10-Q 1 tm2126287d1_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 September 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 November 11, 2021.

 

 

 

 

 

AUDAX CREDIT BDC INC.

TABLE OF CONTENTS

 

PART I. FINANCIAL INFORMATION:  
     
Item 1. Financial Statements  
     
  Statements of Assets and Liabilities as of September 30, 2021 (unaudited) and December 31, 2020   2
  Statements of Operations for the three and nine months ended September 30, 2021 (unaudited) and 2020 (unaudited) 3
  Statements of Changes in Net Assets for the nine months ended September 30, 2021 (unaudited) and 2020 (unaudited) 4
  Statements of Cash Flows for the nine months ended September 30, 2021 (unaudited) and 2020 (unaudited) 5
  Schedules of Investments as of September 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 37
     
  Overview 38
  Results of Operations 40
  Financial Condition, Liquidity and Capital Resources 42
     
Item 3. Quantitative and Qualitative Disclosures About Market Risk 49
     
Item 4. Controls and Procedures 50
     
PART II. OTHER INFORMATION:  
     
Item 1. Legal Proceedings 51
     
Item 1A. Risk Factors 51
     
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 52
     
Item 3. Defaults Upon Senior Securities 52
     
Item 4. Mine Safety Disclosures 52
     
Item 5. Other Information 52
     
Item 6. Exhibits 52
   
SIGNATURES 53

 

 

 

Audax Credit BDC Inc.

Statements of Assets and Liabilities

September 30, 2021 and December 31, 2020

(Expressed in U.S. Dollars)

 

     September 30, 2021   December 31, 2020  
     (unaudited)       
Assets             
Investments, at fair value             
Non-Control/Non-Affiliate investments (Cost of $364,703,003 and $358,990,792, respectively)    $363,441,460 $ 355,359,843  
Cash and cash equivalents     13,397,892   4,289,122  
Interest receivable     1,065,822   954,012  
Receivable from investments sold     3,714,278   -  
Receivable from bank loan repayment     35,553   -  
Other assets     48,750   -  
              
Total assets    $381,703,755 $ 360,602,977  
              
Liabilities             
Accrued expenses and other liabilities    $286,122 $ 316,522  
Fee due to administrator(a)     66,250   66,250  
Fees due to investment advisor, net of waivers(a)     641,794   614,844  
Payable for investments purchased     2,988,750   2,722,500  
              
Total liabilities    $3,982,916 $ 3,720,116  
Commitments and contingencies(b)             
              
Net Assets             
Common stock, $0.001 par value per share, 100,000,000 shares authorized, $ 39,961 $38,343  39,961,405 and 38,343,580 shares issued and outstanding, respectively             
Capital in excess of par value     378,779,189   363,826,108  
Total distributable earnings     (1,098,311)  (6,981,590)  
Total Net Assets    $377,720,839 $ 356,882,861  
Net Asset Value per Share of Common Stock at End of Period    $9.45   $9.31  
              
Shares Outstanding     39,961,405   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   Nine Months Ended   Nine Months Ended 
   September 30, 2021   September 30, 2020   September 30, 2021   September 30, 2020 
Investment Income                    
Interest income                    
Non-Control/Non-Affiliate  $4,924,039   $4,721,470   $14,455,194   $14,885,290 
Other   477    1,058    1,107    31,053 
Total interest income   4,924,516    4,722,528    14,456,301    14,916,343 
Other income                    
Non-Control/Non-Affiliate   20,772    14,577    83,774    153,950 
Total income   4,945,288    4,737,105    14,540,075    15,070,293 
                     
Expenses                    
Base management fee(a)  $947,361   $874,188   $2,810,141   $2,697,570 
Incentive fee(a)   260,092    356,461    647,839    1,641,419 
Administrative fee(a)   66,250    66,250    198,750    198,750 
Directors' fees   56,250    52,500    168,750    157,500 
Professional fees   108,251    132,514    345,947    369,572 
Other expenses   108,702    83,232    314,632    191,422 
                     
Expenses before waivers from investment adviser and administrator   1,546,906    1,565,145    4,486,059    5,256,233 
Base management fee waivers(a)   (331,576)   (305,966)   (983,548)   (944,150)
Incentive fee waivers(a)   (234,083)   (320,815)   (583,056)   (1,437,466)
Total expenses, net of waivers   981,247    938,364    2,919,455    2,874,617 
Net Investment Income   3,964,041    3,798,741    11,620,620    12,195,676 
                     
Realized and Unrealized Gain (Loss) on Investments                    
Net realized gain (loss) on investments   183,204    (1,039,704)   (450,168)   (1,043,096)
Net change in unrealized appreciation (depreciation) on investments   94,068    6,436,468    2,369,406    (6,732,122)
Net realized and unrealized gain (loss) on investments   277,272    5,396,764    1,919,238    (7,775,218)
                     
Net Increase in Net Assets Resulting from Operations  $4,241,313   $9,195,505   $13,539,858   $4,420,458 
                     
Basic and Diluted per Share of Common Stock:                    
Net investment income  $0.10   $0.10   $0.30   $0.32 
Net increase in net assets resulting from operations  $0.11   $0.24   $0.34   $0.12 
                     
Weighted average shares of common stock outstanding basic diluted   39,909,673    38,265,852    39,295,800    37,528,161 

 

 

(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)

 

   Nine Months Ended
September 30, 2021		   Nine Months Ended
September 30, 2020		 
Operations          
Net investment income  $11,620,620   $12,195,676 
Net realized loss on investments   (450,168)   (1,043,096)
Net change in unrealized appreciation (depreciation) on investments   2,369,406    (6,732,122)
Net increase in net assets resulting from operations   13,539,858    4,420,458 
           
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   15,100,000    30,000,000 
Reinvestment of common stock   25    26 
Net increase in net assets from capital share transactions   15,100,025    30,000,026 
           
Net Increase in Net Assets   20,837,978    26,294,877 
           
Net Assets, Beginning of Period   356,882,861    331,399,673 
           
Net Assets, End of Period  $377,720,839   $357,694,550 

 

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)

 

   Nine Months Ended   Nine Months Ended 
   September 30, 2021   September 30, 2020 
Cash flows from operating activities:          
Net increase in net assets resulting from operations  $13,539,858   $4,420,458 
Adjustments to reconcile net increase in net assets from operations to net cash provided by (used in) operating activities:          
Net realized loss on investments   450,168    1,043,096 
Net change in unrealized (appreciation) depreciation on investments   (2,369,406)   6,732,122 
Accretion of original issue discount interest and payment-in-kind interest   (538,786)   (357,873)
(Increase) decrease in receivable from investments sold   (3,714,278)   1,993,379 
Increase in interest receivable   (111,810)   (89,246)
(Increase) decrease in receivable from bank loan repayment   (35,553)   58,592 
Increase in other assets   (48,750)   (49,265)
Decrease in accrued expenses and other liabilities   (30,400)   (72,979)
Increase (decrease) in fees due to investment advisor(a)   26,950    (84,268)
Increase in payable for investments purchased   266,250    2,012,495 
Investment activity:          
Investments purchased   (89,312,556)   (52,376,341)
Proceeds from investments sold   17,331,786    6,437,456 
Repayment of bank loans   66,357,177    27,907,668 
Total investment activity   (5,623,593)   (18,031,217)
           
Net cash provided by (used in) operating activities   1,810,650    (2,424,706)
           
Cash flows from financing activities:          
Issuance of shares of common stock   15,100,000    30,000,000 
Distributions paid to common stockholders   (7,801,880)   (8,125,581)
           
Net cash provided by financing activities   7,298,120    21,874,419 
           
Net increase in cash and cash equivalents   9,108,770    19,449,713 
           
Cash and cash equivalents:          
Cash and cash equivalents, beginning of period   4,289,122    5,506,217 
           
Cash and cash equivalents, end of period  $13,397,892   $24,955,930 
           
Supplemental non-cash information          
Issuance of common shares in connection with dividend reinvestment plan  $25   $26 
Payment-in-kind ("PIK") interest income  $200,382   $75,144 

 

(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 September 30, 2021

(Expressed in U.S. Dollars)

(unaudited)

 

Portfolio Investments (a) (b) (c) (d) (e) (f)  Acquisition
Date		  Par   Cost   Value 
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS - (96.1%)(g)(h):                  
                   
