UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q
x | Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
For the Quarter Ended June 30, 2014
¨ | Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
Commission File Number: 814-00899
TCP CAPITAL CORP.
(Exact Name of Registrant as Specified in Charter)
Delaware | 56-2594706 | |
(State or Other Jurisdiction | (IRS Employer | |
of Incorporation) | Identification No.) |
2951 28 th Street, Suite 1000 | ||
Santa Monica, California | 90405 | |
(Address of Principal Executive Offices) | (Zip Code) |
Registrant’s telephone number, including area code (310) 566-1000
Securities registered pursuant to Section 12(b) of the Act:
Common Stock, par value $0.001 per share | NASDAQ Global Select Market | |
(Title of each class) | (Name of each exchange where registered) |
Securities registered pursuant to Section 12(g) 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 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 and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ¨ No ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer ¨ | Accelerated filer x | |
Non-accelerated filer ¨ | Smaller Reporting company ¨ |
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 number of shares of the Registrant’s common stock, $0.001 par value, outstanding as of August 7, 2014 was 41,600,130.
Table of Contents
TCP CAPITAL CORP.
FORM 10-Q FOR THE SIX MONTHS ENDED JUNE 30, 2014
TABLE OF CONTENTS
Part I. | Financial Information | |
Item 1. | Financial Statements | |
Consolidated Statements of Assets and Liabilities as of June 30, 2014 (unaudited) and December 31, 2013 | 2 | |
Consolidated Statements of Investments as of June 30, 2014 (unaudited) and December 31, 2013 | 3 | |
Consolidated Statements of Operations for the three and six months ended June 30, 2014 (unaudited) and June 30, 2013 (unaudited) | 13 | |
Consolidated Statements of Changes in Net Assets for the six months ended June 30, 2014 (unaudited) and year ended December 31, 2013 | 14 | |
Consolidated Statements of Cash Flows for the six months ended June 30, 2014 (unaudited) and June 30, 2013 (unaudited) | 15 | |
Notes to Consolidated Financial Statements (unaudited) | 16 | |
Consolidated Schedule of Changes in Investments in Affiliates for the six months ended June 30, 2014 (unaudited) and year ended December 31, 2013 | 33 | |
Consolidated Schedule of Restricted Securities of Unaffiliated Issuers as of June 30, 2014 (unaudited) and December 31, 2013 | 35 | |
Consolidating Statement of Assets and Liabilities as of June 30, 2014 (unaudited) and December 31, 2013 | 37 | |
Consolidating Statement of Operations for the six months ended June 30, 2014 (unaudited) and June 30, 2013 (unaudited) | 39 | |
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 41 |
Item 3. | Quantitative and Qualitative Disclosures About Market Risk | 53 |
Item 4. | Controls and Procedures | 53 |
Part II. | Other Information | |
Item 1. | Legal Proceedings | 54 |
Item 1A. | Risk Factors | 54 |
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 55 |
Item 3. | Defaults upon Senior Securities | 55 |
Item 4. | Mine Safety Disclosures | 55 |
Item 5. | Other Information | 55 |
Item 6. | Exhibits | 55 |
1 |
Consolidated Statements of Assets and Liabilities
June 30, 2014 | December 31, 2013 | |||||||
(unaudited) | ||||||||
Assets | ||||||||
Investments, at fair value: | ||||||||
Companies less than 5% owned (cost of $825,953,904 and $684,569,508, respectively) | $ | 827,560,564 | $ | 678,326,915 | ||||
Companies 5% to 25% owned (cost of $54,237,483 and $73,946,547, respectively) | 50,409,131 | 69,068,808 | ||||||
Companies more than 25% owned (cost of $41,400,990 and $42,588,724 respectively) | 16,699,429 | 18,867,236 | ||||||
Total investments (cost of $921,592,377 and $801,104,779, respectively) | 894,669,124 | 766,262,959 | ||||||
Cash and cash equivalents | 29,379,532 | 22,984,182 | ||||||
Receivable for investments sold | 17,396,874 | 3,605,964 | ||||||
Accrued interest income: | ||||||||
Companies less than 5% owned | 8,213,741 | 6,282,353 | ||||||
Companies 5% to 25% owned | 372,400 | 415,061 | ||||||
Companies more than 25% owned | 35,257 | 41,691 | ||||||
Deferred debt issuance costs | 7,351,121 | 2,969,085 | ||||||
Options (cost $51,750) | 1,855 | 14,139 | ||||||
Prepaid expenses and other assets | 1,185,503 | 753,768 | ||||||
Total assets | 958,605,407 | 803,329,202 | ||||||
Liabilities | ||||||||
Debt | 250,500,788 | 95,000,000 | ||||||
Payable for investments purchased | 8,561,631 | 14,706,942 | ||||||
Incentive allocation payable | 3,613,830 | 3,318,900 | ||||||
Payable to the Investment Manager | 1,750,735 | 1,121,108 | ||||||
Interest payable | 882,820 | 430,969 | ||||||
Unrealized depreciation on swaps | 208,862 | 331,183 | ||||||
Accrued expenses and other liabilities | 2,598,420 | 3,136,010 | ||||||
Total liabilities | 268,117,086 | 118,045,112 | ||||||
Commitments and contingencies (Note 5) | ||||||||
Preferred equity facility | ||||||||
Series A preferred limited partner interests in Special Value Continuation Partners, LP; $20,000/interest liquidation preference; 6,700 interests authorized, issued and outstanding | 134,000,000 | 134,000,000 | ||||||
Accumulated dividends on Series A preferred equity facility | 494,140 | 504,252 | ||||||
Total preferred limited partner interests | 134,494,140 | 134,504,252 | ||||||
Non-controlling interest | ||||||||
General Partner interest in Special Value Continuation Partners, LP | 1,602,199 | 1,168,583 | ||||||
Net assets applicable to common shareholders | $ | 554,391,982 | $ | 549,611,255 | ||||
Composition of net assets applicable to common shareholders | ||||||||
Common stock, $0.001 par value; 200,000,000 shares authorized, 36,200,130 and 36,199,916 shares issued and outstanding as of June 30, 2014 and December 31, 2013, respectively | 36,200 | 36,200 | ||||||
Paid-in capital in excess of par | 670,361,329 | 667,842,020 | ||||||
Accumulated net investment income | 24,543,049 | 24,016,095 | ||||||
Accumulated net realized losses | (111,661,878 | ) | (105,800,278 | ) | ||||
Accumulated net unrealized depreciation | (27,284,519 | ) | (35,314,199 | ) | ||||
Non-controlling interest | (1,602,199 | ) | (1,168,583 | ) | ||||
Net assets applicable to common shareholders | $ | 554,391,982 | $ | 549,611,255 | ||||
Net assets per share | $ | 15.31 | $ | 15.18 |
See accompanying notes.
2 |
Consolidated Statement of Investments (Unaudited)
June 30, 2014
Showing Percentage of Total Cash and Investments of the Company
% of | |||||||||||||||||||||||||||||
Issuer | Instrument | Ref | Spread | Floor | Maturity | Principal | Cost | Value | Portfolio | Notes | |||||||||||||||||||
Debt Investments (A) | |||||||||||||||||||||||||||||
Accounting, Tax Preparation, Bookkeeping, and Payroll Services | |||||||||||||||||||||||||||||
Expert Global Solutions, LLC | First Lien Term Loan B | LIBOR (Q) | 7.25% | 1.25% | 4/3/2018 | $ | 689,015 | $ | 697,904 | $ | 688,154 | 0.07 | % | ||||||||||||||||
Expert Global Solutions, LLC | Second Lien Term Loan | LIBOR (Q) | 11.00% | 1.50% | 10/3/2018 | $ | 7,434,877 | 7,243,959 | 7,241,571 | 0.78 | % | ||||||||||||||||||
7,941,863 | 7,929,725 | 0.85 | % | ||||||||||||||||||||||||||
Activities Related to Real Estate | |||||||||||||||||||||||||||||
Greystone Select Holdings, LLC | First Lien Term Loan | LIBOR (Q) | 8.00% | 1.00% | 3/26/2021 | $ | 16,552,744 | 16,325,144 | 16,602,402 | 1.80 | % | ||||||||||||||||||
Advertising, Public Relations, and Related Services | |||||||||||||||||||||||||||||
Doubleplay III Limited (United Kingdom) | First Lien Facility A1 Term Loan | EURIBOR (Q) | 6.25% | 1.25% | 3/18/2018 | € | 3,165,705 | 16,565,886 | 17,575,821 | 1.90 | % | D/I | |||||||||||||||||
