Attached files

file filename
EX-32.2 - CERTIFICATION OF CO-CHIEF EXECUTIVE OFFICER PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 - 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
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-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, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 - CION Investment Corpex-32.1.htm
EX-32.3 - CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 - CION Investment Corpex-32.3.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 March 31, 2016

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 since 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 May 5, 2016 was 104,619,711.

  

 


 

CĪON INVESTMENT CORPORATION

FORM 10-Q

TABLE OF CONTENTS

 

 

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

11

 

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

40

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

55

 

Item 4. Controls and Procedures

56

 

PART II – OTHER INFORMATION

 

 

Item 1. Legal Proceedings

57

 

Item 1A. Risk Factors

57

 

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

57

 

Item 3. Defaults Upon Senior Securities

57

 

Item 4. Mine Safety Disclosures

57

 

Item 5. Other Information

57

 

Item 6. Exhibits

58

 

Signatures

60

                 

 


 

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

CĪON Investment Corporation

Consolidated Balance Sheets

(in thousands, except share and per share amounts)

 

March 31,

 

December 31,

 

2016

 

2015

 

(unaudited)

 

 

Assets

 

 

 

 

 

 

Investments, at fair value (amortized cost of $714,406 and $699,036, respectively)

$

672,564

 

$

669,799

Cash

 

18,876

 

 

39,741

Restricted cash

 

2,000

 

 

2,000

Due from counterparty(1)

 

231,831

 

 

226,316

Receivable for common stock purchased

 

-

 

 

5,459

Interest receivable on investments

 

4,976

 

 

5,973

Receivable due on investments sold

 

7,515

 

 

50

Receivable due on total return swap(1)

 

6,709

 

 

6,175

Prepaid expenses and other assets

 

430

 

 

243

    Total assets

$

944,901

 

$

955,756

 

 

 

 

 

 

Liabilities and Shareholders' Equity

Liabilities

 

 

 

 

 

Payable for investments purchased

$

4,930

 

$

9,800

Accounts payable and accrued expenses

 

908

 

 

692

Commissions payable for common stock purchased ($1 and $171 to CĪON Securities, LLC, respectively)

 

7

 

 

474

Accrued management fees

 

4,512

 

 

4,430

Accrued administrative services expense

 

292

 

 

617

Accrued recoupment of expense support from IIG(2)

 

119

 

 

480

Due to IIG - offering, organizational and other costs(3)

 

17

 

 

37

Unrealized depreciation on total return swap(1)

 

36,508

 

 

34,900

    Total liabilities

 

47,293

 

 

51,430

 

 

 

 

 

 

Commitments and contingencies (Note 4 and Note 11)

 

 

 

 

 

 

 

 

 

 

 

Shareholders' Equity

 

 

 

 

 

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

 

 

 

 

 

    104,723,030 and 103,814,361 shares issued and outstanding, respectively

 

105

 

 

104

Capital in excess of par value

 

976,028

 

 

968,359

Accumulated distributions in excess of net investment income

 

(167)

 

 

-

Accumulated net realized losses on investments

 

(8)

 

 

-

Accumulated net unrealized depreciation on investments

 

(41,842)

 

 

(29,237)

Accumulated net unrealized depreciation on total return swap(1)

 

(36,508)

 

 

(34,900)

    Total shareholders' equity

 

897,608

 

 

904,326

 

 

 

 

 

 

Total liabilities and shareholders' equity

$

944,901

 

$

955,756

 

 

 

 

 

 

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

$

8.57

 

$

8.71

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

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

 

 

 

 

 

 

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

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

March 31,

 

2016

 

2015

 

(unaudited)

 

(unaudited)

Investment income

 

 

 

 

 

Interest income

$

17,079

 

$

8,444

Fee and other income

 

192

 

 

470

    Total investment income

 

17,271

 

 

8,914

 

 

 

 

 

 

Operating expenses

 

 

 

 

 

Management fees

 

4,512

 

 

2,760

Administrative services expense

 

292

 

 

454

Capital gains incentive fee(1)

 

-

 

 

1,454

General and administrative(2)

 

1,753

 

 

1,278

Interest expense

 

120

 

 

-

    Total operating expenses

 

6,677

 

 

5,946

Recoupment of expense support from IIG(3)