Healthcare & Pharmaceuticals                  
Radiology Partners, Senior Secured Term B Loan (First Lien), 4.38% (Libor + 4.25%), maturity 7/9/25(i)  6/28/2018  $4,215,792   $4,351,973   $4,215,908 
Advarra, Senior Secured Initial Term Loan (First Lien), 5.25% (Libor + 4.25%), maturity 7/9/26  6/26/2019   4,156,221    4,126,286    4,156,220 
Young, Senior Secured Initial Term Loan (First Lien), 5.00% (Libor + 4.00%), maturity 11/7/24  11/6/2017   3,765,354    3,757,689    3,737,113 
American Vision Partners, Senior Secured Term Loan, 6.50% (Libor + 5.75%), maturity 9/22/28(i)  9/22/2021   3,546,512    3,482,414    3,493,313 
InHealth Medical Alliance, Senior Secured Initial Term Loan, 7.00% (Libor + 6.00%), maturity 6/28/28  6/25/2021   3,500,000    3,465,451    3,456,250 
Confluent Health, Senior Secured Initial Term Loan, 5.13% (Libor + 5.00%), maturity 6/24/26(i)  6/24/2019   3,427,437    3,402,527    3,427,436 
PharMedQuest, Senior Secured Initial Term Loan, 6.50% (Libor + 5.50%), maturity 10/31/24  11/6/2019   3,293,398    3,263,022    3,268,697 
Zest Dental, Senior Secured Initial Term Loan (First Lien), 3.63% (Libor + 3.50%), maturity 3/14/25(i)  5/30/2018   3,239,110    3,252,724    3,169,121 
Veritext, Senior Secured Initial Term Loan (First Lien), 3.38% (Libor + 3.25%), maturity 8/1/25(i)  8/14/2018   3,129,147    3,114,927    3,103,325 
Waystar, Senior Secured Initial Term Loan (First Lien), 4.13% (Libor + 4.00%), maturity 10/22/26(i)  9/19/2019   2,957,481    2,949,800    2,963,825 
Physicians Endoscopy, Senior Secured Initial Term Loan (First Lien), 5.75% (Libor + 4.75%), maturity 8/18/23  8/18/2016   2,860,177    2,846,238    2,838,726 
Packaging Coordinators, Senior Secured Term B Loan (First Lien), 4.25% (Libor + 3.50%), maturity 11/30/27(i)  9/25/2020   2,475,031    2,466,743    2,481,073 
Zelis RedCard, Senior Secured Term B-1 Loan, 3.63% (Libor + 3.50%), maturity 9/30/26(i)  9/27/2019   2,426,753    2,415,735    2,421,715 
Soliant, Senior Secured Initial Term Loan, 4.75% (Libor + 4.00%), maturity 3/31/28  3/26/2021   2,337,500    2,320,016    2,337,500 
Premise Health, Senior Secured Initial Term Loan (First Lien), 3.63% (Libor + 3.50%), maturity 7/10/25  8/15/2018   2,288,499    2,293,906    2,288,499 
Advanced Diabetes Supply, Senior Secured Term Loan December 2020, 6.25% (Libor + 5.25%), maturity 12/30/26  7/13/2021   1,994,975    1,975,125    1,985,000 
Upstream Rehabilitation, Senior Secured August 2021 Incremental Term Loan (First Lien), 4.38% (Libor + 4.25%), maturity 11/20/26(i)  10/24/2019   1,976,297    1,973,317    1,979,594 
Press Ganey, Senior Secured Initial Term Loan (First Lien), 3.63% (Libor + 3.50%), maturity 7/24/26(i)  7/23/2019   1,960,000    1,954,590    1,949,584 
Avalign Technologies, Senior Secured Initial Term Loan (First Lien), 4.63% (Libor + 4.50%), maturity 12/22/25  12/19/2018   1,945,000    1,933,592    1,906,100 
Alpaca, Senior Secured Term Loan, 6.25% (Libor + 5.25%), maturity 4/19/24(j)  4/19/2019   1,875,061    1,856,728    1,837,560 
CareCentrix, Senior Secured Initial Term Loan, 4.63% (Libor + 4.50%), maturity 4/3/25  4/2/2018   1,825,000    1,819,864    1,825,000 
Gastro Health, Senior Secured Initial Term Loan (First Lien), 5.25% (Libor + 4.50%), maturity 7/3/28  7/2/2021   1,672,000    1,662,000    1,659,460 
Symplr, Senior Secured Initial Term Loan (First Lien), 5.25% (Libor + 4.50%), maturity 12/22/27(i)  11/23/2020   1,492,500    1,470,300    1,499,362 
nThrive, Senior Secured Initial Loan (Second Lien), 8.50% (Libor + 7.75%), maturity 1/29/29  1/21/2021   1,500,000    1,470,300    1,492,500 
Therapy Brands, Senior Secured Initial Term Loan (First Lien), 4.75% (Libor + 4.00%), maturity 5/18/28  5/12/2021   1,500,000    1,492,650    1,492,500 
CPS, Unitranche, 6.50% (Libor + 5.50%), maturity 2/28/25  3/1/2019   1,465,886    1,452,108    1,462,221 
Stepping Stones, Unitranche, 7.25% (Libor + 6.25%), maturity 3/9/27  3/5/2021   1,431,844    1,416,216    1,431,844 
Tecomet, Senior Secured 2017 Term Loan (First Lien), 4.50% (Libor + 3.50%), maturity 5/1/24(i)  1/10/2019   1,158,945    1,156,135    1,146,262 
Solis Mammography, Senior Secured Initial Term Loan (First Lien), 5.50% (Libor + 4.75%), maturity 4/17/28(i)  4/1/2021   1,063,333    1,053,633    1,065,992 
Wedgewood Pharmacy, Senior Secured Initial Term Loan, 5.25% (Libor + 4.50%), maturity 3/31/28  2/24/2021   1,000,000    990,150    1,000,000 
nThrive, Senior Secured Initial Term Loan (First Lien), 4.50% (Libor + 3.75%), maturity 1/28/28  1/15/2021   997,500    992,650    999,636 
Veritext, Senior Secured Initial Term Loan (Second Lien), 6.88% (Libor + 6.75%), maturity 7/31/26  8/14/2018   1,000,000    996,540    997,500 
Allied Benefit Systems, Senior Secured Initial Term B Loan, 5.50% (Libor + 4.50%), maturity 11/18/26  10/21/2020   992,500    979,588    992,500 
UDG, Senior Secured Initial Dollar Term Loan (First Lien), 4.75% (Libor + 4.25%), maturity 8/19/28(q)  8/6/2021   1,000,000    990,000    990,000 
Solis Mammography, Senior Secured Term Loan (Second Lien ), 8.75% (Libor + 8.00%), maturity 4/16/29  4/1/2021   1,000,000    985,300    992,500 
Athena, Senior Secured Term B-1 Loan (First Lien), 4.38% (Libor + 4.25%), maturity 2/11/26(i)  9/18/2019   982,506    975,746    986,664 
Alcami, Senior Secured Initial Term Loan (First Lien), 4.38% (Libor + 4.25%), maturity 7/14/25  7/12/2018   970,000    967,090    938,475 
Dermatologists of Central States, Senior Secured Term Loan, 9.50% (Libor + 8.50%), maturity 4/20/22  3/12/2020   959,936    959,936    935,938 
Aegis Sciences, Senior Secured Initial Term Loan (2018) (First Lien), 6.50% (Libor + 5.50%), maturity 5/9/25(i)  5/4/2018   789,913    783,021    781,027 
MedRisk, Senior Secured Initial Term Loan (First Lien), 4.50% (Libor + 3.75%), maturity 5/10/28(i)  4/1/2021   500,000    495,075    500,307 
Press Ganey, Senior Secured 2020 Incremental Term Loan (First Lien), 4.75% (Libor + 4.00%), maturity 7/24/26(i)  10/1/2020   497,503    493,123    499,700 
AccentCare, Senior Secured 2021 Term Loan (First Lien), 4.13% (Libor + 4.00%), maturity 6/22/26(i)  6/15/2021   498,750    498,750    499,284 
RMP & MedA/Rx, Senior Secured Term Loan, 5.50% (Libor + 4.50%), maturity 2/6/25  3/22/2021   493,750    488,870    492,516 
RMP & MedA/Rx, Senior Secured Term Loan (First Lien), 5.25% (Libor + 4.25%), maturity 2/6/25  2/27/2017   422,325    422,106    421,269 
ATI Physical Therapy, Senior Secured Initial Term Loan (First Lien), 4.50% (Libor + 3.50%), maturity 5/10/23(i)  6/28/2016   344,706    345,480    337,385 
Alpaca, Senior Secured Revolver, 6.25% (Libor + 5.25%), maturity 4/19/24(j)  9/30/2019   178,608    174,725    175,036 
AmeriVet, Senior Secured Incremental Delayed Draw Term Loan, 5.75% (Libor + 4.75%), maturity 6/5/24(i)  8/27/2021   116,000    104,840    114,840 
Advarra, Senior Secured Initial Revolving Loan (First Lien), 5.25% (Libor + 4.25%), maturity 7/9/24  6/26/2019   -    (7,619)   - 
                   
Services: Business                  
CoAdvantage, Senior Secured Initial Term Loan (First Lien), 6.00% (Libor + 5.00%), maturity 9/23/25  9/26/2019   3,920,000    3,893,105    3,920,000 
RevSpring, Senior Secured Initial Term Loan (First Lien), 4.13% (Libor + 4.00%), maturity 10/11/25(i)  10/5/2018   3,890,000    3,886,850    3,882,649 
Addison, Senior Secured Initial Term Loan, 4.88% (Libor + 4.75%), maturity 4/15/26  4/4/2019   2,932,500    2,895,000    2,932,500 
Cast & Crew, Senior Secured Initial Term Loan (First Lien), 3.88% (Libor + 3.75%), maturity 2/9/26(i)  1/16/2019   2,932,424    2,916,826    2,924,623 
Fleetwash, Senior Secured Incremental Term Loan, 5.75% (Libor + 4.75%), maturity 10/1/24  9/25/2018   2,910,506    2,894,340    2,895,954 
Aimbridge, Senior Secured Initial Term Loan (2019) (First Lien), 3.88% (Libor + 3.75%), maturity 2/2/26(i)  1/17/2019   2,930,200    2,923,102    2,881,421 
CoolSys, Senior Secured Closing Date Initial Term Loan, 5.50% (Libor + 4.75%), maturity 8/11/28(i)  8/4/2021   2,500,000    2,469,444    2,512,246 
Duff & Phelps, Senior Secured Initial Dollar Term Loan (First Lien), 4.75% (Libor + 3.75%), maturity 4/9/27(i)  3/6/2020   2,468,750    2,448,678    2,478,773 
HireRight, Senior Secured Initial Term Loan (Second Lien), 7.38% (Libor + 7.25%), maturity 7/10/26  7/2/2018   2,500,000    2,485,363    2,468,750 
Newport Group, Senior Secured Initial Term Loan (First Lien), 3.63% (Libor + 3.50%), maturity 9/12/25(i)  8/9/2018   2,427,437    2,418,215    2,425,066 
Vistage, Senior Secured Term B Loan (First Lien), 5.00% (Libor + 4.00%), maturity 2/10/25  2/6/2018   2,329,686    2,326,569    2,329,686 
Sterling Backcheck, Senior Secured Initial Term Loan (First Lien), 4.50% (Libor + 3.50%), maturity 6/19/24  6/30/2017   2,325,836    2,325,836    2,325,836 
Service Logic, Senior Secured Closing Date Initial Term Loan (First Lien), 4.75% (Libor + 4.00%), maturity 10/29/27  10/23/2020   2,139,654    2,116,711    2,123,606 
Veregy, Senior Secured Initial Term Loan, 7.00% (Libor + 6.00%), maturity 11/3/27  11/2/2020   1,985,000    1,931,756    1,970,113 
Quantum Health, Senior Secured Amendment No. 1 Refinancing Term Loan (First Lien), 5.25% (Libor + 4.50%), maturity 12/22/27  12/18/2020   1,496,250    1,473,975    1,488,769 