Artificial Synthetic Fibers and Filaments Manufacturing | |||||||||||||||||||||||||||||
AGY Holding Corp. | Sr Secured Term Loan | Fixed | 12.00% | - | 9/15/2016 | $ | 2,056,927 | 2,056,927 | 2,056,927 | 0.22 | % | B | |||||||||||||||||
AGY Holding Corp. | Second Lien Notes | Fixed | 11.00% | - | 11/15/2016 | $ | 9,268,000 | 7,586,317 | 8,767,528 | 0.95 | % | B/E | |||||||||||||||||
9,643,244 | 10,824,455 | 1.17 | % | ||||||||||||||||||||||||||
Basic Chemical Manufacturing | |||||||||||||||||||||||||||||
M&G Chemicals S.A. (Luxembourg) | Sr Secured Term Loan | LIBOR (Q) | 7.50% | - | 3/18/2016 | $ | 15,632,077 | 15,632,077 | 15,632,077 | 1.69 | % | I | |||||||||||||||||
PeroxyChem, LLC | First Lien Term Loan | LIBOR (Q) | 6.50% | 1.00% | 2/28/2020 | $ | 8,977,500 | 8,806,735 | 9,067,275 | 0.98 | % | ||||||||||||||||||
24,438,812 | 24,699,352 | 2.67 | % | ||||||||||||||||||||||||||
Beverage Manufacturing | |||||||||||||||||||||||||||||
Carolina Beverage Group, LLC | Secured Notes | Fixed | 10.625% | - | 8/1/2018 | $ | 7,780,000 | 7,780,000 | 8,421,850 | 0.91 | % | E/G | |||||||||||||||||
Business Support Services | |||||||||||||||||||||||||||||
STG-Fairway Acquisitions, Inc. | Second Lien Term Loan | LIBOR (Q) | 9.25% | 1.25% | 8/28/2019 | $ | 14,643,455 | 13,988,543 | 14,833,820 | 1.61 | % | ||||||||||||||||||
Chemical Manufacturing | |||||||||||||||||||||||||||||
Archroma | Term Loan B | LIBOR (Q) | 8.25% | 1.25% | 9/30/2018 | $ | 19,996,931 | 19,662,046 | 20,321,881 | 2.20 | % | ||||||||||||||||||
Communications Equipment Manufacturing | |||||||||||||||||||||||||||||
Globecomm Systems, Inc. | First Lien Term Loan | LIBOR (Q) | 7.625% | 1.25% | 12/11/2018 | $ | 14,925,000 | 14,775,750 | 14,805,600 | 1.60 | % | B | |||||||||||||||||
Computer Equipment Manufacturing | |||||||||||||||||||||||||||||
ELO Touch Solutions, Inc. | Second Lien Term Loan | LIBOR (Q) | 10.50% | 1.50% | 12/1/2018 | $ | 10,000,000 | 9,691,295 | 9,100,000 | 0.99 | % | ||||||||||||||||||
Computer Systems Design and Related Services | |||||||||||||||||||||||||||||
Autoalert, LLC | First Lien Term Loan | LIBOR (Q) | 4.75% Cash + 4% PIK | 0.25% | 3/31/2019 | $ | 30,303,333 | 29,726,913 | 30,591,215 | 3.31 | % | ||||||||||||||||||
Blue Coat Systems, Inc. | First Lien Revolver | LIBOR (Q) | 3.50% | 1.00% | 5/31/2018 | $ | – | (834,605 | ) | (455,460 | ) | (0.05 | %) | L | |||||||||||||||
Blue Coat Systems, Inc. | Second Lien Term Loan | LIBOR (Q) | 8.50% | 1.00% | 6/28/2020 | $ | 15,000,000 | 14,878,125 | 15,275,025 | 1.65 | % | ||||||||||||||||||
MSC Software Corporation | Second Lien Term Loan | LIBOR (M) | 7.50% | 1.00% | 5/29/2021 | $ | 11,993,035 | 11,873,105 | 12,112,966 | 1.31 | % | ||||||||||||||||||
OnX Enterprise Solutions, Ltd. | First Lien Term Loan B | LIBOR (Q) | 8.00% | - | 9/3/2018 | $ | 2,373,333 | 2,373,333 | 2,394,693 | 0.26 | % | ||||||||||||||||||
OnX Enterprise Solutions, Ltd. | First Lien Term Loan | LIBOR (Q) | 7.00% | - | 9/3/2018 | $ | 10,586,667 | 10,450,746 | 10,544,320 | 1.14 | % | ||||||||||||||||||
OnX USA, LLC | First Lien Term Loan B | LIBOR (Q) | 8.00% | - | 9/3/2018 | $ | 4,746,667 | 4,746,667 | 4,789,387 | 0.52 | % | ||||||||||||||||||
OnX USA, LLC | First Lien Term Loan | LIBOR (Q) | 7.00% | - | 9/3/2018 | $ | 5,293,333 | 5,229,107 | 5,272,160 | 0.57 | % | ||||||||||||||||||
Vistronix, LLC | First Lien Revolver | LIBOR (Q) | 7.50% | 1.00% | 12/4/2018 | $ | 199,849 | 193,183 | 199,849 | 0.02 | % | ||||||||||||||||||
Vistronix, LLC | First Lien Term Loan | LIBOR (M) | 7.50% | 1.00% | 12/4/2018 | $ | 6,680,650 | 6,602,060 | 6,650,587 | 0.72 | % | ||||||||||||||||||
Websense, Inc. | Second Lien Term Loan | LIBOR (Q) | 7.25% | 1.00% | 12/27/2020 | $ | 7,200,000 | 7,164,000 | 7,263,000 | 0.78 | % | ||||||||||||||||||
92,402,634 | 94,637,742 | 10.23 | % | ||||||||||||||||||||||||||
Cut and Sew Apparel Manufacturing | |||||||||||||||||||||||||||||
Jones Apparel, LLC | First Lien FILO Term Loan | LIBOR (M) | 9.60% | 1.00% | 4/8/2019 | $ | 14,329,403 | 14,186,109 | 14,487,027 | 1.57 | % | ||||||||||||||||||
Data Processing, Hosting, and Related Services | |||||||||||||||||||||||||||||
The Telx Group, Inc. | Senior Notes | Fixed | 13.5% PIK | - | 7/9/2021 | $ | 4,165,481 | 4,165,481 | 4,307,108 | 0.47 | % | E | |||||||||||||||||
Electric Power Generation, Transmission and Distribution | |||||||||||||||||||||||||||||
Panda Sherman Power, LLC | First Lien Term Loan | LIBOR (Q) | 7.50% | 1.50% | 9/14/2018 | $ | 11,070,172 | 10,944,276 | 11,367,683 | 1.23 | % | ||||||||||||||||||
Electrical Equipment and Component Manufacturing | |||||||||||||||||||||||||||||
Palladium Energy, Inc. | First Lien Term Loan | LIBOR (Q) | 9.00% | 1.00% | 12/26/2017 | $ | 16,153,317 | 15,912,128 | 16,395,617 | 1.77 | % | ||||||||||||||||||
Electrical Equipment Manufacturing | |||||||||||||||||||||||||||||
API Technologies Corp. | First Lien Term Loan | LIBOR (Q) | 7.50% | 1.50% | 2/6/2018 | $ | 6,860,745 | 6,792,137 | 6,857,314 | 0.74 | % | ||||||||||||||||||
Fabricated Metal Product Manufacturing | |||||||||||||||||||||||||||||
Constellation Enterprises, LLC | First Lien Notes | Fixed | 10.625% | - | 2/1/2016 | $ | 2,900,000 | 2,858,907 | 2,682,500 | 0.29 | % | E | |||||||||||||||||
Financial Investment Activities | |||||||||||||||||||||||||||||
Institutional Shareholder Services, Inc. | Second Lien Term Loan | LIBOR (Q) | 7.50% | 1.00% | 4/30/2022 | $ | 7,994,196 | 7,914,254 | 8,064,145 | 0.87 | % | ||||||||||||||||||
Marsico Capital Management | First Lien Term Loan | LIBOR (M) | 5.00% | - | 12/31/2022 | $ | 10,555,929 | 13,291,319 | 4,292,727 | 0.46 | % | J | |||||||||||||||||
21,205,573 | 12,356,872 | 1.33 | % |
3 |
Consolidated Statement of Investments (Unaudited) (Continued)
June 30, 2014
Showing Percentage of Total Cash and Investments of the Company
% of | |||||||||||||||||||||||||||||
Issuer | Instrument | Ref | Spread | Floor | Maturity | Principal | Cost | Value | Portfolio | Notes | |||||||||||||||||||
Debt Investments (continued) | |||||||||||||||||||||||||||||
Freight Transportation Arrangement | |||||||||||||||||||||||||||||
Livingston International, Inc. (Canada) | Second Lien Term Loan | LIBOR (Q) | 7.75% | 1.25% | 4/18/2020 | $ | 3,665,217 | $ | 3,601,696 | $ | 3,703,702 | 0.40 | % | I | |||||||||||||||
Full-Service Restaurants | |||||||||||||||||||||||||||||
RM Holdco, LLC | Subordinated Convertible Term Loan | Fixed | 1.12% PIK | - | 3/21/2018 | $ | 5,164,796 | 5,164,796 | 1,007,135 | 0.11 | % | B | |||||||||||||||||
RM OpCo, LLC | Convertible First Lien Term Loan Tranche B-1 | Fixed | 12% Cash + 7% PIK | - | 3/21/2016 | $ | 1,491,872 | 1,467,184 | 1,491,872 | 0.16 | % | B | |||||||||||||||||
RM OpCo, LLC | First Lien Term Loan Tranche A | Fixed | 11.00% | - | 3/21/2016 | $ | 3,751,177 | 3,751,177 | 3,751,177 | 0.41 | % | B | |||||||||||||||||
RM OpCo, LLC | First Lien Term Loan Tranche B | Fixed | 12% Cash + 7% PIK | - | 3/21/2016 | $ | 7,433,488 | 7,433,488 | 7,433,488 | 0.80 | % | B | |||||||||||||||||
RM OpCo, LLC | First Lien Term Loan Tranche B-1 | Fixed | 12% Cash + 7% PIK | - | 3/21/2016 | $ | 2,341,059 | 2,307,647 | 2,341,059 | 0.25 | % | B | |||||||||||||||||
20,124,292 | 16,024,731 | 1.73 | % | ||||||||||||||||||||||||||
Gaming Industries | |||||||||||||||||||||||||||||
AP Gaming I, LLC | First Lien Revolver | LIBOR (Q) | 8.25% | 1.00% | 12/20/2018 | $ | 2,500,000 | 2,827,878 | 3,000,000 | 0.32 | % | ||||||||||||||||||
AP Gaming I, LLC | First Lien Term Loan B | LIBOR (Q) | 8.25% | 1.00% | 12/20/2020 | $ | 14,925,000 | 14,498,873 | 15,186,188 | 1.64 | % | ||||||||||||||||||
