UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

xQuarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

For the Quarter Ended June 30, 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 August 6, 2015 was 48,959,494.

 

 
 

  

Table of Contents

TCP CAPITAL CORP.

 

FORM 10-Q FOR THE SIX MONTHS ENDED JUNE 30, 2015

 

TABLE OF CONTENTS

 

Part I. Financial Information  
     
Item 1. Financial Statements  
  Consolidated Statements of Assets and Liabilities as of June 30, 2015 (unaudited) and December 31, 2014 2
  Consolidated Schedule of Investments as of June 30, 2015 (unaudited) and December 31, 2014 3
  Consolidated Statements of Operations for the three and six months ended June 30, 2015 (unaudited) and June 30, 2014 (unaudited) 13
  Consolidated Statements of Changes in Net Assets for the six months ended June 30, 2015 (unaudited) and year ended December 31, 2014 14
  Consolidated Statements of Cash Flows for the six months ended June 30, 2015 (unaudited) and June 30, 2014 (unaudited) 15
  Notes to Consolidated Financial Statements (unaudited) 16
  Consolidated Schedule of Changes in Investments in Affiliates for the six months ended June 30, 2015 (unaudited) and year ended December 31, 2014 38
  Consolidated Schedule of Restricted Securities of Unaffiliated Issuers as of June 30, 2015 (unaudited) and December 31, 2014 40
  Consolidating Statements of Assets and Liabilities as of June 30, 2015 (unaudited) and December 31, 2014 42
  Consolidating Statements of Operations for the six months ended June 30, 2015 (unaudited) and June 30, 2014 (unaudited) 44
     
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 46
     
Item 3. Quantitative and Qualitative Disclosures About Market Risk 59
     
Item 4. Controls and Procedures 59
     
Part II. Other Information  
     
Item 1. Legal Proceedings 60
     
Item 1A. Risk Factors 60
     
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 60
     
Item 3. Defaults upon Senior Securities 60
     
Item 4. Mine Safety Disclosures 60
     
Item 5. Other Information 60
     
Item 6. Exhibits 60

 

1
 

 

TCP Capital Corp.

 

Consolidated Statements of Assets and Liabilities

 

   June 30, 2015   December 31, 2014 
   (unaudited)     
Assets          
Investments, at fair value:          
Companies less than 5% owned (cost of $1,139,275,409 and $1,097,181,753, respectively)  $1,131,417,557   $1,081,901,384 
Companies 5% to 25% owned (cost of $69,820,923 and $52,103,511, respectively)   65,722,069    48,716,425 
Companies more than 25% owned (cost of $39,025,525 and $40,213,258 respectively)   14,835,423    15,918,077 
Total investments (cost of $1,248,121,857 and $1,189,498,522, respectively)   1,211,975,049    1,146,535,886 
           
Cash and cash equivalents   36,706,214    27,268,792 
Deferred debt issuance costs   7,271,953    7,700,988 
Receivable for investments sold   9,631,353    10,961,369 
Accrued interest income:          
Companies less than 5% owned   8,917,630    9,222,001 
Companies 5% to 25% owned   544,098    253,987 
Companies more than 25% owned   337,258    28,450 
Unrealized appreciation on swaps   2,866,985    1,717,610 
Options (cost $51,750)   30    497 
Prepaid expenses and other assets   2,629,301    2,177,217 
Total assets   1,280,879,871    1,205,866,797 
           
Liabilities           
Debt   416,900,159    328,696,830 
Payable for investments purchased   12,513,559    2,049,518 
Incentive allocation payable   5,383,885    4,303,040 
Interest payable   2,074,858    1,510,981 
Payable to the Investment Manager   908,347    459,827 
Accrued expenses and other liabilities   2,772,724    3,219,783 
Total liabilities   440,553,532    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; 5,025 and 6,700 interests authorized, issued and  outstanding as of June 30, 2015 and December 31, 2014, respectively   100,500,000    134,000,000 
Accumulated dividends on Series A preferred equity facility   398,541    497,790 
Total preferred limited partner interests   100,898,541    134,497,790 
           
Non-controlling interest          
General Partner interest in Special Value Continuation Partners, LP   -    - 
           
Net assets applicable to common shareholders  $739,427,798   $731,129,028 
           
Composition of net assets applicable to common shareholders          
Common stock, $0.001 par value; 200,000,000 shares authorized, 48,959,494 and 48,710,627 shares issued and outstanding as of June 30, 2015 and December 31, 2014, respectively   48,959     48,710 
Paid-in capital in excess of par   881,053,660    877,103,880 
Accumulated net investment income   26,337,559    21,884,381 
Accumulated net realized losses   (134,162,549)   (126,408,033)
Accumulated net unrealized depreciation   (33,849,831)   (41,499,910)
Net assets applicable to common shareholders  $739,427,798   $731,129,028 
           
Net assets per share  $15.10   $15.01 

 

See accompanying notes.

 

2
 

 

TCP Capital Corp.

