pflt-10q_20171231.htm

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 10-Q

 

 

(Mark One)

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

FOR THE QUARTERLY PERIOD ENDED DECEMBER 31, 2017

OR

 

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

FOR THE TRANSITION PERIOD FROM              TO            

COMMISSION FILE NUMBER: 814-00891 

 

PENNANTPARK FLOATING RATE CAPITAL LTD.

(Exact name of registrant as specified in its charter)

 

 

 

 

 

 

MARYLAND

 

27-3794690

(State or other jurisdiction of incorporation or organization)

 

(I.R.S. Employer Identification No.)

 

 

590 Madison Avenue, 15th Floor

New York, N.Y.

 

10022

(Address of principal executive offices)

 

(Zip Code)

(212) 905-1000

(Registrant’s Telephone Number, Including Area Code)

 

 

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   Yes    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 (§232.405 of this chapter) 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, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. 

 

Large accelerated filer

 

  

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

  (Do not check if a smaller reporting company)

  

Smaller reporting company

 

 

 

 

 

 

 

 

Emerging growth company

 

 

 

 

 

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

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

The number of shares of the registrant’s common stock, $0.001 par value per share, outstanding as of February 8, 2018 was 38,772,074.

 

 


 

PENNANTPARK FLOATING RATE CAPITAL LTD.

FORM 10-Q FOR THE QUARTER ENDED DECEMBER 31, 2017

TABLE OF CONTENTS

 

 

 

 

PART I. CONSOLIDATED FINANCIAL INFORMATION

  

 

 

 

Item 1. Consolidated Financial Statements

  

 

 

 

Consolidated Statements of Assets and Liabilities as of December 31, 2017 (unaudited) and September 30, 2017

  

4

 

 

Consolidated Statements of Operations for the three months ended December 31, 2017 and 2016 (unaudited)

  

5

 

 

Consolidated Statements of Changes in Net Assets for the three months ended December 31, 2017 and 2016 (unaudited)

  

6

 

 

Consolidated Statements of Cash Flows for the three months ended December 31, 2017 and 2016 (unaudited)

  

7

 

 

Consolidated Schedules of Investments as of December 31, 2017 (unaudited) and September 30, 2017

  

8

 

 

Notes to Consolidated Financial Statements (unaudited)

  

14

 

 

Report of Independent Registered Public Accounting Firm

  

28

 

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

  

29

 

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

  

40

 

 

Item 4. Controls and Procedures

  

40

 

 

PART II. OTHER INFORMATION

  

 

 

 

Item 1. Legal Proceedings

  

41

 

 

Item 1A. Risk Factors

  

41

 

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

  

41

 

 

Item 3. Defaults Upon Senior Securities

  

41

 

 

Item 4. Mine Safety Disclosures

  

41

 

 

Item 5. Other Information

  

41

 

 

Item 6. Exhibits

  

42

 

 

SIGNATURES

  

43


 

 

 

2


 

PART I—CONSOLIDATED FINANCIAL INFORMATION

We are filing this Quarterly Report on Form 10-Q, or the Report, in compliance with Rule 13a-13 promulgated by the Securities and Exchange Commission, or the SEC. In this Report, except where the context suggests otherwise, the terms “Company,” “we,” “our” or “us” refer to PennantPark Floating Rate Capital Ltd. and its wholly-owned consolidated subsidiaries; “Funding I” refers to PennantPark Floating Rate Funding I, LLC; “Taxable Subsidiary” refers to PFLT Investment Holdings, LLC; “PSSL” refers to PennantPark Senior Secured Loan Fund I LLC, an unconsolidated joint venture; “PennantPark Investment Advisers” or “Investment Adviser” refers to PennantPark Investment Advisers, LLC; “PennantPark Investment Administration” or “Administrator” refers to PennantPark Investment Administration, LLC; “Credit Facility” refers to our multi-currency, senior secured revolving credit facility, as amended and restated; “2023 Notes” refers to our 3.83% Series A notes due 2023; “1940 Act” refers to the Investment Company Act of 1940, as amended; “Code” refers to the Internal Revenue Code of 1986, as amended; “RIC” refers to a regulated investment company under the Code; “BDC” refers to a business development company under the 1940 Act. References to our portfolio, our investments, our Credit Facility, and our business include investments we make through our subsidiaries.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3

