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 March 31, 2015
¨ | 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 of Incorporation) |
(IRS Employer 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 May 6, 2015 was 48,959,363.
Table of Contents
TCP CAPITAL CORP.
FORM 10-Q FOR THE THREE MONTHS ENDED MARCH 31, 2015
TABLE OF CONTENTS
1 |
Consolidated Statements of Assets and Liabilities
March 31, 2015 | December 31, 2014 | |||||||
(unaudited) | ||||||||
Assets | ||||||||
Investments, at fair value: | ||||||||
Companies less than 5% owned (cost of $1,154,756,422 and $1,097,181,753, respectively) | $ | 1,138,239,134 | $ | 1,081,901,384 | ||||
Companies 5% to 25% owned (cost of $52,944,887 and $52,103,511, respectively) | 49,575,026 | 48,716,425 | ||||||
Companies more than 25% owned (cost of $39,619,392 and $40,213,258 respectively) | 15,530,356 | 15,918,077 | ||||||
Total investments (cost of $1,247,320,701 and $1,189,498,522, respectively) | 1,203,344,516 | 1,146,535,886 | ||||||
Cash and cash equivalents | 25,565,547 | 27,268,792 | ||||||
Deferred debt issuance costs | 7,640,742 | 7,700,988 | ||||||
Receivable for investments sold | 5,110,000 | 10,961,369 | ||||||
Accrued interest income: | ||||||||
Companies less than 5% owned | 11,963,908 | 9,222,001 | ||||||
Companies 5% to 25% owned | 511,325 | 253,987 | ||||||
Companies more than 25% owned | 24,900 | 28,450 | ||||||
Unrealized appreciation on swaps | 3,350,776 | 1,717,610 | ||||||
Options (cost $51,750) | 71 | 497 | ||||||
Prepaid expenses and other assets | 2,960,712 | 2,177,217 | ||||||
Total assets | 1,260,472,497 | 1,205,866,797 | ||||||
Liabilities | ||||||||
Debt | 382,798,495 | 328,696,830 | ||||||
Incentive allocation payable | 4,519,709 | 4,303,040 | ||||||
Interest payable | 3,033,149 | 1,510,981 | ||||||
Payable to the Investment Manager | 698,883 | 459,827 | ||||||
Payable for investments purchased | - | 2,049,518 | ||||||
Accrued expenses and other liabilities | 2,633,032 | 3,219,783 | ||||||
Total liabilities | 393,683,268 | 340,239,979 | ||||||
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 | 477,056 | 497,790 | ||||||
Total preferred limited partner interests | 134,477,056 | 134,497,790 | ||||||
Non-controlling interest | ||||||||
General Partner interest in Special Value Continuation Partners, LP | - | - | ||||||
Net assets applicable to common shareholders | $ | 732,312,173 | $ | 731,129,028 | ||||
Composition of net assets applicable to common shareholders | ||||||||
Common stock, $0.001 par value; 200,000,000 shares authorized, 48,723,549 and | ||||||||
48,710,627 shares issued and outstanding as of March 31, 2015 and December 31, 2014, respectively | 48,723 | 48,710 | ||||||
Paid-in capital in excess of par | 877,308,450 | 877,103,880 | ||||||
Accumulated net investment income | 22,427,389 | 21,884,381 | ||||||
Accumulated net realized losses | (126,494,339 | ) | (126,408,033 | ) | ||||
Accumulated net unrealized depreciation | (40,978,050 | ) | (41,499,910 | ) | ||||
Net assets applicable to common shareholders | $ | 732,312,173 | $ | 731,129,028 | ||||
Net assets per share | $ | 15.03 | $ | 15.01 |
See accompanying notes.
2 |
Consolidated Schedule of Investments (Unaudited)
March 31, 2015
Showing Percentage of Total Cash and Investments of the Company
% of | ||||||||||||||||||||||||||||||||||||
Issuer | Instrument | Ref | Floor | Spread | All-In Rate | Maturity | Principal | Cost | Value | Portfolio | Notes | |||||||||||||||||||||||||
Debt Investments (A) | ||||||||||||||||||||||||||||||||||||
Accounting, Tax Preparation, Bookkeeping, and Payroll Services | ||||||||||||||||||||||||||||||||||||
Expert Global Solutions, LLC | Second Lien Term Loan | LIBOR (Q) | 1.50% | 11.00% | 12.50% | 10/3/2018 | $ | 15,249,675 | $ | 15,012,037 | $ | 15,402,171 | 1.25 | % | ||||||||||||||||||||||
EGS Holdings, Inc. | Holdco PIK Notes | LIBOR (A) | 3.00% | 10.00% | 13.00% | 10/3/2018 | $ | 57,238 | 57,238 | 57,238 | 0.00 | % | ||||||||||||||||||||||||
15,069,275 | 15,459,409 | 1.25 | % | |||||||||||||||||||||||||||||||||
Activities Related to Real Estate | ||||||||||||||||||||||||||||||||||||
Daymark Financial Acceptance, LLC | Frist Lien Delayed Draw Term Loan | LIBOR (Q) | - | 9.50% | 9.50% | 1/12/2020 | $ | 5,000,000 | 4,551,490 | 4,537,500 | 0.37 | % | ||||||||||||||||||||||||
Greystone Select Holdings, LLC | First Lien Term Loan | LIBOR (Q) | 1.00% | 8.00% | 9.00% | 3/26/2021 | $ | 16,428,909 | 16,227,035 | 16,178,368 | 1.32 | % | ||||||||||||||||||||||||
20,778,525 | 20,715,868 | 1.69 | % | |||||||||||||||||||||||||||||||||
Advertising, Public Relations, and Related Services | ||||||||||||||||||||||||||||||||||||
Doubleplay III Limited (United Kingdom) | First Lien Facility A1 Term Loan | EURIBOR (Q) | 1.25% | 6.25% | 7.50% | 3/18/2018 | € | 13,165,705 | 16,866,418 | 14,092,798 | 1.15 | % | D/H | |||||||||||||||||||||||
Artificial Synthetic Fibers and Filaments Manufacturing | ||||||||||||||||||||||||||||||||||||
AGY Holding Corp. | Sr Secured Term Loan | Fixed | - | 12.00% | 12.00% | 9/15/2016 | $ | 4,869,577 | 4,869,577 | 4,869,577 | 0.40 | % | B | |||||||||||||||||||||||