 

Consolidated Schedule of Investments (Unaudited)

 

June 30, 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  $15,021,359  $15,402,171   1.23%   
EGS Holdings, Inc.  Holdco PIK Notes  LIBOR (A)  3.00%  10.00%  13.00%  10/3/2018  $57,238   57,238   57,238   -    
                          15,078,597   15,459,409   1.23%   
Activities Related to Real Estate                    
Daymark Financial Acceptance, LLC  First Lien Delayed
Draw Term Loan		  LIBOR (Q)  -  9.50%  9.50%  1/12/2020  $5,000,000   4,574,657   4,895,000   0.39%   
Greystone Select Holdings, LLC  First Lien Term Loan  LIBOR (Q)  1.00%  8.00%  9.00%  3/26/2021  $16,387,836   16,192,822   16,346,867   1.31%   
                          20,767,479   21,241,867   1.70%   
                                       
Advertising, Public Relations, and Related Services                    
Doubleplay III Limited (Exterion Media)
(United Kingdom)		  First Lien Facility
A1 Term Loan		  EURIBOR (Q)  1.25%  6.25%  7.50%  3/18/2018  €12,249,157   15,768,056   13,585,865   1.09%  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   0.39%  B
AGY Holding Corp.  Second Lien Notes  Fixed  -  11.00%  11.00%  11/15/2016  $9,268,000   7,586,317   9,268,000   0.74%  B/E
                          12,455,894   14,137,577   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   24,582,619   25,475,000   2.04%   
Green Biologics, Inc.  Sr Secured Term Loan  Prime Rate  3.25%  7.75%  11.00%  5/1/2018  $15,000,000   14,533,697   14,968,500   1.20%  L
PeroxyChem, LLC  First Lien Term Loan  LIBOR (Q)  1.00%  6.50%  7.50%  2/28/2020  $8,855,181   8,728,176   8,888,388   0.71%  G
VitAG Holdings, LLC  Sr Secured Term Loan  LIBOR (M)  0.23%  10.27%  10.50%  2/1/2018  $7,700,000   7,575,149   7,853,600   0.63%  L
                          55,419,641   57,185,488   4.58%   
                                       
Business Support Services                    
Enerwise Global Technologies, Inc.  Sr Secured Revolving Loan  LIBOR (Q)  0.23%  8.52%  8.75%  11/30/2017  $–   (88,322)  (112,493)  (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   17,189,390   17,473,750   1.40%  L
STG-Fairway Acquisitions, Inc.
(First Advantage)		  Second Lien Term Loan  LIBOR (Q)  1.25%  9.25%  10.50%  6/30/2023  $31,000,000   30,535,000   30,535,000   2.45%   
                          47,636,068   47,896,257   3.84%   
Chemical Manufacturing                    
Archroma (Luxembourg)  Term Loan B  LIBOR (Q)  1.25%  8.25%  9.50%  9/30/2018  $19,795,524   19,525,320   19,845,013   1.59%  G/H
                                       
Commercial and Industrial Machinery and Equipment Rental and Leasing                    
Essex Ocean, LLC  Sr Secured Term Loan  Fixed  -  8.00%  8.00%  3/25/2019  $–   -   25   -    
                                       
Communications Equipment Manufacturing                    
Globecomm Systems, Inc.  First Lien Term Loan  LIBOR (Q)  1.25%  7.63%  8.88%  12/11/2018  $14,775,000   14,627,250   14,663,449   1.17%  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   11,666,054   11,520,000   0.92%   
Silicon Graphics International Corp.  First Lien Term Loan  LIBOR (Q)  1.00%  9.00%  10.00%  7/27/2018  $18,669,040   18,337,322   18,949,076   1.52%  J
                          30,003,376   30,469,076   2.44%   
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   30,759,301   31,140,027   2.49%   
MSC Software Corporation  Second Lien Term Loan  LIBOR (M)  1.00%  7.50%  8.50%  5/29/2021  $6,993,035   6,931,542   6,870,657   0.55%   
OnX Enterprise Solutions, Ltd. (Canada)  First Lien Term Loan B  LIBOR (Q)  -  8.00%  8.23%  9/3/2018  $2,349,600   2,349,600   2,349,600   0.19%  H
OnX Enterprise Solutions, Ltd. (Canada)  First Lien Term Loan  LIBOR (Q)  -  7.00%  7.23%  9/3/2018  $10,480,000   10,379,905   10,218,000   0.82%  H
OnX USA, LLC  First Lien Term Loan B  LIBOR (Q)  -  8.00%  8.23%  9/3/2018  $4,699,200   4,699,200   4,699,200   0.38%   
OnX USA, LLC  First Lien Term Loan  LIBOR (Q)  -  7.00%  7.23%  9/3/2018  $5,240,000   5,193,650   5,109,000   0.41%   
Vistronix, LLC  First Lien Revolver  LIBOR (Q)  0.50%  8.00%  8.50%  12/4/2018  $228,398   223,433   228,398   0.02%   
Vistronix, LLC  First Lien Term Loan  LIBOR (M)  0.50%  8.00%  8.50%  12/4/2018  $6,370,458   6,310,967   6,380,013   0.51%   
                          66,847,598   66,994,895   5.37%   
Cut and Sew Apparel Manufacturing                    
Jones Apparel, LLC  First Lien FILO Term Loan  LIBOR (M)  1.00%  9.60%  10.60%  4/8/2019  $4,935,846   4,897,528   4,966,201   0.40%   
                                       