 

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

 

 6 

 

 

Audax Credit BDC Inc.

Schedule of Investments (Continued)

As of September 30, 2021

(Expressed in U.S. Dollars)

(unaudited)

 

Portfolio Investments (a) (b) (c) (d) (e) (f)  Acquisition
Date		  Par   Cost   Value 
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS(h) (Continued):                  
                   
Services: Business (continued)                  
Eliassen Group, Senior Secured Initial Term B Loan, 4.38% (Libor + 4.25%), maturity 11/5/24  10/19/2018  $1,479,992   $1,475,717   $1,479,992 
Insight Global, Senior Secured Initial Term Loan, 6.75% (Libor + 6.00%), maturity 9/22/28(i)  9/22/2021   1,500,000    1,467,316    1,470,000 
OSG Billing Services, Senior Secured Term B Loan (First Lien), 5.50% (Libor + 4.50%), maturity 3/27/24  3/26/2018   1,448,141    1,445,248    1,437,280 
Epic Staffing Group, Senior Secured Initial Term Loan, 7.00% (Libor + 6.00%), maturity 2/5/27(i)  2/3/2021   1,250,473    1,220,773    1,244,221 
First Advantage, Senior Secured Term B-1 Loan (First Lien), 2.88% (Libor + 2.75%), maturity 1/31/27(i)  1/23/2020   1,100,312    1,088,542    1,101,039 
eResearch (ERT), Senior Secured Initial Term Loan (First Lien), 5.50% (Libor + 4.50%), maturity 2/4/27(i)  12/1/2020   992,469    992,469    998,689 
WCG, Senior Secured Initial Term Loan (First Lien), 5.00% (Libor + 4.00%), maturity 1/8/27(i)  12/13/2019   987,500    979,406    992,869 
Divisions Maintenance Group, Senior Secured Term B Loan, 5.50% (Libor + 4.75%), maturity 5/27/28  5/21/2021   1,000,000    990,300    992,500 
Franklin Energy, Senior Secured Term B Loan (First Lien), 4.13% (Libor + 4.00%), maturity 8/14/26  8/14/2019   980,000    978,042    955,500 
Diversified, Senior Secured Initial Term Loan, 5.75% (Libor + 4.75%), maturity 12/23/23  4/19/2019   899,347    895,564    890,353 
Worley Claims Services, Senior Secured Initial Term Loan (First Lien), 4.13% (Libor + 4.00%), maturity 6/3/26  10/31/2019   539,719    536,864    539,719 
ImageFirst, Senior Secured Initial Term Loan, 5.25% (Libor + 4.50%), maturity 4/27/28(i)  4/26/2021   526,023    523,105    527,338 
Therma Holdings, Senior Secured Term Loan, 4.50% (Libor + 3.75%), maturity 12/16/27(i)  9/29/2021   500,000    498,750    501,250 
System One, Senior Secured Initial Term Loan, 5.25% (Libor + 4.50%), maturity 3/2/28  1/28/2021   498,867    496,517    497,620 
Therma Holdings, Senior Secured Initial Term Loan, 4.75% (Libor + 4.00%), maturity 12/16/27(i)  12/11/2020   416,210    412,166    416,210 
Insight Global, Senior Secured Initial Revolving Loan, 6.75% (Libor + 6.00%), maturity 9/22/27(i)  9/23/2021   -    -    - 
                   
High Tech Industries                  
Qlik, Senior Secured 2021 Refinancing Term Loan, 4.13% (Libor + 4.00%), maturity 4/26/24(i)  3/29/2019   3,910,450    3,894,625    3,914,238 
Netsmart, Senior Secured Initial Term Loan (First Lien), 4.75% (Libor + 4.00%), maturity 10/1/27(i)  9/29/2020   3,482,500    3,468,906    3,500,426 
Masergy, Senior Secured Initial Loan (Second Lien), 8.50% (Libor + 7.50%), maturity 12/16/24(i)  12/14/2016   3,428,571    3,423,218    3,428,571 
Jaggaer, Senior Secured Initial Term Loan (First Lien), 4.13% (Libor + 4.00%), maturity 8/14/26(i)  8/9/2019   3,099,006    3,095,040    3,101,503 
Ivanti Software, Senior Secured Initial Term Loan (First Lien), 5.75% (Libor + 4.75%), maturity 12/1/27(i)  11/20/2020   2,985,000    2,946,264    2,997,986 
Infogroup, Senior Secured Term Loan (First Lien), 6.00% (Libor + 5.00%), maturity 4/3/23  3/28/2017   2,867,393    2,855,087    2,845,888 
Planview, Senior Secured Closing Date Term Loan (First Lien), 4.75% (Libor + 4.00%), maturity 12/17/27(i)  12/11/2020   2,638,937    2,613,470    2,650,250 
Idera, Senior Secured Term B-1 Loan (First Lien), 4.50% (Libor + 3.75%), maturity 3/2/28(i)  6/27/2017   2,605,864    2,604,928    2,608,756 
Precisely, Senior Secured Initial Term Loan (First Lien), 5.00% (Libor + 4.25%), maturity 4/24/28(i)  3/19/2021   2,500,000    2,487,800    2,500,181 
Flexera Software, Senior Secured Term B-1 Loan (First Lien), 4.50% (Libor + 3.75%), maturity 3/3/28(i)  2/16/2020   2,396,779    2,396,779    2,402,554 
ECi Software, Senior Secured Initial Term Loan (First Lien), 4.50% (Libor + 3.75%), maturity 11/9/27(i)  9/17/2020   1,985,000    1,977,294    1,988,468 
Sophos, Senior Secured Dollar Tranche Term Loan (First Lien), 3.63% (Libor + 3.50%), maturity 3/5/27(i)(o)  1/16/2020   1,975,009    1,877,720    1,966,904 
QuickBase, Senior Secured Term Loan (First Lien), 4.13% (Libor + 4.00%), maturity 4/2/26  3/29/2019   1,955,000    1,948,442    1,945,225 
Intermedia , Senior Secured New Term Loan (First Lien), 7.00% (Libor + 6.00%), maturity 7/21/25  7/13/2018   1,945,000    1,935,554    1,910,963 
Bomgar, Senior Secured Initial Term Loan (First Lien), 4.13% (Libor + 4.00%), maturity 4/18/25(i)  5/25/2018   1,645,554    1,652,358    1,646,658 
OEConnection, Senior Secured Initial Term Loan, 4.13% (Libor + 4.00%), maturity 9/25/26  9/24/2019   1,611,776    1,606,427    1,603,718 
Navex Global, Senior Secured Initial Term Loan (First Lien), 3.38% (Libor + 3.25%), maturity 9/5/25(i)  8/15/2018   1,455,000    1,444,951    1,446,365 
Infoblox, Senior Secured Initial Term Loan (First Lien), 4.50% (Libor + 3.75%), maturity 12/1/27(i)  10/7/2020   997,500    993,196    1,000,574 
Mediaocean, Senior Secured 2021 Incremental Term Loan, 4.13% (Libor + 4.00%), maturity 8/18/25(i)  8/2/2021   1,000,000    997,500    997,500 
Barracuda, Senior Secured 2020 Term Loan (First Lien), 4.50% (Libor + 3.75%), maturity 2/12/25(i)  3/2/2018   990,000    990,000    993,988 
SmartBear, Senior Secured Initial Term Loan (First Lien), 4.75% (Libor + 4.25%), maturity 3/3/28  11/20/2020   997,500    987,800    992,513 
Imperva, Senior Secured Term Loan, 5.00% (Libor + 4.00%), maturity 1/12/26(i)  9/23/2020   988,624    980,785    991,371 
Veracode, Senior Secured Initial Term Loan, 4.75% (Libor + 4.00%), maturity 11/5/27  10/30/2020   995,000    986,318    990,025 
Unison, Unitranche, 8.00% (Libor + 7.00%), maturity 6/25/26  6/25/2020   987,500    966,850    987,500 
Insurity, Senior Secured Closing Date Term Loan (First Lien), 4.13% (Libor + 4.00%), maturity 7/31/26(i)  7/18/2019   982,999    979,388    983,079 
Community Brands, Senior Secured Initial Term Loan (First Lien), 5.00% (Libor + 4.00%), maturity 12/2/22  5/2/2018   819,386    816,986    815,290 
Cloudera, Senior Secured Term Loan, 4.25% (Libor + 3.75%), maturity 8/10/28(i)  8/10/2021   500,000    495,000    495,000 
HelpSystems, Senior Secured Seventh Amendment Refinancing Loan (First Lien), 4.75% (Libor + 4.00%), maturity 11/19/26(i)  12/19/2019   492,500    491,492    494,013 
DigiCert, Senior Secured Initial Term Loan (First Lien), 4.00% (Libor + 4.00%), maturity 10/16/26(i)  3/13/2020   492,500    469,417    493,184 
Masergy, Senior Secured 2017 Replacement Term Loan (First Lien), 4.25% (Libor + 3.25%), maturity 12/15/23(i)  12/14/2016   476,158    475,272    476,158 
                   
