2020 Term Loan, 8.00% (Libor + 7.00%), maturity 6/25/26(j)   995,000    971,706    990,025 
Insurity, Senior Secured Closing Date Term Loan (First Lien), 4.24% (Libor + 4.00%), maturity 7/31/26(i)   990,000    985,877    978,863 
Community Brands, Senior Secured Initial Term Loan (First Lien), 5.00% (Libor + 4.00%), maturity 12/2/22   825,760    822,759    815,438 
Sparta, Senior Secured New Term Loan (First Lien), 4.50% (Libor + 3.50%), maturity 8/21/24(i)   787,901    788,125    787,901 
Global Knowledge, Senior Secured Initial Term Loan (Second Lien), 13.25% (Libor + 12.25%), maturity 1/20/22(i)(m)   1,000,000    997,516    600,000 
Idera, Senior Secured Loan (Second Lien), 10.00% (Libor + 9.00%), maturity 6/28/27   500,000    504,610    500,000 
DigiCert, Senior Secured Initial Term Loan (First Lien), 4.00% (Libor + 4.00%), maturity 10/16/26(i)   496,250    469,743    497,274 
HelpSystems, Senior Secured Initial Term Loan (First Lien), 5.75% (Libor + 4.75%), maturity 11/19/26(i)   496,250    495,095    496,786 
Masergy, Senior Secured 2017 Replacement Term Loan (First Lien), 4.25% (Libor + 3.25%), maturity 12/15/23   479,908    478,749    479,908 
MultiPlan, Senior Secured Initial Term Loan, 3.75% (Libor + 2.75%), maturity 6/7/23(i)   431,919    428,247    431,919 
Endurance Int'l Group, Senior Secured Refinancing Loan (2018), 4.75% (Libor + 3.75%), maturity 2/9/23(i)   386,371    385,875    386,675 
                