 

119

 

 

837

    Net operating expenses

 

6,796

 

 

6,783

    Net investment income

 

10,475

 

 

2,131

 

 

 

 

 

 

Realized and unrealized (losses) gains

 

 

 

 

 

Net realized (loss) gain on investments

 

(8)

 

 

575

Net change in unrealized (depreciation) appreciation on investments

 

(12,605)

 

 

1,464

Net realized gain on total return swap(4)

 

8,362

 

 

6,607

Net change in unrealized (depreciation) appreciation on total return swap(4)

 

(1,608)

 

 

6,049

    Total net realized and unrealized (losses) gains

 

(5,859)

 

 

14,695

 

 

 

 

 

 

Net increase in net assets resulting from operations

$

4,616

 

$

16,826

 

 

 

 

 

 

Per share information—basic and diluted

 

 

 

 

 

 

 

 

 

 

 

Net increase in net assets per share resulting from operations

$

0.04

 

$

0.29

 

 

 

 

 

 

Weighted average shares of common stock outstanding

 

103,957,573

 

 

58,939,554

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

(3)  See Note 4 for a discussion of expense support from IIG and recoupment of expense support.

 

 

 

 

 

 

(4)  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)

 

 

 

Three Months Ended

March 31,

 

 

 

2016

 

2015

 

 

 

(unaudited)

 

(unaudited)

Changes in net assets from operations:

 

 

 

 

 

 

Net investment income

$

10,475

 

$

2,131

 

Net realized (loss) gain on investments

 

(8)

 

 

575

 

Net change in unrealized (depreciation) appreciation on investments

 

(12,605)

 

 

1,464

 

Net realized gain on total return swap(1)

 

8,362

 

 

6,607

 

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

 

(1,608)

 

 

6,049

 

 

Net increase in net assets resulting from operations

 

4,616

 

 

16,826

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

 

 

 

 

 

 

Net investment income

 

(10,475)

 

 

(2,131)

 

Net realized gain on total return swap

 

 

 

 

 

 

Net interest and other income from TRS portfolio

 

(8,193)

 

 

(6,408)

 

Net gain on TRS loan sales

 

(169)

 

 

(199)

 

Net realized gain on investments

 

-

 

 

(575)

 

Distributions in excess of net investment income(3)

 

(167)

 

 

(1,454)

 

 

Net decrease in net assets from shareholders' distributions

 

(19,004)

 

 

(10,767)

Changes in net assets from capital share transactions:

 

 

 

 

 

 

Issuance of common stock, net of issuance costs of $50 and $10,016, respectively

 

424

 

 

99,715

 

Reinvestment of shareholders' distributions

 

9,683

 

 

3,410

 

Repurchase of common stock

 

(2,437)

 

 

(460)

 

 

Net increase in net assets resulting from capital share transactions

 

7,670

 

 

102,665

 

 

 

 

 

 

 

 

Total (decrease) increase in net assets

 

(6,718)

 

 

108,724

Net assets at beginning of period

 

904,326

 

 

496,389

Net assets at end of period

$

897,608

 

$

605,113

 

 

 

 

 

 

 

 

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

$

8.57

 

$

9.35

Shares of common stock outstanding at end of period

 

104,723,030

 

 

64,734,704

 

 

 

 

 

 

 

 

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

$

(167)

 

$

(1,454)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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 deductible 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)

 

Three Months Ended

March 31,

 

2016

 

2015

 

 

 

 

(unaudited)

 

(unaudited)

Operating activities:

 

 

 

 

 

Net increase in net assets resulting from operations

$

4,616

 

$

16,826

Adjustments to reconcile net increase in net assets resulting from

 

 

 

 

 

operations to net cash used in operating activities:

 

 

 

 

 

 

Net accretion of discount on investments

 

(409)

 

 

(204)

 

Proceeds from principal repayment of investments

 

10,749

 

 

1,118

 

Purchase of investments

 

(37,007)

 

 

(115,528)

 

Decrease (increase) in short term investments, net

 

369

 

 

(22,838)

 

Proceeds from sale of investments

 

10,920

 

 

35,565

 

Net realized loss (gain) on investments

 

8

 

 

(575)

 

Net unrealized depreciation (appreciation) on investments

 

