Attached files

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EX-31.2 - CERTIFICATION OF CO-CHIEF EXECUTIVE OFFICER PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 - CION Investment Corpex-31.2.htm
EX-32.3 - CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO SECTION 906 OF THE SARBANES - CION Investment Corpex-32.3.htm
EX-31.1 - CERTIFICATION OF CO-CHIEF EXECUTIVE OFFICER PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 - CION Investment Corpex-31.1.htm
EX-32.1 - CERTIFICATION OF CO-CHIEF EXECUTIVE OFFICER PURSUANT TO 18 U.S.C. SECTION 1350, - CION Investment Corpex-32.1.htm
EX-32.2 - CERTIFICATION OF CO-CHIEF EXECUTIVE OFFICER PURSUANT TO 18 U.S.C. SECTION 1350, - CION Investment Corpex-32.2.htm
EX-31.3 - CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 - CION Investment Corpex-31.3.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q 

 

 

[x]

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

For the quarterly period ended June 30, 2015

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 000-54755 

 

CĪON Investment Corporation

 

 

(Exact name of registrant as specified in its charter)

 

 

 

Maryland

 

45-3058280

 

 

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

 

3 Park Avenue, 36th Floor
New York, New York

 

 

10016

 

 

(Address of principal executive offices)

 

(Zip Code)

 

 

 

(212) 418-4700

 

 

(Registrant’s telephone number, including area code)

 

 

 

 

 

Not applicable

 

 

(Former name, former address and former fiscal year, if changed from last report)

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.                                                      

 Yes [x] No [  ]

Indicate by check mark whether the registrant has submitted electronically  and posted on its corporate Website, 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, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer [  ]

Accelerated filer [  ]

 

Non-accelerated filer [x] (Do not check if a smaller reporting company)

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 12, 2015 was 84,531,513.

  

 


 

CĪON INVESTMENT CORPORATION

TABLE OF CONTENTS

FORM 10-Q

 

 

Page

 

PART I - FINANCIAL INFORMATION

 

 

Item 1. Financial Statements

1

 

Consolidated Balance Sheets

1

 

Consolidated Statements of Operations

2

 

Consolidated Statements of Changes in Net Assets

3

 

Consolidated Statements of Cash Flows

4

 

Consolidated Schedules of Investments

5

 

Notes to Consolidated Financial Statements

10

 

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

40

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

61

 

Item 4. Controls and Procedures

62

 

PART II – OTHER INFORMATION

 

 

Item 1. Legal Proceedings

63

 

Item 1A. Risk Factors

63

 

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

63

 

Item 3. Defaults Upon Senior Securities

63

 

Item 4. Mine Safety Disclosures

63

 

Item 5. Other Information

63

 

Item 6. Exhibits

64

 

Signatures

66

                 

 


 

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

CĪON Investment Corporation

Consolidated Balance Sheets

(in thousands, except share and per share amounts)

 

June 30,

 

December 31,

 

2015

 

2014

 

(unaudited)

 

 

 

Assets

Investments, at fair value (amortized cost of $584,144 and $363,564, respectively)

$

584,925

 

$

361,914

Cash

 

11,732

 

 

9,474

Restricted cash

 

2,000

 

 

-

Due from counterparty(1)

 

175,023

 

 

128,388

Receivable for common stock purchased

 

-

 

 

1,459

Interest receivable on investments

 

4,008

 

 

2,184

Receivable due on investment sold

 

8,209

 

 

-

Receivable due on total return swap(1)

 

8,028

 

 

4,557

Prepaid expenses and other assets

 

950

 

 

125

    Total assets

$

794,875

 

$

508,101

 

 

 

 

 

 

Liabilities and Shareholders' Equity

Liabilities

 

 

 

 

 

Payable for investments purchased

$

27,932

 

$

4,106

Revolving credit facility

 

22,000

 

 

-

Shareholders' distributions payable(3)

 

5,379

 

 

-

Accounts payable and accrued expenses

 

705

 

 

515

Commissions payable for common stock purchased ($218 to CĪON Securities, LLC)

 

-

 

 

597

Accrued management fees

 

3,492

 

 

1,031

Accrued administrative services expense

 

419

 

 

570

Accrued recoupment of expense reimbursements from IIG(2)

 

1,592

 

 

-

Due to IIG - offering, organizational and other costs(4)

 

84

 

 

484

Unrealized depreciation on total return swap(1)

 

1,610

 

 

4,409

Accrued capital gains incentive fee(5)

 

1,211

 

 

-

    Total liabilities

 

64,424

 

 

11,712

 

 

 

 

 

 

Commitments and contingencies (Note 4 and Note 11)

 

 

 

 

 

 

 

 

 

 

 

Shareholders' Equity

 

 

 

 

 

Common stock, $0.001 par value; 500,000,000 shares authorized;

 

 

 

 

 

     78,325,613 and 53,818,629 shares issued and outstanding, respectively

 

78

 

 

54

Capital in excess of par value

 

732,858

 

 

502,394

Accumulated distributions in excess of net investment income

 

(1,656)

 

 

-

Accumulated net unrealized appreciation (depreciation) on investments

 

781

 

 

(1,650)

Accumulated net unrealized depreciation on total return swap(1)

 

(1,610)

 

 

(4,409)

    Total shareholders' equity

 

730,451

 

 

496,389

 

 

 

 

 

 

Total liabilities and shareholders' equity

$

794,875

 

$

508,101

 

 

 

 

 

 

Net asset value per share of common stock at end of period

$

9.33

 

$

9.22

 

 

 

 

 

 

(1) See Note 7 for a discussion of the Company’s total return swap agreement.

 

 

 

 

 

(2) See Note 4 for a discussion of expense reimbursements from ICON Investment Group, LLC, or IIG, and recoupment of expense reimbursements.

(3) See Note 5 for a discussion of the sources of distributions paid by the Company.

(4) See Note 2 for a discussion of offering, organizational and other costs submitted to the Company for reimbursement by IIG and its affiliates.

(5) See Note 2 and Note 4 for a discussion of the methodology employed by the Company in calculating the capital gains incentive fee.

See accompanying notes to consolidated financial statements.