Data Processing, Hosting, and Related Services                    
Asset International, Inc.  Delayed Draw Term Loan  LIBOR (M)  1.00%  7.00%  8.00%  7/31/2020  $3,033,145   2,990,265   3,036,575   0.24%   
Asset International, Inc.  Revolver Loan  LIBOR (M)  1.00%  7.00%  8.00%  7/31/2020  $24,238   15,677   24,238   -    
Asset International, Inc.  First Lien Term Loan  LIBOR (M)  1.00%  7.00%  8.00%  7/31/2020  $8,150,590   8,008,475   8,202,917   0.66%   
Rightside Group, Ltd.  Second Lien Term Loan  LIBOR (Q)  0.50%  8.75%  9.25%  8/6/2019  $4,875,000   4,014,658   4,826,250   0.39%   
The Telx Group, Inc.  Senior Notes  Fixed  -  13.5% PIK  13.50%  7/9/2021  $4,746,800   4,746,800   4,889,204   0.39%  E
United TLD Holdco, Ltd. (Rightside)
(Cayman Islands)		  Second Lien Term Loan  LIBOR (Q)  0.50%  8.75%  9.25%  8/6/2019  $9,750,000   8,029,316   9,652,500   0.77%  H
                          27,805,191   30,631,684   2.45%   
Electrical Equipment and Component Manufacturing                    
NEXTracker, Inc.  Sr Secured Revolver  LIBOR (M)  -  8.00%  8.00%  7/1/2016  $3,571,200   3,116,438   3,571,200   0.29%   
NEXTracker, Inc.  Sr Secured Term Loan  LIBOR (M)  -  9.50%  9.50%  12/16/2016  $2,168,510   2,163,646   2,266,093   0.18%  L
                          5,280,084   5,837,293   0.47%   
Electrical Equipment Manufacturing                    
API Technologies Corp.  First Lien Term Loan  LIBOR (Q)  1.50%  7.50%  9.00%  2/6/2018  $6,426,520   6,380,935   6,335,585   0.51%   
API Technologies Corp.  First Lien Term Loan  LIBOR (Q)  1.50%  7.50%  9.00%  2/6/2018  $4,172,583   4,082,194   4,113,541   0.33%   
                          10,463,129   10,449,126   0.84%   
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   6,416,269   6,342,062   0.51%   
Marsico Capital Management  First Lien Term Loan  LIBOR (M)  -  5.00%  5.25%  12/31/2022  $10,532,994   13,253,902   1,825,684   0.15%  I
                          19,670,171   8,167,746   0.66%   
Full-Service Restaurants                    
RM OpCo, LLC (Real Mex)  Convertible Second Lien Term Loan Tranche B-1  Fixed  -  8.50%  8.50%  3/30/2018  $1,707,900   1,696,447   1,707,900   0.14%  B
RM OpCo, LLC (Real Mex)  First Lien
Term Loan Tranche A		  Fixed  -  7.00%  7.00%  3/21/2016  $3,809,395   3,807,864   3,809,394   0.30%  B
RM OpCo, LLC (Real Mex)  Second Lien
Term Loan Tranche B		  Fixed  -  8.50%  8.50%  3/30/2018  $8,509,880   8,509,880   5,232,725   0.42%  B
RM OpCo, LLC (Real Mex)  Second Lien
Term Loan Tranche B-1		  Fixed  -  8.50%  8.50%  3/30/2018  $2,680,052   2,664,629   2,680,052   0.21%  B
RM OpCo, LLC (Real Mex)  Sr Convertible Second Lien Term Loan B  Fixed  -  8.50%  8.50%  3/30/2018  $1,307,863   1,307,863   1,307,863   0.10%  B
                          17,986,683   14,737,934   1.17%   

 

3
 

 

TCP Capital Corp.

 

Consolidated Schedule of Investments (Unaudited) (Continued)

 

June 30, 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)                    
Gaming Industries                     
AP Gaming I, LLC  First Lien Revolver  LIBOR (Q)  -  8.25%  8.25%  12/20/2018  $–  $(1,966,140) $(1,125,000)  (0.09%)  K
AP Gaming I, LLC  First Lien Term Loan B  LIBOR (Q)  1.00%  8.25%  9.25%  12/20/2020  $5,354,466   5,222,164   5,346,943   0.43%   
                          3,256,024   4,221,943   0.34%   
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   20,752,911   21,253,972   1.70%  G
                                       
Grocery Stores                     
Bashas, Inc.  First Lien FILO Term Loan  LIBOR (M)  1.50%  7.00%  8.50%  10/8/2019  $10,197,698   10,158,685   10,396,553   0.83%   
The Great Atlantic & Pacific Tea
Company, Inc.		  Term Loan Tranche B  LIBOR (M)  1.00%  8.85%  9.85%  9/17/2019  $20,574,985   20,263,132   20,770,448   1.66%   
                          30,421,817   31,167,001   2.49%   
Insurance Carriers                     
Acrisure, LLC  Second Lien
Additional Notes		  LIBOR (Q)  1.00%  8.25%  9.25%  11/19/2022  $–   (29,538)  (29,999)  -   K
Acrisure, LLC  Second Lien Notes  LIBOR (Q)  1.00%  8.25%  9.25%  11/19/2022  $7,200,565   7,128,757   7,128,559   0.57%   
US Apple Holdco, LLC
(Ventiv Technology)		  First Lien Term Loan  LIBOR (Q)  0.50%  11.50%  12.00%  8/29/2019  $20,000,000   19,307,381   19,672,000   1.58%   
                          26,406,600   26,770,560   2.15%   
Insurance Related Activities                     
Confie Seguros Holding II Co.  Second Lien Term Loan  LIBOR (M)  1.25%  9.00%  10.25%  5/8/2019  $11,061,809   10,951,714   11,057,218   0.88%   
                                       
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   15,845,538   16,050,679   1.28%   
ABG Intermediate Holdings 2, LLC  Second Lien Incremental Term Loan  LIBOR (Q)  1.00%  8.50%  9.50%  5/27/2022  $3,474,715   3,439,967   3,487,745   0.28%   
ABG Intermediate Holdings 2, LLC  Second Lien Incremental Delayed Draw Term Loan  LIBOR (Q)  1.00%  8.50%  9.50%  5/27/2022  $534,571   (5,346)  2,005   -    
                          19,280,159   19,540,429   1.56%   
                                       
Lessors of Real Estate                     
Hunt Companies, Inc.  Senior Secured Notes  Fixed  -  9.63%  9.63%  3/1/2021  $3,584,000   3,545,762   3,709,440   0.30%  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  $24,947,425   24,339,212   24,822,688   1.99%   
                                       