12,605

 

 

(1,464)

 

Net unrealized depreciation (appreciation) on total return swap(1)

 

1,608

 

 

(6,049)

 

Amortization of deferred financing costs

 

69

 

 

-

 

(Increase) decrease in due from counterparty(1)

 

(5,515)

 

 

(41,150)

 

(Increase) decrease in interest receivable on investments

 

997

 

 

129

 

(Increase) decrease in receivable due on investments sold

 

(7,465)

 

 

(3,261)

 

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

 

(534)

 

 

(1,704)

 

(Increase) decrease in prepaid expenses and other assets

 

(106)

 

 

(301)

 

Increase (decrease) in payable for investments purchased

 

(4,870)

 

 

33,335

 

Increase (decrease) in accounts payable and accrued expenses

 

216

 

 

146

 

Increase (decrease) in accrued management fees

 

82

 

 

1,729

 

Increase (decrease) in accrued administrative services expense

 

(325)

 

 

(129)

 

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

 

(361)

 

 

837

 

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

 

(20)

 

 

(385)

 

Increase (decrease) in accrued capital gains incentive fee on unrealized appreciation

 

-

 

 

1,454

Net cash used in operating activities

 

(14,373)

 

 

(102,449)

 

 

 

 

 

 

 

 

 

Financing activities:

 

 

 

 

 

 

Gross proceeds from issuance of common stock

 

5,933

 

 

111,190

 

Commissions and dealer manager fees paid

 

(517)

 

 

(10,584)

 

Repurchase of common stock

 

(2,437)

 

 

(460)

 

Shareholders' distributions paid(4)

 

(9,321)

 

 

(2,955)

 

Deferred financing costs paid

 

(150)

 

 

-

Net cash (used in) provided by financing activities

 

(6,492)

 

 

97,191

 

 

 

 

 

 

 

 

 

Net decrease in cash

 

(20,865)

 

 

(5,258)

Cash, beginning of period

 

39,741

 

 

9,474

Cash, end of period

$

18,876

 

$

4,216

 

 

 

 

 

 

 

 

 

Supplemental non-cash financing activities:

 

 

 

 

 

 

Cash paid for interest

$

50

 

$

-

 

Reinvestment of shareholders' distributions(4)

$

9,683

 

$

3,410

 

Shareholders' distributions payable

$

-

 

$

4,402

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2)

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

 

 

 

 

 

 

 

 

 

(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)

March 31, 2016

(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

 

$

2,955

 

$

2,950

 

$

2,925

 

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

 

3 Month LIBOR

 

High Tech Industries

 

 

8,583

 

 

8,551

 

 

8,497

 

F+W Media, Inc., L+725, 1.25% LIBOR Floor, 6/30/2019

 

3 Month LIBOR

 

Media: Diversified & Production

 

 

10,290

 

 

9,982

 

 

9,622

 

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

 

3 Month LIBOR

 

Beverage, Food & Tobacco

 

 

11,609

 

 

11,490

 

 

11,493

 

Infogroup Inc., L+550, 1.50% LIBOR Floor, 5/26/2018

 

3 Month LIBOR

 

Media: Advertising, Printing & Publishing

 

 

15,702

 

 

15,249

 

 

14,632

 

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

 

1 Month LIBOR

 

Hotel, Gaming & Leisure

 

 

1,941

 

 

1,905

 

 

1,921

 

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

 

None

 

Beverage, Food & Tobacco

 

 

6,000

 

 

6,000

 

 

6,323

 

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

 

3 Month LIBOR

 

Energy: Electricity

 

 

4,232

 

 

4,207

 

 

3,661

 

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

 

3 Month LIBOR

 

Consumer Goods: Non-Durable

 

 

10,917

 

 

10,819

 

 

10,590

 

SmartBear Software Inc., L+750, 1.00% LIBOR Floor, 12/30/2020

 

6 Month LIBOR

 

High Tech Industries

 

 

18,872

 

 

18,505

 

 

18,494

 

Smile Brands Group, Inc., L+775, 1.25% LIBOR Floor, 8/16/2019(k)

 

3 Month LIBOR

 

Healthcare & Pharmaceuticals

 

 

3,684

 

 

3,631

 

 

3,159

 

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

 