Services: Business               
CoAdvantage, Senior Secured Initial Term Loan (First Lien), 6.00% (Libor + 5.00%), maturity 9/23/25   3,950,000    3,919,209    3,940,125 
RevSpring, Senior Secured Initial Term Loan (First Lien), 4.49% (Libor + 4.25%), maturity 10/11/25   3,920,000    3,916,337    3,880,800 
Addison, Senior Secured Initial Term Loan, 4.99% (Libor + 4.75%), maturity 4/15/26   2,955,000    2,910,360    2,947,613 
Fleetwash, Senior Secured Incremental Term Loan, 5.75% (Libor + 4.75%), maturity 10/1/24   2,932,838    2,913,011    2,918,173 
Cast & Crew, Senior Secured Initial Term Loan (First Lien), 3.99% (Libor + 3.75%), maturity 2/9/26(i)   2,954,981    2,937,415    2,900,853 
Aimbridge, Senior Secured Initial Term Loan (2019) (First Lien), 3.99% (Libor + 3.75%), maturity 2/2/26(i)   2,952,625    2,944,493    2,812,180 
Duff & Phelps, Senior Secured Initial Dollar Term Loan (First Lien), 4.75% (Libor + 3.75%), maturity 4/9/27(i)   2,487,500    2,464,451    2,505,517 
Allied Universal, Senior Secured Initial Term Loan, 4.49% (Libor + 4.25%), maturity 7/10/26(i)   2,466,122    2,450,635    2,468,305 
HireRight, Senior Secured Initial Term Loan (Second Lien), 7.49% (Libor + 7.25%), maturity 7/10/26   2,500,000    2,482,759    2,462,500 
Newport Group, Senior Secured Initial Term Loan (First Lien), 3.74% (Libor + 3.50%), maturity 9/12/25(i)   2,446,206    2,435,371    2,391,166 
Sterling Backcheck, Senior Secured Initial Term Loan (First Lien), 4.50% (Libor + 3.50%), maturity 6/19/24   2,369,662    2,369,662    2,343,003 
Vistage, Senior Secured Term B Loan (First Lien), 5.00% (Libor + 4.00%), maturity 2/10/25   2,335,958    2,331,487    2,335,958 
Service Logic, Senior Secured Closing Date Initial Term Loan (First Lien), 4.75% (Libor + 4.00%), maturity 10/29/27   2,030,769    2,005,370    2,015,538 
Veregy, Senior Secured Incremental Term Loan, 7.00% (Libor + 6.00%), maturity 11/3/27(i)   2,000,000    1,940,783    1,980,000 
Eliassen Group, Senior Secured Initial Term B Loan, 4.49% (Libor + 4.25%), maturity 11/5/24   1,485,620    1,480,402    1,485,620 
First Advantage, Senior Secured Term Facility (First Lien), 3.49% (Libor + 3.25%), maturity 1/31/27(i)   1,493,747    1,480,164    1,481,489 
Quantum Health, Senior Secured Initial Term Loan (First Lien), 5.75% (Libor + 5.00%), maturity 12/22/27(i)   1,500,000    1,477,500    1,477,500 
OSG Billing Services, Senior Secured Term B Loan (First Lien), 5.50% (Libor + 4.50%), maturity 3/27/24   1,459,391    1,455,728    1,442,973 
DBi Services, Senior Secured Term B Loan (Second Lien), 9.00% (Libor + 9.00%), maturity 2/2/26   1,379,149    1,379,149    1,379,149 
WCG, Senior Secured Term Loan, 5.00% (Libor + 4.00%), maturity 1/8/27(i)   995,000    985,758    1,000,060 
Diversified, Senior Secured Initial Term Loan, 5.75% (Libor + 4.75%), maturity 12/23/23   982,575    977,610    980,119 
Franklin Energy, Senior Secured Term B Loan (First Lien), 4.24% (Libor + 4.00%), maturity 8/14/26   987,500    985,288    970,219 
eResearch (ERT), Senior Secured Initial Term Loan (First Lien), 5.50% (Libor + 4.50%), maturity 2/4/27(i)   498,747    498,747    498,231 
Worley Claims Services, Senior Secured Initial Term Loan (First Lien), 4.24% (Libor + 4.00%), maturity 6/3/26   493,734    490,417    493,734 
Therma Holdings, Senior Secured Initial Term Loan, 4.75% (Libor + 4.00%), maturity 12/16/27(i)   419,355    415,161    419,355 
                
Chemicals, Plastics & Rubber               
Plaskolite, Senior Secured Initial Term Loan (First Lien), 5.25% (Libor + 4.25%), maturity 12/15/25(i)   3,920,000    3,865,981    3,919,776 
Transcendia, Senior Secured 2017 Refinancing Term Loan (First Lien), 4.50% (Libor + 3.50%), maturity 5/30/24   3,392,624    3,382,274    3,316,290 
DuBois Chemicals, Senior Secured Term Loan (Second Lien), 8.74% (Libor + 8.50%), maturity 9/30/27   3,000,000    2,969,107    2,977,500 
Vertellus, Senior Secured Term Loan Facility, 7.00% (Libor + 6.00%), maturity 12/21/27(i)   3,000,000    2,925,000    2,925,000 
Universal Fiber Systems, Senior Secured Initial Term Loan (First Lien), 5.75% (Libor + 4.75%), maturity 10/4/21   2,731,078    2,728,788    2,642,318 
Spectrum Plastics, Senior Secured Closing Date Term Loan (First Lien), 4.25% (Libor + 3.25%), maturity 1/31/25(i)   2,654,925    2,662,649    2,533,273 
Unifrax, Senior Secured USD Term Loan (First Lien), 3.99% (Libor + 3.75%), maturity 12/12/25(i)   2,451,228    2,431,275    2,272,229 
Boyd Corp, Senior Secured Initial Loan (Second Lien), 6.99% (Libor + 6.75%), maturity 9/6/26   2,000,000    2,001,952    1,980,000 
Q Holding, Senior Secured Term B Loan (2019), 6.00% (Libor + 5.00%), maturity 12/31/23   1,975,000    1,967,237    1,925,625 
Zep, Senior Secured Initial Term Loan (First Lien), 5.00% (Libor + 4.00%), maturity 8/12/24(i)   1,936,212    1,934,630    1,904,232 
DuBois Chemicals, Senior Secured Term Loan B (First Lien), 4.74% (Libor + 4.50%), maturity 9/30/26   1,795,385    1,757,677    1,781,919 
Prince Minerals, Senior Secured Initial Term Loan (First Lien), 4.50% (Libor + 3.50%), maturity 3/31/25   972,500    969,266    962,775 
Vantage Specialty Chemicals, Senior Secured Closing Date Term Loan (First Lien), 4.50% (Libor + 3.50%), maturity 10/28/24(i)   977,330    963,591    933,996 
Spartech, Senior Secured Term Loan, 5.50% (Libor + 4.50%), maturity 10/17/25   823,333    812,351    823,333 
Polytek, Senior Secured Term Loan, 6.00% (Libor + 5.00%), maturity 9/20/24(i)   500,000    495,000    495,000 
Boyd Corp, Senior Secured Initial Term Loan (First Lien), 3.74% (Libor + 3.50%), maturity 9/6/25(i)   497,455    464,093    485,309 
Vertellus, Senior Secured Revolving Facility, 7.00% (Libor + 6.00%), maturity 12/22/25(i)   -    (12,156)   - 