Motion Picture and Video Industries                     
CORE Entertainment, Inc.  First Lien Term Loan  Fixed  -  9.00%  9.00%  6/21/2017  $9,462,231   9,413,174   6,374,705   0.51%   
CORE Entertainment, Inc.  Second Lien Term Loan  Fixed  -  13.50%  13.50%  6/21/2018  $7,569,785   7,700,187   1,439,016   0.11%  C
                          17,113,361   7,813,721   0.62%   
Newspaper, Periodical, Book, and Directory Publishers                      
MediMedia USA, Inc.  First Lien Revolver  LIBOR (Q)  -  6.75%  6.99%  5/20/2018  $2,092,500   1,401,938   1,804,355   0.14%   
MediMedia USA, Inc.  First Lien Term Loan  LIBOR (Q)  1.25%  6.75%  8.00%  11/20/2018  $5,681,239   5,567,627   5,546,310   0.44%  G
                          6,969,565   7,350,665   0.58%   
Nondepository Credit Intermediation                     
Caribbean Financial Group
(Cayman Islands)		  Sr Secured Notes  Fixed  -  11.50%  11.50%  11/15/2019  $26,975,000   26,812,775   26,907,563   2.15%  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   1.20%  E/H
                          41,896,775   41,916,143   3.35%   
Nonscheduled Air Transportation                     
One Sky Flight, LLC  Second Lien Term Loan  Fixed  -  12% Cash + 3% PIK  15.00%  6/3/2019  $32,656,459   31,853,705   33,636,153   2.69%   
                                       
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  $14,887,500   14,768,844   14,738,625   1.18%   
MD America Energy, LLC  Second Lien Term Loan  LIBOR (Q)  1.00%  8.50%  9.50%  8/4/2019  $10,000,000   9,573,639   9,745,350   0.78%   
                          24,342,483   24,483,975   1.96%   
Other Information Services                     
TCH-2 Holdings, LLC (TravelClick)  Second Lien Term Loan  LIBOR (M)  1.00%  7.75%  8.75%  11/6/2021  $19,988,392   19,719,926   19,888,450   1.59%  G
                                       
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   13,461,000   1.08%   
                                       
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   4,007,877   2,008,363   0.16%  C
Boomerang Tube, LLC  Super Priority
Debtor-in-Possession		  LIBOR (Q)  -  11.00%  11.00%  10/7/2015  $655,926   637,250   633,437   0.05%   
                          4,645,127   2,641,800   0.21%   
Pharmaceutical and Medicine Manufacturing                     
Lantheus Medical Imaging, Inc.  First Lien Term Loan  LIBOR (Q)  1.00%  6.00%  7.00%  6/25/2022  $6,000,000   5,905,000   5,932,500   0.48%   
                                       
Plastics Products Manufacturing                     
Iracore International, Inc.  Sr Secured Notes  Fixed  -  9.50%  9.50%  6/1/2018  $13,600,000   13,600,000   10,319,000   0.83%  E/G
                                       
Radio and Television Broadcasting                     
NEP/NCP Holdco, Inc.  Second Lien Term Loan  LIBOR (Q)  1.25%  8.75%  10.00%  7/22/2020  $2,203,132   2,170,254   2,190,277   0.17%   
Fuse, LLC  Sr Secured Notes  Fixed  -  10.38%  10.38%  7/1/2019  $7,312,000   7,312,000   6,105,520   0.49%  E/G
The Tennis Channel, Inc.  First Lien Term Loan  LIBOR (Q)  -  8.50%  8.75%  5/29/2017  $32,141,081   31,905,137   32,341,963   2.59%   
                          41,387,391   40,637,760   3.25%   
Retail                                       
Kenneth Cole Productions, Inc.  First Lien FILO Term Loan  LIBOR (M)  1.00%  10.40%  11.40%  9/25/2017  $10,454,545   10,328,822   10,506,818   0.84%   
Connexity, Inc.  First Lien Term Loan  LIBOR (Q)  1.00%  10.00%  11.00%  2/13/2020  $6,532,500   6,532,500   6,468,808   0.52%   
                          16,861,322   16,975,626   1.36%   
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   9,393,515   0.75%  E/G/H

 

4
 

 

TCP Capital Corp.

 

Consolidated Schedule of Investments (Unaudited) (Continued)

 