AGY Holding Corp. | Second Lien Notes | Fixed | - | 11.00% | 11.00% | 11/15/2016 | $ | 9,268,000 | 7,586,316 | 9,024,715 | 0.73 | % | B/E | |||||||||||||||||||||||
12,455,893 | 13,894,292 | 1.13 | % | |||||||||||||||||||||||||||||||||
Basic Chemical Manufacturing | ||||||||||||||||||||||||||||||||||||
BioAmber, Inc. | Sr Secured Term Loan | LIBOR (M) | 0.23% | 9.27% | 9.50% | 12/1/2017 | $ | 25,000,000 | 24,545,364 | 25,220,000 | 2.05 | % | ||||||||||||||||||||||||
Green Biologics, Inc. | Sr Secured Term Loan | Prime Rate | 3.25% | 7.75% | 11.00% | 5/1/2018 | $ | 15,000,000 | 14,519,543 | 14,847,000 | 1.21 | % | L | |||||||||||||||||||||||
PeroxyChem, LLC | First Lien Term Loan | LIBOR (Q) | 1.00% | 6.50% | 7.50% | 2/28/2020 | $ | 8,910,000 | 8,771,441 | 8,943,413 | 0.73 | % | ||||||||||||||||||||||||
VitAG Holdings, LLC | Sr Secured Term Loan | LIBOR (M) | 0.23% | 10.27% | 10.50% | 2/1/2018 | $ | 7,700,000 | 7,564,931 | 7,733,600 | 0.63 | % | L | |||||||||||||||||||||||
55,401,279 | 56,744,013 | 4.62 | % | |||||||||||||||||||||||||||||||||
Beverage Manufacturing | ||||||||||||||||||||||||||||||||||||
Carolina Beverage Group, LLC | Secured Notes | Fixed | - | 10.63% | 10.63% | 8/1/2018 | $ | 4,780,000 | 4,780,000 | 4,726,225 | 0.38 | % | E/G | |||||||||||||||||||||||
Business Support Services | ||||||||||||||||||||||||||||||||||||
Enerwise Global Technologies, Inc. | Sr Secured Revolving Loan | LIBOR (Q) | 0.23% | 8.52% | 8.75% | 11/30/2017 | $ | – | (97,413 | ) | (112,500 | ) | (0.01 | %) | K | |||||||||||||||||||||
Enerwise Global Technologies, Inc. | Sr Secured Term Loan | LIBOR (Q) | 0.23% | 9.27% | 9.50% | 11/30/2019 | $ | 17,500,000 | 17,175,355 | 17,318,875 | 1.41 | % | L | |||||||||||||||||||||||
STG-Fairway Acquisitions, Inc. | Second Lien Term Loan | LIBOR (Q) | 1.25% | 9.25% | 10.50% | 8/28/2019 | $ | 36,534,491 | 36,280,307 | 37,082,508 | 3.02 | % | ||||||||||||||||||||||||
53,358,249 | 54,288,883 | 4.42 | % | |||||||||||||||||||||||||||||||||
Chemical Manufacturing | ||||||||||||||||||||||||||||||||||||
Archroma | Term Loan B | LIBOR (Q) | 1.25% | 8.25% | 9.50% | 9/30/2018 | $ | 19,845,876 | 19,559,024 | 19,957,509 | 1.62 | % | ||||||||||||||||||||||||
Communications Equipment Manufacturing | ||||||||||||||||||||||||||||||||||||
Globecomm Systems, Inc. | First Lien Term Loan | LIBOR (Q) | 1.25% | 7.63% | 8.88% | 12/11/2018 | $ | 14,812,500 | 14,664,375 | 14,739,178 | 1.20 | % | B | |||||||||||||||||||||||
Computer Equipment Manufacturing | ||||||||||||||||||||||||||||||||||||
ELO Touch Solutions, Inc. | Second Lien Term Loan | LIBOR (Q) | 1.50% | 10.50% | 12.00% | 12/1/2018 | $ | 12,000,000 | 11,651,728 | 11,520,000 | 0.94 | % | ||||||||||||||||||||||||
Silicon Graphics International Corp. | First Lien Term Loan | LIBOR (Q) | 1.00% | 9.00% | 10.00% | 7/27/2018 | $ | 18,787,198 | 18,426,387 | 19,115,974 | 1.56 | % | J | |||||||||||||||||||||||
30,078,115 | 30,635,974 | 2.50 | % | |||||||||||||||||||||||||||||||||
Computer Systems Design and Related Services | ||||||||||||||||||||||||||||||||||||
Autoalert, LLC | First Lien Term Loan | LIBOR (Q) | 0.25% | 4.75%
Cash + 4% PIK | 9.00% | 3/31/2019 | $ | 31,235,295 | 30,733,375 | 31,140,027 | 2.53 | % | ||||||||||||||||||||||||
Blue Coat Systems, Inc. | First Lien Revolver | LIBOR (Q) | 1.00% | 3.50% | 4.50% | 5/31/2018 | $ | – | (674,799 | ) | (85,860 | ) | (0.01 | %) | K | |||||||||||||||||||||
Blue Coat Systems, Inc. | Second Lien Term Loan | LIBOR (Q) | 1.00% | 8.50% | 9.50% | 6/28/2020 | $ | 15,000,000 | 14,878,125 | 15,328,125 | 1.25 | % | ||||||||||||||||||||||||
MSC Software Corporation | Second Lien Term Loan | LIBOR (M) | 1.00% | 7.50% | 8.50% | 5/29/2021 | $ | 11,993,035 | 11,883,393 | 11,813,140 | 0.96 | % | ||||||||||||||||||||||||
OnX Enterprise Solutions, Ltd. (Canada) | First Lien Term Loan B | LIBOR (Q) | - | 8.00% | 8.23% | 9/3/2018 | $ | 2,355,533 | 2,355,533 | 2,334,922 | 0.19 | % | ||||||||||||||||||||||||
OnX Enterprise Solutions, Ltd. (Canada) | First Lien Term Loan | LIBOR (Q) | - | 7.00% | 7.23% | 9/3/2018 | $ | 10,506,667 | 10,397,902 | 10,116,344 | 0.82 | % | ||||||||||||||||||||||||
OnX USA, LLC | First Lien Term Loan B | LIBOR (Q) | - | 8.00% | 8.23% | 9/3/2018 | $ | 4,711,067 | 4,711,067 | 4,669,845 | 0.38 | % | ||||||||||||||||||||||||
OnX USA, LLC | First Lien Term Loan | LIBOR (Q) | - | 7.00% | 7.23% | 9/3/2018 | $ | 5,253,333 | 5,202,657 | 5,058,172 | 0.41 | % | ||||||||||||||||||||||||
Vistronix, LLC | First Lien Revolver | LIBOR (Q) | 0.50% | 8.00% | 8.50% | 12/4/2018 | $ | 114,199 | 108,810 | 114,199 | 0.01 | % | ||||||||||||||||||||||||
Vistronix, LLC | First Lien Term Loan | LIBOR (M) | 0.50% | 8.00% | 8.50% | 12/4/2018 | $ | 6,452,895 | 6,388,699 | 6,456,122 | 0.53 | % | ||||||||||||||||||||||||
85,984,762 | 86,945,036 | 7.07 | % | |||||||||||||||||||||||||||||||||
Cut and Sew Apparel Manufacturing | ||||||||||||||||||||||||||||||||||||
Jones Apparel, LLC | First Lien FILO Term Loan | LIBOR (M) | 1.00% | 9.60% | 10.60% | 4/8/2019 | $ | 14,090,580 | 13,971,390 | 14,161,033 | 1.15 | % | ||||||||||||||||||||||||