1


CĪON Investment Corporation

Consolidated Statements of Operations

(in thousands, except share and per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

June 30,

 

Six Months Ended

June 30,

 

 

 

2015

 

2014

 

2015

 

2014

 

 

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

(unaudited)

Investment income

 

 

 

 

 

 

 

 

 

 

 

Interest income

$

11,647

 

$

3,634

 

$

20,091

 

$

5,835

Fee and other income

 

271

 

 

-

 

 

741

 

 

-

Total investment income

 

11,918

 

 

3,634

 

 

20,832

 

 

5,835

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

Management fees

 

3,491

 

 

1,303

 

 

6,251

 

 

2,212

Administrative services expense

 

420

 

 

430

 

 

874

 

 

846

Capital gains incentive fee(1)

 

(243)

 

 

220

 

 

1,211

 

 

745

Offering, organizational and other costs - IIG(2)

 

-

 

 

-

 

 

-

 

 

591

General and administrative(3)

 

2,043

 

 

1,017

 

 

3,321

 

 

2,076

Interest expense

 

109

 

 

-

 

 

109

 

 

-

Total expenses

 

5,820

 

 

2,970

 

 

11,766

 

 

6,470

Expense reimbursements from IIG(4)

 

-

 

 

-

 

 

-

 

 

(1,049)

Recoupment of expense reimbursements from IIG(4)

 

1,592

 

 

600

 

 

2,429

 

 

600

Net operating expenses

 

7,412

 

 

3,570

 

 

14,195

 

 

6,021

Net investment income (loss)

 

4,506

 

 

64

 

 

6,637

 

 

(186)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Realized and unrealized gains

 

 

 

 

 

 

 

 

 

 

 

Net realized gain on investments

 

-

 

 

210

 

 

575

 

 

384

Net change in unrealized appreciation on investments

 

967

 

 

603

 

 

2,431

 

 

1,214

Net realized gain on total return swap(5)

 

8,515

 

 

4,800

 

 

15,122

 

 

7,764

Net change in unrealized (depreciation) appreciation on total return swap(5)

 

(3,250)

 

 

(1,185)

 

 

2,799

 

 

23

Total net realized and unrealized gains

 

6,232

 

 

4,428

 

 

20,927

 

 

9,385

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net increase in net assets resulting from operations

$

10,738

 

$

4,492

 

$

27,564

 

$

9,199

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Per share information—basic and diluted

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net increase in net assets per share resulting from operations

$

0.15

 

$

0.16

 

$

0.42

 

$

0.38

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares of common stock outstanding

 

72,323,545

 

 

28,393,882

 

 

65,668,608

 

 

24,318,604

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

See Note 2 and Note 4 for a discussion of the methodology employed by the Company in calculating the capital gains incentive fee.

(2)

See Note 2 for a discussion of offering, organizational and other costs submitted to the Company for reimbursement by IIG and its affiliates.

(3)

See Note 10 for details of the Company's general and administrative expenses.

(4)

See Note 4 for a discussion of expense reimbursements from IIG and recoupment of expense reimbursements.

(5)

See Note 7 for a discussion of the Company’s total return swap agreement.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to consolidated financial statements.

2


CĪON Investment Corporation

Consolidated Statements of Changes in Net Assets

(in thousands, except share and per share amounts)

 

 

 

Six Months Ended

June 30,

 

 

 

2015

 

2014

 

 

 

(unaudited)

 

(unaudited)

Changes in net assets from operations:

 

 

 

 

 

 

Net investment income (loss)

$

6,637

 

$

(186)

 

Net realized gain on investments

 

575

 

 

384

 

Net change in unrealized appreciation on investments

 

2,431

 

 

1,214

 

Net realized gain on total return swap(1)

 

15,122

 

 

7,764

 

Net change in unrealized appreciation on total return swap(1)

 

2,799

 

 

23

 

 

Net increase in net assets resulting from operations

 

27,564

 

 

9,199

Changes in net assets from shareholders' distributions:(2)

 

 

 

 

 

 

Net investment income

 

(6,637)

 

 

-

 

Net realized gain on total return swap

 

 

 

 

 

 

Net interest and other income from TRS portfolio

 

(13,853)

 

 

(5,687)

 

Net gain on TRS loan sales

 

(1,269)

 

 

(2,077)

 

Net realized gain on investments

 

(575)

 

 

(384)

 

Distributions in excess of net investment income(3)

 

(1,656)

 

 

(287)

 

 

Net decrease in net assets from shareholders' distributions

 

(23,990)

 

 

(8,435)

Changes in net assets from capital share transactions:

 

 

 

 

 

 

Issuance of common stock, net of issuance costs of $21,967 and $15,433, respectively

 

221,494

 

 

158,669

 

Reinvestment of shareholder distributions

 

9,852

 

 

5,130

 

Repurchase of common stock

 

(858)

 

 

(46)

 

 

Net increase in net assets resulting from capital share transactions

 

230,488

 

 

163,753

 

 

 

 

 

 

 

 

Total increase in net assets

 

234,062

 

 

164,517

Net assets at beginning of period

 

496,389

 

 

144,571

Net assets at end of period

$

730,451

 

$

309,088

 

 

 

 

 

 

 

 

Net asset value per share of common stock at end of period

$

9.33

 

$

9.38

Shares of common stock outstanding at end of period

 

78,325,613

 

 

32,949,270

 

 

 

 

 

 

 

 

Undistributed (distributions in excess of) net investment income at end of period(3)

$

(1,656)

 

$

-

 

 

 

 

 

 

 

 

(1)

See Note 7 for a discussion of the Company’s total return swap agreement.

 

 

 

 

 

(2)

This table presents changes in net assets from shareholders' distributions on a GAAP basis. See Note 5 for a discussion of the sources of distributions paid by the Company.

(3)

Distributions in excess of net investment income represent certain expenses, which are not deductable on a tax-basis.  Unearned capital gains incentive fees and certain offering expenses reduce GAAP basis net investment income, but do not reduce tax basis net investment income. These tax-related adjustments represent additional net investment income available for distribution for tax purposes.

 

 

 

 

 

 

 

 

See accompanying notes to consolidated financial statements.