3 Month LIBOR

 

Energy: Oil & Gas

 

 

7,363

 

 

6,809

 

 

5,596

 

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

 

3 Month LIBOR

 

Hotel, Gaming & Leisure

 

 

18,507

 

 

18,447

 

 

18,507

 

Telestream Holdings Corp., L+950, 1.00% LIBOR Floor, 1/15/2020

 

3 Month LIBOR

 

High Tech Industries

 

 

7,433

 

 

7,285

 

 

7,284

 

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

 

3 Month LIBOR

 

Consumer Goods: Non-Durable

 

 

3,301

 

 

3,267

 

 

3,244

Total Senior Secured First Lien Debt

 

 

 

 

 

 

 

 

 

129,097

 

 

125,948

Senior Secured Second Lien Debt - 49.1%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

3 Month LIBOR

 

Retail

 

 

8,788

 

 

8,732

 

 

8,414

 

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

 

3 Month LIBOR

 

Services: Business

 

 

16,030

 

 

15,411

 

 

15,629

 

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

 

3 Month LIBOR

 

Media: Advertising, Printing & Publishing

 

 

10,344

 

 

10,181

 

 

9,568

 

American Residential Services LLC, L+750, 1.00% LIBOR Floor, 12/31/2021

 

3 Month LIBOR

 

Construction & Building

 

 

3,700

 

 

3,670

 

 

3,626

 

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

 

3 Month LIBOR

 

Banking, Finance, Insurance & Real Estate

 

 

3,075

 

 

3,103

 

 

3,013

 

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

 

3 Month LIBOR

 

Beverage, Food & Tobacco

 

 

18,000

 

 

17,850

 

 

17,527

 

C.H.I. Overhead Doors, Inc., L+775, 1.00% LIBOR Floor, 7/31/2023

 

3 Month LIBOR

 

Construction & Building

 

 

7,000

 

 

6,966

 

 

6,615

 

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

 

3 Month LIBOR

 

Healthcare & Pharmaceuticals

 

 

5,714

 

 

5,661

 

 

5,600

 

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

 

3 Month LIBOR

 

Services: Business

 

 

11,245

 

 

11,083

 

 

10,852

 

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

 

3 Month LIBOR

 

Chemicals, Plastics & Rubber

 

 

9,500

 

 

9,453

 

 

8,740

 

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

 

3 Month LIBOR

 

High Tech Industries

 

 

20,000

 

 

19,723

 

 

19,200

 

Elements Behavioral Health, Inc., L+1200, 1.00% LIBOR Floor, 2/11/2020(k)

 

3 Month LIBOR

 

Healthcare & Pharmaceuticals

 

 

5,169

 

 

5,131

 

 

4,962

 

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

 

3 Month LIBOR

 

Environmental Industries

 

 

3,000

 

 

2,975

 

 

2,475

 

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

 

1 Month LIBOR

 

High Tech Industries

 

 

9,385

 

 

9,093

 

 

8,799

 

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

 

1 Month LIBOR

 

Services: Business

 

 

11,410

 

 

11,331

 

 

10,440

 

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

 

3 Month LIBOR

 

Telecommunications

 

 

9,500

 

 

9,487

 

 

7,149

 

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

 

1 Month LIBOR

 

High Tech Industries

 

 

5,000

 

 

4,961

 

 

4,973

 

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

 

6 Month LIBOR

 

Containers, Packaging & Glass

 

 

12,409

 

 

12,182

 

 

11,727

 

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

 

3 Month LIBOR

 

Construction & Building

 

 

13,917

 

 

13,718

 

 

13,664

 

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

 

3 Month LIBOR

 

Services: Business

 

 

7,860

 

 

7,779

 

 

7,231

 

Kronos Inc., L+850, 1.25% LIBOR Floor, 4/30/2020

 

3 Month LIBOR

 

High Tech Industries

 

 

3,738

 

 

3,724

 

 

3,740

 

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

 

3 Month LIBOR

 

Services: Business

 

 

9,830

 

 

9,823

 

 

8,798

 

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

 

3 Month LIBOR

 

High Tech Industries

 

 

2,273

 

 

2,264

 

 

1,978

 

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

 

3 Month LIBOR

 

Media: Broadcasting & Subscription

 