Data Processing, Hosting, and Related Services | ||||||||||||||||||||||||||||||||||||
Asset International, Inc. | Delayed Draw Term Loan | LIBOR (M) | 1.00% | 7.00% | 8.00% | 7/31/2020 | $ | – | (42,880 | ) | 25,556 | 0.00 | % | K | ||||||||||||||||||||||
Asset International, Inc. | Revolver | LIBOR (M) | 1.00% | 7.00% | 8.00% | 7/31/2020 | $ | – | (8,979 | ) | 6,019 | 0.00 | % | K | ||||||||||||||||||||||
Asset International, Inc. | First Lien Term Loan | LIBOR (M) | 1.00% | 7.00% | 8.00% | 7/31/2020 | $ | 8,171,173 | 8,023,130 | 8,232,048 | 0.67 | % | ||||||||||||||||||||||||
Rightside Group, Ltd. | Second Lien Term Loan | LIBOR (Q) | 0.50% | 8.75% | 9.25% | 8/6/2019 | $ | 4,937,500 | 4,027,945 | 4,809,619 | 0.39 | % | ||||||||||||||||||||||||
The Telx Group, Inc. | Senior Notes | Fixed | - | 13.5% PIK | 13.50% | 7/9/2021 | $ | 4,446,651 | 4,446,651 | 4,539,586 | 0.37 | % | E | |||||||||||||||||||||||
United TLD Holdco, Ltd. (Cayman Islands) | Second Lien Term Loan | LIBOR (Q) | 0.50% | 8.75% | 9.25% | 8/6/2019 | $ | 9,875,000 | 8,055,890 | 9,619,238 | 0.78 | % | H | |||||||||||||||||||||||
24,501,757 | 27,232,066 | 2.21 | % | |||||||||||||||||||||||||||||||||
Electrical Equipment and Component Manufacturing | ||||||||||||||||||||||||||||||||||||
NEXTracker, Inc. | Sr Secured Revolver | LIBOR (M) | - | 8.00% | 8.00% | 7/1/2016 | $ | 6,500,000 | 6,021,069 | 6,150,875 | 0.50 | % | ||||||||||||||||||||||||
NEXTracker, Inc. | Sr Secured Term Loan | LIBOR (M) | - | 9.50% | 9.50% | 12/16/2016 | $ | 2,500,000 | 2,442,705 | 2,450,125 | 0.20 | % | L | |||||||||||||||||||||||
Palladium Energy, Inc. | First Lien Term Loan | LIBOR (Q) | 1.00% | 9.00% | 10.00% | 12/26/2017 | $ | 16,153,317 | 15,957,735 | 16,234,084 | 1.32 | % | ||||||||||||||||||||||||
24,421,509 | 24,835,084 | 2.02 | % | |||||||||||||||||||||||||||||||||
Electrical Equipment Manufacturing | ||||||||||||||||||||||||||||||||||||
API Technologies Corp. | First Lien Term Loan | LIBOR (Q) | 1.50% | 7.50% | 9.00% | 2/6/2018 | $ | 6,556,788 | 6,506,249 | 6,499,744 | 0.53 | % | ||||||||||||||||||||||||
API Technologies Corp. | First Lien Term Loan | LIBOR (Q) | 1.50% | 7.50% | 9.00% | 2/6/2018 | $ | 4,263,206 | 4,162,049 | 4,226,116 | 0.34 | % | ||||||||||||||||||||||||
10,668,298 | 10,725,860 | 0.87 | % |
3 |
TCP Capital Corp.
Consolidated Schedule of Investments (Unaudited) (Continued)
March 31, 2015
Showing Percentage of Total Cash and Investments of the Company
% of | ||||||||||||||||||||||||||||||||||||
Issuer | Instrument | Ref | Floor | Spread | All-In Rate | Maturity | Principal | Cost | Value | Portfolio | Notes | |||||||||||||||||||||||||
Debt Investments (continued) | ||||||||||||||||||||||||||||||||||||
Financial Investment Activities | ||||||||||||||||||||||||||||||||||||
Institutional Shareholder Services, Inc. | Second Lien Term Loan | LIBOR (Q) | 1.00% | 7.50% | 8.50% | 4/30/2022 | $ | 6,471,492 | $ | 6,413,887 | $ | 6,374,420 | 0.52 | % | ||||||||||||||||||||||
Marsico Capital Management | First Lien Term Loan | LIBOR (M) | - | 5.00% | 5.25% | 12/31/2022 | $ | 10,505,214 | 13,226,122 | 2,722,584 | 0.22 | % | I | |||||||||||||||||||||||
19,640,009 | 9,097,004 | 0.74 | % | |||||||||||||||||||||||||||||||||
Full-Service Restaurants | ||||||||||||||||||||||||||||||||||||
RM OpCo, LLC | Convertible Second Lien Term Loan Tranche B-1 | Fixed | - | 8.50% | 8.50% | 3/30/2018 | $ | 1,671,724 | 1,650,121 | 1,671,723 | 0.14 | % | B | |||||||||||||||||||||||
RM OpCo, LLC | First Lien Term Loan Tranche A | Fixed | - | 7.00% | 7.00% | 3/21/2016 | $ | 3,854,667 | 3,853,116 | 3,854,666 | 0.31 | % | B | |||||||||||||||||||||||
RM OpCo, LLC | Second Lien Term Loan Tranche B | Fixed | - | 8.50% | 8.50% | 3/30/2018 | $ | 8,329,624 | 8,329,624 | 5,465,066 | 0.44 | % | B | |||||||||||||||||||||||
RM OpCo, LLC | Second Lien Term Loan Tranche B-1 | Fixed | - | 8.50% | 8.50% | 3/30/2018 | $ | 2,623,283 | 2,609,621 | 2,623,283 | 0.21 | % | B | |||||||||||||||||||||||
RM OpCo, LLC | Sr Convertible Second Lien Term Loan B | Fixed | - | 8.50% | 8.50% | 3/30/2018 | $ | 1,288,567 | 1,280,160 | 1,280,160 | 0.10 | % | B | |||||||||||||||||||||||
17,722,642 | 14,894,898 | 1.20 | % | |||||||||||||||||||||||||||||||||
Gaming Industries | ||||||||||||||||||||||||||||||||||||
AP Gaming I, LLC | First Lien Revolver | LIBOR (Q) | - | 8.25% | 8.41% | 12/20/2018 | $ | 5,500,000 | 3,482,506 | 4,562,500 | 0.37 | % | ||||||||||||||||||||||||
AP Gaming I, LLC | First Lien Term Loan B | LIBOR (Q) | 1.00% | 8.25% | 9.25% | 12/20/2020 | $ | 14,812,500 | 14,426,174 | 14,806,353 | 1.20 | % | ||||||||||||||||||||||||
17,908,680 | 19,368,853 | 1.57 | % | |||||||||||||||||||||||||||||||||
General Medical and Surgical Hospitals | ||||||||||||||||||||||||||||||||||||
RegionalCare Hospital Partners, Inc. | Second Lien Term Loan | LIBOR (M) | 1.00% | 9.50% | 10.50% | 10/23/2019 | $ | 21,017,525 | 20,741,125 | 21,306,516 | 1.73 | % | ||||||||||||||||||||||||
Grocery Stores | ||||||||||||||||||||||||||||||||||||