3


CĪON Investment Corporation

Consolidated Statements of Cash Flows

(in thousands)

 

Six Months Ended

June 30,

 

2015

 

2014

 

 

 

 

(unaudited)

 

(unaudited)

Operating activities:

 

 

 

 

 

Net increase in net assets resulting from operations

$

27,564

 

$

9,199

Adjustments to reconcile net increase in net assets resulting from

 

 

 

 

 

operations to net cash used in operating activities:

 

 

 

 

 

 

Net accretion of discount on investments

 

(451)

 

 

(124)

 

Proceeds from principal repayment of investments

 

3,510

 

 

5,544

 

Purchase of investments

 

(289,195)

 

 

(159,809)

 

Decrease (increase) in short term investments, net

 

10,330

 

 

(27,012)

 

Proceeds from sale of investments

 

55,801

 

 

40,230

 

Net realized gain on investments

 

(575)

 

 

(384)

 

Net unrealized appreciation on investments

 

(2,431)

 

 

(1,214)

 

Net unrealized appreciation on total return swap(1)

 

(2,799)

 

 

(23)

 

(Increase) decrease in due from counterparty(1)

 

(46,635)

 

 

(39,002)

 

(Increase) decrease in reimbursement from IIG, net(2)

 

-

 

 

546

 

(Increase) decrease in due to IIG - other(3)

 

-

 

 

(86)

 

(Increase) decrease in interest receivable on investments

 

(1,824)

 

 

(699)

 

(Increase) decrease in receivable due on investment sold

 

(8,209)

 

 

(830)

 

(Increase) decrease in receivable due on total return swap(1)

 

(3,471)

 

 

(2,767)

 

(Increase) decrease in prepaid expenses and other assets

 

(547)

 

 

99

 

Increase (decrease) in payable for investments purchased

 

23,826

 

 

20,685

 

Increase (decrease) in accounts payable and accrued expenses

 

166

 

 

168

 

Increase (decrease) in accrued management fees

 

2,461

 

 

1,303

 

Increase (decrease) increase in accrued administrative services expense

 

(151)

 

 

430

 

Increase (decrease) in due to IIG - offering, organizational and other costs(3)

 

(400)

 

 

(550)

 

Increase (decrease) in accrued recoupment of expense reimbursements from IIG(2)

 

1,592

 

 

600

 

Increase (decrease) in accrued capital gains incentive fee

 

1,211

 

 

606

Net cash used in operating activities

 

(230,227)

 

 

(153,090)

 

 

 

 

 

 

 

 

 

Financing activities:

 

 

 

 

 

 

Gross proceeds from issuance of common stock

 

244,920

 

 

174,102

 

Commissions and dealer manager fees paid

 

(22,540)

 

 

(15,433)

 

Repurchase of common stock

 

(858)

 

 

(46)

 

Shareholders' distributions paid(4)

 

(8,759)

 

 

(4,200)

 

Borrowings under revolving credit facility

 

22,000

 

 

-

 

Restricted cash

 

(2,000)

 

 

-

 

Deferred financing costs paid

 

(278)

 

 

-

Net cash provided by financing activities

 

232,485

 

 

154,423

 

 

 

 

 

 

 

 

 

Net increase in cash

 

2,258

 

 

1,333

Cash, beginning of period

 

9,474

 

 

450

Cash, end of period

$

11,732

 

$

1,783

 

 

 

 

 

 

 

 

 

Supplemental non-cash financing activities:

 

 

 

 

 

 

Cash paid for interest

$

60

 

$

-

 

Reinvestment of shareholders' distributions

$

9,852

 

$

5,130

 

Shareholders' distributions payable

$

5,379

 

$

-

 

 

 

 

 

 

 

 

 

(1)

See Note 7 for a discussion of the Company’s total return swap agreement.

 

 

 

 

 

(2)

See Note 4 for a discussion of expense reimbursements from IIG and recoupment of expense reimbursements.

(3)

See Note 2 for a discussion of offering, organizational and other costs submitted to the Company for reimbursement by IIG and its affiliates.

(4)

See Note 5 for a discussion of the sources of distributions paid by the Company.

 

 

 

 

 

 

 

 

 

See accompanying notes to consolidated financial statements.

4


CĪON Investment Corporation

Consolidated Schedule of Investments (unaudited)

June 30, 2015

(in thousands)

Portfolio Company(a)

 

Index Rate(b)

 

Industry

 

Principal/Par

Amount

 

Amortized

Cost

 

Fair

Value(c)

Senior Secured First Lien Debt - 14.0%

 

 

 

 

 

 

 

 

 

 

 

Accruent, LLC, L+625, 1.00% LIBOR Floor, 11/25/2019

 

3 Month LIBOR

 

High Tech Industries

 

$

2,977

 

$

2,972

 

$

2,978

 

ECI Acquisition Holdings, Inc., L+625, 1.00% LIBOR Floor, 3/11/2019(d)

 

3 Month LIBOR

 

High Tech Industries

 

 

8,583

 

 

8,545

 

 

8,583

 

F+W Media, Inc., L+650, 1.25% LIBOR Floor, 6/30/2019

 

3 Month LIBOR

 

Media: Diversified & Production

 

 

10,978

 

 

10,584

 

 

10,799

 

Ignite Restaurant Group, Inc., L+700, 1.00% LIBOR Floor, 2/13/2019

 

3 Month LIBOR

 

Beverage, Food & Tobacco

 

 

14,887

 

 

14,700

 

 

14,739

 

Infogroup Inc., L+600, 1.50% LIBOR Floor, 5/26/2018(h)

 

3 Month LIBOR

 

Media: Advertising, Printing & Publishing

 

 

11,285

 

 

10,801

 

 

10,861

 

Intertain Group Ltd., L+650, 1.00% LIBOR Floor, 4/8/2022(g)

 

2 Month LIBOR

 

Hotel, Gaming & Leisure

 

 

2,098

 

 

2,057

 

 

2,103

 

Nathan's Famous Inc., 10.00%, 3/15/2020(g)

 

None

 

Beverage, Food & Tobacco

 

 

6,000

 

 

6,000

 

 

6,450

 

Panda Sherman Power, LLC, L+750, 1.50% LIBOR Floor, 9/14/2018(h)

 

3 Month LIBOR

 

Energy: Electricity

 

 

4,264

 

 

4,232

 

 

4,222

 

Plano Molding Company, LLC, L+600, 1.00% LIBOR Floor, 5/12/2021

 

3 Month LIBOR

 

Consumer Goods: Non-Durable

 

 

11,000

 

 

10,892

 

 

10,890

 

SK Spice S.Á.R.L, L+825, 1.25% LIBOR Floor, 9/30/2018(g)

 

3 Month LIBOR

 

Chemicals, Plastics & Rubber

 

 

1,749

 

 

1,724

 

 

1,753

 

Smile Brands Group, Inc., L+625, 1.25% LIBOR Floor, 8/16/2019

 