17,326,751 | 18,186,188 | 1.96 | % | ||||||||||||||||||||||||||
General Medical and Surgical Hospitals | |||||||||||||||||||||||||||||
RegionalCare Hospital Partners, Inc. | Second Lien Term Loan | LIBOR (M) | 9.50% | 1.00% | 10/23/2019 | $ | 21,017,525 | 20,707,525 | 20,925,678 | 2.26 | % | ||||||||||||||||||
Grocery Stores | |||||||||||||||||||||||||||||
Bashas, Inc. | First Lien FILO Term Loan | LIBOR (M) | 9.35% | 1.50% | 12/28/2015 | $ | 12,772,956 | 12,737,142 | 12,964,551 | 1.40 | % | ||||||||||||||||||
Insurance Carriers | |||||||||||||||||||||||||||||
Acrisure, LLC | Second Lien Notes | LIBOR (Q) | 10.50% | 1.00% | 3/7/2020 | $ | 680,363 | 571,794 | 718,115 | 0.08 | % | ||||||||||||||||||
Acrisure, LLC | Second Lien Notes | LIBOR (Q) | 10.50% | 1.00% | 3/7/2020 | $ | 11,051,757 | 10,838,772 | 11,123,593 | 1.20 | % | ||||||||||||||||||
11,410,566 | 11,841,708 | 1.28 | % | ||||||||||||||||||||||||||
Insurance Related Activities | |||||||||||||||||||||||||||||
Confie Seguros Holding II Co. | Second Lien Term Loan | LIBOR (M) | 9.00% | 1.25% | 5/8/2019 | $ | 6,341,809 | 6,252,568 | 6,405,259 | 0.69 | % | ||||||||||||||||||
Lessors of Nonfinancial Intangible Assets | |||||||||||||||||||||||||||||
ABG Intermediate Holdings 2, LLC | Second Lien Term Loan | LIBOR (S) | 8.00% | 1.00% | 5/27/2022 | $ | 15,990,714 | 15,830,807 | 16,010,702 | 1.73 | % | ||||||||||||||||||
Lessors of Real Estate | |||||||||||||||||||||||||||||
Hunt Companies, Inc. | Senior Secured Notes | Fixed | 9.625% | - | 3/1/2021 | $ | 13,084,000 | 12,926,643 | 13,738,200 | 1.49 | % | E/G | |||||||||||||||||
Merchant Wholesalers | |||||||||||||||||||||||||||||
Envision Acquisition Company, LLC | Second Lien Term Loan | LIBOR (Q) | 8.75% | 1.00% | 11/4/2021 | $ | 9,079,011 | 8,897,430 | 9,215,196 | 1.00 | % | ||||||||||||||||||
Motion Picture and Video Industries | |||||||||||||||||||||||||||||
CORE Entertainment, Inc. | First Lien Term Loan | Fixed | 9.00% | - | 6/21/2017 | $ | 9,462,231 | 9,391,249 | 8,516,008 | 0.92 | % | ||||||||||||||||||
CORE Entertainment, Inc. | Second Lien Term Loan | Fixed | 13.50% | - | 6/21/2018 | $ | 7,569,785 | 7,509,764 | 6,933,923 | 0.75 | % | ||||||||||||||||||
16,901,013 | 15,449,931 | 1.67 | % | ||||||||||||||||||||||||||
Newspaper, Periodical, Book, and Directory Publishers | |||||||||||||||||||||||||||||
Hanley-Wood, LLC | First Lien FILO Term Loan | LIBOR (Q) | 6.75% | 1.25% | 7/15/2018 | $ | 16,561,400 | 16,561,400 | 16,519,997 | 1.79 | % | ||||||||||||||||||
MediMedia USA, Inc. | First Lien Revolver | LIBOR (Q) | 6.75% | - | 5/20/2018 | $ | 5,890,000 | 4,960,524 | 5,492,658 | 0.59 | % | ||||||||||||||||||
MediMedia USA, Inc. | First Lien Term Loan | LIBOR (Q) | 6.75% | 1.25% | 11/20/2018 | $ | 9,591,911 | 9,349,033 | 9,400,073 | 1.02 | % | ||||||||||||||||||
30,870,957 | 31,412,728 | 3.40 | % | ||||||||||||||||||||||||||
Nondepository Credit Intermediation | |||||||||||||||||||||||||||||
Caribbean Financial Group (Cayman Islands) | Sr Secured Notes | Fixed | 11.50% | - | 11/15/2019 | $ | 10,000,000 | 9,834,804 | 10,950,000 | 1.19 | % | E/G/I | |||||||||||||||||
Trade Finance Funding I, Ltd. (Cayman Islands) | Secured Class B Notes | Fixed | 10.75% | - | 11/13/2018 | $ | 15,084,000 | 15,084,000 | 15,084,000 | 1.63 | % | E/I | |||||||||||||||||
24,918,804 | 26,034,000 | 2.82 | % | ||||||||||||||||||||||||||
Nonscheduled Air Transportation | |||||||||||||||||||||||||||||
One Sky Flight, LLC | Second Lien Term Loan | Fixed | 12% Cash + 3% PIK | - | 6/3/2019 | $ | 18,379,293 | 17,130,833 | 18,379,293 | 1.99 | % | ||||||||||||||||||
Oil and Gas Extraction | |||||||||||||||||||||||||||||
Willbros Group, Inc. | First Lien Term Loan | LIBOR (Q) | 9.75% | 1.25% | 8/7/2019 | $ | 13,661,463 | 13,329,888 | 13,917,615 | 1.51 | % | ||||||||||||||||||
Other Information Services | |||||||||||||||||||||||||||||
TCH-2 Holdings, LLC | Second Lien Term Loan | LIBOR (M) | 7.75% | 1.00% | 11/6/2021 | $ | 19,988,392 | 19,688,567 | 19,788,509 | 2.14 | % | ||||||||||||||||||
Other Telecommunications | |||||||||||||||||||||||||||||
Securus Technologies, Inc. | Second Lien Term Loan | LIBOR (Q) | 7.75% | 1.25% | 4/30/2021 | $ | 14,000,000 | 13,860,000 | 14,230,440 | 1.54 | % | ||||||||||||||||||
Petroleum and Coal Products Manufacturing | |||||||||||||||||||||||||||||
Boomerang Tube, LLC | Second Lien Term Loan | LIBOR (Q) | 9.50% | 1.50% | 10/11/2017 | $ | 3,933,213 | 3,860,914 | 3,579,223 | 0.39 | % |
4 |
Consolidated Statement of Investments (Unaudited) (Continued)
June 30, 2014
Showing Percentage of Total Cash and Investments of the Company
% of | ||||||||||||||||||||||||||||||
Issuer | Instrument | Ref | Spread | Floor | Maturity | Principal | Cost | Value | Portfolio | Notes | ||||||||||||||||||||
Debt Investments (continued) | ||||||||||||||||||||||||||||||
Plastics Products Manufacturing | ||||||||||||||||||||||||||||||
Iracore International, Inc. | Sr Secured Notes | Fixed | 9.50% | - | 6/1/2018 | $ | 13,600,000 | $ | 13,600,000 | $ | 14,348,000 | 1.55 | % | E | ||||||||||||||||
Radio and Television Broadcasting | ||||||||||||||||||||||||||||||
SiTV, Inc. | First Lien Term Loan | LIBOR (M) | 6% Cash + 4% PIK | 2.00% | 8/3/2016 | $ | 7,032,138 | 6,709,167 | 7,418,905 | 0.80 | % | |||||||||||||||||||
SiTV, Inc. | Sr Secured Notes | Fixed | 10.375% | - | 7/1/2019 | $ | 7,312,000 | 7,312,000 | 7,503,940 | 0.81 | % | E/G | ||||||||||||||||||
The Tennis Channel, Inc. | First Lien Term Loan | LIBOR (Q) | 8.50% | - | 5/29/2017 | $ | 17,946,954 | 17,549,375 | 18,027,715 | 1.95 | % | |||||||||||||||||||
31,570,542 | 32,950,560 | 3.56 | % | |||||||||||||||||||||||||||
Retail | ||||||||||||||||||||||||||||||
Kenneth Cole Productions, Inc. | First Lien FILO Term Loan | LIBOR (M) | 10.40% | 1.00% | 9/25/2017 | $ | 10,863,636 | 10,675,504 | 10,917,954 | 1.18 | % | |||||||||||||||||||
Shopzilla, Inc. | Second Lien Term Loan | LIBOR (Q) | 12.50% | - | 3/31/2016 | $ | 6,710,057 | 6,615,475 | 6,699,991 | 0.73 | % | |||||||||||||||||||
Shop Holding, LLC | Convertible Promissory Note | Fixed | 5.00% | - | 8/5/2015 | $ | 73,140 | 73,140 | 66,045 | 0.01 | % | E | ||||||||||||||||||
17,364,119 | 17,683,990 | 1.92 | % | |||||||||||||||||||||||||||
Satellite Telecommunications | ||||||||||||||||||||||||||||||
Avanti Communications Group, PLC (United Kingdom) | Sr Secured Notes | Fixed | 10.00% | - | 10/1/2019 | $ | 9,914,000 | 9,914,000 | 10,538,275 | 1.14 | % | E/G/I | ||||||||||||||||||
Scheduled Air Transportation | ||||||||||||||||||||||||||||||
Aircraft Leased to Delta Air Lines, Inc. | ||||||||||||||||||||||||||||||
N913DL | Aircraft Secured Mortgage | Fixed | 8.00% | - | 3/15/2017 | $ | 247,913 | 247,913 | 255,000 | 0.03 | % | F | ||||||||||||||||||
N918DL | Aircraft Secured Mortgage | Fixed | 8.00% | - | 8/15/2018 | $ | 351,588 | 351,588 | 362,440 | 0.04 | % | F | ||||||||||||||||||
N954DL | Aircraft Secured Mortgage | Fixed | 8.00% | - | 3/20/2019 | $ | 472,542 | 472,542 | 485,860 | 0.05 | % | F | ||||||||||||||||||
N955DL | Aircraft Secured Mortgage | Fixed | 8.00% | - | 6/20/2019 | $ | 493,042 | 493,042 | 506,600 | 0.06 | % | F | ||||||||||||||||||
N956DL | Aircraft Secured Mortgage | Fixed | 8.00% | - | 5/20/2019 | $ | 491,365 | 491,365 | 504,900 | 0.05 | % | F | ||||||||||||||||||
N957DL | Aircraft Secured Mortgage | Fixed | 8.00% | - | 6/20/2019 | $ | 497,355 | 497,355 | 511,020 | 0.06 | % | F | ||||||||||||||||||
N959DL | Aircraft Secured Mortgage | Fixed | 8.00% | - | 7/20/2019 | $ | 503,294 | 503,294 | 517,140 | 0.06 | % | F | ||||||||||||||||||
N960DL | Aircraft Secured Mortgage | Fixed | 8.00% | - | 10/20/2019 | $ | 525,171 | 525,171 | 539,580 | 0.06 | % | F | ||||||||||||||||||