Bashas, Inc. | First Lien FILO Term Loan | LIBOR (M) | 1.50% | 7.00% | 8.50% | 10/8/2019 | $ | 10,594,733 | 10,554,201 | 10,772,194 | 0.88 | % | ||||||||||||||||||||||||
The Great Atlantic & Pacific Tea Company, Inc. | Term Loan Tranche B | LIBOR (M) | 1.00% | 8.85% | 9.85% | 9/17/2019 | $ | 20,770,938 | 20,441,127 | 20,472,875 | 1.67 | % | ||||||||||||||||||||||||
30,995,328 | 31,245,069 | 2.55 | % | |||||||||||||||||||||||||||||||||
Insurance Carriers | ||||||||||||||||||||||||||||||||||||
Acrisure, LLC | Second Lien Additional Notes | LIBOR (Q) | 1.00% | 10.50% | 11.50% | 3/31/2020 | $ | 4,320,339 | 4,197,780 | 4,360,603 | 0.35 | % | ||||||||||||||||||||||||
Acrisure, LLC | Second Lien Notes | LIBOR (Q) | 1.00% | 10.50% | 11.50% | 3/31/2020 | $ | 29,288,298 | 28,745,164 | 29,456,706 | 2.40 | % | ||||||||||||||||||||||||
US Apple Holdco, LLC | First Lien Term Loan | LIBOR (Q) | 0.50% | 11.50% | 12.00% | 8/29/2019 | $ | 20,000,000 | 19,276,790 | 19,835,000 | 1.61 | % | ||||||||||||||||||||||||
52,219,734 | 53,652,309 | 4.36 | % | |||||||||||||||||||||||||||||||||
Insurance Related Activities | ||||||||||||||||||||||||||||||||||||
Confie Seguros Holding II Co. | Second Lien Term Loan | LIBOR (M) | 1.25% | 9.00% | 10.25% | 5/8/2019 | $ | 7,861,809 | 7,779,835 | 7,861,809 | 0.64 | % | ||||||||||||||||||||||||
Lessors of Nonfinancial Intangible Assets | ||||||||||||||||||||||||||||||||||||
ABG Intermediate Holdings 2, LLC | Second Lien Term Loan | LIBOR (S) | 1.00% | 8.00% | 9.00% | 5/27/2022 | $ | 15,990,714 | 15,841,834 | 16,030,691 | 1.30 | % | ||||||||||||||||||||||||
Lessors of Real Estate | ||||||||||||||||||||||||||||||||||||
Hunt Companies, Inc. | Senior Secured Notes | Fixed | - | 9.63% | 9.63% | 3/1/2021 | $ | 6,584,000 | 6,511,469 | 6,781,520 | 0.55 | % | E/G | |||||||||||||||||||||||
Management, Scientific, and Technical Consulting Services | ||||||||||||||||||||||||||||||||||||
Dodge Data & Analytics, LLC | First Lien Term Loan | LIBOR (Q) | 1.00% | 8.75% | 9.75% | 10/31/2019 | $ | 27,853,269 | 27,142,536 | 27,686,150 | 2.25 | % | ||||||||||||||||||||||||
Merchant Wholesalers | ||||||||||||||||||||||||||||||||||||
Envision Acquisition Company, LLC | Second Lien Term Loan | LIBOR (Q) | 1.00% | 8.75% | 9.75% | 11/4/2021 | $ | 9,079,011 | 8,919,101 | 9,408,125 | 0.78 | % | ||||||||||||||||||||||||
Motion Picture and Video Industries | ||||||||||||||||||||||||||||||||||||
CORE Entertainment, Inc. | First Lien Term Loan | Fixed | - | 9.00% | 9.00% | 6/21/2017 | $ | 9,462,231 | 9,405,317 | 7,475,163 | 0.61 | % | ||||||||||||||||||||||||
CORE Entertainment, Inc. | Second Lien Term Loan | Fixed | - | 13.50% | 13.50% | 6/21/2018 | $ | 7,569,785 | 7,522,497 | 5,038,449 | 0.41 | % | ||||||||||||||||||||||||
16,927,814 | 12,513,612 | 1.02 | % | |||||||||||||||||||||||||||||||||
Newspaper, Periodical, Book, and Directory Publishers | ||||||||||||||||||||||||||||||||||||
MediMedia USA, Inc. | First Lien Revolver | LIBOR (Q) | - | 6.75% | 6.99% | 5/20/2018 | $ | 2,945,000 | 2,194,873 | 2,862,230 | 0.23 | % | ||||||||||||||||||||||||
MediMedia USA, Inc. | First Lien Term Loan | LIBOR (Q) | 1.25% | 6.75% | 8.00% | 11/20/2018 | $ | 5,681,239 | 5,560,274 | 5,638,630 | 0.46 | % | ||||||||||||||||||||||||
7,755,147 | 8,500,860 | 0.69 | % | |||||||||||||||||||||||||||||||||
Nondepository Credit Intermediation | ||||||||||||||||||||||||||||||||||||
Caribbean Financial Group (Cayman Islands) | Sr Secured Notes | Fixed | - | 11.50% | 11.50% | 11/15/2019 | $ | 10,000,000 | 9,852,200 | 10,125,000 | 0.82 | % | E/G/H | |||||||||||||||||||||||
Trade Finance Funding I, Ltd. (Cayman Islands) | Secured Class B Notes | Fixed | - | 10.75% | 10.75% | 11/13/2018 | $ | 15,084,000 | 15,084,000 | 15,008,580 | 1.22 | % | E/H | |||||||||||||||||||||||
24,936,200 | 25,133,580 | 2.04 | % | |||||||||||||||||||||||||||||||||
Nonscheduled Air Transportation | ||||||||||||||||||||||||||||||||||||
One Sky Flight, LLC | Second Lien Term Loan | Fixed | - | 12% Cash + 3% PIK | 15.00% | 6/3/2019 | $ | 32,416,040 | 31,599,828 | 33,388,521 | 2.72 | % | ||||||||||||||||||||||||
Oil and Gas Extraction | ||||||||||||||||||||||||||||||||||||
Jefferson Gulf Coast Energy Partners, LLC | First Lien Term Loan B | LIBOR (M) | 1.00% | 8.00% | 9.00% | 2/27/2018 | $ | 14,925,000 | 14,796,307 | 14,626,500 | 1.19 | % | ||||||||||||||||||||||||
MD America Energy, LLC | Second Lien Term Loan | LIBOR (Q) | 1.00% | 8.50% | 9.50% | 8/4/2019 | $ | 10,000,000 | 9,553,332 | 9,706,250 | 0.79 | % | ||||||||||||||||||||||||
24,349,639 | 24,332,750 | 1.98 | % | |||||||||||||||||||||||||||||||||
Other Information Services | ||||||||||||||||||||||||||||||||||||
TCH-2 Holdings, LLC | Second Lien Term Loan | LIBOR (M) | 1.00% | 7.75% | 8.75% | 11/6/2021 | $ | 19,988,392 | 19,712,310 | 19,638,596 | 1.60 | % | ||||||||||||||||||||||||
Other Telecommunications | ||||||||||||||||||||||||||||||||||||
Securus Technologies, Inc. | Second Lien Term Loan | LIBOR (Q) | 1.25% | 7.75% | 9.00% | 4/30/2021 | $ | 14,000,000 | 13,860,000 | 13,832,000 | 1.13 | % |
4 |
TCP Capital Corp.