 


 

Item 1.Consolidated Financial Statements

 

 

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

 

 

 

 

December 31, 2017

 

 

September 30, 2017

 

 

 

(unaudited)

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

Investments at fair value

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments (cost—$672,975,750 and $665,514,821, respectively)

 

$

677,586,189

 

 

$

666,973,639

 

Controlled, affiliated investments (cost—$61,000,000 and $43,000,000, respectively)

 

 

61,843,585

 

 

 

43,525,143

 

Total of investments (cost—$733,975,750 and $708,514,821, respectively)

 

 

739,429,774

 

 

 

710,498,782

 

Cash and cash equivalents (cost—$127,718,637 and $18,847,673, respectively)

 

 

127,785,338

 

 

 

18,910,756

 

Interest receivable

 

 

2,632,994

 

 

 

2,520,506

 

Receivable for investments sold

 

 

11,190,048

 

 

 

14,185,850

 

Prepaid expenses and other assets

 

 

806,566

 

 

 

1,229,505

 

Total assets

 

 

881,844,720

 

 

 

747,345,399

 

Liabilities

 

 

 

 

 

 

 

 

Distributions payable

 

 

3,683,347

 

 

 

3,085,607

 

Payable for investments purchased

 

 

5,599,239

 

 

 

21,730,512

 

Credit Facility payable (cost—$190,368,311 and $253,783,301, respectively) (See Notes 5 and 10)

 

 

192,809,299

 

 

 

256,858,457

 

2023 Notes payable (cost—$138,579,858 and zero, respectively) (See Notes 5 and 10)

 

 

136,085,421

 

 

 

 

Interest payable on debt

 

 

1,189,268

 

 

 

693,787

 

Base management fee payable (See Note 3)

 

 

1,822,063

 

 

 

1,784,806

 

Performance-based incentive fee payable (See Note 3)

 

 

2,572,461

 

 

 

5,061,217

 

Accrued other expenses

 

 

663,371

 

 

 

224,739

 

Total liabilities

 

 

344,424,469

 

 

 

289,439,125

 

Commitments and contingencies (See Note 11)

 

 

 

 

 

 

 

 

Net assets

 

 

 

 

 

 

 

 

Common stock, 38,772,074 and 32,480,074 shares issued and outstanding, respectively

   Par value $0.001 per share and 100,000,000 shares authorized

 

 

38,772

 

 

 

32,480

 

Paid-in capital in excess of par value

 

 

539,462,336

 

 

 

451,448,872

 

(Distributions in excess of ) undistributed net investment income

 

 

(9,200,786

)

 

 

3,163,645

 

Accumulated net realized gain on investments

 

 

1,502,838

 

 

 

4,289,389

 

Net unrealized appreciation on investments

 

 

5,563,642

 

 

 

2,047,044

 

Net unrealized depreciation (appreciation) on debt

 

 

53,449

 

 

 

(3,075,156

)

Total net assets

 

$

537,420,251

 

 

$

457,906,274

 

Total liabilities and net assets

 

$

881,844,720

 

 

$

747,345,399

 

Net asset value per share

 

$

13.86

 

 

$

14.10

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

4


 

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 

 

 

 

Three Months Ended December 31,

 

 

 

2017

 

 

2016

 

Investment income:

 

 

 

 

 

 

 

 

From non-controlled, non-affiliated investments:

 

 

 

 

 

 

 

 

Interest

 

$

13,867,420

 

 

$

11,951,835

 

Other income

 

 

433,180

 

 

 

679,433

 

From controlled, affiliated investments:

 

 

 

 

 

 

 

 

Interest

 

 

535,760

 