 

1,350

 

 

1,339

 

 

1,345

 

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

 

3 Month LIBOR

 

Services: Business

 

 

3,380

 

 

3,322

 

 

2,974

 

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

 

3 Month LIBOR

 

High Tech Industries

 

 

7,509

 

 

7,492

 

 

6,674

 

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

 

3 Month LIBOR

 

High Tech Industries

 

 

15,000

 

 

14,807

 

 

12,900

 

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

 

6 Month LIBOR

 

High Tech Industries

 

 

16,245

 

 

16,012

 

 

14,864

 

Onex TSG Holdings II Corp., L+850, 1.00% LIBOR Floor, 7/31/2023

 

1 Month LIBOR

 

Healthcare & Pharmaceuticals

 

 

12,249

 

 

12,133

 

 

12,004

 

Patterson Medical Supply, Inc., L+775, 1.00% LIBOR Floor, 8/28/2023

 

3 Month LIBOR

 

Healthcare & Pharmaceuticals

 

 

13,500

 

 

13,372

 

 

13,230

 

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

 

3 Month LIBOR

 

Chemicals, Plastics & Rubber

 

 

3,469

 

 

3,480

 

 

2,931

 

PetroChoice Holdings, Inc., L+875, 1.00% LIBOR Floor, 8/21/2023

 

1 Month LIBOR

 

Chemicals, Plastics & Rubber

 

 

15,000

 

 

14,715

 

 

14,738

 

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

 

3 Month LIBOR

 

Energy: Electricity

 

 

10,000

 

 

9,846

 

 

9,900

 

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

 

3 Month LIBOR

 

Services: Consumer

 

 

9,984

 

 

9,929

 

 

9,847

 

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

 

3 Month LIBOR

 

Services: Business

 

 

10,000

 

 

9,831

 

 

9,550

 

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

 

3 Month LIBOR

 

High Tech Industries

 

 

5,000

 

 

4,758

 

 

4,033

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to consolidated financial statements.

5


CĪON Investment Corporation

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2016

(in thousands)

Portfolio Company(a)

 

Index Rate(b)

 

Industry

 

Principal/Par

Amount

 

Amortized

Cost

 

Fair

Value(c)

 

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

 

3 Month LIBOR

 

Telecommunications

 

 

4,500

 

 

4,477

 

 

3,825

 

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

 

3 Month LIBOR

 

Services: Business

 

 

1,511

 

 

1,500

 

 

1,454

 

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

 

Various

 

Hotel, Gaming & Leisure

 

 

6,220

 

 

6,220

 

 

6,189

 

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

 

3 Month LIBOR

 

Services: Business

 

 

10,462

 

 

10,432

 

 

10,096

 

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

 

3 Month LIBOR

 

Services: Business

 

 

10,000

 

 

9,857

 

 

9,500

 

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

 

3 Month LIBOR

 

Services: Business

 

 

15,000

 

 

14,736

 

 

14,700

 

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

 

None

 

Services: Business

 

 

6,175

 

 

6,004

 

 

5,897

 

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

 

3 Month LIBOR

 

Media: Broadcasting & Subscription

 

 

1,606

 

 

1,568

 

 

1,554

 

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

 

1 Month LIBOR

 

Beverage, Food & Tobacco

 

 

15,000

 

 

14,868

 

 

14,775

 

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

 

1 Month LIBOR

 

Banking, Finance, Insurance & Real Estate

 

 

14,368

 

 

14,310

 

 

14,440

 

U.S. Renal Care, Inc., L+800, 1.00% LIBOR Floor, 12/29/2023

 

3 Month LIBOR

 

Healthcare & Pharmaceuticals

 

 

10,000

 

 

9,807

 

 

9,850

 

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

 

3 Month LIBOR

 

Services: Business

 

 

15,000

 

 

14,936

 

 

13,725

 

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

 

6 Month LIBOR

 

Automotive

 

 

16,000

 

 

15,876

 

 

14,600

 

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

 

1 Month LIBOR

 

Beverage, Food & Tobacco

 

 

12,823

 

 

12,514

 

 

10,643

Total Senior Secured Second Lien Debt

 

 

 

 

 

 

 

 

462,442

 

440,958

Collateralized Securities and Structured Products - Debt - 4.3%

 