June 30, 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)                    
Scheduled Air Transportation                     
Aircraft Leased to Delta Air Lines, Inc.                                      
N913DL  Aircraft Secured Mortgage  Fixed  -  8.00%  8.00%  3/15/2017  $160,557  $160,557  $163,540   0.01%  F
N918DL  Aircraft Secured Mortgage  Fixed  -  8.00%  8.00%  8/15/2018  $274,258   274,258   280,577   0.02%  F
N954DL  Aircraft Secured Mortgage  Fixed  -  8.00%  8.00%  3/20/2019  $383,702   383,702   392,394   0.03%  F
N955DL  Aircraft Secured Mortgage  Fixed  -  8.00%  8.00%  6/20/2019  $407,585   407,585   416,971   0.03%  F
N956DL  Aircraft Secured Mortgage  Fixed  -  8.00%  8.00%  5/20/2019  $404,487   404,487   413,817   0.03%  F
N957DL  Aircraft Secured Mortgage  Fixed  -  8.00%  8.00%  6/20/2019  $411,150   411,150   420,619   0.03%  F
N959DL  Aircraft Secured Mortgage  Fixed  -  8.00%  8.00%  7/20/2019  $417,756   417,756   427,353   0.03%  F
N960DL  Aircraft Secured Mortgage  Fixed  -  8.00%  8.00%  10/20/2019  $440,895   440,895   450,894   0.04%  F
N961DL  Aircraft Secured Mortgage  Fixed  -  8.00%  8.00%  8/20/2019  $431,473   431,473   441,352   0.03%  F
N976DL  Aircraft Secured Mortgage  Fixed  -  8.00%  8.00%  2/15/2018  $262,325   262,325   268,139   0.02%  F
Aircraft Leased to United Airlines, Inc.                                      
N659UA  Aircraft Secured Mortgage  Fixed  -  12.00%  12.00%  2/28/2016  $966,658   966,658   999,159   0.08%  F
N661UA  Aircraft Secured Mortgage  Fixed  -  12.00%  12.00%  5/4/2016  $1,191,293   1,191,293   1,243,361   0.10%  F
Cargojet Airways LTD. (Canada)  Aircraft Acquisition
Loan A		  LIBOR (Q)  -  8.50%  8.50%  1/31/2023  $–   (285,700)  (289,132)  (0.02%)  H/K
Cargojet Airways LTD. (Canada)  Aircraft Acquisition
Loan A1		  LIBOR (Q)  -  8.50%  8.50%  1/31/2023  $–   (285,700)  (289,132)  (0.02%)  H/K
Cargojet Airways LTD. (Canada)  Aircraft Acquisition
Loan B		  LIBOR (Q)  -  8.50%  8.50%  1/31/2023  $–   (285,700)  (289,132)  (0.02%)  H/K
Mesa Air Group, Inc.  Acquisition
Delayed Draw Loan		  LIBOR (M)  -  7.25%   N/A  7/15/2022  $–   (271,500)  325,800   0.03%  K
Mesa Air Group, Inc.  Acquisition Loan  LIBOR (M)  -  7.25%  7.44%  7/15/2022  $16,920,742   16,613,601   17,326,840   1.39%   
                          21,237,140   22,703,420   1.81%   
Scientific Research and Development Services                    
Arcadia Biosciences, Inc.  Sr Secured Term Loan  LIBOR (Q)  -  8.74%  8.74%  11/1/2018  $20,000,000   19,809,547   19,800,000   1.58%  L
BPA Laboratories, Inc.  Senior Secured Notes  Fixed  -  12.25%  12.25%  4/1/2017  $38,932,000   39,001,750   41,559,910   3.33%  E/G
                          58,811,297   61,359,910   4.91%   
                                       
Semiconductor and Other Electronic Component Manufacturing                    
Central MN Renewables, LLC  Revolver  Fixed  -  8.25%  8.25%  1/1/2016  $–   -   (4,410)  -   K
Redaptive, Inc.  Frist Lien Delayed
Draw Term Loan		  LIBOR (Q)  -  10.72%  10.72%  7/1/2018  $–   (145,210)  (149,985)  (0.01%)  K
Soraa, Inc.  Sr Secured Term Loan  LIBOR (M)  0.23%  10.27%  10.50%  9/1/2017  $22,500,000   21,929,147   21,573,000   1.73%  L
SunEdison, Inc.  Senior Secured
Letters of Credit		  Fixed  -  3.75%   N/A  2/28/2017  $–   (712,376)  (750,340)  (0.06%)  J/K
                          21,071,561   20,668,265   1.66%   
Software Publishers                     
Acronis International GmbH (Switzerland)  First Lien Term Loan  LIBOR (Q)  1.00%  13.00%  14.00%  2/21/2017  $30,251,142   30,091,720   27,979,281   2.24%  H
ArcServe (USA), LLC  Second Lien Term Loan  LIBOR (Q)  0.50%  8.50%  9.00%  1/31/2020  $30,000,000   29,483,172   28,300,500   2.28%   
BlackLine Systems, Inc.  First Lien Term Loan  LIBOR (Q)  1.50%  0.4% Cash + 7.6% PIK  9.50%  9/25/2018  $14,101,222   13,405,026   14,242,235   1.14%   
Coreone Technologies, LLC  First Lien Term Loan  LIBOR (Q)  1.00%  3.75% Cash + 5% PIK  9.75%  9/4/2018  $14,617,894   14,424,631   14,563,077   1.17%   
Edmentum, Inc.  Jr Revolving Facility  LIBOR (Q)  -  5.00%  5.00%  6/9/2020  $2,105,366   2,105,366   2,105,366   0.17%  B
Edmentum Ultimate Holdings, LLC  Sr PIK Notes  LIBOR (Q)  -  8.50%  8.50%  6/9/2020  $2,526,439   2,526,440   2,526,440   0.20%  B
Edmentum Ultimate Holdings, LLC  Jr PIK Notes  LIBOR (Q)  -  10.00%  10.00%  6/9/2020  $11,337,095   11,337,095   10,668,207   0.85%  B
Fidelis Acquisitionco, LLC  First Lien Term Loan  LIBOR (Q)  1.00%  8.00%  9.00%  11/4/2019  $41,498,855   40,690,380   40,668,878   3.26%   
Fidelis Acquisitionco, LLC  Revolver  LIBOR (Q)  1.00%  8.00%  9.00%  11/4/2019  $–   -   (63,643)  (0.01%)  K
SoundCloud Limited (United Kingdom)  Sr Secured Term Loan  LIBOR (Q)  -  10.72%  10.72%  10/1/2018  $13,521,429   13,146,162   13,126,738   1.05%  H
Virgin Pulse Inc.  First Lien Term Loan  LIBOR (Q)  -  8.00%  8.00%  5/21/2020  $7,500,000   7,389,236   7,387,500   0.59%   
                          164,599,228   161,504,579   12.94%   
Specialty Hospitals                     
Bioventus, LLC  Second Lien Term Loan  LIBOR (Q)  1.00%  10.00%  11.00%  4/10/2020  $11,000,000   10,803,264   11,000,000   0.88%   
UBC Healthcare Analytics, Inc. (Evidera)  First Lien Term Loan  LIBOR (Q)  1.00%  9.00%  10.00%  7/1/2018  $4,302,402   4,280,890   4,322,838   0.35%   
                          15,084,154   15,322,838   1.23%   
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   15,091,500   1.21%  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   25,000,000   2.00%   
Lexmark Carpet Mills, Inc.  First Lien Term Loan B  LIBOR (Q)  1.00%  10.00%  11.00%  12/19/2019  $8,575,581   8,361,305   8,575,581   0.69%   
                          33,361,305   33,575,581   2.69%   
                                       