 

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

 

12

 

Audax Credit BDC Inc. 

Schedule of Investments (Continued) 

As of December 31, 2020 

(Expressed in U.S. Dollars)

 

Portfolio Investments (a) (b) (c) (d) (e) (f)  Par   Cost   Value 
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS(h) (Continued):               
                
Aerospace & Defense               

CPI International, Senior Secured Second Amendment Incremental Term Loan (First Lien), 5.75%

(Libor + 4.75%), maturity 7/26/24

  $5,275,326   $5,226,445   $5,248,949 
StandardAero, Senior Secured 2020 Term B-1 Loan, 3.74% (Libor + 3.50%), maturity 4/6/26(i)   3,304,620    3,295,719    3,180,284 

Consolidated Precision Products, Senior Secured Initial Term Loan (Second Lien), 8.75%

(Libor + 7.75%), maturity 4/30/26

   2,000,000    2,008,327    1,945,000 
Whitcraft, Unitranche, 7.00% (Libor + 6.00%), maturity 4/3/23   1,982,452    1,973,233    1,942,803 
StandardAero, Senior Secured 2020 Term B-2 Loan, 3.74% (Libor + 3.50%), maturity 4/6/26(i)   1,776,677    1,771,892    1,709,830 
Tronair, Senior Secured Initial Term Loan (First Lien), 4.99% (Libor + 4.75%), maturity 9/8/23   1,441,086    1,436,497    1,305,624 
Amentum, Senior Secured Tranche 2 Term Loan (First Lien), 5.50% (Libor + 4.75%), maturity 1/29/27(i)   1,000,000    980,364    1,010,710 
Eton, Senior Secured Initial Term Loan (First Lien), 4.74% (Libor + 4.50%), maturity 5/1/25(i)   993,645    990,088    997,154 
Amentum, Senior Secured Tranche 1 Term Loan (First Lien), 3.74% (Libor + 3.50%), maturity 1/29/27(i)   995,000    964,975    995,630 
API Technologies, Senior Secured Initial Term Loan (First Lien), 4.49% (Libor + 4.25%), maturity 5/9/26   989,950    962,144    978,813 
Eton, Senior Secured Initial Term Loan (Second Lien), 8.24% (Libor + 8.00%), maturity 5/1/26   500,000    495,340    498,750 
Novaria Group, Senior Secured Initial Term Loan, 6.25% (Libor + 5.25%), maturity 1/27/27   481,818    477,197    477,000 

Consolidated Precision Products, Senior Secured Initial Term Loan (First Lien), 4.75% (Libor + 3.75%), maturity 4/30/25(i)