 

 

 

Total investment income

 

 

14,836,360

 

 

 

12,631,268

 

Expenses:

 

 

 

 

 

 

 

 

Base management fee (See Note 3)

 

 

1,822,063

 

 

 

1,595,727

 

Performance-based incentive fee (See Note 3)

 

 

148,010

 

 

 

1,469,369

 

Interest and expenses on debt (See Note 10)

 

 

2,618,308

 

 

 

1,800,725

 

Administrative services expenses (See Note 3)

 

 

500,000

 

 

 

561,250

 

Other general and administrative expenses

 

 

618,751

 

 

 

357,500

 

Expenses before amendment costs, debt issuance costs and provision for taxes

 

 

5,707,132

 

 

 

5,784,571

 

Credit Facility amendment costs and debt issuance costs (See Notes 5 and 10)

 

 

10,869,098

 

 

 

 

Provision for taxes

 

 

200,000

 

 

 

25,000

 

Total expenses

 

 

16,776,230

 

 

 

5,809,571

 

Net investment (loss) income

 

 

(1,939,870

)

 

 

6,821,697

 

Realized and unrealized gain on investments and debt:

 

 

 

 

 

 

 

 

Net realized (loss) gain on investments

 

 

(2,786,551

)

 

 

549,401

 

Net change in unrealized appreciation on:

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

3,198,156

 

 

 

2,546,025

 

Controlled, affiliated investments

 

 

318,442

 

 

 

 

Debt depreciation (appreciation) (See Notes 5 and 10)

 

 

3,128,605

 

 

 

(1,068,214

)

Net change in unrealized appreciation on investments and debt

 

 

6,645,203

 

 

 

1,477,811

 

Net realized and unrealized gain from investments and debt

 

 

3,858,652

 

 

 

2,027,212

 

Net increase in net assets resulting from operations

 

$

1,918,782

 

 

$

8,848,909

 

Net increase in net assets resulting from operations per common share (See Note 7)

 

$

0.05

 

 

$

0.33

 

Net investment (loss) income per common share

 

$

(0.05

)

 

$

0.26

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

5


 

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

(Unaudited)

 

 

 

 

Three Months Ended December 31,

 

 

 

2017

 

 

2016

 

Net increase in net assets resulting from operations:

 

 

 

 

 

 

 

 

Net investment (loss) income

 

$

(1,939,870

)

 

$

6,821,697

 

Net realized (loss) gain on investments

 

 

(2,786,551

)

 

 

549,401

 

Net change in unrealized appreciation on investments

 

 

3,516,598

 

 

 

2,546,025

 

Net change in unrealized depreciation (appreciation) on debt

 

 

3,128,605

 

 

 

(1,068,214

)

Net increase in net assets resulting from operations

 

 

1,918,782

 

 

 

8,848,909

 

Distributions to stockholders

 

 

(10,424,561

)

 

 

(7,618,071

)

Capital transactions

 

 

 

 

 

 

 

 

Public offering (See Note 1)

 

 

89,031,800

 

 

 

 

Offering costs

 

 

(1,012,044

)

 

 

 

Net increase in net assets resulting from capital transactions

 

 

88,019,756

 

 

 

 

Net increase in net assets

 

 

79,513,977

 

 

 

1,230,838

 

Net assets:

 

 

 

 

 

 

 

 

Beginning of period

 

 

457,906,274

 

 

 

375,906,828

 

End of period

 

$

537,420,251

 

 

$

377,137,666

 

(Distribution in excess of) undistributed net investment income, end of period

 

$

(9,200,786

)

 

$

3,763,272

 

Capital share activity:

 

 

 

 

 

 

 

 

Shares issued from public offering

 

 

6,292,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

6


 

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

 

 

 

Three Months Ended December 31,

 

 

 

2017

 

 

2016

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net increase in net assets resulting from operations

 

$

1,918,782

 

 

$

8,848,909

 

Adjustments to reconcile net increase in net assets resulting from operations to net cash

   used in operating activities:

 

 

 

 

 

 

 

 

Net change in unrealized appreciation on investments

 

 

(3,516,598

)

 

 

(2,546,025

)

Net change in unrealized (depreciation) appreciation on debt

 

 

(3,128,605

)

 

 

1,068,214

 

Net realized loss (gain) on investments

 

 

2,786,551

 

 

 

(549,401

)

Net accretion of discount and amortization of premium

 

 

(382,250

)

 

 

(425,722

)

Purchases of investments

 

 

(176,867,446

)

 

 

(124,826,238

)

Payment-in-kind interest

 

 

(160,484

)

 

 

(39,085

)

Proceeds from dispositions of investments

 

 

149,082,954

 

 

 

70,405,217

 

Increase in interest receivable

 

 

(112,488

)

 

 

(608,313

)

Decrease (increase) in receivable for investments sold

 

 

2,995,802

 

 

 

(11,357,601

)

Decrease in prepaid expenses and other assets

 

 

422,939

 

 

 

52,716

 

Decrease in payable for investments purchased

 

 

(16,131,273

)

 

 

(3,108,608

)

Increase in interest payable on debt

 

 

495,481

 

 

 

140,699

 

Increase in base management fee payable

 

 

37,257

 

 

 

137,101

 

Decrease in performance-based incentive fee payable

 

 

(2,488,756

)

 

 

(852,774

)

Increase in accrued other expenses

 

 

438,632

 

 

 

169,682

 

Net cash used in operating activities

 

 

(44,609,502

)

 

 

(63,491,229

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Public offering

 

 

89,031,800

 

 

 

 

Offering costs

 

 

(1,012,044

)

 

 

 

Distributions paid to stockholders

 

 

(9,826,821

)

 

 

(7,618,071

)

Proceeds from 2023 Notes issuance (See Notes 5 and 10)

 

 

138,579,858

 

 

 

 

Borrowings under Credit Facility (See Notes 5 and 10)

 

 

11,485,010

 

 

 

91,902,000

 

Repayments under Credit Facility (See Notes 5 and 10)

 

 

(74,900,000

)

 

 

(25,500,000

)

Net cash provided by financing activities

 

 

153,357,803

 

 

 

58,783,929

 

Net increase (decrease) in cash equivalents

 

 

108,748,301

 

 

 

(4,707,300

)

Effect of exchange rate changes on cash

 

 

126,281

 

 

 

(108

)

Cash and cash equivalents, beginning of period

 

 

18,910,756

 

 

 

28,910,973

 

Cash and cash equivalents, end of period

 

$

127,785,338

 

 

$

24,203,565

 

Supplemental disclosure of cash flow information:

 

 

 

 

 

 

 

 

Interest paid

 

$

12,991,925

 

 

$

1,660,026

 

Taxes paid

 

$

2,984

 

 

$

 

Non-cash exchanges and conversions

 

$

 

 

$

709,685

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

7


 

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2017

(Unaudited)

 

 

Issuer Name

 

Maturity

 

Industry

 

Current

Coupon

 

 

Basis Point

Spread

Above

Index (1)

 

 

Par /

Shares

 

 

Cost

 

 

Fair Value (2)

 

Investments in Non-Controlled, Non-Affiliated Portfolio Companies—126.1% (3), (4)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First Lien Secured Debt—115.3%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Advanced Cable Communications, LLC

 

08/09/2021

 

Telecommunications

 

 

7.44

%

 

3M L+575

 

 

 

15,988,750

 

 

$

15,806,841

 

 

$

15,988,750

 

Alera Group Intermediate Holdings, Inc.