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   2.00%   
                                       
Wired Telecommunications Carriers                      
Alpheus Communications, LLC  First Lien Delayed Draw FILO Term Loan  LIBOR (Q)  1.00%  6.92%  7.92%  5/31/2018  $710,370   693,325   704,131   0.07%   
Alpheus Communications, LLC  First Lien Delayed Draw FILO Term Loan  LIBOR (Q)  1.00%  6.92%  7.92%  5/31/2018  $367,929   364,272   365,372   0.03%   
Alpheus Communications, LLC  First Lien FILO Term
Loan		  LIBOR (Q)  1.00%  6.92%  7.92%  5/31/2018  $8,041,921   7,961,973   7,986,030   0.65%   
Integra Telecom Holdings, Inc.  Second Lien Term Loan  LIBOR (Q)  1.25%  8.50%  9.75%  2/22/2020  $13,231,193   13,018,007   13,220,211   1.07%   
                          22,037,577   22,275,744   1.82%   
Wireless Telecommunications Carriers                      
Gogo, LLC  First Lien Term Loan  LIBOR (Q)  1.50%  9.75%  11.25%  6/21/2017  $33,392,784   33,244,569   34,598,678   2.77%  G
Gogo, LLC  First Lien Term Loan B-2  LIBOR (Q)  1.00%  6.50%  7.50%  3/21/2018  $5,467,730   5,385,791   5,522,408   0.44%   
                          38,630,360   40,121,086   3.21%   
                                       
Total Debt Investments                         1,186,087,541   1,170,885,387   93.77%   

 

5
 

 

TCP Capital Corp.

 

Consolidated Schedule of Investments (Unaudited) (Continued)

 

June 30, 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   272,593   224,560   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
(First Advantage)		  Class A Units                  841,479   403,785   2,692,228   0.21%  C/E
                          634,723   2,854,412   0.22%   
Communications Equipment Manufacturing                    
Wasserstein Cosmos Co-Invest, L.P.
(Globecomm)		  Limited Partnership Units                  5,000,000   5,000,000   5,175,000   0.41%  B/C/E
                                       
Data Processing, Hosting, and Related Services                    
Anacomp, Inc.  Class A Common Stock                  1,255,527   26,711,048   1,381,080   0.11%  C/E/F
Rightside Group, Ltd.  Warrants                  498,855   2,778,622   787,732   0.06%  C/E
                          29,489,670   2,168,812   0.17%   
Electrical Equipment and Component Manufacturing                    
NEXTracker, Inc.  Series B Preferred Stock                  268,817   999,999   2,886,718   0.23%  C/E
NEXTracker, Inc.  Series C Preferred Stock                  17,640   140,044   222,530   0.02%  C/E
NEXTracker, Inc.  Warrants to
Purchase Stock		                  357,022   381,723   4,419,825   0.35%  C/E
                          1,521,766   7,529,073   0.60%   
Financial Investment Activities                    
Marsico Holdings, LLC  Common Interest Units                  168,698   172,694   3,374   -   C/E/I
                                       
Full-Service Restaurants                    
RM Holdco, LLC (Real Mex)  Equity Participation                  24   -   8   -   B/C/E
RM Holdco, LLC (Real Mex)  Membership Units                  13,161,000   2,010,777   -   -   B/C/E
                          2,010,777   8   -    
Machine Shops; Turned Product; and Screw, Nut, and Bolt Manufacturing                    
Precision Holdings, LLC  Class C Membership
Interest		                  33   -   -   -   C/E
                                       
Nonmetallic Mineral Mining and Quarrying                    
EPMC HoldCo, LLC  Membership Units                  1,312,720   -   682,614   0.06%  B/C/E
                                       
Nonscheduled Air Transportation                    
Flight Options Holdings I, Inc. (One Sky)  Warrants to Purchase Common Stock                  1,843   1,162,350   3,291,158   0.26%  C/E
                                       
Radio and Television Broadcasting                    
Fuse Media, LLC  Warrants to Purchase Common Stock                  233,470   300,321   23   -   C/E
                                       
Retail                                      
Shop Holding, LLC (Connexity)  Class A Units                  507,167   480,049   283,253   0.02%  C/E
Shop Holding, LLC (Connexity)  Warrants to
Purchase Class A Units		                  326,691   -   11,761   -   C/E
                          480,049   295,014   0.02%   
Scheduled Air Transportation                    
Aircraft Leased to Delta Air Lines, Inc.                                      
N913DL  Trust Beneficial Interests                  1,159   84,820   112,627   0.01%  E/F
N918DL  Trust Beneficial Interests                  939   89,674   131,852   0.01%  E/F
N954DL  Trust Beneficial Interests                  873   102,073   75,067   0.01%  E/F
N955DL  Trust Beneficial Interests                  841   99,911   109,538   0.01%  E/F
N956DL  Trust Beneficial Interests                  849   99,839   105,614   0.01%  E/F
N957DL  Trust Beneficial Interests                  841   100,396   106,478   0.01%  E/F
N959DL  Trust Beneficial Interests                  834   100,952   107,365   0.01%  E/F
N960DL  Trust Beneficial Interests                  812   103,116   106,867   0.01%  E/F
N961DL  Trust Beneficial Interests                  827   102,485   102,112   0.01%  E/F
N976DL  Trust Beneficial Interests                  1,004   91,609   101,352   0.01%  E/F
Aircraft Leased to United Airlines, Inc.                                      
United N659UA-767, LLC (N659UA)  Trust Beneficial Interests                  586   2,827,060   3,288,333   0.26%  E/F
United N661UA-767, LLC (N661UA)  Trust Beneficial Interests                  569   2,760,403   3,188,962   0.26%  E/F
                          6,562,338   7,536,167   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   345,257   0.03%  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   78,845   0.01%  C/E
                          408,987   308,349   0.03%   