   492,718    490,562    464,492 
                
Banking, Finance, Insurance & Real Estate               
American Beacon Advisors, Senior Secured Tranche C Term Loan (Second Lien), 8.50% (Libor + 7.50%), maturity 4/30/23   2,500,000    2,506,156    2,500,000 
AmeriLife, Senior Secured Initial Term Loan (First Lien), 4.24% (Libor + 4.00%), maturity 3/18/27(i)   2,487,768    2,472,789    2,468,652 
Kestra Financial, Senior Secured Initial Term Loan, 4.49% (Libor + 4.25%), maturity 6/3/26   1,975,000    1,959,039    1,970,063 

Integro Insurance Brokers, Senior Secured Initial Term Loan (First Lien), 6.75% (Libor + 5.75%),

maturity 10/31/22

   1,959,163    1,941,037    1,944,469 
Orion, Senior Secured Initial Term Loan (First Lien), 5.00% (Libor + 4.00%), maturity 9/24/27(i)   1,496,250    1,481,250    1,505,340 
Advisor Group, Senior Secured Initial Term B Loan, 5.24% (Libor + 5.00%), maturity 7/31/26(i)   1,485,000    1,473,076    1,478,274 
EPIC Insurance, Senior Secured Initial Term Loan (First Lien), 5.25% (Libor + 4.25%), maturity 9/6/24   1,455,000    1,453,049    1,447,725 
HighTower, Senior Secured Term Loan (First Lien), 6.00% (Libor + 5.00%), maturity 1/31/25   1,254,919    1,234,708    1,245,507 

Mitchell International, Senior Secured Amendment No. 2 New Term Loan Facility (First Lien), 4.75%

(Libor + 4.25%), maturity 11/29/24(i)

   997,500    945,583    1,001,159 
Aperio, Senior Secured Initial Commitment, 5.24% (Libor + 5.00%), maturity 10/25/24   933,889    930,413    933,889 
Sedgwick Claims, Senior Secured Initial Term Loan, 3.49% (Libor + 3.25%), maturity 12/31/25(i)   494,949    494,373    489,808 
                
Services: Consumer               
A Place For Mom, Senior Secured Term Loan, 4.75% (Libor + 3.75%), maturity 8/10/24   2,638,868    2,638,424    2,586,091 
Cambium Learning, Senior Secured Initial Term Loan (First Lien), 4.74% (Libor + 4.50%), maturity 12/18/25(i)   2,449,960    2,356,145    2,449,996 
Weld North, Senior Secured Term Loan B (First Lien), 4.75% (Libor + 4.00%), maturity 12/21/27(i)   2,444,868    2,444,868    2,438,756 
Mister Car Wash, Senior Secured Initial Term Loan (First Lien), 3.49% (Libor + 3.25%), maturity 5/14/26(i)   2,069,000    2,064,997    2,032,545 
LegalShield, Senior Secured Initial Term Loan (First Lien), 3.49% (Libor + 3.25%), maturity 5/1/25(i)   1,927,000    1,916,403    1,916,690 
Ned Stevens, Senior Secured Term A Loan, 6.75% (Libor + 5.75%), maturity 9/30/25(j)   1,501,961    1,480,069    1,486,941 
Smart Start, Senior Secured Initial Term Loan, 5.75% (Libor + 4.75%), maturity 8/19/27   997,500    987,865    995,006 
Spring Education, Senior Secured Initial Term Loan (First Lien), 4.49% (Libor + 4.25%), maturity 7/30/25(i)   977,500    975,779    932,975 
LegalShield, Senior Secured New Term Loan (First Lien), 4.75% (Libor + 4.00%), maturity 5/1/25   498,750    491,474    495,009 
StubHub, Senior Secured USD Term B Loan, 3.74% (Libor + 3.50%), maturity 2/12/27   495,000    492,695    475,200 
Ned Stevens, Senior Secured Revolver, 5.75% (Libor + 4.75%), maturity 9/30/25(j)   -    (2,614)   - 
                