 

 

 

 

 

 

 

 

 

 

 

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

 

3 Month LIBOR

 

Diversified Financials

 

 

2,000

 

 

2,027

 

 

1,920

 

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

 

3 Month LIBOR

 

Diversified Financials

 

 

610

 

 

617

 

 

586

 

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

 

 

5,184

 

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

 

 

14,725

 

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

 

3 Month LIBOR

 

Diversified Financials

 

 

5,000

 

 

4,580

 

 

3,283

 

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

 

 

1,872

 

 

1,371

 

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

 

3 Month LIBOR

 

Diversified Financials

 

 

2,500

 

 

2,331

 

 

1,719

 

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

 

3 Month LIBOR

 

Diversified Financials

 

 

5,000

 

 

5,000

 

 

4,913

 

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

 

3 Month LIBOR

 

Diversified Financials

 

 

7,500

 

 

7,061

 

 

5,038

Total Collateralized Securities and Structured Products - Debt

 

 

 

 

 

 

 

44,388

 

 

38,739

Collateralized Securities and Structured Products - Equity - 2.4%

 

 

 

 

 

 

 

 

 

 

 

 

Anchorage Capital CLO 2012-1, Ltd. Subordinated Notes, 10.33% Estimated Yield, 1/13/2025(g)

 

(e)

 

Diversified Financials

 

 

4,000

 

 

3,088

 

 

2,308

 

APIDOS CLO XVI Subordinated Notes, 12.24% Estimated Yield, 1/19/2025(g)

 

(e)

 

Diversified Financials

 

 

9,000

 

 

5,133

 

 

2,141

 

CENT CLO 19 Ltd. Subordinated Notes, 11.80% Estimated Yield, 10/29/2025(g)

 

(e)

 

Diversified Financials

 

 

2,000

 

 

1,385

 

 

976

 

Dryden XXIII Senior Loan Fund Subordinated Notes, 10.78% Estimated Yield, 7/17/2023(g)

 

(e)

 

Diversified Financials

 

 

9,250

 

 

5,500

 

 

3,035

 

Galaxy XV CLO Ltd. Class A Subordinated Notes, 12.45% Estimated Yield, 4/15/2025(g)

 

(e)

 

Diversified Financials

 

 

4,000

 

 

2,585

 

 

2,030

 

Ivy Hill Middle Market Credit Fund VII, Ltd. Subordinated Notes, 12.80% Estimated Yield, 10/20/2025(g)

 

(e)

 

Diversified Financials

 

 

2,000

 

 

1,757

 

 

1,335

 

Ivy Hill Middle Market Credit Fund IX, Ltd. Subordinated Notes, 11.42% Estimated Yield, 10/18/2025(g)

 

(e)

 

Diversified Financials

 

 

8,146

 

 

6,689

 

 

6,353

 

Ivy Hill Middle Market Credit Fund X, Ltd. Subordinated Notes, 14.00% Estimated Yield, 7/24/2027(g)

 

(e)

 

Diversified Financials

 

 

4,760

 

 

4,235

 

 

3,615

Total Collateralized Securities and Structured Products - Equity

 

 

 

 

 

 

 

30,372

 

 

21,793

Unsecured Debt -  3.0%

 

 

 

 

 

 

 

 

 

 

 

 

Alliant Holdings I, L.P., 8.25%, 8/1/2023

 

None

 

Banking, Finance, Insurance & Real Estate

 

 

7,255

 

 

7,238

 

 

7,210

 

American Tire Distributors, Inc., 10.25%, 3/1/2022

 

None

 

Automotive

 

 

5,000

 

 

4,857

 

 

4,487

 

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

 

None

 

Banking, Finance, Insurance & Real Estate

 

 

9,000

 

 

8,960

 

 

8,640

 

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

 

None

 

Media: Broadcasting & Subscription

 

 

9,000

 

 

8,529

 

 

6,266

Total Unsecured Debt

 

 

 

 

 

 

 

29,584

 

 

26,603

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to consolidated financial statements.