3 Month LIBOR

 

Healthcare & Pharmaceuticals

 

 

3,693

 

 

3,633

 

 

2,548

 

Sprint Industrial Holdings, LLC, L+575, 1.25% LIBOR Floor, 5/14/2019

 

3 Month LIBOR

 

Energy: Oil & Gas

 

 

7,419

 

 

6,775

 

 

6,677

 

Studio Movie Grill Holdings, LLC, L+725, 1.00% LIBOR Floor, 9/10/2018(d)

 

3 Month LIBOR

 

Hotel, Gaming & Leisure

 

 

16,743

 

 

16,608

 

 

16,743

 

TOPPS Company, Inc., L+600, 1.25% LIBOR Floor, 10/02/2018

 

3 Month LIBOR

 

Consumer Goods: Non-Durable

 

 

277

 

 

273

 

 

274

 

US Joiner Holding Company, L+600, 1.00% LIBOR Floor, 4/16/2020

 

3 Month LIBOR

 

Capital Equipment

 

 

2,611

 

 

2,579

 

 

2,598

Total Senior Secured First Lien Debt

 

 

 

 

 

 

 

 

 

102,375

 

 

102,218

Senior Secured Second Lien Debt - 53.9%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ABG Intermediate Holdings 2 LLC, L+850, 1.00% LIBOR Floor, 5/27/2022(d)(h)

 

3 Month LIBOR

 

Retail

 

 

6,067

 

 

6,006

 

 

6,089

 

Access CIG, LLC, L+875, 1.00% LIBOR Floor, 10/17/2022

 

3 Month LIBOR

 

Services: Business

 

 

11,245

 

 

10,767

 

 

10,964

 

ALM Media, LLC, L+800, 1.00% LIBOR Floor, 7/30/2021

 

3 Month LIBOR

 

Media: Advertising, Printing & Publishing

 

 

10,344

 

 

10,160

 

 

10,137

 

American Residential Services LLC, L+800,1.00% LIBOR Floor, 12/31/2021

 

3 Month LIBOR

 

Construction & Building

 

 

3,700

 

 

3,667

 

 

3,645

 

AmWINS Group, LLC, L+850, 1.00% LIBOR Floor, 9/4/2020

 

3 Month LIBOR

 

Banking, Finance, Insurance & Real Estate

 

 

750

 

 

757

 

 

757

 

Blue Ribbon, LLC, L+825, 1.00% LIBOR Floor, 11/13/2022(k)

 

3 Month LIBOR

 

Beverage, Food & Tobacco

 

 

15,000

 

 

14,852

 

 

14,962

 

Coinamatic Canada Inc., L+700, 1.00% LIBOR Floor, 5/15/2023(g)

 

1 Month LIBOR

 

Services: Consumer

 

 

745

 

 

745

 

 

756

 

Concenta Inc., L+800, 1.00% LIBOR Floor, 6/1/2023

 

3 Month LIBOR

 

Healthcare & Pharmaceuticals

 

 

5,714

 

 

5,657

 

 

5,764

 

Deltek, Inc., L+850, 1.00% LIBOR Floor, 6/26/2023

 

3 Month LIBOR

 

Services: Business

 

 

11,245

 

 

11,133

 

 

11,330

 

Drew Marine Group, Inc., L+700, 1.00% LIBOR Floor, 5/19/2021(g)

 

3 Month LIBOR

 

Chemicals, Plastics & Rubber

 

 

6,500

 

 

6,495

 

 

6,435

 

EISI LLC, L+850, 1.00% LIBOR Floor, 9/23/2020(k)

 

3 Month LIBOR

 

High Tech Industries

 

 

20,000

 

 

19,689

 

 

19,800

 

Elements Behavioral Health, Inc., L+875, 1.00% LIBOR Floor, 2/11/2020

 

3 Month LIBOR

 

Healthcare & Pharmaceuticals

 

 

5,000

 

 

4,958

 

 

4,967

 

Emerald 3 Limited, L+700, 1.00% LIBOR Floor, 5/16/2022(g)

 

3 Month LIBOR

 

Environmental Industries

 

 

3,000

 

 

2,973

 

 

3,000

 

Flexera Software LLC, L+700, 1.00% LIBOR Floor, 4/2/2021

 

3 Month LIBOR

 

High Tech Industries

 

 

5,340

 

 

5,266

 

 

5,323

 

Fram Group Holdings Inc., L+950, 1.50% LIBOR Floor, 1/29/2018

 

1 Month LIBOR

 

Automotive

 

 

90

 

 

88

 

 

84

 

GCA Services Group, Inc., L+800, 1.25% LIBOR Floor, 11/1/2020

 

3 Month LIBOR

 

Services: Consumer

 

 

1,361

 

 

1,363

 

 

1,364

 

Genex Holdings, Inc., L+775, 1.00% LIBOR Floor, 5/30/2022

 

1 Month LIBOR

 

Services: Business

 

 

10,910

 

 

10,836

 

 

10,821

 

Global Tel*Link Corporation, L+775, 1.25% LIBOR Floor, 11/23/2020

 

3 Month LIBOR

 

Telecommunications

 

 

9,500

 

 

9,488

 

 

9,120

 

GTCR Valor Companies, Inc., L+850, 1.00% LIBOR Floor, 11/30/2021

 

3 Month LIBOR

 

High Tech Industries

 

 

5,000

 

 

4,958

 

 

4,863

 

H.D. Vest, Inc., L+825, 1.00% LIBOR Floor, 6/18/2019(k)

 

3 Month LIBOR

 

Banking, Finance, Insurance & Real Estate

 

 

17,500

 

 

17,423

 

 

17,378

 

Hilex Poly Co. LLC, L+875, 1.00% LIBOR Floor, 6/5/2022

 

3 Month LIBOR

 

Containers, Packaging & Glass

 

 

12,409

 

 

12,164

 

 

12,595

 

Infiltrator Water Technologies, LLC, L+875, 1.00% LIBOR Floor, 5/26/2023(h)

 

3 Month LIBOR

 

Construction & Building

 

 

10,917

 

 

10,708

 

 

10,889

 

Institutional Shareholder Services Inc., L+750, 1.00% LIBOR Floor, 4/30/2022

 

3 Month LIBOR

 

Services: Business

 

 

5,860

 

 

5,835

 

 

5,743

 

Landslide Holdings, Inc., L+725, 1.00% LIBOR Floor, 2/25/2021

 