N961DL | Aircraft Secured Mortgage | Fixed | 8.00% | - | 8/20/2019 | $ | 517,785 | 517,785 | 532,100 | 0.06 | % | F | ||||||||||||||||||
N976DL | Aircraft Secured Mortgage | Fixed | 8.00% | - | 2/15/2018 | $ | 352,091 | 352,091 | 362,780 | 0.04 | % | F | ||||||||||||||||||
Aircraft Leased to United Airlines, Inc. | ||||||||||||||||||||||||||||||
N510UA | Aircraft Secured Mortgage | Fixed | 20.00% | - | 10/26/2016 | $ | 281,584 | 281,584 | 336,205 | 0.04 | % | B | ||||||||||||||||||
N512UA | Aircraft Secured Mortgage | Fixed | 20.00% | - | 10/26/2016 | $ | 288,287 | 288,287 | 346,275 | 0.04 | % | B | ||||||||||||||||||
N545UA | Aircraft Secured Mortgage | Fixed | 16.00% | - | 8/29/2015 | $ | 177,520 | 177,520 | 190,855 | 0.02 | % | B | ||||||||||||||||||
N659UA | Aircraft Secured Mortgage | Fixed | 12.00% | - | 2/28/2016 | $ | 2,161,944 | 2,161,944 | 2,318,999 | 0.25 | % | F | ||||||||||||||||||
N661UA | Aircraft Secured Mortgage | Fixed | 12.00% | - | 5/4/2016 | $ | 2,350,477 | 2,350,477 | 2,551,735 | 0.28 | % | F | ||||||||||||||||||
Mesa Air Group, Inc. | Acquisition Delayed Draw Loan | LIBOR (M) | 7.25% | - | 7/15/2022 | $ | – | (271,500 | ) | 20,363 | - | L | ||||||||||||||||||
Mesa Air Group, Inc. | Acquisition Loan | LIBOR (M) | 7.25% | - | 7/15/2022 | $ | 18,100,000 | 8,688,000 | 9,077,150 | 0.98 | % | |||||||||||||||||||
18,128,458 | 19,419,002 | 2.12 | % | |||||||||||||||||||||||||||
Scientific Research and Development Services | ||||||||||||||||||||||||||||||
BPA Laboratories, Inc. | Senior Secured Notes | Fixed | 12.25% | - | 4/1/2017 | $ | 17,200,000 | 16,536,295 | 18,748,000 | 2.03 | % | E | ||||||||||||||||||
Semiconductor and Other Electronic Component Manufacturing | ||||||||||||||||||||||||||||||
SunEdison, Inc. | Senior Secured Letters of Credit | LIBOR (Q) | 3.75% | - | 2/28/2017 | $ | 9,379,246 | (1,031,717 | ) | (937,925 | ) | (0.10 | %) | K/L | ||||||||||||||||
Software Publishers | ||||||||||||||||||||||||||||||
Acronis International GmbH (Switzerland) | First Lien Revolver | LIBOR (Q) | 9.50% | 1.00% | 2/21/2017 | $ | 563,407 | 563,407 | 540,871 | 0.06 | % | I | ||||||||||||||||||
Acronis International GmbH (Switzerland) | First Lien Term Loan | LIBOR (Q) | 9.50% | 1.00% | 2/21/2017 | $ | 25,000,000 | 24,754,319 | 24,900,000 | 2.70 | % | I | ||||||||||||||||||
BlackLine Systems, Inc. | First Lien Term Loan | LIBOR (Q) | 0.4% Cash + 7.6% PIK | 1.50% | 9/25/2018 | $ | 13,065,025 | 12,325,788 | 12,914,777 | 1.40 | % | |||||||||||||||||||
Coreone Technologies, LLC | First Lien Term Loan | LIBOR (Q) | 3.75% Cash + 5% PIK | 1.00% | 9/4/2018 | $ | 13,899,746 | 13,632,684 | 13,830,247 | 1.50 | % | |||||||||||||||||||
Deltek, Inc. | Second Lien Term Loan | LIBOR (Q) | 8.75% | 1.25% | 10/10/2019 | $ | 15,000,000 | 14,817,883 | 15,346,875 | 1.66 | % | |||||||||||||||||||
Edmentum, Inc. | Second Lien Term Loan | LIBOR (Q) | 9.75% | 1.50% | 5/17/2019 | $ | 21,500,000 | 21,342,939 | 21,715,000 | 2.35 | % | |||||||||||||||||||
87,437,020 | 89,247,770 | 9.67 | % | |||||||||||||||||||||||||||
Specialty Hospitals | ||||||||||||||||||||||||||||||
UBC Healthcare Analytics, Inc. | First Lien Term Loan | LIBOR (Q) | 9.00% | 1.00% | 7/1/2018 | $ | 4,933,947 | 4,909,278 | 4,958,617 | 0.54 | % | |||||||||||||||||||
Structured Note Funds | ||||||||||||||||||||||||||||||
Magnolia Finance V plc (Cayman Islands) | Asset-Backed Credit Linked Notes | Fixed | 13.125% | - | 8/2/2021 | $ | 15,000,000 | 15,000,000 | 15,231,000 | 1.65 | % | E/I |
5 |
Consolidated Statement of Investments (Unaudited) (Continued)
June 30, 2014
Showing Percentage of Total Cash and Investments of the Company
Principal | |||||||||||||||||||||||||||||
Amount or | % | ||||||||||||||||||||||||||||
Issuer | Instrument | Ref | Spread | Floor | Maturity | Shares | Cost | Value | Portfolio | Notes | |||||||||||||||||||
Debt Investments (continued) | |||||||||||||||||||||||||||||
Textile Furnishings Mills | |||||||||||||||||||||||||||||
Lexmark Carpet Mills, Inc. | First Lien Term Loan | LIBOR (Q) | 10.00% | 1.00% | 9/30/2018 | $ | 15,758,531 | $ | 15,415,095 | $ | 15,994,909 | 1.73 | % | ||||||||||||||||
Wired Telecommunications Carriers | |||||||||||||||||||||||||||||
Integra Telecom Holdings, Inc. | Second Lien Term Loan | LIBOR (Q) | 8.50% | 1.25% | 2/22/2020 | $ | 15,000,000 | 14,718,767 | 15,325,050 | 1.66 | % | ||||||||||||||||||
Wireless Telecommunications Carriers | |||||||||||||||||||||||||||||
Alpheus Communications, LLC | First Lien FILO Term Loan | LIBOR (Q) | 6.92% | 1.00% | 5/31/2018 | $ | – | (11,183 | ) | (28,122 | ) | 0.00 | % | L | |||||||||||||||
Alpheus Communications, LLC | First Lien FILO Term Loan | LIBOR (Q) | 6.92% | 1.00% | 5/31/2018 | $ | 8,248,124 | 8,166,127 | 8,041,921 | 0.87 | % | ||||||||||||||||||
Globalive Wireless Management Corp. (Canada) | First Lien Term Loan | LIBOR (Q) | 10.90% | - | 4/30/2014 | $ | 3,037,292 | 2,933,872 | 3,067,665 | 0.33 | % | I | |||||||||||||||||
Gogo, LLC | First Lien Term Loan | LIBOR (Q) | 9.75% | 1.50% | 6/21/2017 | $ | 19,335,284 | 18,588,807 | 20,592,078 | 2.23 | % | ||||||||||||||||||
29,677,623 | 31,673,542 | 3.43 | % | ||||||||||||||||||||||||||
Total Debt Investments | 852,895,704 | 865,195,213 | 93.63 | % | |||||||||||||||||||||||||
Equity Securities | |||||||||||||||||||||||||||||
Business Support Services | |||||||||||||||||||||||||||||
Findly Talent, LLC | Membership Units | 708,229 | 230,938 | 162,185 | 0.02 | % | C/E | ||||||||||||||||||||||
STG-Fairway Holdings, LLC | Class A Units | 841,479 | 943,287 | 2,015,174 | 0.22 | % | C/E | ||||||||||||||||||||||
1,174,225 | 2,177,359 | 0.24 | % | ||||||||||||||||||||||||||
Communications Equipment Manufacturing | |||||||||||||||||||||||||||||
Wasserstein Cosmos Co-Invest, L.P. | Limited Partnership Units | 5,000,000 | 5,000,000 | 4,500,000 | 0.49 | % | B/C/E | ||||||||||||||||||||||
Data Processing, Hosting, and Related Services | |||||||||||||||||||||||||||||
Anacomp, Inc. | Class A Common Stock | 1,255,527 | 26,711,048 | 929,090 | 0.10 | % | C/E/F | ||||||||||||||||||||||
Depository Credit Intermediation | |||||||||||||||||||||||||||||
Doral Financial Corporation | Common Stock | 53,890 | 11,699,417 | 232,804 | 0.03 | % | C/K | ||||||||||||||||||||||
Financial Investment Activities | |||||||||||||||||||||||||||||
Marsico Holdings, LLC | Common Interest Units | 168,698 | 172,694 | 4,234 | - | C/E/J | |||||||||||||||||||||||
Full-Service Restaurants | |||||||||||||||||||||||||||||
RM Holdco, LLC | Membership Units | 13,161,000 | 2,010,777 | - | - | B/C/E | |||||||||||||||||||||||
Machine Shops; Turned Product; and Screw, Nut, and Bolt Manufacturing | |||||||||||||||||||||||||||||
Precision Holdings, LLC | Class C Membership Interest | 33 | - | 5,723 | - | C/E | |||||||||||||||||||||||
Nonmetallic Mineral Mining and Quarrying | |||||||||||||||||||||||||||||
EPMC HoldCo, LLC | Membership Units | 1,312,720 | - | 1,063,303 | 0.12 | % | B/E | ||||||||||||||||||||||
Nonscheduled Air Transportation | |||||||||||||||||||||||||||||
Flight Options Holdings I, Inc. | Warrants to Purchase Common Stock | 1,843 | 1,274,000 | 1,339,035 | 0.15 | % | C/E | ||||||||||||||||||||||
Radio and Television Broadcasting | |||||||||||||||||||||||||||||
SiTV, Inc. | Warrants to Purchase Common Stock | 233,470 | 300,322 | 177,624 | 0.02 | % | C/E | ||||||||||||||||||||||
Retail | |||||||||||||||||||||||||||||
Shop Holding, LLC | Class A Units | 507,167 | 480,049 | 373,326 | 0.04 | % | C/E | ||||||||||||||||||||||
Shop Holding, LLC | Warrants to Purchase Class A Units | 326,691 | - | - | - | C/E | |||||||||||||||||||||||