Chemicals, Plastics & Rubber                  
Plaskolite, Senior Secured 2021-1 Refinancing Term Loan (First Lien), 4.75% (Libor + 4.00%), maturity 12/15/25(i)  12/12/2018   3,890,450    3,843,668    3,898,897 
Transcendia, Senior Secured 2017 Refinancing Term Loan (First Lien), 4.50% (Libor + 3.50%), maturity 5/30/24  5/11/2017   3,361,813    3,353,691    3,269,363 
DuBois Chemicals, Senior Secured Term Loan (Second Lien) - 2019, 8.63% (Libor + 8.50%), maturity 9/30/27  10/8/2019   3,000,000    2,973,785    2,985,000 
Vertellus, Senior Secured Initial Term Loan, 7.00% (Libor + 6.00%), maturity 12/22/27  12/18/2020   2,979,750    2,906,250    2,964,851 
Spectrum Plastics, Senior Secured Closing Date Term Loan (First Lien), 4.25% (Libor + 3.25%), maturity 1/31/25(i)  1/26/2018   2,634,450    2,641,017    2,582,011 
Unifrax, Senior Secured USD Term Loan (First Lien), 3.88% (Libor + 3.75%), maturity 12/12/25(i)  11/5/2018   2,432,469    2,413,505    2,406,281 
Boyd Corp, Senior Secured Initial Loan (Second Lien), 6.88% (Libor + 6.75%), maturity 9/6/26(i)  8/16/2018   2,000,000    2,001,744    1,997,471 
Meridian Adhesives Group, Senior Secured Initial Term Loan, 4.75% (Libor + 4.00%), maturity 7/24/28  7/16/2021   2,000,000    1,980,150    1,985,000 
Q Holding, Senior Secured Term B Loan (2019), 6.00% (Libor + 5.00%), maturity 12/29/23  8/20/2019   1,960,000    1,953,268    1,937,950 
DuBois Chemicals, Senior Secured Term Loan B (First Lien), 4.63% (Libor + 4.50%), maturity 9/30/26  10/8/2019   1,781,888    1,748,755    1,772,979 
Prince Minerals, Senior Secured Initial Term Loan (First Lien), 4.50% (Libor + 3.50%), maturity 3/31/25(i)  3/22/2018   965,000    962,289    960,085 
Vantage Specialty Chemicals, Senior Secured Closing Date Term Loan (First Lien), 4.50% (Libor + 3.50%), maturity 10/28/24(i)  11/30/2018   969,773    958,504    952,896 
Polytek, Senior Secured Term Loan, 5.75% (Libor + 4.75%), maturity 9/20/24  12/23/2020   496,254    491,404    495,013 
Boyd Corp, Senior Secured Initial Term Loan (First Lien), 3.63% (Libor + 3.50%), maturity 9/6/25(i)  11/7/2018   493,639    465,229    487,882 
Vertellus, Senior Secured Revolving Credit Loan, 7.00% (Libor + 6.00%), maturity 12/22/25  12/18/2020   -    (12,156)   - 

 

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

 

 7 

 

 

Audax Credit BDC Inc.

Schedule of Investments (Continued)

As of September 30, 2021

(Expressed in U.S. Dollars)

(unaudited)

 

Portfolio Investments (a) (b) (c) (d) (e) (f)  Acquisition
Date		  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  10/1/2019  $5,235,562   $5,192,995   $5,196,295 
HDT Global, Senior Secured Initial Term Loan, 6.50% (Libor + 5.75%), maturity 7/8/27  6/30/2021   3,456,250    3,351,250    3,430,328 
StandardAero, Senior Secured 2020 Term B-1 Loan, 3.63% (Libor + 3.50%), maturity 4/6/26(i)  1/24/2019   3,279,521    3,272,196    3,213,697 
Consolidated Precision Products, Senior Secured Initial Term Loan (Second Lien), 8.75% (Libor + 7.75%), maturity 4/30/26  5/10/2018   2,000,000    2,007,340    1,935,000 
Whitcraft, Unitranche, 7.00% (Libor + 6.00%), maturity 4/3/23  3/6/2020   1,967,412    1,959,383    1,923,145 
StandardAero, Senior Secured 2020 Term B-2 Loan, 3.63% (Libor + 3.50%), maturity 4/6/26(i)  1/24/2019   1,763,183    1,759,245    1,727,794 
Eton, Senior Secured Initial Term Loan (First Lien), 4.13% (Libor + 4.00%), maturity 5/1/25(i)  2/5/2020   1,486,177    1,481,953    1,486,177 
Tronair, Senior Secured Initial Term Loan (First Lien), 5.75% (Libor + 4.75%) cash, 0.50% PIK, maturity 9/8/23  9/30/2016   1,370,407    1,367,238    1,293,664 
Amentum, Senior Secured Tranche 2 Term Loan (First Lien), 5.50% (Libor + 4.75%), maturity 1/29/27(i)  10/29/2020   995,000    977,784    1,005,282 
Peraton, Senior Secured Term B Loan (First Lien), 4.50% (Libor + 3.75%), maturity 2/1/28(i)  2/23/2021   995,000    990,300    997,610 
Amentum, Senior Secured Tranche 1 Term Loan (First Lien), 3.63% (Libor + 3.50%), maturity 1/29/27(i)  1/24/2020   987,500    961,261    988,722 
API Technologies, Senior Secured Initial Term Loan (First Lien), 4.38% (Libor + 4.25%), maturity 5/9/26(i)  1/15/2020   982,412    957,941    957,063 
Consolidated Precision Products, Senior Secured Initial Term Loan (First Lien), 4.75% (Libor + 3.75%), maturity 4/30/25(i)  7/18/2019   489,105    487,248    476,607 
Novaria Group, Senior Secured Initial Term Loan, 6.50% (Libor + 5.50%), maturity 1/27/27  1/24/2020   481,818    477,777    466,159 
                   
Banking, Finance, Insurance & Real Estate                  
AmeriLife, Senior Secured Initial Term Loan (First Lien), 4.13% (Libor + 4.00%), maturity 3/18/27(i)  2/6/2020   2,469,063    2,455,373    2,469,539 
American Beacon Advisors, Senior Secured Tranche D Term Loan (Second Lien), 9.00% (Libor + 8.00%), maturity 4/30/25  10/31/2017   2,117,133    2,122,223    2,117,133 
Confluence, Senior Secured Initial Term Loan (First Lien), 4.25% (Libor + 3.75%), maturity 7/31/28(i)  7/22/2021   2,000,000    1,990,000    1,997,500 
Kestra Financial, Senior Secured Initial Term Loan, 4.38% (Libor + 4.25%), maturity 6/3/26(i)  4/29/2019   1,960,000    1,946,087    1,958,835 
Integro Insurance Brokers, Senior Secured Initial Term Loan (First Lien), 6.75% (Libor + 5.75%), maturity 10/31/22  10/9/2015   1,937,653    1,934,907    1,889,212 
Orion, Senior Secured 2021 Refinancing Term Loan (First Lien), 4.50% (Libor + 3.75%), maturity 9/24/27(i)  8/4/2020   1,488,769    1,473,769    1,492,116 
EPIC Insurance, Unitranche, 6.00% (Libor + 5.25%), maturity 9/30/28(i)  8/27/2021   1,500,000    1,470,000    1,470,000 
Advisor Group, Senior Secured Term B-1 Loan, 4.63% (Libor + 4.50%), maturity 7/31/26(i)  1/31/2020   1,032,059    1,026,793    1,035,151 
LERETA, Senior Secured Initial Term Loan, 6.00% (Libor + 5.25%), maturity 7/30/28  7/27/2021   1,000,000    990,000    995,000 
SIAA, Unitranche, 7.25% (Libor + 6.25%), maturity 4/28/28  4/21/2021   1,000,000    981,704    992,500 
Mitchell International, Senior Secured Amendment No. 2 New Term Loan Facility (First Lien), 4.75% (Libor + 4.25%), maturity 11/29/24(i)  7/6/2020   990,000    944,203    990,000 
Sedgwick Claims, Senior Secured Initial Term Loan, 3.38% (Libor + 3.25%), maturity 12/31/25(i)  2/12/2020   491,162    490,660    487,857 
EPIC Insurance, Senior Secured Revolving Loan, 6.00% (Libor + 5.25%), maturity 9/30/27(i)  8/27/2021   -    -    - 
                   