6


CĪON Investment Corporation

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2016

(in thousands)

 

 

 

 

 

 

 

 

 

 

Amortized

Cost

 

Fair

Value

Short Term Investments - 2.1%(h)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First American Treasury Obligations Fund, Class Z Shares, 0.17%(i)

 

 

 

 

 

 

 

18,523

 

 

18,523

Total Short Term Investments

 

 

 

 

 

 

 

 

 

18,523

 

 

18,523

TOTAL INVESTMENTS - 74.9%

 

 

 

 

 

 

 

 

$

714,406

 

$

672,564

OTHER ASSETS IN EXCESS OF LIABILITIES - 25.1%

 

 

 

 

 

 

 

 

 

 

 

$

225,044

NET ASSETS - 100%

 

 

 

 

 

 

 

 

 

 

 

$

897,608

TOTAL RETURN SWAP - (4.1)%

 

 

 

 

 

Notional

Amount

 

 

 

 

Unrealized

Depreciation

 

Citibank TRS Facility (see Note 7)

 

 

 

 

 

$

721,919

 

 

 

 

$

(36,508)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)

All of the Company’s 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, or CCSLF, the Company does not control and is not an affiliate of any of the portfolio companies in its investment portfolio. See Note 6 for a description of the Company's investment in CCSLF. Unless specifically identified, investments do not contain a paid-in-kind, or PIK, interest provision.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(b)

The 1, 3, and 6 month London Interbank Offered Rate, or LIBOR, rates were 0.44%, 0.63%, and 0.90%, respectively, as of March 31, 2016.  The actual LIBOR rate for each loan listed may not be the applicable LIBOR rate as of March 31, 2016, as the loan may have been priced or repriced based on a LIBOR rate prior to or subsequent to March 31, 2016.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(c)

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(d)

As discussed in Note 11, on March 31, 2016 and May 5, 2016, the Company was committed, upon the satisfaction of certain conditions, to fund an additional $1,069 and $1,119 to Studio Movie Grill Holdings, LLC and ABG Intermediate Holdings 2 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 March 31, 2016. JFIN CLO 2014 Class E Notes were rated BB on S&P's credit scale as of March 31, 2016.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(g)

The investment or a portion thereof 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 the company’s total assets as defined under Section 55 of the 1940 Act. As of March 31, 2016, 90.7% 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, 87.8% of the Company’s total assets represented qualifying assets as of March 31, 2016.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(h)

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.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(i)

7-day effective yield as of March 31, 2016.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(j)

Security was pledged as collateral supporting the amounts outstanding, if any, under the revolving credit facility with East West Bank as of March 31, 2016.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(k)

For the three months ended March 31, 2016, the following investments contain a PIK interest provision whereby the issuer has either the option or the obligation to make interest payments with the issuance of additional securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Rate

 

 

Interest Amount

 

 

Portfolio Company

 

Investment Type

 

Cash

 

PIK

 

All-in-Rate

 

Cash

 

PIK

 

All-in-Rate

 

 

Elements Behavioral Health, Inc.(l)

 

Senior Secured Second Lien Debt

 

 -  

 

13.00%

 

13.00%

 

$

-

 

$

152

 

$

152

 

 

Smile Brands Group, Inc.

 

Senior Secured First Lien Debt

 

7.50%

 

1.50%

 

9.00%

 

$

74

 

$

15

 

$

89

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(l)

Prior to February 12, 2016, Elements Behavioral Health, Inc. notified the Company that it would not make its scheduled interest payment due on that date. As a result, the Company entered into a new Forbearance Agreement and Eighth Amendment to Second Lien Credit Agreement, which, among other things, modified the interest rate to LIBOR plus 12% and specified that all interest shall be paid-in-kind on each interest payment date through the earlier of the forbearance period termination or September 30, 2016. The investment has not been placed on non-accrual status as the Company believes that all principal and interest is likely to be collected.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to consolidated financial statements.