480,049 | 373,326 | 0.04 | % | ||||||||||||||||||||||||||
Scheduled Air Transportation | |||||||||||||||||||||||||||||
Aircraft Leased to Delta Air Lines, Inc. | |||||||||||||||||||||||||||||
N913DL | Trust Beneficial Interests | 865 | 91,495 | 121,720 | 0.01 | % | E/F | ||||||||||||||||||||||
N918DL | Trust Beneficial Interests | 724 | 101,682 | 139,414 | 0.02 | % | E/F | ||||||||||||||||||||||
N954DL | Trust Beneficial Interests | 682 | 120,984 | 70,380 | 0.01 | % | E/F | ||||||||||||||||||||||
N955DL | Trust Beneficial Interests | 661 | 120,890 | 112,200 | 0.01 | % | E/F | ||||||||||||||||||||||
N956DL | Trust Beneficial Interests | 666 | 120,865 | 107,780 | 0.01 | % | E/F | ||||||||||||||||||||||
N957DL | Trust Beneficial Interests | 661 | 121,648 | 108,800 | 0.01 | % | E/F | ||||||||||||||||||||||
N959DL | Trust Beneficial Interests | 656 | 122,429 | 109,480 | 0.01 | % | E/F | ||||||||||||||||||||||
N960DL | Trust Beneficial Interests | 643 | 125,518 | 108,800 | 0.01 | % | E/F | ||||||||||||||||||||||
N961DL | Trust Beneficial Interests | 652 | 124,720 | 103,360 | 0.01 | % | E/F | ||||||||||||||||||||||
N976DL | Trust Beneficial Interests | 766 | 104,403 | 102,691 | 0.01 | % | E/F | ||||||||||||||||||||||
Aircraft Leased to United Airlines, Inc. | |||||||||||||||||||||||||||||
N510UA | Trust Beneficial Interests | 60 | 226,717 | 460,974 | 0.05 | % | B/E | ||||||||||||||||||||||
N512UA | Trust Beneficial Interests | 59 | 221,632 | 452,773 | 0.05 | % | B/E | ||||||||||||||||||||||
N536UA | Trust Beneficial Interests | - | - | - | 0.00 | % | B/E | ||||||||||||||||||||||
N545UA | Trust Beneficial Interests | 75 | 396,478 | 649,581 | 0.07 | % | B/E | ||||||||||||||||||||||
N585UA | Trust Beneficial Interests | - | - | - | 0.00 | % | B/E | ||||||||||||||||||||||
United N659UA-767, LLC (N659UA) | Trust Beneficial Interests | 467 | 2,306,488 | 2,609,590 | 0.28 | % | E/F | ||||||||||||||||||||||
United N661UA-767, LLC (N661UA) | Trust Beneficial Interests | 453 | 2,264,254 | 2,627,969 | 0.28 | % | E/F | ||||||||||||||||||||||
6,570,203 | 7,885,512 | 0.84 | % |
6 |
Consolidated Statement of Investments (Unaudited) (Continued)
June 30, 2014
Showing Percentage of Total Cash and Investments of the Company
% of | ||||||||||||||||||||||||||||||
Issuer | Instrument | Ref | Spread | Floor | Maturity | Shares | Cost | Value | Portfolio | Notes | ||||||||||||||||||||
Equity Securities (continued) | ||||||||||||||||||||||||||||||
Resin, Synthetic Rubber, and Artificial Synthetic Fibers and Filaments Manufacturing | ||||||||||||||||||||||||||||||
KAGY Holding Company, Inc. | Series A Preferred Stock | 9,778 | $ | 1,091,200 | $ | 754,378 | 0.08 | % | B/C/E | |||||||||||||||||||||
Semiconductor and Other Electronic Component Manufacturing | ||||||||||||||||||||||||||||||
AIP/IS Holdings, LLC | Membership Units | 352 | - | 229,504 | 0.02 | % | C/E | |||||||||||||||||||||||
Software Publishers | ||||||||||||||||||||||||||||||
SLS Breeze Intermediate Holdings, Inc. | Warrants to Purchase Common Stock | 1,232,731 | 522,678 | 653,841 | 0.07 | % | C/E | |||||||||||||||||||||||
Wired Telecommunications Carriers | ||||||||||||||||||||||||||||||
Integra Telecom, Inc. | Common Stock | 1,274,522 | 8,433,884 | 5,206,677 | 0.56 | % | C/E | |||||||||||||||||||||||
Integra Telecom, Inc. | Warrants | 346,939 | 19,920 | 199,386 | 0.02 | % | C/E | |||||||||||||||||||||||
V Telecom Investment S.C.A. (Luxembourg) | Common Shares | 1,393 | 3,236,256 | 3,742,115 | 0.41 | % | C/D/E/I | |||||||||||||||||||||||
11,690,060 | 9,148,178 | 0.99 | % | |||||||||||||||||||||||||||
Total Equity Securities | 68,696,673 | 29,473,911 | 3.19 | % | ||||||||||||||||||||||||||
Total Investments | 921,592,377 | 894,669,124 | 96.82 | % | ||||||||||||||||||||||||||
Cash and Cash Equivalents | ||||||||||||||||||||||||||||||
Wells Fargo & Company | Overnight Repurchase Agreement Collateralized by Freddie Mac Note | Fixed | 0.05% | - | 7/1/2014 | 8,548,755 | 0.93 | % | ||||||||||||||||||||||
Union Bank of California | Commercial Paper | Fixed | 0.10% | - | 7/1/2014 | 16,000,000 | 1.73 | % | ||||||||||||||||||||||
Cash Denominated in Foreign Currencies | 258,660 | 0.03 | % | |||||||||||||||||||||||||||
Cash Held on Account at Various Institutions | 4,572,117 | 0.49 | % | |||||||||||||||||||||||||||
Cash and Cash Equivalents | 29,379,532 | 3.18 | % | |||||||||||||||||||||||||||
Total Cash and Investments | $ | 924,048,656 | 100.00 | % | H |
Notes to Statement of Investments:
(A) | Investments in bank debt generally are bought and sold among institutional investors in transactions not subject to registration under the Securities Act of 1933. Such transactions are generally subject to contractual restrictions, such as approval of the agent or borrower. |
(B) | Non-controlled affiliate – as defined under the Investment Company Act of 1940 (ownership of between 5% and 25% of the outstanding voting securities of this issuer). See Consolidated Schedule of Changes in Investments in Affiliates. |
(C) | Non-income producing security. |
(D) | Principal amount denominated in foreign currency. Amortized cost and fair value converted from foreign currency to US dollars. (See Note 2) |
(E) | Restricted security. (See Note 2) |
(F) | Controlled issuer – as defined under the Investment Company Act of 1940 (ownership of 25% or more of the outstanding voting securities of this issuer). Investment is not more than 50% owned nor deemed to be a significant subsidiary. See Consolidated Schedule of Changes in Investments in Affiliates. |
(G) | Investment has been segregated to collateralize certain unfunded commitments. |
(H) | All cash and investments, except those referenced in Notes G above, are pledged as collateral under certain debt as described in Note 4 to the Consolidated Financial Statements. |
(I) | Non-U.S. company or principal place of business outside the U.S. and as a result is not a qualifying asset under Section 55(a) of the Investment Company Act. Under the Investment Company Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Company's total assets. |
(J) | Exempt from the definition of investment company under Section 3(c) of the Investment Company Act and as a result is not a qualifying asset under Section 55(a) of the Investment Company Act. Under the Investment Company Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Company's total assets. |
(K) | Publicly traded company with a market capitalization greater than $250 million and as a result is not a qualifying asset under Section 55(a) of the Investment Company Act. Under the Investment Company Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Company's total assets. |
(L) | Negative balances relate to an unfunded commitment that was acquired at a discount. |
LIBOR or EURIBOR resets monthly (M), quarterly (Q), or semiannually (S).
Aggregate acquisitions and aggregate dispositions of investments, other than government securities, totaled $278,982,081, and $155,421,221 respectively for the six months ended June 30, 2014. Aggregate acquisitions includes investment assets received as payment in kind. Aggregate dispositions includes principal paydowns on and maturities of debt investments. The total value of restricted securities and bank debt as of June 30, 2014 was $894,436,320, or 96.8% of total cash and investments of the Company.
Options and Swaps at June 30, 2014 were as follows:
Investment | Notional Amount | Fair Value | ||||||
Interest Rate Cap, 4%, expires 5/15/2016 | $ | 25,000,000 | $ | 1,855 | ||||
Euro/US Dollar Cross-Currency Basis Swap, Pay Euros/Receive USD, Expires 3/31/17 | $ | 4,289,019 | $ | (208,862 | ) |
See accompanying notes.