Containers, Packaging & Glass                  
Anchor Packaging, Senior Secured Initial Term Loan (First Lien), 4.13% (Libor + 4.00%), maturity 7/18/26  7/17/2019   2,887,062    2,875,132    2,872,627 
Resource Label Group, Senior Secured Closing Date Initial Term Loan (First Lien), 5.00% (Libor + 4.25%), maturity 7/7/28(i)  7/2/2021   1,632,911    1,623,663    1,637,324 
TricorBraun, Senior Secured Closing Date Initial Term Loan (First Lien), 3.75% (Libor + 3.25%), maturity 3/3/28(i)  1/29/2021   1,611,238    1,603,757    1,604,610 
Potters Industries, Senior Secured Initial Term Loan, 4.75% (Libor + 4.00%), maturity 12/14/27(i)  11/19/2020   1,492,500    1,479,588    1,496,231 
Technimark, Senior Secured Initial Term Loan (First Lien), 4.25% (Libor + 3.75%), maturity 7/7/28(i)  6/30/2021   1,496,250    1,488,900    1,493,537 
Tekni-Plex, Senior Secured Tranche B-3 Initial Term Loan, 4.50% (Libor + 4.00%), maturity 9/15/28(i)  7/29/2021   1,000,000    997,500    1,002,500 
Lacerta, Senior Secured Term Loan, 6.25% (Libor + 5.50%), maturity 12/30/26  2/8/2021   992,500    982,500    990,019 
Pregis Corporation, Senior Secured Initial Term Loan (First Lien), 4.13% (Libor + 4.00%), maturity 7/31/26(i)  7/25/2019   982,500    980,733    984,766 
Tank Holding, Senior Secured 2020 Refinancing Term Loan (First Lien), 3.63% (Libor + 3.50%), maturity 3/26/26(i)  3/21/2019   980,000    977,014    977,241 
Pregis Corporation, Senior Secured Third Amendment Refinancing Term Loan (First Lien), 4.50% (Libor + 4.00%), maturity 7/31/26  12/9/2020   500,000    497,848    496,250 
Applied Adhesives, Senior Secured Term A Loan, 5.75% (Libor + 5.00%), maturity 3/12/27  3/12/2021   497,500    491,941    495,013 
Alpha Packaging, Senior Secured Tranche B-1 Term Loan, 7.00% (Libor + 6.00%), maturity 5/12/22(i)  7/7/2017   465,186    464,773    465,186 
Applied Adhesives, Senior Secured Revolving Loan, 5.75% (Libor + 5.00%), maturity 3/12/27  3/12/2021   26,311    25,600    26,180 
                   
Services: Consumer                  
A Place For Mom, Senior Secured Term Loan, 4.75% (Libor + 3.75%), maturity 8/10/24  7/28/2017   2,618,412    2,618,133    2,598,774 
Weld North, Senior Secured 2020 Term Loan, 4.75% (Libor + 4.00%), maturity 12/21/27(i)  12/21/2020   2,426,531    2,426,531    2,433,586 
LegalShield, Senior Secured Initial Term Loan (First Lien), 3.38% (Libor + 3.25%), maturity 5/1/25(i)  11/21/2018   1,927,000    1,918,180    1,922,379 
Mister Car Wash, Senior Secured Initial Term Loan (First Lien), 3.13% (Libor + 3.00%), maturity 5/14/26(i)  5/8/2019   1,532,172    1,529,651    1,529,245 
Ned Stevens, Senior Secured Term A Loan, 6.75% (Libor + 5.75%), maturity 9/30/25(j)  9/30/2019   1,421,211    1,402,976    1,417,658 
Teaching Strategies, Senior Secured Initial Term Loan (First Lien), 4.75% (Libor + 4.25%), maturity 8/31/28(i)  8/19/2021   1,000,000    990,000    997,500 
Smart Start, Senior Secured Initial Term Loan, 5.75% (Libor + 4.75%), maturity 8/19/27(i)  8/14/2020   990,025    981,503    993,165 
Spring Education, Senior Secured Initial Term Loan (First Lien), 4.38% (Libor + 4.25%), maturity 7/30/25(i)  7/26/2018   970,000    968,532    944,870 
LegalShield, Senior Secured New Term Loan (First Lien), 4.75% (Libor + 4.00%), maturity 5/1/25  9/11/2020   495,000    488,430    492,525 
StubHub, Senior Secured USD Term B Loan, 3.63% (Libor + 3.50%), maturity 2/12/27(i)  1/31/2020   491,250    489,243    481,250 
Ned Stevens, Senior Secured Revolving Loan, 5.75% (Libor + 4.75%), maturity 9/30/25(j)  9/30/2019   -    (2,614)   - 
                   
Transportation: Cargo                  
Evans Network, Senior Secured Initial Term Loan (First Lien), 5.00% (Libor + 4.25%), maturity 8/19/28(i)  8/6/2021   3,673,469    3,633,469    3,659,694 
Odyssey Logistics & Technology , Senior Secured New Term Loan (First Lien), 5.00% (Libor + 4.00%), maturity 10/12/24(i)  11/20/2018   3,581,120    3,578,151    3,544,454 
Capstone Logistics, Senior Secured Closing Date Term Loan (First Lien), 5.75% (Libor + 4.75%), maturity 11/12/27  11/12/2020   1,985,000    1,965,991    1,980,038 
Worldwide Express, Senior Secured Initial Term Loan (First Lien), 5.00% (Libor + 4.25%), maturity 7/26/28(i)  7/23/2021   1,500,000    1,488,750    1,506,666 
                   
Construction & Building                  
Tangent, Senior Secured Closing Date Term Loan (First Lien), 4.88% (Libor + 4.75%), maturity 11/30/24  10/2/2019   1,797,413    1,787,360    1,792,920 
PlayPower, Senior Secured Initial Term Loan, 5.63% (Libor + 5.50%), maturity 5/8/26  5/10/2019   1,761,778    1,761,778    1,704,520 
PlayCore, Senior Secured Initial Term Loan (Second Lien), 8.75% (Libor + 7.75%), maturity 9/29/25  2/7/2020   1,500,000    1,473,840    1,496,250 
DiversiTech Corporation, Senior Secured Tranche B-2 Term Loan (First Lien), 4.25% (Libor + 3.25%), maturity 12/2/24(i)  2/23/2018   1,448,494    1,440,951    1,450,064 
Aegion, Senior Secured Initial Term Loan, 5.50% (Libor + 4.75%), maturity 5/17/28  4/1/2021   1,000,000    995,150    997,500 
PlayCore, Senior Secured Initial Term Loan (First Lien), 4.75% (Libor + 3.75%), maturity 9/30/24(i)  9/18/2017   959,423    958,097    957,154 
CHI Overhead Doors, Senior Secured Third Amendment Initial Term Loan (First Lien), 4.50% (Libor + 3.50%), maturity 7/31/25(i)  7/28/2015   617,298    617,619    618,601 
DiversiTech Corporation, Senior Secured Initial Term Loan (Second Lien), 8.50% (Libor + 7.50%), maturity 6/2/25  2/5/2020   500,000    491,687    500,000 
Acuren, Senior Secured Initial Term Loan, 4.13% (Libor + 4.00%), maturity 1/23/27(i)  1/17/2020   479,999    477,992    481,726 
Hoffman Southwest, Senior Secured Initial Term Loan, 6.00% (Libor + 5.00%), maturity 8/14/23  5/16/2019   446,460    446,317    440,879 

 

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

 

 8 

 

 

Audax Credit BDC Inc.

Schedule of Investments (Continued)

As of September 30, 2021

(Expressed in U.S. Dollars)

(unaudited)

 

Portfolio Investments (a) (b) (c) (d) (e) (f)  Acquisition
Date		  Par   Cost   Value 
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS(h) (Continued):                  
Capital Equipment                  
MW Industries, Senior Secured 2018 New Term Loan (First Lien), 3.88% (Libor + 3.75%), maturity 9/30/24(i)  4/20/2018  $2,037,185   $2,037,185   $1,992,319 
Excelitas, Senior Secured Initial Term Loan (Second Lien), 8.50% (Libor + 7.50%), maturity 12/1/25(i)  2/19/2020   1,500,000    1,481,935    1,504,755 
Edward Don, Senior Secured Initial Term Loan, 5.25% (Libor + 4.25%), maturity 7/2/25  6/26/2018   1,370,943    1,367,622    1,302,395 
Flow Control Group, Senior Secured Initial Term Loan (First Lien), 4.25% (Libor + 3.75%), maturity 3/31/28(i)  3/17/2021   1,179,520    1,176,872    1,179,901 
Cole-Parmer, Senior Secured Term B-1 Loan (First Lien), 3.88% (Libor + 3.75%), maturity 11/4/26(i)  10/29/2019   985,000    981,755    986,121 
TriMark, Senior Secured Initial Term Loan (First Lien), 3.63% (Libor + 3.50%), maturity 8/28/24  6/13/2018   975,988    899,104    595,353 
Restaurant Technologies, Senior Secured Initial Loan (Second Lien), 6.63% (Libor + 6.50%), maturity 10/1/26  2/11/2020   500,000    503,133    498,750 
Infinite Electronics, Senior Secured Initial Term Loan (First Lien), 4.25% (Libor + 3.75%), maturity 3/2/28  2/24/2021   498,750    497,575    496,256 
Duravant, Senior Secured Incremental Amendment No. 5 Term Loan (First Lien), 5.25% (Libor + 4.25%), maturity 5/19/28(i)  3/5/2020   492,424    492,424    492,715 
Excelitas, Senior Secured Initial USD Term Loan (First Lien), 4.50% (Libor + 3.50%), maturity 12/2/24(i)  10/24/2018   484,887    487,447    487,131 
Flow Control Group, Senior Secured Initial Term Loan (First Lien), 4.25% (Libor + 3.75%), maturity 3/31/28(i)  7/27/2021   145,469    145,469    145,516 
                   