3 Month LIBOR

 

Services: Business

 

 

9,830

 

 

9,834

 

 

9,535

 

Lanyon Solutions, Inc., L+850, 1.00% LIBOR Floor, 11/15/2021

 

3 Month LIBOR

 

High Tech Industries

 

 

2,273

 

 

2,264

 

 

2,179

 

Learfield Communications, Inc., L+775, 1.00% LIBOR Floor, 10/9/2021

 

3 Month LIBOR

 

Media: Broadcasting & Subscription

 

 

1,417

 

 

1,405

 

 

1,435

 

Mergermarket USA, Inc., L+650, 1.00% LIBOR Floor, 2/4/2022

 

3 Month LIBOR

 

Services: Business

 

 

3,380

 

 

3,316

 

 

3,167

 

Mitchell International, Inc., L+750, 1.00% LIBOR Floor, 10/11/2021

 

3 Month LIBOR

 

High Tech Industries

 

 

7,509

 

 

7,491

 

 

7,519

 

MSC.Software Corporation, L+750, 1.00% LIBOR Floor, 5/29/2021

 

3 Month LIBOR

 

High Tech Industries

 

 

10,168

 

 

10,081

 

 

9,990

 

Navex Global, Inc., L+875, 1.00% LIBOR Floor, 11/18/2022

 

3 Month LIBOR

 

High Tech Industries

 

 

11,245

 

 

11,076

 

 

11,132

 

Pelican Products, Inc., L+825, 1.00% LIBOR Floor, 4/11/2021(h)

 

3 Month LIBOR

 

Chemicals, Plastics & Rubber

 

 

3,469

 

 

3,483

 

 

3,452

 

Pike Corporation, L+850, 1.00% LIBOR Floor, 6/22/2022

 

1 Month LIBOR

 

Energy: Electricity

 

 

10,000

 

 

9,836

 

 

9,975

 

PODS, LLC, L+825, 1.00% LIBOR Floor, 2/2/2023

 

3 Month LIBOR

 

Services: Consumer

 

 

9,984

 

 

9,928

 

 

10,140

 

PSC Industrial Holdings Corp., L+825, 1.00% LIBOR Floor, 12/5/2021

 

3 Month LIBOR

 

Services: Business

 

 

10,000

 

 

9,810

 

 

9,950

 

RP Crown Parent, LLC, L+1000, 1.25% LIBOR Floor, 12/21/2019

 

3 Month LIBOR

 

High Tech Industries

 

 

5,000

 

 

4,721

 

 

4,625

 

Securus Technologies Holdings, Inc., L+775, 1.25% LIBOR Floor, 4/30/2021

 

3 Month LIBOR

 

Telecommunications

 

 

4,500

 

 

4,475

 

 

4,343

See accompanying notes to consolidated financial statements.

5


CĪON Investment Corporation

Consolidated Schedule of Investments (unaudited) (continued)

June 30, 2015

(in thousands)

Portfolio Company(a)

 

Index Rate(b)

 

Industry

 

Principal/Par

Amount

 

Amortized

Cost

 

Fair

Value(c)

 

SI Organization, Inc., L+800, 1.00% LIBOR Floor, 5/23/2020

 

3 Month LIBOR

 

Services: Business

 

 

1,511

 

 

1,498

 

 

1,519

 

SMG, L+825, 1.00% LIBOR Floor, 2/27/2021

 

3 Month LIBOR

 

Hotel, Gaming & Leisure

 

 

6,220

 

 

6,220

 

 

6,251

 

Sterling Midco Holdings, Inc., L+775, 1.00% LIBOR Floor, 6/19/2023(h)

 

2 Month LIBOR

 

Services: Business

 

 

4,167

 

 

4,125

 

 

4,172

 

STG-Fairway Acquisitions, Inc., L+925, 1.00% LIBOR Floor, 6/30/2023

 

3 Month LIBOR

 

Services: Business

 

 

10,000

 

 

9,850

 

 

9,850

 

Surgery Center Holdings, Inc., L+750, 1.00% LIBOR Floor, 11/3/2021

 

3 Month LIBOR

 

Healthcare & Pharmaceuticals

 

 

10,000

 

 

10,029

 

 

9,963

 

Survey Sampling International, LLC, L+900, 1.00% LIBOR Floor, 12/16/2021

 

3 Month LIBOR

 

Services: Business

 

 

15,000

 

 

14,716

 

 

14,925

 

TASC, Inc., 12.00%, 5/23/2021(g)

 

None

 

Services: Business

 

 

7,332

 

 

7,112

 

 

7,643

 

Telecommunications Management, LLC, L+800, 1.00% LIBOR Floor, 10/30/2020

 

3 Month LIBOR

 

Media: Broadcasting & Subscription

 

 

1,106

 

 

1,089

 

 

1,090

 

TMK Hawk Parent, Corp., L+750, 1.00% LIBOR Floor, 10/1/2022(k)

 

3 Month LIBOR

 

Beverage, Food & Tobacco

 

 

15,000

 

 

14,858

 

 

15,150

 

TransFirst Inc., L+800, 1.00% LIBOR Floor, 11/11/2022

 

3 Month LIBOR

 

Banking, Finance, Insurance & Real Estate

 

 

10,368

 

 

10,307

 

 

10,413

 

U.S. Renal Care, Inc., L+750, 1.00% LIBOR Floor, 1/3/2020

 

3 Month LIBOR

 

Healthcare & Pharmaceuticals

 

 

1,985

 

 

2,018

 

 

2,014

 

U.S. Renal Care, Inc., L+900, 1.25% LIBOR Floor, 1/3/2020

 

3 Month LIBOR

 

Healthcare & Pharmaceuticals

 

 

3,486

 

 

3,525

 

 

3,529

 

Vestcom International, Inc., L+775, 1.00% LIBOR Floor, 9/30/2022(k)

 

3 Month LIBOR

 

Services: Business

 

 

15,000

 

 

14,934

 

 

14,850

 

Wand Intermediate I LP, L+725, 1.00% LIBOR Floor, 9/19/2022

 

3 Month LIBOR

 

Automotive

 

 

14,000

 

 

13,895

 

 

14,087

 

Wash Multifamily Acquisition Inc., L+700, 1.00% LIBOR Floor, 5/15/2023

 

1 Month LIBOR

 

Services: Consumer

 

 

4,255

 

 

4,253

 

 

4,319

 