7 |
Consolidated Statement of Investments
December 31, 2013
Showing Percentage of Total Cash and Investments of the Company
% of | |||||||||||||||||||||||||||||
Issuer | Instrument | Ref | Spread | Floor | Maturity | Principal | Cost | Value | Portfolio | Notes | |||||||||||||||||||
Debt Investments (A) | |||||||||||||||||||||||||||||
Accounting, Tax Preparation, Bookkeeping, and Payroll Services | |||||||||||||||||||||||||||||
Expert Global Solutions, LLC | First Lien Term Loan | LIBOR (Q) | 7.25% | 1.25% | 4/3/2018 | $ | 699,754 | $ | 701,280 | $ | 703,691 | 0.09 | % | ||||||||||||||||
Expert Global Solutions, LLC | Second Lien Term Loan | LIBOR (Q) | 11.00% | 1.50% | 10/3/2018 | $ | 7,434,877 | 7,228,004 | 7,382,833 | 0.94 | % | ||||||||||||||||||
7,929,284 | 8,086,524 | 1.03 | % | ||||||||||||||||||||||||||
Advertising, Public Relations, and Related Services | |||||||||||||||||||||||||||||
Doubleplay III Limited (United Kingdom) | First Lien Facility A1 Term Loan | EURIBOR (Q) | 6.25% | 1.25% | 3/18/2018 | € | 13,165,705 | 16,428,630 | 16,736,606 | 2.12 | % | D/J | |||||||||||||||||
Architectural, Engineering, and Related Services | |||||||||||||||||||||||||||||
ESP Holdings, Inc. | Jr Unsecured Subordinated Promissory Notes | Fixed | 6% Cash + 10% PIK | - | 12/31/2019 | $ | 7,959,369 | 7,959,369 | 7,959,369 | 1.01 | % | B/E | |||||||||||||||||
Artificial Synthetic Fibers and Filaments Manufacturing | |||||||||||||||||||||||||||||
AGY Holding Corp. | Sr Secured Term Loan | Fixed | 12.00% | 9/15/2016 | $ | 2,056,927 | 2,056,927 | 2,056,927 | 0.26 | % | B | ||||||||||||||||||
AGY Holding Corporation | Second Lien Term Loan | Fixed | 11.00% | - | 11/15/2016 | $ | 9,268,000 | 7,586,317 | 9,268,000 | 1.17 | % | B/E | |||||||||||||||||
9,643,244 | 11,324,927 | 1.43 | % | ||||||||||||||||||||||||||
Beverage Manufacturing | |||||||||||||||||||||||||||||
Carolina Beverage Group, LLC | Secured Notes | Fixed | 10.625% | - | 8/1/2018 | $ | 7,780,000 | 7,780,000 | 8,207,900 | 1.04 | % | E | |||||||||||||||||
Business Support Services | |||||||||||||||||||||||||||||
STG-Fairway Acquisitions, Inc. | Second Lien Term Loan | LIBOR (Q) | 9.25% | 1.25% | 8/28/2019 | $ | 14,643,455 | 13,944,123 | 14,929,002 | 1.89 | % | ||||||||||||||||||
Chemical Manufacturing | |||||||||||||||||||||||||||||
Archroma | Term Loan B | LIBOR (Q) | 8.25% | 1.25% | 9/30/2018 | $ | 17,456,250 | 17,107,125 | 17,401,699 | 2.20 | % | ||||||||||||||||||
Communications Equipment Manufacturing | |||||||||||||||||||||||||||||
Globecomm Systems Inc. | First Lien Term Loan | LIBOR (Q) | 7.625% | 1.25% | 12/11/2018 | $ | 15,000,000 | 14,850,000 | 15,097,500 | 1.91 | % | B | |||||||||||||||||
Computer Equipment Manufacturing | |||||||||||||||||||||||||||||
ELO Touch Solutions, Inc. | Second Lien Term Loan | LIBOR (Q) | 10.50% | 1.50% | 12/1/2018 | $ | 10,000,000 | 9,666,672 | 9,100,000 | 1.15 | % | ||||||||||||||||||
Converted Paper Products Manufacturing | |||||||||||||||||||||||||||||
Ranpak Corp. | Second Lien Term Loan | LIBOR (Q) | 7.25% | 1.25% | 4/23/2020 | $ | 3,469,573 | 3,434,877 | 3,573,660 | 0.45 | % | ||||||||||||||||||
Computer Systems Design and Related Services | |||||||||||||||||||||||||||||
Blue Coat Systems | First Lien Revolver | LIBOR (Q) | 3.50% | 1.00% | 5/31/2018 | $ | 4,500,000 | 3,540,000 | 4,060,800 | 0.51 | % | L | |||||||||||||||||
Blue Coat Systems | Second Lien Term Loan | LIBOR (Q) | 8.50% | 1.00% | 6/28/2020 | $ | 15,000,000 | 14,878,125 | 15,300,000 | 1.94 | % | ||||||||||||||||||
OnX Enterprise Solutions, Ltd. | First Lien Term Loan | LIBOR (Q) | 7.00% | - | 9/3/2018 | $ | 10,640,000 | 10,483,300 | 10,709,160 | 1.36 | % | ||||||||||||||||||
OnX USA, LLC | First Lien Term Loan | LIBOR (Q) | 7.00% | - | 9/3/2018 | $ | 5,320,000 | 5,244,790 | 5,354,580 | 0.68 | % | ||||||||||||||||||
Websense, Inc. | Second Lien Term Loan | LIBOR (Q) | 7.25% | 1.00% | 12/27/2020 | $ | 7,200,000 | 7,164,000 | 7,218,000 | 0.91 | % | ||||||||||||||||||
41,310,215 | 42,642,540 | 5.40 | % | ||||||||||||||||||||||||||
Data Processing, Hosting, and Related Services | |||||||||||||||||||||||||||||
The Telx Group, Inc. | Senior Unsecured Notes | Fixed | 10% Cash + 2% PIK | - | 9/26/2019 | $ | 7,098,916 | 6,960,435 | 7,631,335 | 0.97 | % | E | |||||||||||||||||
Panda Sherman Power, LLC | First Lien Term Loan | LIBOR (Q) | 7.50% | 1.50% | 9/14/2018 | $ | 11,070,172 | 10,932,474 | 11,402,277 | 1.44 | % | ||||||||||||||||||
Panda Temple Power II, LLC | First Lien Term Loan | LIBOR (Q) | 6.00% | 1.25% | 4/3/2019 | $ | 5,892,970 | 5,834,041 | 6,069,759 | 0.77 | % | ||||||||||||||||||
16,766,515 | 17,472,036 | 2.21 | % | ||||||||||||||||||||||||||
Electrical Equipment and Component Manufacturing | |||||||||||||||||||||||||||||
Palladium Energy, Inc. | First Lien Term Loan | LIBOR (Q) | 9.00% | 1.00% | 12/26/2027 | $ | 16,500,317 | 16,225,541 | 16,426,066 | 2.08 | % | ||||||||||||||||||
Fabricated Metal Product Manufacturing | |||||||||||||||||||||||||||||
Constellation Enterprises, LLC | First Lien Notes | Fixed | 10.625% | - | 2/1/2016 | $ | 12,500,000 | 12,322,875 | 10,875,000 | 1.38 | % | E/G | |||||||||||||||||
Financial Investment Activities | |||||||||||||||||||||||||||||
Marsico Capital Management | First Lien Term Loan | LIBOR (M) | 5.00% | - | 12/31/2022 | $ | 10,637,623 | 13,394,183 | 3,882,732 | 0.49 | % | K | |||||||||||||||||
Freight Transportation Arrangement | |||||||||||||||||||||||||||||
Livingston International, Inc. (Canada) | Second Lien Term Loan | LIBOR (Q) | 7.75% | 1.25% | 4/18/2020 | $ | 3,665,217 | 3,597,620 | 3,756,848 | 0.48 | % | J | |||||||||||||||||
Full-Service Restaurants | |||||||||||||||||||||||||||||
RM Holdco, LLC | Subordinated Convertible Term Loan | Fixed | 1.12% PIK | - | 3/21/2018 | $ | 5,164,796 | 5,164,796 | 2,197,621 | 0.28 | % | B | |||||||||||||||||
RM OpCo, LLC | Convertible First Lien Term Loan Tranche B-1 | Fixed | 12% Cash + 7% PIK | - | 3/21/2016 | $ | 1,370,199 | 1,339,883 | 1,370,199 | 0.17 | % | B | |||||||||||||||||
RM OpCo, LLC | First Lien Term Loan Tranche A | Fixed | 11.00% | - | 3/21/2016 | $ | 3,626,947 | 3,626,947 | 3,626,947 | 0.46 | % | B | |||||||||||||||||
RM OpCo, LLC | First Lien Term Loan Tranche B | Fixed | 12% Cash + 7% PIK | - | 3/21/2016 | $ | 6,825,328 | 6,825,328 | 6,825,328 | 0.86 | % | B | |||||||||||||||||
RM OpCo, LLC | First Lien Term Loan Tranche B-1 | Fixed | 12% Cash + 7% PIK | - | 3/21/2016 | $ | 2,150,088 | 2,109,019 | 2,150,088 | 0.27 | % | B | |||||||||||||||||
19,065,973 | 16,170,183 | 2.04 | % |
8 |
Consolidated Statement of Investments (Continued)
December 31, 2013
Showing Percentage of Total Cash and Investments of the Company
% of | |||||||||||||||||||||||||||||
Issuer | Instrument | Ref | Spread | Floor | Maturity | Principal | Cost | Value | Portfolio | Notes | |||||||||||||||||||
Debt Investments (continued) | |||||||||||||||||||||||||||||
Gaming Industries | |||||||||||||||||||||||||||||
AP Gaming I, LLC | First Lien Term Loan B | LIBOR (Q) | 8.25% | 1.00% | 12/20/2020 | $ | 15,000,000 | $ | 14,550,000 | $ | 14,737,500 | 1.87 | % | ||||||||||||||||
Grocery Stores | |||||||||||||||||||||||||||||
Bashas, Inc. | First Lien FILO Term Loan | LIBOR (M) | 9.35% | 1.50% | 12/28/2015 | $ | 14,843,788 | 14,802,168 | 15,066,445 | 1.91 | % | ||||||||||||||||||
Inland Water Transportation | |||||||||||||||||||||||||||||
US Shipping Corp | First Lien Term Loan B | LIBOR (Q) | 7.75% | 1.25% | 4/30/2018 | $ | 12,603,333 | 12,477,300 | 12,965,679 | 1.64 | % | ||||||||||||||||||
Insurance Related Activities | |||||||||||||||||||||||||||||
Confie Seguros Holding II Co. | Second Lien Term Loan | LIBOR (Q) | 9.00% | 1.25% | 5/8/2019 | $ | 6,341,809 | 6,245,733 | 6,391,370 | 0.81 | % | ||||||||||||||||||
Merchant Wholesalers | |||||||||||||||||||||||||||||