Consolidated Schedule of Investments (Unaudited) (Continued)
March 31, 2015
Showing Percentage of Total Cash and Investments of the Company
% of | ||||||||||||||||||||||||||||||||||||
Issuer | Instrument | Ref | Floor | Spread | All-In Rate | Maturity | Principal | Cost | Value | Portfolio | Notes | |||||||||||||||||||||||||
Debt Investments (continued) | ||||||||||||||||||||||||||||||||||||
Petroleum and Coal Products Manufacturing | ||||||||||||||||||||||||||||||||||||
Boomerang Tube, LLC | Second Lien Term Loan | LIBOR (Q) | 1.50% | 9.50% | 11.00% | 10/11/2017 | $ | 3,825,453 | $ | 3,787,907 | $ | 2,199,636 | 0.18 | % | ||||||||||||||||||||||
Plastics Products Manufacturing | ||||||||||||||||||||||||||||||||||||
Iracore International, Inc. | Sr Secured Notes | Fixed | - | 9.50% | 9.50% | 6/1/2018 | $ | 13,600,000 | 13,600,000 | 8,092,000 | 0.66 | % | E/G | |||||||||||||||||||||||
Radio and Television Broadcasting | ||||||||||||||||||||||||||||||||||||
SiTV, Inc. | Sr Secured Notes | Fixed | - | 10.38% | 10.38% | 7/1/2019 | $ | 7,312,000 | 7,312,000 | 6,617,360 | 0.54 | % | E/G | |||||||||||||||||||||||
The Tennis Channel, Inc. | First Lien Term Loan | LIBOR (Q) | - | 8.50% | 8.75% | 5/29/2017 | $ | 18,392,269 | 18,086,632 | 18,557,799 | 1.51 | % | ||||||||||||||||||||||||
25,398,632 | 25,175,159 | 2.05 | % | |||||||||||||||||||||||||||||||||
Retail | ||||||||||||||||||||||||||||||||||||
Kenneth Cole Productions, Inc. | First Lien FILO Term Loan | LIBOR (M) | 1.00% | 10.40% | 11.40% | 9/25/2017 | $ | 10,590,909 | 10,448,698 | 10,643,863 | 0.87 | % | ||||||||||||||||||||||||
Connexity, Inc. | First Lien Term Loan | LIBOR (Q) | 1.00% | 10.00% | 11.00% | 2/13/2020 | $ | 6,630,000 | 6,630,000 | 6,631,658 | 0.54 | % | ||||||||||||||||||||||||
17,078,698 | 17,275,521 | 1.41 | % | |||||||||||||||||||||||||||||||||
Satellite Telecommunications | ||||||||||||||||||||||||||||||||||||
Avanti Communications Group, PLC (United Kingdom) | Sr Secured Notes | Fixed | - | 10.00% | 10.00% | 10/1/2019 | $ | 9,914,000 | 9,914,000 | 9,616,580 | 0.78 | % | E/G/H | |||||||||||||||||||||||
Scheduled Air Transportation | ||||||||||||||||||||||||||||||||||||
Aircraft Leased to Delta Air Lines, Inc. | ||||||||||||||||||||||||||||||||||||
N913DL | Aircraft Secured Mortgage | Fixed | - | 8.00% | 8.00% | 3/15/2017 | $ | 183,053 | 183,053 | 186,638 | 0.02 | % | F | |||||||||||||||||||||||
N918DL | Aircraft Secured Mortgage | Fixed | - | 8.00% | 8.00% | 8/15/2018 | $ | 294,173 | 294,175 | 300,833 | 0.02 | % | F | |||||||||||||||||||||||
N954DL | Aircraft Secured Mortgage | Fixed | - | 8.00% | 8.00% | 3/20/2019 | $ | 406,580 | 406,580 | 415,567 | 0.03 | % | F | |||||||||||||||||||||||
N955DL | Aircraft Secured Mortgage | Fixed | - | 8.00% | 8.00% | 6/20/2019 | $ | 429,592 | 429,592 | 439,224 | 0.04 | % | F | |||||||||||||||||||||||
N956DL | Aircraft Secured Mortgage | Fixed | - | 8.00% | 8.00% | 5/20/2019 | $ | 426,860 | 426,862 | 436,449 | 0.04 | % | F | |||||||||||||||||||||||
N957DL | Aircraft Secured Mortgage | Fixed | - | 8.00% | 8.00% | 6/20/2019 | $ | 433,350 | 433,350 | 443,066 | 0.04 | % | F | |||||||||||||||||||||||
N959DL | Aircraft Secured Mortgage | Fixed | - | 8.00% | 8.00% | 7/20/2019 | $ | 439,784 | 439,784 | 449,619 | 0.04 | % | F | |||||||||||||||||||||||
N960DL | Aircraft Secured Mortgage | Fixed | - | 8.00% | 8.00% | 10/20/2019 | $ | 462,598 | 462,598 | 472,814 | 0.04 | % | F | |||||||||||||||||||||||
N961DL | Aircraft Secured Mortgage | Fixed | - | 8.00% | 8.00% | 8/20/2019 | $ | 453,701 | 453,701 | 463,813 | 0.04 | % | F | |||||||||||||||||||||||
N976DL | Aircraft Secured Mortgage | Fixed | - | 8.00% | 8.00% | 2/15/2018 | $ | 285,442 | 285,442 | 291,681 | 0.02 | % | F | |||||||||||||||||||||||
Aircraft Leased to United Airlines, Inc. | ||||||||||||||||||||||||||||||||||||
N659UA | Aircraft Secured Mortgage | Fixed | - | 12.00% | 12.00% | 2/28/2016 | $ | 1,278,990 | 1,278,990 | 1,334,401 | 0.11 | % | F | |||||||||||||||||||||||
N661UA | Aircraft Secured Mortgage | Fixed | - | 12.00% | 12.00% | 5/4/2016 | $ | 1,494,191 | 1,494,191 | 1,573,923 | 0.13 | % | F | |||||||||||||||||||||||
Mesa Air Group, Inc. | Acquisition Delayed Draw Loan | LIBOR (M) | - | 7.25% | N/A | 7/15/2022 | $ | – | (271,500 | ) | 46,155 | 0.00 | % | K | ||||||||||||||||||||||
Mesa Air Group, Inc. | Acquisition Loan | LIBOR (M) | - | 7.25% | 7.44% | 7/15/2022 | $ | 17,369,847 | 17,045,756 | 17,428,905 | 1.42 | % | ||||||||||||||||||||||||