 

6
 

 

TCP Capital Corp.

 

Consolidated Schedule of Investments (Unaudited) (Continued)

 

June 30, 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  $991,979   0.08%  C/E
Edmentum Ultimate Holdings, LLC  Class A Common Units                  159,515   680,218   680,218   0.05%  B/C/E
SoundCloud, Ltd. (United Kingdom)  Warrants to Purchase Preferred Stock                  405,642   33,892   33,912   -   C/E/H
                          1,236,788   1,706,109   0.13%   
                                       
Wired Telecommunications Carriers                                        
Integra Telecom, Inc.  Common Stock                  1,274,522   8,433,884   5,269,511   0.42%  C/E
Integra Telecom, Inc.  Warrants                  346,939   19,920   221,174   0.02%  C/E
V Telecom Investment S.C.A. (Vivacom) (Luxembourg)  Common Shares                  1,393   3,236,256   3,479,044   0.28%  C/D/E/H
                          11,690,060   8,969,729   0.72%   
                                       
Total Equity Securities                         62,034,316   41,089,662   3.29%   
                                       
Total Investments                          1,248,121,857   1,211,975,049        
                                       
Cash and Cash Equivalents                                      
Cash Denominated in Foreign Currencies                          135,394   0.01%   
Cash Held on Account at Various Institutions                          36,570,820   2.93%   
Cash and Cash Equivalents                             36,706,214   2.94%   
                                       
Total Cash and Investments                             $1,248,681,263   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 June 30, 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, 7.0% for Green Biologics and 3.0% for Arcadia Biosciences.

 

(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 $302,770,028, and $240,177,662 respectively, for the six months ended June 30, 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 June 30, 2015 was $1,211,975,046, or 97.1% of total cash and investments of the Company.

 

Options and swaps at June 30, 2015 were as follows:

 

Investment  Notional Amount   Fair Value 
         
Interest Rate Cap, 4%, expires 5/15/2016  $25,000,000   $30 
Euro/US Dollar Cross-Currency Basis Swap, Pay Euros/Receive USD, Expires 3/31/2017  $4,289,018   $2,866,985 

 

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)                       
Accounting, Tax Preparation, Bookkeeping, and Payroll Services                       
EGS Holdings, Inc.  Holdco PIK Notes  LIBOR (A)  3.00%  10.00%  13.00%  10/3/2018  $57,238   $57,238   $56,237    -  
Expert Global Solutions, LLC  Second Lien Term Loan  LIBOR (Q)  1.50%  11.00%  12.50%  10/3/2018  $7,124,902    6,959,593    7,096,403    0.60%   
                           7,016,831    7,152,640    0.60%   
Activities Related to Real Estate                        
Greystone Select Holdings, LLC  First Lien Term Loan  LIBOR (Q)  1.00%  8.00%  9.00%  3/26/2021  $16,470,084    16,261,549    16,511,259    1.41%   
                                          
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    16,791,646    15,450,034    1.32%  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    0.41%  B
AGY Holding Corp.  Second Lien Notes  Fixed  -  11.00%  11.00%  11/15/2016  $9,268,000    7,586,318    9,017,764    0.77%  B/E
                           12,455,895    13,887,341    1.18%   
Basic Chemical Manufacturing                        
BioAmber, Inc.  Sr Secured Term Loan  LIBOR (M)  0.23%  9.27%  9.50%  12/1/2017  $25,000,000    24,505,108    25,050,000    2.13%   
Green Biologics, Inc.  Sr Secured Term Loan  Prime Rate  3.25%  7.75%  11.00%  5/1/2018  $15,000,000    14,503,743    14,730,000    1.25%  L
M&G Chemicals S.A. (Luxembourg)  Sr Secured Term Loan  LIBOR (Q)  0.23%  8.50%  8.73%  3/18/2016  $15,632,077    15,632,077    15,632,077    1.33%  H
PeroxyChem, LLC  First Lien Term Loan  LIBOR (Q)  1.00%  6.50%  7.50%  2/28/2020  $8,932,500    8,783,187    8,932,500    0.76%   
VitAG Holdings, LLC  Sr Secured Term Loan  LIBOR (M)  0.23%  10.27%  10.50%  2/1/2018  $7,700,000    7,555,099    7,646,000    0.65%  L
                           70,979,214    71,990,577    6.12%   
Beverage Manufacturing                        
Carolina Beverage Group, LLC  Secured Notes  Fixed  -  10.63%  10.63%  8/1/2018  $4,780,000    4,780,000    4,851,700    0.41%  E/G
                                          