Automotive               
Mavis, Senior Secured Closing Date Term Loan (First Lien), 3.49% (Libor + 3.25%), maturity 3/20/25(i)   3,829,530    3,817,514    3,788,854 
Highline, Senior Secured Initial Term Loan (First Lien), 5.25% (Libor + 4.50%), maturity 11/9/27   2,863,636    2,786,320    2,849,318 
Les Schwab Tire, Senior Secured Initial Term Loan, 4.25% (Libor + 3.50%), maturity 11/2/27   2,000,000    1,990,162    1,985,000 
Truck Hero, Senior Secured Initial Term Loan (Second Lien), 9.25% (Libor + 8.25%), maturity 4/21/25(i)   1,800,000    1,798,743    1,800,000 
Safe Fleet, Senior Secured Tranche B-1 Term Loan (First Lien), 4.75% (Libor + 3.75%), maturity 2/3/25   975,849    955,515    961,212 
Safe Fleet, Senior Secured Initial Term Loan (Second Lien), 7.75% (Libor + 6.75%), maturity 2/2/26   500,000    489,628    492,500 
IXS, Senior Secured Initial Term Loan, 6.00% (Libor + 5.00%), maturity 3/5/27(i)   302,710    300,050    302,710 
                
Containers, Packaging & Glass               
ProAmpac, Senior Secured 2020-1 Term Loan (First Lien), 5.00% (Libor + 4.00%), maturity 11/3/25   2,977,335    2,977,335    2,955,005 
Anchor Packaging, Senior Secured Initial Term Loan (First Lien), 4.24% (Libor + 4.00%), maturity 7/18/26(i)   2,909,213    2,895,839    2,880,121 
Potters Industries, Senior Secured Initial Term Loan, 4.75% (Libor + 4.00%), maturity 12/14/27(i)   1,500,000    1,485,273    1,498,125 
Pregis Corporation, Senior Secured Initial Term Loan (First Lien), 3.99% (Libor + 3.75%), maturity 7/31/26   990,000    987,979    990,000 
Tank Holding, Senior Secured 2020 Refinancing Term Loan (First Lien), 3.49% (Libor + 3.25%), maturity 3/26/26(i)   987,500    984,017    972,735 
Pregis Corporation, Senior Secured Incremental Amendment No. 2 Term Loan (First Lien), 5.00% (Libor + 4.25%), maturity 7/31/26(i)   500,000    497,546    497,500 
Berlin Packaging, Senior Secured Initial Term Loan (First Lien), 3.00% (Libor + 3.00%), maturity 11/7/25(i)   494,924    474,388    490,252 
TricorBraun, Senior Secured Closing Date Term Loan (First Lien), 4.75% (Libor + 3.75%), maturity 11/30/23(i)   482,347    482,347    481,141 
Alpha Packaging, Senior Secured Tranche B-1 Term Loan, 7.00% (Libor + 6.00%), maturity 11/12/21   480,087    479,657    478,887 
                
Capital Equipment               
MW Industries, Senior Secured 2018 New Term Loan (First Lien), 3.99% (Libor + 3.75%), maturity 9/30/24(i)   2,037,185    2,037,185    1,951,145 
BAS, Senior Secured Repricing Term Loan, 4.75% (Libor + 3.75%), maturity 5/21/24   1,949,363    1,951,659    1,944,490 
Excelitas, Senior Secured Initial Term Loan (Second Lien), 8.50% (Libor + 7.50%), maturity 12/1/25   1,500,000    1,479,256    1,496,250 
Edward Don, Senior Secured Initial Term Loan, 5.25% (Libor + 4.25%), maturity 7/2/25   1,463,794    1,459,176    1,378,894 
Cole-Parmer, Senior Secured Closing Date Term Loan (First Lien), 4.49% (Libor + 4.25%), maturity 11/4/26   992,500    988,663    987,538 
TriMark, Senior Secured Initial Term Loan (First Lien), 3.74% (Libor + 3.50%), maturity 8/28/24   983,612    889,075    600,003 
Restaurant Technologies, Senior Secured Initial Loan (Second Lien), 6.74% (Libor + 6.50%), maturity 10/1/26