23,362,574 | 24,283,088 | 1.99 | % | |||||||||||||||||||||||||||||||||
Scientific Research and Development Services | ||||||||||||||||||||||||||||||||||||
BPA Laboratories, Inc. | Senior Secured Notes | Fixed | - | 12.25% | 12.25% | 4/1/2017 | $ | 38,932,000 | 39,001,750 | 41,365,250 | 3.37 | % | E/G | |||||||||||||||||||||||
Semiconductor and Other Electronic Component Manufacturing | ||||||||||||||||||||||||||||||||||||
Soraa, Inc. | Sr Secured Term Loan | LIBOR (M) | 0.23% | 10.27% | 10.50% | 9/1/2017 | $ | 22,500,000 | 21,874,907 | 21,573,000 | 1.76 | % | L | |||||||||||||||||||||||
SunEdison, Inc. | Senior Secured Letters of Credit | Fixed | - | 3.75% | N/A | 2/28/2017 | $ | – | (818,823 | ) | (750,340 | ) | (0.06 | %) | J/K | |||||||||||||||||||||
21,056,084 | 20,822,660 | 1.70 | % | |||||||||||||||||||||||||||||||||
Software Publishers | ||||||||||||||||||||||||||||||||||||
Acronis International GmbH (Switzerland) | First Lien Term Loan | LIBOR (Q) | 1.00% | 13.00% | 14.00% | 2/21/2017 | $ | 30,634,068 | 30,450,651 | 28,956,853 | 2.36 | % | H | |||||||||||||||||||||||
ArcServe (USA), LLC | Second Lien Term Loan | LIBOR (Q) | 0.50% | 8.50% | 9.00% | 1/31/2020 | $ | 30,000,000 | 29,461,079 | 28,644,000 | 2.34 | % | H | |||||||||||||||||||||||
BlackLine Systems, Inc. | First Lien Term Loan | LIBOR (Q) | 1.50% | 0.4%
Cash + 7.6% PIK | 9.50% | 9/25/2018 | $ | 13,835,429 | 13,128,091 | 14,250,491 | 1.16 | % | ||||||||||||||||||||||||
Coreone Technologies, LLC | First Lien Term Loan | LIBOR (Q) | 1.00% | 3.75%
Cash + 5% PIK | 9.75% | 9/4/2018 | $ | 14,435,446 | 14,224,437 | 14,107,040 | 1.15 | % | ||||||||||||||||||||||||
Deltek, Inc. | Second Lien Term Loan | LIBOR (Q) | 1.25% | 8.75% | 10.00% | 10/10/2019 | $ | 15,000,000 | 14,838,286 | 15,168,750 | 1.23 | % | ||||||||||||||||||||||||
Edmentum, Inc. | Second Lien Term Loan | LIBOR (Q) | 1.50% | 9.75% | 11.25% | 5/17/2019 | $ | 21,500,000 | 21,370,559 | 11,287,500 | 0.92 | % | ||||||||||||||||||||||||
123,473,103 | 112,414,634 | 9.16 | % | |||||||||||||||||||||||||||||||||
Specialty Hospitals | ||||||||||||||||||||||||||||||||||||
Bioventus, LLC | Second Lien Term Loan | LIBOR (Q) | 1.00% | 10.00% | 11.00% | 4/10/2020 | $ | 11,000,000 | 10,786,339 | 11,000,000 | 0.90 | % | ||||||||||||||||||||||||
UBC Healthcare Analytics, Inc. | First Lien Term Loan | LIBOR (Q) | 1.00% | 9.00% | 10.00% | 7/1/2018 | $ | 4,302,402 | 4,280,890 | 4,335,746 | 0.35 | % | ||||||||||||||||||||||||
15,067,229 | 15,335,746 | 1.25 | % | |||||||||||||||||||||||||||||||||
Structured Note Funds | ||||||||||||||||||||||||||||||||||||
Magnolia Finance V plc (Cayman Islands) | Asset-Backed Credit Linked Notes | Fixed | - | 13.13% | 13.13% | 8/2/2021 | $ | 15,000,000 | 15,000,000 | 15,147,000 | 1.23 | % | E/H | |||||||||||||||||||||||
Textile Furnishings Mills | ||||||||||||||||||||||||||||||||||||
Lexmark Carpet Mills, Inc. | First Lien Term Loan | LIBOR (Q) | 1.00% | 10.00% | 11.00% | 12/19/2019 | $ | 25,000,000 | 25,000,000 | 25,012,500 | 2.04 | % | ||||||||||||||||||||||||
Utility System Construction | ||||||||||||||||||||||||||||||||||||
Kawa Solar Holdings Limited | Revolving Credit Facility | Fixed | - | 8.00% | 8.00% | 7/2/2017 | $ | 25,000,000 | 25,000,000 | 25,000,000 | 2.03 | % | ||||||||||||||||||||||||
Wired Telecommunications Carriers | ||||||||||||||||||||||||||||||||||||
Alpheus Communications, LLC | Delayed Draw Term Loan | LIBOR (Q) | 1.00% | 6.92% | 7.92% | 5/31/2018 | $ | 370,273 | 359,137 | 375,314 | 0.03 | % | ||||||||||||||||||||||||
Alpheus Communications, LLC | First Lien FILO Term Loan | LIBOR (Q) | 1.00% | 6.92% | 7.92% | 5/31/2018 | $ | 8,093,472 | 8,013,012 | 8,129,892 | 0.67 | % | ||||||||||||||||||||||||
Integra Telecom Holdings, Inc. | Second Lien Term Loan | LIBOR (Q) | 1.25% | 8.50% | 9.75% | 2/22/2020 | $ | 15,000,000 | 14,747,403 | 14,953,200 | 1.23 | % | ||||||||||||||||||||||||
23,119,552 | 23,458,406 | 1.93 | % | |||||||||||||||||||||||||||||||||
Wireless Telecommunications Carriers | ||||||||||||||||||||||||||||||||||||
Gogo, LLC | First Lien Term Loan | LIBOR (Q) | 1.50% | 9.75% | 11.25% | 6/21/2017 | $ | 33,490,685 | 33,357,546 | 34,327,953 | 2.79 | % | ||||||||||||||||||||||||
Gogo, LLC | First Lien Term Loan B-2 | LIBOR (Q) | 1.00% | 6.50% | 7.50% | 3/21/2018 | $ | 5,481,538 | 5,392,523 | 5,317,090 | 0.43 | % | ||||||||||||||||||||||||
38,750,069 | 39,645,043 | 3.22 | % | |||||||||||||||||||||||||||||||||
Total Debt Investments | 1,185,731,698 | 1,168,669,314 | 95.13 | % |
5 |
TCP Capital Corp.