Winebow Holdings, Inc., L+750, 1.00% LIBOR Floor, 1/2/2022(h)

 

1 Month LIBOR

 

Beverage, Food & Tobacco

 

 

9,987

 

 

9,729

 

 

9,638

Total Senior Secured Second Lien Debt

 

 

 

 

 

 

 

 

391,866

 

393,641

Collateralized Securities and Structured Products - Debt - 6.0%

 

 

 

 

 

 

 

 

 

 

 

 

Deutsche Bank AG Frankfurt CRAFT 2013-1A Class Credit Linked Note, L+925, 4/17/2020(g)

 

3 Month LIBOR

 

Diversified Financials

 

 

2,000

 

 

2,032

 

 

1,993

 

Deutsche Bank AG Frankfurt CRAFT 2013-1X Class Credit Linked Note, L+925, 4/17/2020(g)

 

3 Month LIBOR

 

Diversified Financials

 

 

610

 

 

618

 

 

608

 

Deutsche Bank AG Frankfurt CRAFT 2014-1 Class Credit Linked Note, L+965, 5/15/2019(g)

 

3 Month LIBOR

 

Diversified Financials

 

 

5,400

 

 

5,400

 

 

5,400

 

Deutsche Bank AG Frankfurt CRAFT 2015-2 Class Credit Linked Note, L+925, 1/16/2022(g)

 

3 Month LIBOR

 

Diversified Financials

 

 

15,500

 

 

15,500

 

 

15,500

 

Great Lakes CLO 2014-1, Ltd. Class E Notes, L+525, 4/15/2025(f)(g)

 

3 Month LIBOR

 

Diversified Financials

 

 

5,000

 

 

4,545

 

 

4,425

 

Ivy Hill Middle Market Credit Fund VII, Ltd. Class E Notes, L+565, 10/20/2025(f)(g)

 

3 Month LIBOR

 

Diversified Financials

 

 

2,000

 

 

1,864

 

 

1,884

 

JFIN CLO 2014, Ltd. Class E Notes, L+500, 4/20/2025(f)(g)

 

3 Month LIBOR

 

Diversified Financials

 

 

2,500

 

 

2,317

 

 

2,196

 

JPMorgan Chase Bank, N.A. Credit Link Note, L+1225, 12/20/2021(g)

 

3 Month LIBOR

 

Diversified Financials

 

 

5,000

 

 

5,000

 

 

4,968

 

NXT Capital CLO 2014-1, LLC Class E Notes, L+550, 4/23/2026(f)(g)

 

3 Month LIBOR

 

Diversified Financials

 

 

7,500

 

 

7,029

 

 

6,750

Total Collateralized Securities and Structured Products - Debt

 

 

 

 

 

 

 

44,305

 

 

43,724

Collateralized Securities and Structured Products - Equity - 4.5%

 

 

 

 

 

 

 

 

 

 

 

 

Anchorage Capital CLO 2012-1, Ltd. Subordinated Notes, 15.00% Estimated Yield, 1/13/2025(g)

 

(e)

 

Diversified Financials

 

 

4,000

 

 

3,521

 

 

3,427

 

APIDOS CLO XVI Subordinated Notes, 15.00% Estimated Yield, 1/19/2025(g)

 

(e)

 

Diversified Financials

 

 

9,000

 

 

5,556

 

 

5,717

 

CENT CLO 19 Ltd. Subordinated Notes, 15.00% Estimated Yield, 10/29/2025(g)

 

(e)

 

Diversified Financials

 

 

2,000

 

 

1,459

 

 

1,479

 

Dryden XXIII Senior Loan Fund Subordinated Notes, 16.00% Estimated Yield, 7/17/2023(g)

 

(e)

 

Diversified Financials

 

 

9,250

 

 

6,248

 

 

6,581

 

Galaxy XV CLO Ltd. Class A Subordinated Notes, 15.00% Estimated Yield, 4/15/2025(g)

 

(e)

 

Diversified Financials

 

 

4,000

 

 

2,718

 

 

2,874

 

Ivy Hill Middle Market Credit Fund VII, Ltd. Subordinated Notes, 16.00% Estimated Yield, 10/20/2025(g)

 

(e)

 

Diversified Financials

 

 

2,000

 

 

1,866

 

 

1,692

 

Ivy Hill Middle Market Credit Fund IX, Ltd. Subordinated Notes, 16.00% Estimated Yield, 10/18/2025(g)

 

(e)

 

Diversified Financials

 

 

8,146

 

 

7,383

 

 

6,921

 

Ivy Hill Middle Market Credit Fund X, Ltd. Subordinated Notes, 13.82% Estimated Yield, 7/1/2027(g)(h)

 

(e)

 

Diversified Financials

 

 

4,760

 

 

4,235

 

 

4,235

Total Collateralized Securities and Structured Products - Equity

 

 

 

 

 

 

 

32,986

 

 

32,926

 

Unsecured Debt -  1.7%

 

 

 

 

 

 

 

 

 

 

 

 

Radio One, Inc., 9.25%, 2/15/2020

 

None

 

Media: Broadcasting & Subscription

 

 

7,000

 

 

6,620

 

 

6,449

 

NFP Corp., 9.00%, 7/15/2021

 

None

 

Banking, Finance, Insurance & Real Estate

 

 

6,000

 

 

5,972

 

 

5,947

 

Total Unsecured Debt

 

 

 

 

 

 

 

12,592

 

 

12,396

Short Term Investments - 0.0%(i)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First American Treasury Obligations Fund, Class Z Shares(j)

 

 

 

 

 

 

20

 

 

20

 

 

20

Total Short Term Investments

 

 

 

 

 

 

 

 

 

20

 

 

20

TOTAL INVESTMENTS - 80.1%

 

 

 

 

 

 

 

 

$

584,144

 

$

584,925

See accompanying notes to consolidated financial statements.

6


CĪON Investment Corporation

Consolidated Schedule of Investments (unaudited) (continued)

June 30, 2015

(in thousands)

OTHER ASSETS IN EXCESS OF LIABILITIES - 19.9%

 

 

 

 

 

 

 

 

 

 

 

$

145,526

NET ASSETS - 100%

 

 

 

 

 

 

 

 

 

 

 

$

730,451

TOTAL RETURN SWAP - (0.2)%

 

 

 

 

 

Notional

Amount

 

 

 

 

Unrealized Depreciation

 

Citibank TRS Facility (see Note 7)

 

 

 

 

 

$

654,602

 

 

 

 

$

(1,610)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)

All of the Company's debt investments are issued by eligible U.S. portfolio companies, as defined in the Investment Company Act of 1940, as amended, or the 1940 Act, except for investments specifically identified as non-qualifying per note (g) below. Except for CĪON / Capitala Senior Loan Fund I, LLC, the Company does not control and is not an affiliate of any of the portfolio companies in its investment portfolio. Unless specifically identified, investments do not contain a paid-in-kind, or PIK, interest provision.