Automotive                  
Highline, Senior Secured Initial Term Loan (First Lien), 5.25% (Libor + 4.50%), maturity 11/9/27(i)  10/29/2020   2,856,477    2,788,689    2,867,352 
Rough Country, Senior Secured Term Loan B, 4.25% (Libor + 3.50%), maturity 7/28/28  7/26/2021   2,000,000    1,995,000    1,985,000 
Truck Hero, Senior Secured Initial Term Loan, 4.00% (Libor + 3.25%), maturity 1/31/28(i)  1/20/2021   1,492,500    1,492,500    1,490,342 
Safe Fleet, Senior Secured Tranche B-1 Term Loan (First Lien), 4.75% (Libor + 3.75%), maturity 2/3/25  11/28/2018   970,000    952,451    962,725 
IXS, Senior Secured Initial Term Loan, 5.00% (Libor + 4.25%), maturity 3/5/27(i)  2/27/2020   796,490    794,425    795,879 
Wheel Pros, Senior Secured Initial Term Loan (First Lien), 5.25% (Libor + 4.50%), maturity 5/11/28(i)  4/23/2021   500,000    495,300    500,489 
Safe Fleet, Senior Secured Initial Term Loan (Second Lien), 7.75% (Libor + 6.75%), maturity 2/2/26  2/7/2020   500,000    490,968    496,250 
                   
Wholesale                  
Carlisle FoodService, Senior Secured Initial Term Loan (First Lien), 4.00% (Libor + 3.00%), maturity 3/20/25  3/16/2018   3,859,581    3,860,102    3,820,986 
PetroChoice, Senior Secured Initial Term Loan (First Lien), 6.00% (Libor + 5.00%), maturity 8/19/22  9/2/2015   1,880,184    1,872,587    1,819,078 
ABB Optical, Senior Secured Initial Term Loan (First Lien), 6.00% (Libor + 5.00%), maturity 6/15/23  6/14/2016   1,428,589    1,428,954    1,396,446 
                   
Beverage, Food & Tobacco                  
Sovos Brands, Senior Secured Initial Term Loan (First Lien), 5.00% (Libor + 4.25%), maturity 6/8/28(i)  6/8/2021   2,200,022    2,200,022    2,207,071 
Kettle Cuisine, Senior Secured Initial Term Loan (First Lien), 4.75% (Libor + 3.75%), maturity 8/25/25  8/22/2018   1,940,000    1,934,789    1,915,750 
Dessert Holdings, Senior Secured Initial Term Loan (First Lien), 4.75% (Libor + 4.00%), maturity 6/9/28  6/7/2021   1,500,000    1,488,900    1,488,750 
Monogram Foods, Senior Secured Cov-Lite Term Loan B, 4.50% (Libor + 4.00%), maturity 8/31/28  8/13/2021   997,500    987,500    990,019 
                   
Forest Products & Paper                  
Hoffmaster Group, Senior Secured Tranche B-1 Term Loan (First Lien), 5.00% (Libor + 4.00%), maturity 11/21/23(i)  11/9/2016   2,400,069    2,394,883    2,314,317 
Loparex, Senior Secured Initial Term Loan (First Lien), 4.63% (Libor + 4.50%), maturity 7/31/26  7/29/2019   1,470,000    1,459,156    1,466,325 
Hoffmaster Group, Senior Secured Initial Term Loan (Second Lien), 10.50% (Libor + 9.50%), maturity 11/21/24  2/7/2020   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  11/2/2016   2,087,472    2,079,793    2,035,285 
Badger Sportswear, Senior Secured Initial Term Loan (First Lien), 5.75% (Libor + 4.50%), maturity 9/11/23  9/29/2016   1,898,373    1,892,117    1,879,389 
Varsity Brands, Senior Secured Initial Term Loan (First Lien), 4.50% (Libor + 3.50%), maturity 12/16/24(i)  10/17/2018   969,803    974,281    953,397 
                   
Media: Advertising, Printing & Publishing                  
Ansira, Unitranche, 7.50% (Libor + 6.50%) PIK, maturity 12/20/24  12/20/2016   2,129,402    2,122,728    1,362,818 
Northstar, Senior Secured Term Loan, 6.75% (Libor + 6.25%) cash, 1.00% PIK, maturity 6/7/24  5/8/2017   1,373,356    1,373,356    1,328,722 
                   
Environmental Industries                  
Denali Water Solutions, Senior Secured Closing Date Term Loan, 5.00% (Libor + 4.25%), maturity 3/27/28  3/18/2021   1,995,000    1,975,000    1,972,556 
Culligan, Senior Secured Initial Term B Loan, 4.50% (Libor + 4.00%), maturity 7/31/28(i)  6/17/2021   500,000    497,500    502,301 
                   
Telecommunications                  
ORBCOMM, Senior Secured Closing Date Term Loan (First Lien), 5.00% (Libor + 4.25%), maturity 9/1/28(i)  6/17/2021   1,000,000    995,000    1,000,845 
                   
Utilities: Electric                  
Systems Control, Senior Secured Initial Term Loan, 5.50% (Libor + 4.50%), maturity 3/28/25  6/15/2021   994,845    989,933    989,871 
                   
Metals & Mining                  
Dynatect, Senior Secured Term B Loan, 5.50% (Libor + 4.50%), maturity 9/30/22  8/16/2019   939,483    938,954    920,694 
                   
Hotel, Gaming & Leisure                  
Auto Europe, Senior Secured Initial Dollar Term Loan, 6.00% (Libor + 5.00%), maturity 10/21/23  10/19/2016   1,119,231    1,114,576    895,385 
                   
Health Care Equipment & Services                  
MyEyeDr, Senior Secured Initial Term Loan (First Lien), 4.38% (Libor + 4.25%), maturity 8/31/26(i)  8/2/2019   528,047    524,160    527,913 
                   
Consumer Goods: Durable                  
Careismatic Brands, Senior Secured Initial Term Loan (First Lien), 3.75% (Libor + 3.25%), maturity 1/6/28(i)  1/22/2021   498,750    497,575    498,480 
                   
Total Bank Loans          $364,195,915   $362,965,687 

 

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

 

 9 

 

 

Audax Credit BDC Inc.

Schedule of Investments (Continued)

As of September 30, 2021

(Expressed in U.S. Dollars)

(unaudited)

 

Portfolio Investments (a) (b) (c) (d) (e) (f)  Acquisition
Date		  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 $251,476)(j)(k)(l)(m)  9/30/2019       $261,438   $251,476 
                   
Chemicals, Plastics & Rubber                  
Vertellus, Series A Units (1,651 Series A units, Fair value of $169,327)(k)(m)(p)  12/22/2020        165,138    169,327 
                   
Healthcare & Pharmaceuticals                  
Alpaca, Class A Units (45,746 Class A Units, Fair value of $54,970)(j)(k)(m)(n)  4/19/2019        80,512    54,970 
                   
Total Equity and Preferred Shares          $507,088   $475,773 
                   
Total Portfolio Investments(r)          $364,703,003   $363,441,460 

 

(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) The borrower for UDG Healthcare, Congachant Limited, is located in Ireland.
(r) At September 30, 2021, the cost of investments for income tax purposes was $364,703,003, the gross unrealized depreciation for federal tax purposes was $3,082,368, the gross unrealized appreciation for federal income tax purposes was $1,820,825, and the net unrealized depreciation was $1,261,543.

 