Envision Acquisition Company, LLC | Second Lien Term Loan | LIBOR (Q) | 8.75% | 1.00% | 11/4/2021 | $ | 9,079,011 | 8,897,430 | 9,192,498 | 1.16 | % | ||||||||||||||||||
Metal Ore Mining | |||||||||||||||||||||||||||||
St Barbara Ltd. (Australia) | First Priority Senior Secured Notes | Fixed | 8.875% | - | 4/15/2018 | $ | 7,359,000 | 7,326,651 | 6,144,765 | 0.78 | % | E | |||||||||||||||||
Motion Picture and Video Industries | |||||||||||||||||||||||||||||
CORE Entertainment, Inc. | First Lien Term Loan | Fixed | 9.00% | - | 6/21/2017 | $ | 9,462,231 | 9,381,116 | 8,610,631 | 1.09 | % | ||||||||||||||||||
CORE Entertainment, Inc. | Second Lien Term Loan | Fixed | 13.50% | - | 6/21/2018 | $ | 7,569,785 | 7,502,054 | 6,858,225 | 0.88 | % | ||||||||||||||||||
16,883,170 | 15,468,856 | 1.97 | % | ||||||||||||||||||||||||||
Newspaper, Periodical, Book, and Directory Publishers | |||||||||||||||||||||||||||||
Hanley-Wood, LLC | First Lien FILO Term Loan | LIBOR (Q) | 6.75% | 1.25% | 7/15/2018 | $ | 16,707,600 | 16,707,600 | 16,699,246 | 2.13 | % | ||||||||||||||||||
MediMedia USA, Inc. | First Lien Revolver | LIBOR (M) | 6.75% | - | 5/20/2018 | $ | 4,960,000 | 3,797,500 | 4,523,908 | 0.57 | % | ||||||||||||||||||
MediMedia USA, Inc. | First Lien Term Loan | LIBOR (M) | 6.75% | 1.25% | 11/20/2018 | $ | 9,701,250 | 9,433,029 | 9,458,719 | 1.20 | % | ||||||||||||||||||
29,938,129 | 30,681,873 | 3.90 | % | ||||||||||||||||||||||||||
Nondepository Credit Intermediation | |||||||||||||||||||||||||||||
Caribbean Financial Group (Cayman Islands) | Senior Secured Notes | Fixed | 11.50% | - | 11/15/2019 | $ | 10,000,000 | 9,824,072 | 10,700,000 | 1.35 | % | E | |||||||||||||||||
Trade Finance Funding I, Ltd. (Cayman Islands) | Secured Class B Notes | Fixed | 10.75% | - | 11/13/2018 | $ | 15,000,000 | 15,000,000 | 14,962,500 | 1.90 | % | E/J | |||||||||||||||||
24,824,072 | 25,662,500 | 3.25 | % | ||||||||||||||||||||||||||
Nonresidential Building Construction | |||||||||||||||||||||||||||||
NCM Group Holdings, LLC | First Lien Term Loan | LIBOR (Q) | 11.50% | 1.00% | 8/29/2018 | $ | 10,000,000 | 9,620,619 | 9,875,000 | 1.25 | % | ||||||||||||||||||
Nonscheduled Air Transportation | |||||||||||||||||||||||||||||
One Sky Flight, LLC | Second Lien Term Loan | Fixed | 12% Cash + 3% PIK | - | 5/4/2019 | $ | 18,200,000 | 16,929,086 | 17,708,600 | 2.24 | % | ||||||||||||||||||
Oil and Gas Extraction | |||||||||||||||||||||||||||||
Willbros Group, Inc. | First Lien Term Loan | LIBOR (Q) | 9.75% | 1.25% | 8/7/2019 | $ | 15,426,118 | 15,051,713 | 15,657,510 | 1.98 | % | ||||||||||||||||||
Other Telecommunications | |||||||||||||||||||||||||||||
Securus Technologies, Inc. | Second Lien Term Loan | LIBOR (Q) | 7.75% | 1.25% | 4/30/2021 | $ | 14,000,000 | 13,860,000 | 13,925,660 | 1.76 | % | ||||||||||||||||||
Petroleum and Coal Products Manufacturing | |||||||||||||||||||||||||||||
Boomerang Tube, LLC | Second Lien Term Loan | LIBOR (Q) | 9.50% | 1.50% | 10/11/2017 | $ | 7,749,023 | 7,563,978 | 7,477,807 | 0.95 | % | ||||||||||||||||||
Plastics Products Manufacturing | |||||||||||||||||||||||||||||
Iracore International, Inc. | Senior Secured Notes | Fixed | 9.50% | - | 6/1/2018 | $ | 13,600,000 | 13,600,000 | 14,426,622 | 1.83 | % | E | |||||||||||||||||
Professional, Scientific, and Technical Services | |||||||||||||||||||||||||||||
Connolly, LLC | Second Lien Term Loan | LIBOR (Q) | 9.25% | 1.25% | 7/15/2019 | $ | 12,000,000 | 11,829,534 | 12,270,000 | 1.55 | % | ||||||||||||||||||
ConvergeOne Holdings | First Lien Term Loan | LIBOR (Q) | 8.00% | 1.25% | 5/8/2019 | $ | 12,654,643 | 12,464,823 | 12,570,236 | 1.59 | % | ||||||||||||||||||
24,294,357 | 24,840,236 | 3.14 | % | ||||||||||||||||||||||||||
Promoters of Performing Arts, Sports, and Similar Events | |||||||||||||||||||||||||||||
Stadium Management Group | Second Lien Term Loan | LIBOR (M) | 9.50% | 1.25% | 12/7/2018 | $ | 11,000,000 | 10,817,390 | 11,055,000 | 1.40 | % | ||||||||||||||||||
Radio and Television Broadcasting | |||||||||||||||||||||||||||||
SiTV, Inc. | First Lien Term Loan | LIBOR (Q) | 6% Cash + 4% PIK | 2.00% | 8/3/2016 | $ | 6,995,124 | 6,648,634 | 6,774,778 | 0.86 | % | ||||||||||||||||||
The Tennis Channel, Inc. | First Lien Term Loan | LIBOR (Q) | 8.50% | - | 5/29/2017 | $ | 17,589,459 | 17,134,705 | 17,615,843 | 2.23 | % | ||||||||||||||||||
23,783,339 | 24,390,621 | 3.09 | % | ||||||||||||||||||||||||||
Retail | |||||||||||||||||||||||||||||
Kenneth Cole Productions, Inc. | First Lien FILO Term Loan | LIBOR (M) | 10.40% | 1.00% | 9/25/2017 | $ | 11,272,727 | 11,051,496 | 11,329,090 | 1.44 | % | ||||||||||||||||||
Shopzilla, Inc. | Second Lien Term Loan | LIBOR (Q) | 9.50% | - | 3/31/2016 | $ | 6,710,057 | 6,525,027 | 6,683,216 | 0.85 | % | ||||||||||||||||||
17,576,523 | 18,012,306 | 2.29 | % | ||||||||||||||||||||||||||
Satellite Telecommunications | |||||||||||||||||||||||||||||
Avanti Communications Group, PLC (United Kingdom) | Senior Secured Notes | Fixed | 10.00% | - | 10/1/2019 | $ | 9,914,000 | 9,914,000 | 10,335,345 | 1.31 | % | E/H/J |
9 |
Consolidated Statement of Investments (Continued)
December 31, 2013
Showing Percentage of Total Cash and Investments of the Company
% of | |||||||||||||||||||||||||||||
Issuer | Instrument | Ref | Spread | Floor | Maturity | Principal | Cost | Value | Portfolio | Notes | |||||||||||||||||||
Debt Investments (continued) | |||||||||||||||||||||||||||||
Scheduled Air Transportation | |||||||||||||||||||||||||||||
Aircraft Leased to Delta Air Lines, Inc. | |||||||||||||||||||||||||||||
N913DL | Aircraft Secured Mortgage | Fixed | 8.00% | - | 3/15/2017 | $ | 289,048 | $ | 289,048 | $ | 296,820 | 0.04 | % | F | |||||||||||||||
N918DL | Aircraft Secured Mortgage | Fixed | 8.00% | - | 8/15/2018 | $ | 388,001 | 388,001 | 397,290 | 0.05 | % | F | |||||||||||||||||
N954DL | Aircraft Secured Mortgage | Fixed | 8.00% | - | 3/20/2019 | $ | 514,375 | 514,375 | 524,620 | 0.07 | % | F | |||||||||||||||||
N955DL | Aircraft Secured Mortgage | Fixed | 8.00% | - | 6/20/2019 | $ | 533,283 | 533,283 | 543,320 | 0.07 | % | F | |||||||||||||||||
N956DL | Aircraft Secured Mortgage | Fixed | 8.00% | - | 5/20/2019 | $ | 532,275 | 532,275 | 542,640 | 0.07 | % | F | |||||||||||||||||
N957DL | Aircraft Secured Mortgage | Fixed | 8.00% | - | 6/20/2019 | $ | 537,947 | 537,947 | 548,250 | 0.07 | % | F | |||||||||||||||||
N959DL | Aircraft Secured Mortgage | Fixed | 8.00% | - | 7/20/2019 | $ | 543,573 | 543,573 | 553,520 | 0.07 | % | F | |||||||||||||||||
N960DL | Aircraft Secured Mortgage | Fixed | 8.00% | - | 10/20/2019 | $ | 564,855 | 564,855 | 574,430 | 0.07 | % | F | |||||||||||||||||
N961DL | Aircraft Secured Mortgage | Fixed | 8.00% | - | 8/20/2019 | $ | 558,427 | 558,427 | 568,310 | 0.07 | % | F | |||||||||||||||||
N976DL | Aircraft Secured Mortgage | Fixed | 8.00% | - | 2/15/2018 | $ | 394,360 | 394,360 | 404,600 | 0.05 | % | F | |||||||||||||||||
Aircraft Leased to United Airlines, Inc. | |||||||||||||||||||||||||||||
N510UA | Aircraft Secured Mortgage | Fixed | 20.00% | - | 10/26/2016 | $ | 328,848 | 328,848 | 404,605 | 0.05 | % | B | |||||||||||||||||
N512UA | Aircraft Secured Mortgage | Fixed | 20.00% | - | 10/26/2016 | $ | 334,535 | 334,535 | 414,010 | 0.05 | % | B | |||||||||||||||||
N536UA | Aircraft Secured Mortgage | Fixed | 16.00% | - | 9/29/2014 | $ | 108,845 | 108,845 | 114,000 | 0.01 | % | B | |||||||||||||||||
N545UA | Aircraft Secured Mortgage | Fixed | 16.00% | - | 8/29/2015 | $ | 249,695 | 249,695 | 275,405 | 0.03 | % | B | |||||||||||||||||
N585UA | Aircraft Secured Mortgage | Fixed | 20.00% | - | 10/25/2016 | $ | 392,794 | 392,794 | 486,115 | 0.06 | % | B | |||||||||||||||||
N659UA | Aircraft Secured Mortgage | Fixed | 12.00% | - | 2/28/2016 | $ | 2,708,150 | 2,708,150 | 2,948,986 | 0.37 | % | F | |||||||||||||||||
N661UA | Aircraft Secured Mortgage | Fixed | 12.00% | - | 5/4/2016 | $ | 2,880,186 | 2,880,186 | 3,171,026 | 0.40 | % | F | |||||||||||||||||