(b)

The 1, 2 and 3 month London Interbank Offered Rate, or LIBOR, rates were 0.19%, 0.23% and 0.28%, respectively, as of June 30, 2015.  The actual LIBOR rate for each loan listed may not be the applicable LIBOR rate as of June 30, 2015, as the loan may have been priced or repriced based on a LIBOR rate prior to or subsequent to June 30, 2015.

(c)

Fair value determined by the Company’s board of directors (see Note 9).

(d)

As discussed in Note 11, the Company was committed, upon the satisfaction of certain conditions, to fund an additional $1,207, $3,187, and $933 as of June 30, 2015 to ECI Acquisition Holdings, Inc., Studio Movie Grill Holdings, LLC, and ABG Intermediate Holdings, LLC, respectively.  As of August 10, 2015, the Company was committed, upon the satisfaction of certain conditions, to fund an additional $1,207, $2,481, and $933 to ECI Acquisition Holdings, Inc., Studio Movie Grill Holdings, LLC, and ABG Intermediate Holdings, LLC, respectively.

(e)

The CLO subordinated notes are considered equity positions in the CLO vehicles and are not rated. Equity investments are entitled to recurring distributions, which are generally equal to the remaining cash flow of the payments made by the underlying vehicle's securities less contractual payments to debt holders and expenses. The estimated yield indicated is based upon a current projection of the amount and timing of these recurring distributions and the estimated amount of repayment of principal upon termination. Such projections are periodically reviewed and adjusted, and the estimated yield may not ultimately be realized.

(f)

Great Lakes CLO 2014-1 Class E Notes, Ivy Hill Middle Market Credit Fund VII Class E Notes and NXT Capital CLO 2014-1 Class E Notes were rated Ba2 on Moody's credit scale as of June 30, 2015. JFIN CLO 2014 Class E Notes were rated BB on S&P's credit scale as of June 30, 2015.

(g)

The investment is not a qualifying asset under the 1940 Act. A business development company may not acquire any asset other than qualifying assets, unless, at the time the acquisition is made, qualifying assets represent at least 70% of that company’s total assets as defined under Section 55 of the 1940 Act. As of June 30, 2015, 86.1% of the Company’s total assets represented qualifying assets. In addition, as described in Note 7, the Company calculates its compliance with the qualifying asset test on a “look through” basis by treating each loan underlying the total return swap as either a qualifying asset or non-qualifying asset based on whether the obligor is an eligible portfolio company. On this basis, 83.6% of the Company’s total assets represented qualifying assets as of June 30, 2015.

(h)

Position or portion thereof unsettled as of June 30, 2015.

(i)

Short term investments represent an investment in a fund that invests in highly liquid investments with average original maturity dates of three months or less.

(j)

Effective yield as of June 30, 2015 was <0.01%.

(k)

Security or a portion thereof was pledged as collateral supporting the amounts outstanding, if any, under the revolving credit facility with East West Bank as of June 30, 2015.

See accompanying notes to consolidated financial statements.

7


CĪON Investment Corporation

Consolidated Schedule of Investments

December 31, 2014

(in thousands)

Portfolio Company(a)

 

Index Rate(b)

 

Industry

 

Principal/Par

Amount

 

Amortized

Cost

 

Fair

Value(c)

Senior Secured First Lien Debt - 13.9%

 

 

 

 

 

 

 

 

 

 

 

Accruent, LLC, L+625, 1.00% LIBOR Floor, 11/25/2019

 

3 Month LIBOR

 

High Tech Industries

 

$

2,993

 

$

2,986

 

$

2,993

 

ECI Acquisition Holdings, Inc., L+625, 1.00% LIBOR Floor, 3/11/2019(d)

 

3 Month LIBOR

 

High Tech Industries

 

 

8,214

 

 

8,170

 

 

8,214

 

F+W Media, Inc., L+650, 1.25% LIBOR Floor, 6/30/2019

 

3 Month LIBOR

 

Media: Diversified & Production

 

 

6,443

 

 

6,220

 

 

6,298

 

Ignite Restaurant Group, Inc., L+700, 1.00% LIBOR Floor, 2/13/2019

 

3 Month LIBOR

 

Beverage, Food & Tobacco

 

 

14,963

 

 

14,753

 

 

14,814

 

Infogroup Inc., L+600, 1.50% LIBOR Floor, 5/26/2018

 

3 Month LIBOR

 

Media: Advertising, Printing & Publishing

 

 

10,828

 

 

10,281

 

 

10,098

 

SK Spice S.Á.R.L, L+825, 1.25% LIBOR Floor, 9/30/2018(g)

 

3 Month LIBOR

 

Chemicals, Plastics & Rubber

 

 

1,758

 

 

1,730

 

 

1,745

 

Smile Brands Group, Inc., L+625, 1.25% LIBOR Floor, 8/16/2019

 

3 Month LIBOR

 

Healthcare & Pharmaceuticals

 

 

4,871

 

 

4,782

 

 

4,746

 

Sprint Industrial Holdings, LLC, L+575, 1.25% LIBOR Floor, 5/14/2019

 

3 Month LIBOR

 

Energy: Oil & Gas

 

 

1,442

 

 

1,429

 

 

1,377

 

Studio Movie Grill Holdings, LLC, L+725, 1.00% LIBOR Floor, 9/10/2018(d)

 

3 Month LIBOR

 

Hotel, Gaming & Leisure

 

 

13,588

 

 

13,401

 

 

13,452

 

TOPPS Company, Inc., L+600, 1.25% LIBOR Floor, 10/2/2018

 

3 Month LIBOR

 

Consumer Goods: Non-Durable

 

 

1,611

 

 

1,586

 

 

1,571

 

US Joiner Holding Company, L+600, 1.00% LIBOR Floor, 4/16/2020

 

3 Month LIBOR

 

Capital Equipment

 

 

3,955

 

 

3,901

 

 

3,896

Total Senior Secured First Lien Debt

 