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)  Acquisition
Date		  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  6/26/2019  $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)  6/28/2018   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  1/10/2019   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  11/6/2017   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  6/24/2019   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  8/23/2017   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)  5/30/2018   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)  8/14/2018   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  8/18/2016   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)  9/25/2020   2,500,000    2,490,762    2,511,458 
Waystar, Senior Secured Term Loan B, 4.24% (Libor + 4.00%), maturity 10/22/26  9/19/2019   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  1/31/2018   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  10/26/2017   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  8/8/2017   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  8/15/2018   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)  11/6/2019   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  12/18/2018   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)  7/23/2019   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)  9/27/2019   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  12/19/2018   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)  4/2/2018   1,862,500    1,856,296    1,831,763 
Alpaca, Senior Secured Term Loan, 7.75% (Libor + 6.75%), maturity 4/19/24(j)  4/19/2019   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)  11/23/2020   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)  10/24/2019   1,488,750    1,486,743    1,473,863 
CPS, Unitranche, 6.50% (Libor + 5.50%), maturity 2/28/25(j)  3/1/2019   1,477,608    1,461,164    1,444,361 
Stepping Stones, Unitranche, 6.75% (Libor + 5.75%), maturity 12/12/24(j)  7/15/2019   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  10/21/2020   1,000,000    985,273    992,500 
Ensemble, Senior Secured Closing Date Term Loan, 3.99% (Libor + 3.75%), maturity 8/3/26(i)  7/24/2019   987,500    983,378    990,414 
Athena, Senior Secured Term B Loan (First Lien), 4.74% (Libor + 4.50%), maturity 2/11/26(i)  9/18/2019   987,443    979,417    989,278 
Veritext, Senior Secured Initial Term Loan (Second Lien), 7.24% (Libor + 7.00%), maturity 7/31/26  8/14/2018   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  5/4/2018   977,423    967,355    955,431 
Alcami, Senior Secured Initial Term Loan (First Lien), 4.49% (Libor + 4.25%), maturity 7/14/25  7/12/2018   977,500    974,068    945,731 
Dermatologists of Central States, Senior Secured Term Loan, 8.00% (Libor + 7.00%), maturity 4/20/22(j)  3/12/2020   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)  6/28/2016   912,467    915,992    902,122 
Specialty Care, Senior Secured Initial Term Loan (Second Lien), 9.25% (Libor + 8.25%), maturity 9/1/24  3/19/2018   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)  10/1/2020   500,000    495,149    498,750 
Waystar, Senior Secured 2020 Incremental Term Loan (First Lien), 4.75% (Libor + 4.00%), maturity 10/22/26  9/15/2020   498,750    497,500    495,009 
RMP & MedA/Rx, Senior Secured Term Loan (First Lien), 5.00% (Libor + 4.00%), maturity 2/6/25  2/27/2017   430,606    430,014    430,606 
Alpaca, Senior Secured Revolver, 7.75% (Libor + 6.75%), maturity 4/19/24(j)  9/30/2019   232,967    229,084    223,648 
Advarra, Senior Secured Initial Revolving Loan (First Lien), 5.25% (Libor + 4.25%), maturity 7/9/24  6/26/2019   114,286    106,667    114,286 
Stepping Stones, Senior Secured COVID-19 Revolving Loan, 6.75% (Libor + 5.75%), maturity 6/30/21(j)  11/5/2020   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  3/29/2019   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)  9/29/2020   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  12/14/2016   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)  9/11/2017   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)  8/9/2019   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)  11/20/2020   3,000,000    2,955,819    3,009,205 
EverCommerce, Senior Secured Initial Term Loan, 5.74% (Libor + 5.50%), maturity 8/23/25  8/19/2019   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)  3/28/2017   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)  6/27/2017   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)  9/17/2020   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)  1/16/2020   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)  1/25/2018   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  3/29/2019   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  7/13/2018   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)  12/11/2020   1,750,000    1,732,500    1,750,000 
GlobalLogic, Senior Secured Initial Term Loan, 2.99% (Libor + 2.75%), maturity 8/1/25  7/27/2018   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)  5/25/2018   1,706,250    1,714,482    1,693,453 
OEConnection, Senior Secured Initial Term Loan, 4.24% (Libor + 4.00%), maturity 9/25/26  9/24/2019   1,617,452    1,611,336    1,609,365 
Liaison, Senior Secured Initial Term Loan, 5.25% (Libor + 4.25%), maturity 12/20/26  12/13/2019   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)  8/15/2018   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  3/29/2018   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)  Acquisition
Date		  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)  10/7/2020  $1,000,000   $995,091   $1,002,861 
SmartBear, Senior Secured Term Loan, 4.75% (Libor + 4.25%), maturity 11/20/27(i)  11/20/2020   1,000,000    990,000    1,000,000 
Imperva, Senior Secured Term Loan, 5.00% (Libor + 4.00%), maturity 1/12/26(i)  9/23/2020   996,209    987,170    999,433 
Barracuda, Senior Secured 2020 Term Loan (First Lien), 4.50% (Libor + 3.75%), maturity 2/12/25(i)  3/2/2018   997,500    997,500    999,242 
Veracode, Senior Secured Initial Term Loan, 4.75% (Libor + 4.00%), maturity 11/5/27  10/30/2020   1,000,000    990,167    992,500 
Unison, Senior Secured 2020 Term Loan, 8.00% (Libor + 7.00%), maturity 6/25/26(j)  6/25/2020   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)  7/18/2019   990,000    985,877    978,863 
Community Brands, Senior Secured Initial Term Loan (First Lien), 5.00% (Libor + 4.00%), maturity 12/2/22  5/2/2018   825,760    822,759    815,438 
Sparta, Senior Secured New Term Loan (First Lien), 4.50% (Libor + 3.50%), maturity 8/21/24(i)  8/11/2017   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)  9/10/2015   1,000,000    997,516    600,000 
Idera, Senior Secured Loan (Second Lien), 10.00% (Libor + 9.00%), maturity 6/28/27  2/10/2020   500,000    504,610    500,000 
DigiCert, Senior Secured Initial Term Loan (First Lien), 4.00% (Libor + 4.00%), maturity 10/16/26(i)  3/13/2020   496,250    469,743    497,274 
HelpSystems, Senior Secured Initial Term Loan (First Lien), 5.75% (Libor + 4.75%), maturity 11/19/26(i)  12/19/2019   496,250    495,095    496,786 
Masergy, Senior Secured 2017 Replacement Term Loan (First Lien), 4.25% (Libor + 3.25%), maturity 12/15/23  12/14/2016   479,908    478,749    479,908 
MultiPlan, Senior Secured Initial Term Loan, 3.75% (Libor + 2.75%), maturity 6/7/23(i)  12/12/2018   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)  6/8/2017   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  9/26/2019   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  10/5/2018   3,920,000    3,916,337    3,880,800 
Addison, Senior Secured Initial Term Loan, 4.99% (Libor + 4.75%), maturity 4/15/26  4/4/2019   2,955,000    2,910,360    2,947,613 
Fleetwash, Senior Secured Incremental Term Loan, 5.75% (Libor + 4.75%), maturity 10/1/24  9/25/2018   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)  1/16/2019   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)  1/17/2019   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)  3/6/2020   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)  6/27/2019   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  7/2/2018   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)  8/9/2018   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  6/30/2017   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  2/6/2018   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  10/23/2020   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)  11/2/2020   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  10/19/2018   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)  1/23/2020   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)  12/18/2020   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  3/26/2018   1,459,391    1,455,728    1,442,973 
DBi Services, Senior Secured Term B Loan (Second Lien), 9.00% PIK, maturity 2/2/26  3/26/2019   1,379,149    1,379,149    1,379,149 
WCG, Senior Secured Term Loan, 5.00% (Libor + 4.00%), maturity 1/8/27(i)  12/13/2019   995,000    985,758    1,000,060 
Diversified, Senior Secured Initial Term Loan, 5.75% (Libor + 4.75%), maturity 12/23/23  4/19/2019   982,575    977,610    980,119 
Franklin Energy, Senior Secured Term B Loan (First Lien), 4.24% (Libor + 4.00%), maturity 8/14/26  8/14/2019   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)  12/1/2020   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  10/31/2019   493,734    490,417    493,734 
Therma Holdings, Senior Secured Initial Term Loan, 4.75% (Libor + 4.00%), maturity 12/16/27(i)  12/11/2020   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)  12/12/2018   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  5/11/2017   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  10/8/2019   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)  12/18/2020   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  10/9/2015   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)  1/26/2018   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)  11/5/2018   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  8/16/2018   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  8/20/2019   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)  8/11/2017   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  10/8/2019   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  3/22/2018   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)  11/30/2018   977,330    963,591    933,996 
Spartech, Senior Secured Term Loan, 5.50% (Libor + 4.50%), maturity 10/17/25  11/5/2019   823,333    812,351    823,333 
Polytek, Senior Secured Term Loan, 6.00% (Libor + 5.00%), maturity 9/20/24(i)  12/23/2020   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)  11/7/2018   497,455    464,093    485,309 
Vertellus, Senior Secured Revolving Facility, 7.00% (Libor + 6.00%), maturity 12/22/25(i)  12/18/2020   -    (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)  Acquisition
Date		  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  10/1/2019  $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)  1/24/2019   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  5/10/2018   2,000,000    2,008,327    1,945,000 
Whitcraft, Unitranche, 7.00% (Libor + 6.00%), maturity 4/3/23  3/6/2020   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)  1/24/2019   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  9/30/2016   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)  10/29/2020   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)  2/5/2020   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)  1/24/2020   995,000    964,975    995,630 
API Technologies, Senior Secured Initial Term Loan (First Lien), 4.49% (Libor + 4.25%), maturity 5/9/26  1/15/2020   989,950    962,144    978,813 
Eton, Senior Secured Initial Term Loan (Second Lien), 8.24% (Libor + 8.00%), maturity 5/1/26  2/5/2020   500,000    495,340    498,750 
Novaria Group, Senior Secured Initial Term Loan, 6.25% (Libor + 5.25%), maturity 1/27/27  1/24/2020   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)  7/18/2019   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  10/31/2017   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)  2/6/2020   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  4/29/2019   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  10/9/2015   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)  8/4/2020   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)  1/31/2020   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  10/5/2017   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  10/14/2020   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)  7/6/2020   997,500    945,583    1,001,159 
Aperio, Senior Secured Initial Commitment, 5.24% (Libor + 5.00%), maturity 10/25/24  12/12/2018   933,889    930,413    933,889 
Sedgwick Claims, Senior Secured Initial Term Loan, 3.49% (Libor + 3.25%), maturity 12/31/25(i)  2/12/2020   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  7/28/2017   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)  12/18/2018   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)  12/21/2020   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)  5/8/2019   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)  11/21/2018   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)  9/30/2019   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  8/14/2020   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)  7/26/2018   977,500    975,779    932,975 
LegalShield, Senior Secured New Term Loan (First Lien), 4.75% (Libor + 4.00%), maturity 5/1/25  9/11/2020   498,750    491,474    495,009 
StubHub, Senior Secured USD Term B Loan, 3.74% (Libor + 3.50%), maturity 2/12/27  1/31/2020   495,000    492,695    475,200 
Ned Stevens, Senior Secured Revolver, 5.75% (Libor + 4.75%), maturity 9/30/25(j)  9/30/2019   -    (2,614)   - 
                   