Consolidated Schedule of Investments (Unaudited) (Continued)
March 31, 2015
Showing Percentage of Total Cash and Investments of the Company
Issuer | Instrument | Ref | Floor | Spread | All-In Rate | Maturity | Shares | Cost | Value | % Portfolio | Notes | |||||||||||||||||||||||||
Equity Securities | ||||||||||||||||||||||||||||||||||||
Architectural, Engineering, and Related Services | ||||||||||||||||||||||||||||||||||||
Alion Science & Technology Corporation | Warrants | 300 | $ | - | $ | 3 | - | C | ||||||||||||||||||||||||||||
Basic Chemical Manufacturing | ||||||||||||||||||||||||||||||||||||
Green Biologics, Inc. | Warrants to Purchase Stock | 376,147 | 272,594 | 255,592 | 0.02 | % | C/E | |||||||||||||||||||||||||||||
Business Support Services | ||||||||||||||||||||||||||||||||||||
Findly Talent, LLC | Membership Units | 708,229 | 230,938 | 162,184 | 0.01 | % | C/E | |||||||||||||||||||||||||||||
STG-Fairway Holdings, LLC | Class A Units | 841,479 | 943,287 | 2,917,492 | 0.24 | % | C/E | |||||||||||||||||||||||||||||
1,174,225 | 3,079,676 | 0.25 | % | |||||||||||||||||||||||||||||||||
Communications Equipment Manufacturing | ||||||||||||||||||||||||||||||||||||
Wasserstein Cosmos Co-Invest, L.P. | Limited Partnership Units | 5,000,000 | 5,000,000 | 5,225,000 | 0.43 | % | B/C/E | |||||||||||||||||||||||||||||
Data Processing, Hosting, and Related Services | ||||||||||||||||||||||||||||||||||||
Anacomp, Inc. | Class A Common Stock | 1,255,527 | 26,711,048 | 1,268,082 | 0.10 | % | C/E/F | |||||||||||||||||||||||||||||
Rightside Group, Ltd. | Warrants | 498,855 | 2,778,622 | 840,017 | 0.07 | % | C/E | |||||||||||||||||||||||||||||
29,489,670 | 2,108,099 | 0.17 | % | |||||||||||||||||||||||||||||||||
Electrical Equipment and Component Manufacturing | ||||||||||||||||||||||||||||||||||||
NEXTracker, Inc. | Series B Preferred Stock | 268,817 | 999,999 | 999,999 | 0.08 | % | C/E | |||||||||||||||||||||||||||||
NEXTracker, Inc. | Warrants to Purchase Stock | 357,022 | 381,723 | 379,729 | 0.03 | % | C/E | |||||||||||||||||||||||||||||
1,381,722 | 1,379,728 | 0.11 | % | |||||||||||||||||||||||||||||||||
Financial Investment Activities | ||||||||||||||||||||||||||||||||||||
Marsico Holdings, LLC | Common Interest Units | 168,698 | 172,694 | 6,748 | - | C/E/I | ||||||||||||||||||||||||||||||
Full-Service Restaurants | ||||||||||||||||||||||||||||||||||||
RM Holdco, LLC | Equity Participation | 24 | - | 168 | - | B/C/E | ||||||||||||||||||||||||||||||
RM Holdco, LLC | Membership Units | 13,161,000 | 2,010,777 | - | - | B/C/E | ||||||||||||||||||||||||||||||
2,010,777 | 168 | - | ||||||||||||||||||||||||||||||||||
Machine Shops; Turned Product; and Screw, Nut, and Bolt Manufacturing | ||||||||||||||||||||||||||||||||||||
Precision Holdings, LLC | Class C Membership Interest | 33 | - | 728 | - | C/E | ||||||||||||||||||||||||||||||
Nonmetallic Mineral Mining and Quarrying | ||||||||||||||||||||||||||||||||||||
EPMC HoldCo, LLC | Membership Units | 1,312,720 | - | 682,614 | 0.05 | % | B/E | |||||||||||||||||||||||||||||
Nonscheduled Air Transportation | ||||||||||||||||||||||||||||||||||||
Flight Options Holdings I, Inc. | Warrants to Purchase Common Stock | 1,843 | 1,274,000 | 4,026,996 | 0.33 | % | C/E | |||||||||||||||||||||||||||||
Radio and Television Broadcasting | ||||||||||||||||||||||||||||||||||||
SiTV, Inc. | Warrants to Purchase Common Stock | 233,470 | 300,322 | 331,527 | 0.03 | % | C/E | |||||||||||||||||||||||||||||
Retail | ||||||||||||||||||||||||||||||||||||
Shop Holding, LLC | Class A Units | 507,167 | 480,049 | 316,422 | 0.03 | % | C/E | |||||||||||||||||||||||||||||
Shop Holding, LLC | Warrants to Purchase Class A Units | 326,691 | - | 18,389 | - | C/E | ||||||||||||||||||||||||||||||
480,049 | 334,811 | 0.03 | % | |||||||||||||||||||||||||||||||||
Scheduled Air Transportation | ||||||||||||||||||||||||||||||||||||
Aircraft Leased to Delta Air Lines, Inc. | ||||||||||||||||||||||||||||||||||||
N913DL | Trust Beneficial Interests | 1,084 | 85,831 | 115,087 | 0.01 | % | E/F | |||||||||||||||||||||||||||||
N918DL | Trust Beneficial Interests | 884 | 92,094 | 133,883 | 0.01 | % | E/F | |||||||||||||||||||||||||||||
N954DL | Trust Beneficial Interests | 824 | 106,132 | 73,794 | 0.01 | % | E/F | |||||||||||||||||||||||||||||
N955DL | Trust Beneficial Interests | 795 | 104,512 | 110,264 | 0.01 | % | E/F | |||||||||||||||||||||||||||||
N956DL | Trust Beneficial Interests | 802 | 104,442 | 106,196 | 0.01 | % | E/F | |||||||||||||||||||||||||||||
N957DL | Trust Beneficial Interests | 795 | 105,060 | 107,068 | 0.01 | % | E/F | |||||||||||||||||||||||||||||
N959DL | Trust Beneficial Interests | 788 | 105,677 | 107,959 | 0.01 | % | E/F | |||||||||||||||||||||||||||||
N960DL | Trust Beneficial Interests | 769 | 108,083 | 107,352 | 0.01 | % | E/F | |||||||||||||||||||||||||||||
N961DL | Trust Beneficial Interests | 782 | 107,394 | 102,452 | 0.01 | % | E/F | |||||||||||||||||||||||||||||
N976DL | Trust Beneficial Interests | 943 | 94,132 | 101,662 | 0.01 | % | E/F | |||||||||||||||||||||||||||||
Aircraft Leased to United Airlines, Inc. | ||||||||||||||||||||||||||||||||||||