 

7


CĪON Investment Corporation

Consolidated Schedule of Investments

December 31, 2015

(in thousands)

  

Portfolio Company(a)

 

Index Rate(b)

 

Industry

 

Principal/Par

Amount

 

Amortized

Cost

 

Fair

Value(c)

Senior Secured First Lien Debt - 11.5%

 

 

 

 

 

 

 

 

 

 

 

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

 

3 Month LIBOR

 

High Tech Industries

 

$

2,962

 

$

2,957

 

$

2,933

 

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

 

3 Month LIBOR

 

High Tech Industries

 

 

8,583

 

 

8,548

 

 

8,497

 

F+W Media, Inc., L+725, 1.25% LIBOR Floor, 6/30/2019

 

3 Month LIBOR

 

Media: Diversified & Production

 

 

10,414

 

 

10,090

 

 

10,153

 

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

 

3 Month LIBOR

 

Beverage, Food & Tobacco

 

 

11,639

 

 

11,510

 

 

11,522

 

Infogroup Inc., L+550, 1.50% LIBOR Floor, 5/26/2018

 

3 Month LIBOR

 

Media: Advertising, Printing & Publishing

 

 

15,743

 

 

15,242

 

 

14,956

 

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

 

3 Month LIBOR

 

Hotel, Gaming & Leisure

 

 

1,993

 

 

1,956

 

 

1,963

 

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

 

None

 

Beverage, Food & Tobacco

 

 

6,000

 

 

6,000

 

 

6,248

 

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

 

3 Month LIBOR

 

Energy: Electricity

 

 

4,243

 

 

4,215

 

 

3,840

 

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

 

3 Month LIBOR

 

Consumer Goods: Non-Durable

 

 

10,945

 

 

10,842

 

 

10,726

 

Smile Brands Group, Inc., L+775, 1.25% LIBOR Floor, 8/16/2019(l)

 

3 Month LIBOR

 

Healthcare & Pharmaceuticals

 

 

3,678

 

 

3,623

 

 

2,630

 

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

 

3 Month LIBOR

 

Energy: Oil & Gas

 

 

7,381

 

 

6,785

 

 

6,274

 

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

 

3 Month LIBOR

 

Hotel, Gaming & Leisure

 

 

18,625

 

 

18,538

 

 

18,625

 

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

 

3 Month LIBOR

 

Consumer Goods: Non-Durable

 

 

3,310

 

 

3,273

 

 

3,248

 

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

 

3 Month LIBOR

 

Capital Equipment

 

 

2,598

 

 

2,568

 

 

2,572

Total Senior Secured First Lien Debt

 

 

 

 

 

 

 

 

 

106,147

 

 

104,187

Senior Secured Second Lien Debt - 50.2%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

3 Month LIBOR

 

Retail

 

 

8,788

 

 

8,721

 

 

8,623

 

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

 

3 Month LIBOR

 

Services: Business

 

 

16,030

 

 

15,382

 

 

15,629

 

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

 

3 Month LIBOR

 

Media: Advertising, Printing & Publishing

 

 

10,344

 

 

10,174

 

 

9,671

 

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

 

3 Month LIBOR

 

Construction & Building

 

 

3,700

 

 

3,669

 

 

3,672

 

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

 

3 Month LIBOR

 

Banking, Finance, Insurance & Real Estate

 

 

3,075

 

 

3,104

 

 

3,052

 

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

 

3 Month LIBOR

 

Beverage, Food & Tobacco

 

 

18,000

 

 

17,846

 

 

17,640

 

C.H.I. Overhead Doors, Inc., L+775, 1.00% LIBOR Floor, 7/31/2023

 

3 Month LIBOR

 

Construction & Building

 

 

7,000

 

 

6,965

 

 

6,580

 

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

 

3 Month LIBOR

 

Healthcare & Pharmaceuticals

 

 

5,714

 

 

5,659

 

 

5,657

 

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

 

3 Month LIBOR

 

Services: Business

 

 

11,245

 

 

11,080

 

 

11,105

 

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

 

3 Month LIBOR

 

Chemicals, Plastics & Rubber

 

 

9,500

 

 

9,452

 

 

9,120

 

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

 

3 Month LIBOR

 

High Tech Industries

 

 

20,000

 

 

19,709

 

 

19,400

 

Elements Behavioral Health, Inc., L+1075, 1.00% LIBOR Floor, 2/11/2020(l)

 

3 Month LIBOR

 

Healthcare & Pharmaceuticals

 

 

5,018

 

 

4,978

 

 

4,918

 

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

 

3 Month LIBOR

 

Environmental Industries

 

 

3,000

 

 

2,974

 

 

2,850

 

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

 

3 Month LIBOR

 

High Tech Industries

 

 

9,385

 

 

9,081