 

12/30/2022

 

Banking, Finance, Insurance and Real Estate

 

 

6.86

%

 

1M L+550

 

 

 

10,559,896

 

 

 

10,482,709

 

 

 

10,559,896

 

Alera Group Intermediate Holdings, Inc. (Revolver) (8), (9)

 

12/30/2021

 

Banking, Finance, Insurance and Real Estate

 

 

 

 

 

 

 

 

1,771,962

 

 

 

 

 

 

 

Alera Group Intermediate Holdings, Inc. (8), (9)

 

12/30/2022

 

Banking, Finance, Insurance and Real Estate

 

 

 

 

 

 

 

 

5,895,073

 

 

 

 

 

 

 

Allied America, Inc. (8)

 

08/08/2022

 

Business Services

 

 

8.70

%

 

3M L+700

 

 

 

698,246

 

 

 

698,246

 

 

 

698,246

 

American Auto Auction Group, LLC

 

11/30/2021

 

Transportation: Consumer

 

 

6.56

%

 

3M L+525

 

 

 

5,902,594

 

 

 

5,831,627

 

 

 

5,814,056

 

American Gilsonite Company (8)

 

12/31/2021

 

Metals and Mining

 

 

15.00

%

 

 

 

 

 

128,248

 

 

 

124,752

 

 

 

144,921

 

American Scaffold

 

03/31/2022

 

Aerospace and Defense

 

 

8.19

%

 

3M L+650

 

 

 

4,687,500

 

 

 

4,632,649

 

 

 

4,640,625

 

American Teleconferencing Services, Ltd.

 

12/08/2021

 

Telecommunications

 

 

7.90

%

 

3M L+650

 

 

 

10,541,782

 

 

 

10,385,394

 

 

 

10,344,124

 

Anesthesia Consulting & Management, LP

 

10/31/2022

 

Healthcare and Pharmaceuticals

 

 

7.94

%

 

3M L+525

 

 

 

3,624,167

 

 

 

3,593,663

 

 

 

3,533,562

 

API Technologies Corp.

 

04/22/2022

 

Aerospace and Defense

 

 

8.19

%

 

3M L+650

 

 

 

4,850,567

 

 

 

4,776,928

 

 

 

4,874,820

 

BEI Precision Systems & Space Company, Inc.

 

04/28/2023

 

Aerospace and Defense

 

 

7.20

%

 

3M L+550

 

 

 

11,940,000

 

 

 

11,828,685

 

 

 

11,820,600

 

By Light Professional IT Services, LLC

 

05/16/2022

 

High Tech Industries

 

 

8.67

%

 

1M L+725

 

 

 

15,563,421

 

 

 

15,213,871

 

 

 

15,563,421

 

By Light Professional IT Services, LLC (Revolver) (8), (9)

 

05/16/2022

 

High Tech Industries

 

 

 

 

 

 

 

 

2,311,784

 

 

 

 

 

 

 

Cadence Aerospace, LLC

 

11/14/2023

 

Aerospace and Defense

 

 

7.91

%

 

3M L+650

 

 

 

11,000,000

 

 

 

10,892,191

 

 

 

10,901,407

 

Camin Cargo Control, Inc.

 

06/30/2021

 

Transportation: Cargo

 

 

6.32

%

 

1M L+475

 

 

 

2,437,500

 

 

 

2,422,148

 

 

 

2,340,000

 

Canyon Valor Companies, Inc. (10)

 

06/16/2023

 

Media: Broadcasting and Subscription

 

 

5.94

%

 

3M L+425

 

 

 

6,982,500

 

 

 

6,966,528

 

 

 

7,055,258

 

Cardenas Markets LLC

 

11/29/2023

 

Beverage, Food and Tobacco

 

 

7.32

%

 

1M L+575

 

 

 

3,903,892

 

 

 

3,913,045

 

 

 

3,889,252

 

CD&R TZ Purchaser, Inc.