United N659UA-767, LLC (N659UA) | Trust Beneficial Interests | 555 | 2,683,406 | 3,242,365 | 0.26 | % | E/F | |||||||||||||||||||||||||||||
United N661UA-767, LLC (N661UA) | Trust Beneficial Interests | 539 | 2,623,263 | 3,146,164 | 0.26 | % | E/F | |||||||||||||||||||||||||||||
6,320,026 | 7,454,246 | 0.62 | % | |||||||||||||||||||||||||||||||||
Resin, Synthetic Rubber, and Artificial Synthetic Fibers and Filaments Manufacturing | ||||||||||||||||||||||||||||||||||||
KAGY Holding Company, Inc. | Series A Preferred Stock | 9,778 | 1,091,200 | 138,876 | 0.01 | % | B/C/E | |||||||||||||||||||||||||||||
Semiconductor and Other Electronic Component Manufacturing | ||||||||||||||||||||||||||||||||||||
Ichor Systems Holdings, LLC | Membership Units | 352 | - | 229,504 | 0.02 | % | C/E | |||||||||||||||||||||||||||||
Soraa, Inc. | Warrants to Purchase Common Stock | 315,000 | 408,987 | 134,127 | 0.01 | % | C/E | |||||||||||||||||||||||||||||
408,987 | 363,631 | 0.03 | % |
6 |
TCP Capital Corp.
Consolidated Schedule of Investments (Unaudited) (Continued)
March 31, 2015
Showing Percentage of Total Cash and Investments of the Company
% of | ||||||||||||||||||||||||||||||||||||
Issuer | Instrument | Ref | Floor | Spread | All-In Rate | Maturity | Shares | Cost | Value | Portfolio | Notes | |||||||||||||||||||||||||
Equity Securities (continued) | ||||||||||||||||||||||||||||||||||||
Software Publishers | ||||||||||||||||||||||||||||||||||||
Blackline Intermediate, Inc. | Warrants to Purchase Common Stock | 1,232,731 | $ | 522,678 | $ | 954,873 | 0.08 | % | C/E | |||||||||||||||||||||||||||
Wired Telecommunications Carriers | ||||||||||||||||||||||||||||||||||||
Integra Telecom, Inc. | Common Stock | 1,274,522 | 8,433,883 | 5,249,884 | 0.42 | % | C/E | |||||||||||||||||||||||||||||
Integra Telecom, Inc. | Warrants | 346,939 | 19,920 | 221,174 | 0.02 | % | C/E | |||||||||||||||||||||||||||||
V Telecom Investment S.C.A.(Luxembourg) | Common Shares | 1,393 | 3,236,256 | 2,860,828 | 0.23 | % | C/D/E/H | |||||||||||||||||||||||||||||
11,690,059 | 8,331,886 | 0.67 | % | |||||||||||||||||||||||||||||||||
Total Equity Securities | 61,589,003 | 34,675,202 | 2.83 | % | ||||||||||||||||||||||||||||||||
Total Investments | 1,247,320,701 | 1,203,344,516 | ||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents | ||||||||||||||||||||||||||||||||||||
Cash Denominated in Foreign Currencies | 348,752 | 0.03 | % | |||||||||||||||||||||||||||||||||
Cash Held on Account at Various Institutions | 25,216,795 | 2.05 | % | |||||||||||||||||||||||||||||||||
Cash and Cash Equivalents | 25,565,547 | 2.08 | % | |||||||||||||||||||||||||||||||||
Total Cash and Investments | $ | 1,228,910,063 | 100.00 | % | M |
Notes to Consolidated Schedule 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. Foreign currency denominated investments are generally hedged for currency exposure. |
At March 31, 2015, such hedging activities included the derivatives listed at the end of the Consolidated Schedule of Investments. (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) | Non-U.S. company or principal place of business outside the U.S. and as a result the investment 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. |
(I) | Deemed an investment company under Section 3(c) of the Investment Company Act and as a result the investment 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) | Publicly traded company with a market capitalization greater than $250 million and as a result the investment 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) | Negative balances relate to an unfunded commitment that was acquired and valued at a discount. |
(L) | In addition to the stated coupon, investment has a back-end fee payable on the original principal amount upon repayment of the loan at a rate of 4.0% for Soraa, 8.0% for VitAg, 1.5% for Enerwise, 2.5% for NEXTracker, and 7.0% for Green Biologics. |
(M) | 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. |
LIBOR or EURIBOR resets monthly (M), quarterly (Q), semiannually (S), or annually (A).
Aggregate acquisitions and aggregate dispositions of investments, other than government securities, totaled $106,821,856, and $50,432,745 respectively, for the three months ended March 31, 2015. 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 March 31, 2015 was $1,203,344,513, or 97.9% of total cash and investments of the Company.
Options and swaps at March 31, 2015 were as follows:
Investment | Notional Amount | Fair Value | ||||||
Interest Rate Cap, 4%, expires 5/15/2016 | $ | 25,000,000 | $ | 71 | ||||
Euro/US Dollar Cross-Currency Basis Swap, Pay Euros/Receive USD, Expires 3/31/2017 | $ | 4,289,018 | $ | 3,350,776 |
See accompanying notes.
7 |
TCP Capital Corp.
Consolidated Schedule of Investments
December 31, 2014
Showing Percentage of Total Cash and Investments of the Company
% of | ||||||||||||||||||||||||||||||||||||
Issuer | Instrument | Ref | Floor | Spread | All-In Rate | Maturity | Principal | Cost | Value | Portfolio | Notes | |||||||||||||||||||||||||
Debt Investments (A) | &n |