 

 

 

 

 

 

 

69,239

 

69,204

Senior Secured Second Lien Debt - 49.4%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Access CIG, LLC, L+875, 1.00% LIBOR Floor, 10/17/2022

 

1 Month LIBOR

 

Services: Business

 

 

6,400

 

 

6,018

 

 

6,048

 

ALM Media, LLC, L+800, 1.00% LIBOR Floor, 7/30/2021

 

3 Month LIBOR

 

Media: Advertising, Printing & Publishing

 

 

10,344

 

 

10,149

 

 

10,137

 

American Residential Services LLC, L+800, 1.00% LIBOR Floor, 12/31/2021

 

3 Month LIBOR

 

Construction & Building

 

 

3,700

 

 

3,663

 

 

3,626

 

Blue Ribbon, LLC, L+825, 1.00% LIBOR Floor, 11/13/2022

 

1 Month LIBOR

 

Beverage, Food & Tobacco

 

 

8,000

 

 

7,900

 

 

7,900

 

Drew Marine Group, Inc., L+700, 1.00% LIBOR Floor, 5/19/2021(g)

 

3 Month LIBOR

 

Chemicals, Plastics & Rubber

 

 

5,000

 

 

5,003

 

 

4,975

 

EISI LLC, L+850, 1.00% LIBOR Floor, 9/23/2020

 

3 Month LIBOR

 

High Tech Industries

 

 

20,000

 

 

19,663

 

 

19,800

 

Elements Behavioral Health, Inc., L+875, 1.00% LIBOR Floor, 2/11/2020

 

3 Month LIBOR

 

Healthcare & Pharmaceuticals

 

 

5,000

 

 

4,955

 

 

4,970

 

Emerald 3 Limited, L+700, 1.00% LIBOR Floor, 5/16/2022(g)

 

3 Month LIBOR

 

Environmental Industries

 

 

5,000

 

 

4,952

 

 

4,850

 

Fram Group Holdings Inc., L+900, 1.50% LIBOR Floor, 1/29/2018

 

1 Month LIBOR

 

Automotive

 

 

90

 

 

88

 

 

88

 

GCA Services Group, Inc., L+800, 1.25% LIBOR Floor, 11/1/2020

 

3 Month LIBOR

 

Services: Consumer

 

 

800

 

 

797

 

 

792

 

Genex Holdings, Inc., L+775, 1.00% LIBOR Floor, 5/30/2022

 

1 Month LIBOR

 

Services: Business

 

 

9,910

 

 

9,856

 

 

9,637

 

Global Tel*Link Corporation, L+775, 1.25% LIBOR Floor, 11/23/2020

 

3 Month LIBOR

 

Telecommunications

 

 

9,500

 

 

9,484

 

 

9,369

 

GTCR Valor Companies, Inc., L+850, 1.00% LIBOR Floor, 11/30/2021

 

3 Month LIBOR

 

High Tech Industries

 

 

5,000

 

 

4,955

 

 

4,850

 

H.D. Vest, Inc., L+800, 1.25% LIBOR Floor, 6/18/2019

 

3 Month LIBOR

 

Banking, Finance, Insurance & Real Estate

 

 

854

 

 

846

 

 

848

 

Hilex Poly Co. LLC, L+875, 1.00% LIBOR Floor, 6/5/2022

 

3 Month LIBOR

 

Containers, Packaging & Glass

 

 

10,000

 

 

9,751

 

 

9,800

 

Institutional Shareholder Services Inc., L+750, 1.00% LIBOR Floor, 4/30/2022

 

3 Month LIBOR

 

Services: Business

 

 

5,860

 

 

5,834

 

 

5,772

 

Landslide Holdings, Inc., L+725, 1.00% LIBOR Floor, 2/25/2021

 

3 Month LIBOR

 

Services: Business

 

 

9,830

 

 

9,842

 

 

9,535

 

Lanyon Solutions, Inc., L+850, 1.00% LIBOR Floor, 11/15/2021

 

3 Month LIBOR

 

High Tech Industries

 

 

2,273

 

 

2,263

 

 

2,216

 

Learfield Communications, Inc., L+775, 1.00% LIBOR Floor, 10/9/2021

 

3 Month LIBOR

 

Media: Broadcasting & Subscription

 

 

1,417

 

 

1,405

 

 

1,410

 

Mergermarket USA, Inc., L+650, 1.00% LIBOR Floor, 2/4/2022

 

3 Month LIBOR

 

Services: Business

 

 

2,000

 

 

1,990

 

 

1,895

 

MSC.Software Corporation, L+750, 1.00% LIBOR Floor, 5/29/2021

 

3 Month LIBOR

 

High Tech Industries

 

 

7,820

 

 

7,761

 

 

7,664

 

Navex Global, Inc., L+875, 1.00% LIBOR Floor, 11/18/2022

 

3 Month LIBOR

 

Services: Business

 

 

8,000

 

 

7,841

 

 

7,880

 

Pelican Products, Inc., L+825, 1.00% LIBOR Floor, 4/11/2021

 

3 Month LIBOR

 

Chemicals, Plastics & Rubber

 

 

2,441

 

 

2,459

 

 

2,387

 

Pike Corporation, L+850, 1.00% LIBOR Floor, 6/22/2022

 

1 Month LIBOR

 

Energy: Electricity

 

 

6,000

 

 

5,850

 

 

5,932

 

PSC Industrial Holdings Corp., L+825, 1.00% LIBOR Floor, 12/5/2021

 

1 Month LIBOR

 

Services: Business

 

 

10,000

 

 

9,800

 

 

9,850

 

Securus Technologies Holdings, Inc., L+775, 1.25% LIBOR Floor, 4/30/2021

 

3 Month LIBOR

 

Telecommunications

 

 

4,500

 

 

4,472

 

 

4,444

 

SI Organization, Inc., L+800, 1.00% LIBOR Floor, 5/23/2020

 

3 Month LIBOR

 

Services: Business

 

 

1,511

 

 

1,497

 

 

1,496

 

SMG, L+825, 1.00% LIBOR Floor, 2/27/2021

 

3 Month LIBOR

 

Hotel, Gaming & Leisure

 

 

6,220

 

 

6,220

 

 

6,251

 

Survey Sampling International, LLC, L+900, 1.00% LIBOR Floor, 12/16/2021

 

3 Month LIBOR

 

Services: Business

 

 

15,000

 

 

14,701

 

 

14,738