 

07/21/2023

 

Consumer Goods: Durable

 

 

7.69

%

 

3M L+600

 

 

 

12,343,750

 

 

 

12,073,766

 

 

 

12,297,461

 

Chicken Soup for the Soul Publishing, LLC

 

01/08/2019

 

Media: Advertising, Printing and Publishing

 

 

7.61

%

 

1M L+625

 

 

 

4,589,286

 

 

 

4,576,386

 

 

 

4,245,090

 

Clarus Glassboards LLC

 

03/16/2023

 

Construction and Building

 

 

6.82

%

 

1M L+525

 

 

 

4,330,000

 

 

 

4,290,634

 

 

 

4,330,000

 

Corfin Industries LLC

 

11/25/2020

 

Aerospace and Defense

 

 

11.11

%

 

1M L+975

 

 

 

5,922,755

 

 

 

5,846,351

 

 

 

5,922,755

 

Corfin Industries LLC (Revolver) (8), (9)

 

11/25/2020

 

Aerospace and Defense

 

 

 

 

 

 

 

 

518,033

 

 

 

 

 

 

 

Country Fresh Holdings, LLC

 

03/31/2023

 

Beverage, Food and Tobacco

 

 

6.69

%

 

3M L+500

 

 

 

19,619,991

 

 

 

19,574,262

 

 

 

19,058,676

 

DBI Holding, LLC

 

08/02/2021

 

Business Services

 

 

6.82

%

 

1M L+525

 

 

 

9,875,100

 

 

 

9,796,637

 

 

 

9,875,100

 

Deva Holdings, Inc. (8)

 

10/31/2023

 

Consumer Goods: Non-Durable

 

 

8.32

%

 

3M L+675

 

 

 

27,500,000

 

 

 

26,962,074

 

 

 

26,950,000

 

Deva Holdings, Inc. (Revolver) (8), (9)

 

10/31/2022

 

Consumer Goods: Non-Durable

 

 

 

 

 

 

 

 

2,115,000

 

 

 

 

 

 

 

Douglas Products and Packaging Company LLC

 

06/30/2020

 

Chemicals, Plastics and Rubber

 

 

6.45

%

 

3M L+475

 

 

 

4,373,643

 

 

 

4,356,111

 

 

 

4,373,643

 

Driven Performance Brands, Inc.

 

09/30/2022

 

Consumer Goods: Durable

 

 

6.16

%

 

1M L+475

 

 

 

10,487,120

 

 

 

10,460,640

 

 

 

10,487,120

 

Driven Performance Brands, Inc. (Revolver) (8), (9)

 

09/30/2022

 

Consumer Goods: Durable

 

 

 

 

 

 

 

 

1,000,000

 

 

 

 

 

 

 

East Valley Tourist Development Authority

 

03/07/2022

 

Hotel, Gaming and Leisure

 

 

9.69

%

 

3M L+800

 

 

 

16,701,000

 

 

 

16,495,827

 

 

 

16,784,505

 

Education Networks of America, Inc.

 

05/06/2021

 

Telecommunications

 

 

8.69

%

 

3M L+700

 

 

 

12,353,267

 

 

 

12,231,129

 

 

 

12,291,501

 

Education Networks of America, Inc. (Revolver) (8), (9)

 

05/06/2021

 

Telecommunications

 

 

 

 

 

 

 

 

2,173,913

 

 

 

 

 

 

(10,870

)

Efficient Collaborative Retail Marketing Company, LLC

 

06/15/2022

 

Media: Diversified and Production

 

 

8.44

%

 

3M L+675

 

 

 

9,912,089

 

 

 

9,834,007

 

 

 

9,912,089

 

GCOM Software LLC (8)

 

11/14/2022

 

High Tech Industries

 

 

8.92

%

 

1M L+750

 

 

 

14,933,333

 

 

 

14,567,640

 

 

 

14,709,333

 

GCOM Software LLC (Revolver) (8)

 

11/14/2022

 

High Tech Industries

 

 

9.75

%

 

P+550

 

 

 

333,333

 

 

 

333,333

 

 

 

333,333

 

GCOM Software LLC (Revolver) (8), (9)

 

11/14/2022

 

High Tech Industries

 

 

 

 

 

 

 

 

2,333,333

 

 

 

 

 

 

 

Hollander Sleep Products, LLC

 

06/09/2023

 