Automotive                  
Mavis, Senior Secured Closing Date Term Loan (First Lien), 3.49% (Libor + 3.25%), maturity 3/20/25(i)  3/15/2018   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  10/29/2020   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  10/26/2020   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)  5/23/2017   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  11/28/2018   975,849    955,515    961,212 
Safe Fleet, Senior Secured Initial Term Loan (Second Lien), 7.75% (Libor + 6.75%), maturity 2/2/26  2/7/2020   500,000    489,628    492,500 
IXS, Senior Secured Initial Term Loan, 6.00% (Libor + 5.00%), maturity 3/5/27(i)  2/27/2020   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  11/2/2020   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)  7/17/2019   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)  11/19/2020   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  7/25/2019   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)  3/21/2019   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)  12/9/2020   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)  3/11/2020   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)  3/26/2019   482,347    482,347    481,141 
Alpha Packaging, Senior Secured Tranche B-1 Term Loan, 7.00% (Libor + 6.00%), maturity 11/12/21  7/7/2017   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)  4/20/2018   2,037,185    2,037,185    1,951,145 
BAS, Senior Secured Repricing Term Loan, 4.75% (Libor + 3.75%), maturity 5/21/24  11/7/2017   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  2/19/2020   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  6/26/2018   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  10/29/2019   992,500    988,663    987,538 
TriMark, Senior Secured Initial Term Loan (First Lien), 3.74% (Libor + 3.50%), maturity 8/28/24  6/13/2018   983,612    889,075    600,003 
Restaurant Technologies, Senior Secured Initial Loan (Second Lien), 6.74% (Libor + 6.50%), maturity 10/1/26  2/11/2020   500,000    503,507    496,250 
Duravant, Senior Secured Incremental Amendment No. 2 Term Loan (First Lien), 5.25% (Libor + 4.25%), maturity 7/19/24  3/5/2020   494,949    494,949    493,712 
Excelitas, Senior Secured Initial USD Term Loan (First Lien), 4.50% (Libor + 3.50%), maturity 12/2/24  10/24/2018   488,665    491,752    486,222 

 

 13 

 

 

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)  Acquisition
Date		  Par   Cost   Value 
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS(h) (Continued):                  
                   
Construction & Building                  
PlayPower, Senior Secured Initial Term Loan, 5.74% (Libor + 5.50%), maturity 5/8/26  5/10/2019  $1,858,806   $1,858,806   $1,826,277 
Tangent, Senior Secured Closing Date Term Loan (First Lien), 4.99% (Libor + 4.75%), maturity 11/30/24  10/2/2019   1,811,195    1,799,386    1,802,139 
PlayCore, Senior Secured Initial Term Loan (Second Lien), 8.75% (Libor + 7.75%), maturity 9/29/25  2/7/2020   1,500,000    1,469,821    1,488,750 
DiversiTech Corporation, Senior Secured Tranche B-1 Term Loan (First Lien), 4.00% (Libor + 3.00%), maturity 6/3/24(i)  2/23/2018   1,459,711    1,450,295    1,456,062 
PlayCore, Senior Secured Initial Term Loan (First Lien), 4.75% (Libor + 3.75%), maturity 9/30/24  9/18/2017   966,918    965,369    959,666 
CHI Overhead Doors, Senior Secured Third Amendment Initial Term Loan (First Lien), 4.50% (Libor + 3.50%), maturity 7/31/25  7/28/2015   621,975    618,961    621,975 
Hoffman Southwest, Senior Secured Initial Term Loan, 6.00% (Libor + 5.00%), maturity 8/14/23  5/16/2019   517,526    515,491    513,645 
DiversiTech Corporation, Senior Secured Initial Term Loan (Second Lien), 8.50% (Libor + 7.50%), maturity 6/2/25  2/5/2020   500,000    489,906    498,750 
Acuren, Senior Secured Initial Term Loan, 4.49% (Libor + 4.25%), maturity 1/23/27(i)  1/17/2020   496,250    493,945    496,809 
                   
Transportation: Cargo                  
Odyssey Logistics & Technology , Senior Secured New Term Loan (First Lien), 5.00% (Libor + 4.00%), maturity 10/12/24(i)  11/20/2018   3,608,953    3,605,359    3,551,633 
Transplace, Senior Secured Closing Date Term Loan (First Lien), 4.75% (Libor + 3.75%), maturity 10/7/24(i)  4/10/2018   2,441,354    2,436,251    2,437,864 
Capstone Logistics, Senior Secured Closing Date Term Loan (First Lien), 5.75% (Libor + 4.75%), maturity 11/12/27  11/12/2020   2,000,000    1,978,572    1,985,000 
                   
Wholesale                  
Carlisle FoodService, Senior Secured Initial Term Loan (First Lien), 4.00% (Libor + 3.00%), maturity 3/20/25  3/16/2018   3,895,820    3,896,287    3,866,602 
PetroChoice, Senior Secured Initial Term Loan (First Lien), 6.00% (Libor + 5.00%), maturity 8/19/22  9/2/2015   1,895,184    1,881,515    1,847,805 
ABB Optical, Senior Secured Initial Term Loan (First Lien), 6.00% (Libor + 5.00%), maturity 6/15/23  6/14/2016   1,439,868    1,439,074    1,407,471 
                   
Consumer Goods: Non-durable                  
Augusta Sportswear Group, Senior Secured Initial Term Loan, 5.50% (Libor + 4.50%), maturity 10/26/23(i)  11/2/2016   2,202,584    2,191,908    2,040,686 
Badger Sportswear, Senior Secured Initial Term Loan (First Lien), 6.25% (Libor + 5.00%), maturity 9/11/23  9/29/2016   1,906,766    1,898,262    1,885,315 
Varsity Brands, Senior Secured Initial Term Loan (First Lien), 4.50% (Libor + 3.50%), maturity 12/16/24(i)  10/17/2018   977,352    982,680    942,014 
                   
Forest Products & Paper                  
Hoffmaster Group, Senior Secured Tranche B-1 Term Loan (First Lien), 5.00% (Libor + 4.00%), maturity 11/21/23(i)  11/9/2016   2,418,968    2,411,531    2,162,916 
Loparex, Senior Secured Initial Term Loan (First Lien), 4.74% (Libor + 4.50%), maturity 7/31/26(i)  7/29/2019   1,481,250    1,468,881    1,470,141 
Hoffmaster Group, Senior Secured Initial Term Loan (Second Lien), 10.50% (Libor + 9.50%), maturity 11/21/24  2/7/2020   1,250,000    1,250,000    1,209,375 
                   
Beverage, Food & Tobacco                  
Sovos Brands, Senior Secured Initial Term Loan (2018), 4.99% (Libor + 4.75%), maturity 11/20/25  11/16/2018   2,458,728    2,442,754    2,458,728 
Kettle Cuisine, Senior Secured Initial Term Loan (First Lien) , 4.75% (Libor + 3.75%), maturity 8/25/25  8/22/2018   1,955,000    1,948,780    1,935,450 
                   
Media: Advertising, Printing & Publishing                  
Ansira, Unitranche, 7.50% (Libor + 6.50%) PIK, maturity 12/20/24  12/20/2016   2,014,998    2,005,963    1,611,999 
Northstar, Senior Secured Term Loan, 6.75% (Libor + 6.25%) cash, 1.00% PIK, maturity 6/7/24  5/8/2017   1,394,653    1,394,653    1,349,327 
Vestcom International, Senior Secured L/C Collaterilized, 5.00% (Libor + 4.00%), maturity 12/19/23  12/16/2016   779,751    781,907    773,903 
                   
Consumer Goods: Durable                  
Strategic Partners, Senior Secured Initial Term Loan, 4.75% (Libor + 3.75%), maturity 6/30/23(i)  7/29/2016   2,285,922    2,283,635    2,285,922 
                   
Retail                  
Grocery Outlet, Senior Secured 2020 Term Loan (First Lien), 2.99% (Libor + 2.75%), maturity 10/22/25(i)  10/17/2018   1,269,483    1,267,698    1,270,891 
                   
Metals & Mining                  
Dynatect, Senior Secured Term B Loan, 5.50% (Libor + 4.50%), maturity 9/30/22  8/16/2019   987,897    987,367    968,139 
                   
Hotel, Gaming & Leisure                  
Auto Europe, Senior Secured Initial Dollar Term Loan, 6.00% (Libor + 5.00%), maturity 10/21/23  10/19/2016   1,119,231    1,112,979    895,385 
                   
Health Care Equipment & Services                  
MyEyeDr, Senior Secured Initial Term Loan (First Lien), 4.49% (Libor + 4.25%), maturity 8/31/26(i)  8/2/2019   532,087    527,684    526,939 
                   
Total Bank Loans          $357,702,705   $354,395,516 

 

 14 

 

 

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)  Acquisition
Date		  Par   Cost   Value 
EQUITY AND PREFERRED SHARES:  NON-CONTROL/NON-AFFILIATE INVESTMENTS- (0.3%)(g)(h):                  
                   
Services: Business                  
DBi Services, Class A-1 Preferred Units (800.53 units)(k)  3/26/2019      $800,535   $576,385 
DBi Services, Class B Common Shares (169,362.31 shares)(l)(m)  3/26/2019       -    - 
                   
Chemicals, Plastics & Rubber                  
Vertellus, Series A Units (1,651 Series A units, Fair value of $165,138)(i)(m)(r)  12/22/2020        165,138    165,138 
                   
Healthcare & Pharmaceuticals                  
Alpaca, Class A Units (33,300.04 Class A Units, Fair value of $3,679)(j)(m)(o)(p)  4/19/2019        60,976    3,679 
                   
Services: Consumer                  
Ned Stevens, Class B Common Units (261,438 Common B units, Fair value of $2,191)(j)(m)(n)(o)  9/30/2019        261,438    219,125