11,859,197 | 12,767,947 | 1.60 | % | ||||||||||||||||||||||||||
Scientific Research and Development Services | |||||||||||||||||||||||||||||
BPA Laboratories, Inc. | Senior Secured Notes | Fixed | 12.25% | - | 4/1/2017 | $ | 17,200,000 | 16,536,295 | 17,630,000 | 2.23 | % | E | |||||||||||||||||
Semiconductor and Other Electronic Component Manufacturing | |||||||||||||||||||||||||||||
Isola USA Corporation | Senior Secured Term Loan B | LIBOR (Q) | 8.25% | 1.00% | 11/29/2018 | $ | 14,583,333 | 14,366,560 | 14,729,167 | 1.87 | % | ||||||||||||||||||
Software Publishers | |||||||||||||||||||||||||||||
BlackLine Systems, Inc. | First Lien Term Loan | LIBOR (Q) | 0.4% Cash + 7.6% PIK | 1.50% | 9/25/2018 | $ | 12,579,747 | 11,811,044 | 12,183,485 | 1.56 | % | ||||||||||||||||||
Coreone Technologies, LLC | First Lien Term Loan | LIBOR (Q) | 3.75% Cash +5% PIK | 1.00% | 9/14/2018 | $ | 13,556,801 | 13,243,533 | 13,455,125 | 1.72 | % | ||||||||||||||||||
Deltek, Inc. | Second Lien Term Loan | LIBOR (Q) | 8.75% | 1.25% | 10/10/2019 | $ | 15,000,000 | 14,805,253 | 15,300,000 | 1.94 | % | ||||||||||||||||||
Edmentum, Inc. | Second Lien Term Loan | LIBOR (Q) | 9.75% | 1.50% | 5/17/2019 | $ | 15,000,000 | 14,748,486 | 15,112,500 | 1.91 | % | ||||||||||||||||||
54,608,316 | 56,051,110 | 7.13 | % | ||||||||||||||||||||||||||
Specialty Hospitals | |||||||||||||||||||||||||||||
UBC Healthcare Analytics, Inc. | First Lien Term Loan | LIBOR (Q) | 9.00% | 1.00% | 7/1/2018 | $ | 5,526,021 | 5,498,391 | 5,559,177 | 0.70 | % | ||||||||||||||||||
Vantage Oncology, LLC | Senior Secured Notes | Fixed | 9.50% | - | 6/15/2017 | $ | 5,000,000 | 5,000,000 | 5,137,500 | 0.65 | % | E | |||||||||||||||||
10,498,391 | 10,696,677 | 1.35 | % | ||||||||||||||||||||||||||
Structured Note Funds | |||||||||||||||||||||||||||||
Magnolia Finance V plc (Cayman Islands) | Asset-Backed Credit Linked Notes | Fixed | 13.125% | - | 8/2/2021 | $ | 15,000,000 | 15,000,000 | 15,000,000 | 1.90 | % | E/J | |||||||||||||||||
Textile Furnishings Mills | |||||||||||||||||||||||||||||
Lexmark Carpet Mills, Inc. | First Lien Term Loan | LIBOR (Q) | 10.00% | 1.00% | 9/30/2018 | $ | 16,351,467 | 15,942,680 | 16,392,346 | 2.08 | % | ||||||||||||||||||
Wired Telecommunications Carriers | |||||||||||||||||||||||||||||
Integra Telecom Holdings, Inc. | Second Lien Term Loan | LIBOR (Q) | 8.50% | 1.25% | 2/22/2020 | $ | 15,000,000 | 14,701,027 | 15,459,375 | 1.96 | % | ||||||||||||||||||
Wireless Telecommunications Carriers | |||||||||||||||||||||||||||||
Alpheus Communications, LLC | First Lien Delayed FILO Term Loan | LIBOR (Q) | 6.92% | 1.00% | 5/31/2018 | $ | – | (11,183 | ) | (8,437 | ) | - | M | ||||||||||||||||
Alpheus Communications, LLC | First Lien FILO Term Loan | LIBOR (Q) | 6.92% | 1.00% | 5/31/2018 | $ | 8,248,124 | 8,166,127 | 8,186,263 | 1.04 | % | ||||||||||||||||||
Globalive Wireless Management Corp. (Canada) | First Lien Term Loan | LIBOR (Q) | 10.90% | - | 4/30/2014 | $ | 3,037,292 | 2,933,872 | 3,067,665 | 0.39 | % | J | |||||||||||||||||
Gogo, LLC | First Lien Term Loan | LIBOR (Q) | 9.75% | 1.50% | 6/21/2017 | $ | 19,587,428 | 18,707,700 | 21,252,360 | 2.69 | % | ||||||||||||||||||
29,796,516 | 32,497,851 | 4.12 | % | ||||||||||||||||||||||||||
Total Debt Investments | 720,651,321 | 726,514,593 | 92.05 | % |
10 |
Consolidated Statement of Investments (Continued)
December 31, 2013
Showing Percentage of Total Cash and Investments of the Company
% of | ||||||||||||||||||||||||||||||
Issuer | Instrument | Ref | Spread | Floor | Maturity | Shares | Cost | Value | Portfolio | Notes | ||||||||||||||||||||
Equity Securities | ||||||||||||||||||||||||||||||
Architectural, Engineering, and Related Services | ||||||||||||||||||||||||||||||
ESP Holdings, Inc. | Cumulative Preffered 15% | 20,297 | $ | 2,249,930 | $ | 3,947,862 | 0.51 | % | B/C/E | |||||||||||||||||||||
ESP Holdings, Inc., Common Stock | Common Stock | 88,670 | 9,311,782 | 2,856,346 | 0.36 | % | B/C/E | |||||||||||||||||||||||
11,561,712 | 6,804,208 | 0.87 | % | |||||||||||||||||||||||||||
Business Support Services | ||||||||||||||||||||||||||||||
STG-Fairway Holdings | Class A Units | 841,479 | 1,174,225 | 1,722,508 | 0.22 | % | C/E | |||||||||||||||||||||||
Wasserstein Cosmos Co-Invest, L.P. | Limited Partnership Units | 5,000,000 | 5,000,000 | 5,000,000 | 0.64 | % | B/C/E | |||||||||||||||||||||||
6,174,225 | 6,722,508 | 0.86 | % | |||||||||||||||||||||||||||
Data Processing, Hosting, and Related Services | ||||||||||||||||||||||||||||||
Anacomp, Inc. | Class A Common Stock | 1,255,527 | 26,711,048 | 1,004,422 | 0.13 | % | B/C/E | |||||||||||||||||||||||
Depository Credit Intermediation | ||||||||||||||||||||||||||||||
Doral Financial Corporation | Common Stock | 53,890 | 11,699,417 | 843,913 | 0.11 | % | C/L | |||||||||||||||||||||||
Financial Investment Activities | ||||||||||||||||||||||||||||||
Marsico Holdings, LLC | Common Interest Units | 168,698 | 172,694 | 4,302 | - | C/E/K | ||||||||||||||||||||||||
Full-Service Restaurants | ||||||||||||||||||||||||||||||
RM Holdco, LLC | Membership Units | 13,161,000 | 2,010,777 | - | - | B/C/E | ||||||||||||||||||||||||
Machine Shops; Turned Product; and Screw, Nut, and Bolt Manufacturing | ||||||||||||||||||||||||||||||
Precision Holdings, LLC | Class C Membership Interests | 33 | - | 41,645 | 0.01 | % | C/E | |||||||||||||||||||||||
Nonmetallic Mineral Mining and Quarrying | ||||||||||||||||||||||||||||||
EPMC HoldCo, LLC | Membership Units | 1,312,720 | - | 1,562,137 | 0.20 | % | B/E | |||||||||||||||||||||||
Nonscheduled Air Transportation | ||||||||||||||||||||||||||||||
Flight Options Holdings I, Inc. | Warrants to Purchase Common Stock | 1,843 | 1,274,000 | 1,268,904 | 0.16 | % | C/E | |||||||||||||||||||||||
Radio and Television Broadcasting | ||||||||||||||||||||||||||||||
SiTV, Inc. | Warrants to Purchase Common Stock | 233,470 | 300,322 | 354,874 | 0.04 | % | C/E | |||||||||||||||||||||||
Retail | ||||||||||||||||||||||||||||||
Shop Holding, LLC | Class A Unit | 490,037 | 462,576 | 532,919 | 0.07 | % | C/E | |||||||||||||||||||||||
Shop Holding, LLC | Warrants to Purchase Class A Unit | 326,691 | - | 38,258 | - | C/E | ||||||||||||||||||||||||
462,576 | 571,177 | 0.07 | % | |||||||||||||||||||||||||||
Scheduled Air Transportation | ||||||||||||||||||||||||||||||
Aircraft Leased to Delta Air Lines, Inc. | ||||||||||||||||||||||||||||||
N913DL | Trust Beneficial Interests | 727 | 97,376 | 125,970 | 0.02 | % | E/F | |||||||||||||||||||||||
N918DL | Trust Beneficial Interests | 623 | 109,938 | 142,970 | 0.02 | % | E/F | |||||||||||||||||||||||
N954DL | Trust Beneficial Interests | 591 | 133,027 | 68,000 | 0.01 | % | E/F | |||||||||||||||||||||||
N955DL | Trust Beneficial Interests | 576 | 133,868 | 113,560 | 0.01 | % | E/F | |||||||||||||||||||||||
N956DL | Trust Beneficial Interests | 580 | 133,907 | 108,800 | 0.01 | % | E/F | |||||||||||||||||||||||
N957DL | Trust Beneficial Interests | 576 | 134,785 | 109,650 | 0.01 | % | E/F | |||||||||||||||||||||||
N959DL | Trust Beneficial Interests | 573 | 135,658 | 110,500 | 0.01 | % | E/F | |||||||||||||||||||||||
N960DL | Trust Beneficial Interests | 563 | 139,173 | 109,650 | 0.01 | % | E/F | |||||||||||||||||||||||
N961DL | Trust Beneficial Interests | 570 | 138,350 | 103,870 | 0.01 | % | E/F | |||||||||||||||||||||||
N976DL | Trust Beneficial Interests | 654 | 113,413 | 103,033 | 0.01 | % | E/F | |||||||||||||||||||||||
Aircraft Leased to United Airlines, Inc. | ||||||||||||||||||||||||||||||
N510UA | Trust Beneficial Interests | 54 | 197,409 | 465,625 | 0.06 | % | B/E | |||||||||||||||||||||||
N512UA | Trust Beneficial Interests | 53 | 193,046 | 458,277 | 0.06 | % | B/E | |||||||||||||||||||||||
N536UA | Trust Beneficial Interests | 81 | 396,289 | 656,766 | 0.08 | % | B/E | |||||||||||||||||||||||
N545UA | Trust Beneficial Interests |