Consumer Goods: Non-Durable

 

 

9.69

%

 

3M L+800

 

 

 

10,975,119

 

 

 

10,770,519

 

 

 

10,755,616

 

iEnergizer Limited and Aptara, Inc. (6), (10)

 

05/01/2019

 

Business Services

 

 

7.57

%

 

1M L+600

 

 

 

6,678,438

 

 

 

6,652,149

 

 

 

6,611,654

 

IGM RFE1 B.V. (6), (10), (11)

 

10/12/2021

 

Chemicals, Plastics and Rubber

 

 

8.00

%

 

3M E+800

 

 

12,050,199

 

 

 

12,524,977

 

 

 

14,469,843

 

Impact Sales, LLC

 

12/30/2021

 

Wholesale

 

 

8.33

%

 

3M L+700

 

 

 

6,676,852

 

 

 

6,676,852

 

 

 

6,676,852

 

Impact Sales, LLC (8), (9)

 

12/30/2021

 

Wholesale

 

 

 

 

 

 

 

 

3,234,375

 

 

 

 

 

 

 

Infrastructure Supply Operations Pty Ltd. (6), (10), (11)

 

12/12/2023

 

Wholesale

 

 

6.48

%

 

1M L+475

 

A

$

5,000,000

 

 

 

3,644,625

 

 

 

3,773,864

 

Innova Medical Ophthalmics Inc. (6), (10)

 

04/13/2022

 

Capital Equipment

 

 

8.44

%

 

3M L+675

 

 

 

3,365,125

 

 

 

3,321,970

 

 

 

3,365,125

 

Innova Medical Ophthalmics Inc. (Revolver) (6), (8), (9), (10)

 

04/13/2022

 

Capital Equipment

 

 

 

 

 

 

 

 

530,973

 

 

 

 

 

 

 

Intralinks, Inc. (8)

 

11/14/2024

 

Business Services

 

 

5.70

%

 

3M L+400

 

 

 

15,000,000

 

 

 

14,925,397

 

 

 

14,906,250

 

Inventus Power, Inc.

 

04/30/2020

 

Consumer Goods: Durable

 

 

8.07

%

 

1M L+650

 

 

 

4,719,237

 

 

 

4,697,025

 

 

 

4,388,890

 

Jackson Hewitt Inc.

 

07/30/2020

 

Consumer Services

 

 

8.38

%

 

3M L+700

 

 

 

4,653,450

 

 

 

4,600,750

 

 

 

4,577,831

 

K2 Pure Solutions NoCal, L.P. (8)

 

02/19/2021

 

Chemicals, Plastics and Rubber

 

 

10.57

%

 

1M L+900

 

 

 

4,002,471

 

 

 

3,939,181

 

 

 

3,969,871

 

KHC Holdings, Inc.

 

10/31/2022

 

Wholesale

 

 

7.69

%

 

3M L+600

 

 

 

12,132,527

 

 

 

11,974,864

 

 

 

12,132,527

 

KHC Holdings, Inc. (Revolver) (8)

 

10/30/2020

 

Wholesale

 

 

5.80

%

 

1M L+425

 

 

 

120,968

 

 

 

120,968

 

 

 

120,968

 

KHC Holdings, Inc. (Revolver) (8), (9)

 

10/30/2020

 

Wholesale

 

 

 

 

 

 

 

 

1,088,710

 

 

 

 

 

 

 

Lago Resort & Casino, LLC

 

03/07/2022

 

Hotel, Gaming and Leisure

 

 

11.19

%

 

3M L+950

 

 

 

10,174,500

 

 

 

10,018,876

 

 

 

10,085,473

 

Leap Legal Software Pty Ltd (6), (10), (11)

 

09/12/2022

 

High Tech Industries

 

 

7.56

%

 

3M L+575

 

A

$

9,975,000

 

 

 

7,714,371

 

 

 

7,684,915

 

LifeCare Holdings LLC (8)

 

11/30/2018

 

Healthcare and Pharmaceuticals