Business Support Services                        
Enerwise Global Technologies, Inc.  Sr Secured Revolving Loan  LIBOR (Q)  0.23%  8.52%  8.75%  11/30/2017  $–    (106,405)   (60,000)   (0.01%)   
Enerwise Global Technologies, Inc.  Sr Secured Term Loan  LIBOR (Q)  0.23%  9.27%  9.50%  11/30/2019  $17,500,000    17,158,899    17,360,000    1.48%  L
STG-Fairway Acquisitions, Inc.  Second Lien Term Loan  LIBOR (Q)  1.25%  9.25%  10.50%  8/28/2019  $14,643,455    14,036,428    14,863,107    1.27%   
                           31,088,922    32,163,107    2.74%   
Chemical Manufacturing                        
Archroma  Term Loan B  LIBOR (Q)  1.25%  8.25%  9.50%  9/30/2018  $19,896,228    19,593,258    19,747,006    1.68%   
                                          
Communications Equipment Manufacturing                       
Globecomm Systems, Inc.  First Lien Term Loan  LIBOR (Q)  1.25%  7.63%  8.88%  12/11/2018  $14,850,000    14,701,500    14,656,950    1.25%  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    11,638,008    11,520,000    0.98%   
                                          
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  $30,926,035    30,399,049    31,080,665    2.65%   
Blue Coat Systems, Inc.  First Lien Revolver  LIBOR (Q)  1.00%  3.50%  4.50%  5/31/2018  $–    (727,290)   (660,240)   (0.06%)  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    14,775,000    1.26%   
MSC Software Corporation  Second Lien Term Loan  LIBOR (M)  1.00%  7.50%  8.50%  5/29/2021  $11,993,035    11,880,123    11,753,175    1.00%   
OnX Enterprise Solutions, Ltd. (Canada)  First Lien Term Loan B  LIBOR (Q)  -  8.00%  8.23%  9/3/2018  $2,361,467    2,361,467    2,341,394    0.20%   
OnX Enterprise Solutions, Ltd. (Canada)  First Lien Term Loan  LIBOR (Q)  -  7.00%  7.23%  9/3/2018  $10,533,333    10,415,821    10,259,467    0.87%   
OnX USA, LLC  First Lien Term Loan B  LIBOR (Q)  -  8.00%  8.23%  9/3/2018  $4,722,933    4,722,933    4,682,788    0.40%   
OnX USA, LLC  First Lien Term Loan  LIBOR (Q)  -  7.00%  7.23%  9/3/2018  $5,266,667    5,211,626    5,129,733    0.44%   
Vistronix, LLC  First Lien Revolver  LIBOR (Q)  0.50%  8.00%  8.50%  12/4/2018  $–    (5,809)   -    0.00%   
Vistronix, LLC  First Lien Term Loan  LIBOR (M)  0.50%  8.00%  8.50%  12/4/2018  $6,535,333    6,466,509    6,551,671    0.56%   
Websense, Inc.  Second Lien Term Loan  LIBOR (Q)  1.00%  7.25%  8.25%  12/27/2020  $7,200,000    7,164,000    6,930,000    0.59%   
                           92,766,554    92,843,653    7.91%   
Cut and Sew Apparel Manufacturing                        
Jones Apparel, LLC  First Lien FILO Term Loan  LIBOR (M)  1.00%  9.60%  10.60%  4/8/2019  $14,329,403    14,202,296    14,429,709    1.23%   
                                          
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)   (29,158)   0.00%  K
Asset International, Inc.  Revolver  LIBOR (M)  1.00%  7.00%  8.00%  7/31/2020  $484,752    475,358    477,885    0.04%   
Asset International, Inc.  First Lien Term Loan  LIBOR (M)  1.00%  7.00%  8.00%  7/31/2020  $8,191,755    8,037,946    8,122,125    0.69%   
Rightside Group, Ltd.  Second Lien Term Loan  LIBOR (Q)  0.50%  8.75%  9.25%  8/6/2019  $5,000,000    4,042,549    4,775,000    0.41%   
The Telx Group, Inc.  Senior Notes  Fixed  -  13.5% PIK  13.50%  7/9/2021  $4,446,651    4,446,651    4,611,177    0.39%  E
United TLD Holdco, Ltd.
(Cayman Islands)		  Second Lien Term Loan  LIBOR (Q)  0.50%  8.75%  9.25%  8/6/2019  $10,000,000    8,085,098    9,550,000    0.81%  H
                           25,044,722    27,507,029    2.34%   
Electrical Equipment and Component Manufacturing                       
NEXTracker, Inc.  Sr Secured Revolver  LIBOR (M)  -  8.00%  8.00%  7/1/2016  $2,500,000    508,086    1,126,250    0.10%   
NEXTracker, Inc.  Sr Secured Term Loan  LIBOR (M)  -  9.50%  9.50%  12/16/2016  $2,500,000    2,216,771    2,303,750    0.20%  L
Palladium Energy, Inc.  First Lien Term Loan  LIBOR (Q)  1.00%  9.00%  10.00%  12/26/2017  $16,153,317    15,942,351    16,234,084    1.38%   
                           18,667,208    19,664,084    1.68%   
Electrical Equipment Manufacturing                        
API Technologies Corp.  First Lien Term Loan  LIBOR (Q)  1.50%  7.50%  9.00%  2/6/2018  $6,687,055    6,631,621    6,610,154    0.56%   
                                          
Fabricated Metal Product Manufacturing                        
Constellation Enterprises, LLC  First Lien Notes  Fixed  -  10.63%  10.63%  2/1/2016  $2,900,000    2,858,907    2,392,500    0.20%  E
                                          
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    6,411,582    6,374,420    0.54%   
Marsico Capital Management  First Lien Term Loan  LIBOR (M)  -  5.00%  5.25%  12/31/2022  $10,500,040    13,220,948    2,274,991    0.19%  I
                           19,632,530    8,649,411    0.73%   

 

8
 

  

TCP Capital Corp.

 

Consolidated Schedule of Investments (Continued)

 

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
                     &