Attached files

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EX-32.3 - CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO 18 U.S.C. SECTION 1350, AS - CION Investment Corpex-32.3.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-32.1 - CERTIFICATION OF CO-CHIEF EXECUTIVE OFFICER PURSUANT TO 18 U.S.C. SECTION 1350, - CION Investment Corpex-32.1.htm
EX-31.3 - CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO SECTION 302 OF THE SARBANES - CION Investment Corpex-31.3.htm
EX-31.2 - CERTIFICATION OF CO-CHIEF EXECUTIVE OFFICER PURSUANT TO SECTION 302 OF THE SARBA - CION Investment Corpex-31.2.htm
EX-31.1 - CERTIFICATION OF CO-CHIEF EXECUTIVE OFFICER PURSUANT TO SECTION 302 OF THE SARBA - CION Investment Corpex-31.1.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 September 30, 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 November 9, 2016 was 108,257,916.

  

 


 

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

12

 

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

45

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

64

 

Item 4. Controls and Procedures

65

 

PART II – OTHER INFORMATION

 

 

Item 1. Legal Proceedings

66

 

Item 1A. Risk Factors

66

 

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

66

 

Item 3. Defaults Upon Senior Securities

66

 

Item 4. Mine Safety Disclosures

66

 

Item 5. Other Information

66

 

Item 6. Exhibits

67

 

Signatures

70

                 

 


 

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

CĪON Investment Corporation

Consolidated Balance Sheets

(in thousands, except share and per share amounts)

 

September 30,

 

December 31,

 

2016

 

2015

 

(unaudited)

 

 

 

Assets

Investments, at fair value (amortized cost of $1,049,027 and $699,036, respectively)

$

1,036,377

 

$

669,799

Cash

 

26,490

 

 

39,741

Restricted cash

 

2,000

 

 

2,000

Due from counterparty(1)

 

143,335

 

 

226,316

Receivable for common stock purchased

 

-

 

 

5,459

Interest receivable on investments

 

6,167

 

 

5,973

Receivable due on investments sold

 

66

 

 

50

Receivable due on total return swap(1)

 

5,294

 

 

6,175

Prepaid expenses and other assets

 

563

 

 

243

    Total assets

$

1,220,292

 

$

955,756

 

 

 

 

 

 

Liabilities and Shareholders' Equity

Liabilities

 

 

 

 

 

Payable for investments purchased

$

-

 

$

9,800

Credit facility payable (net of debt issuance costs of $3,485)

 

220,938

 

 

-

Accounts payable and accrued expenses

 

2,185

 

 

692

Interest payable

 

272

 

 

-

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

 

-

 

 

474

Accrued management fees

 

5,186

 

 

4,430

Accrued administrative services expense

 

425

 

 

617

Accrued recoupment of expense support from CIG(2)

 

-

 

 

480

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

 

21

 

 

37

Unrealized depreciation on total return swap(1)

 

18,074

 

 

34,900

    Total liabilities

 

247,101

 

 

51,430

 

 

 

 

 

 

Commitments and contingencies (Note 4 and Note 11)

 

 

 

 

 

 

 

 

 

 

 

Shareholders' Equity

 

 

 

 

 

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

 

 

 

 

 

     107,920,075 and 103,814,361 shares issued and outstanding, respectively

 

108

 

 

104

Capital in excess of par value

 

1,004,581

 

 

968,359

Undistributed net investment income

 

256

 

 

-

Accumulated net unrealized depreciation on investments

 

(12,650)

 

 

(29,237)

Accumulated net realized loss from total return swap(1)

 

(1,030)

 

 

-

Accumulated net unrealized depreciation on total return swap(1)

 

(18,074)

 

 

(34,900)

    Total shareholders' equity

 

973,191

 

 

904,326

 

 

 

 

 

 

Total liabilities and shareholders' equity

$

1,220,292

 

$

955,756

 

 

 

 

 

 

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

$

9.02

 

$

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 CION Investment Group, LLC (formerly, ICON Investment Group, LLC), or CIG, 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 CIG 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

September 30,

 

Nine Months Ended

September 30,

 

2016

 

2015

 

2016

 

2015

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

(unaudited)

Investment income

 

 

 

 

 

 

 

 

 

 

 

Interest income

$

18,579

 

$

14,769

 

$

53,385

 

$

34,860

Fee and other income

 

154

 

 

64

 

 

449

 

 

805

    Total investment income

 

18,733

 

 

14,833

 

 

53,834

 

 

35,665

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

Management fees

 

5,187

 

 

4,146

 

 

14,311

 

 

10,397

Administrative services expense

 

425

 

 

409

 

 

1,151

 

 

1,283

Capital gains incentive fee(1)

 

-

 

 

(1,211)

 

 

-

 

 

-

General and administrative(2)

 

1,892

 

 

1,666

 

 

4,944

 

 

4,987

Interest expense

 

534

 

 

153

 

 

761

 

 

262

    Total operating expenses

 

8,038

 

 

5,163

 

 

21,167

 

 

16,929

Recoupment of expense support from CIG(3)

 

-

 

 

1,758

 

 

667

 

 

4,187

    Net operating expenses

 

8,038

 

 

6,921

 

 

21,834

 

 

21,116

    Net investment income

 

10,695

 

 

7,912

 

 

32,000

 

 

14,549

 

 

 

 

 

 

 

 

 

 

 

 

Realized and unrealized gains (losses)

 

 

 

 

 

 

 

 

 

 

 

Net realized gain on investments

 

379

 

 

142

 

 

1,078

 

 

717

Net change in unrealized appreciation (depreciation) on investments

 

14,948

 

 

(7,758)

 

 

16,587

 

 

(5,327)

Net realized gain on total return swap(4)

 

8,188

 

 

8,620

 

 

23,799

 

 

23,742

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

 

9,527

 

 

(12,506)

 

 

16,826

 

 

(9,707)

    Total net realized and unrealized gains (losses)

 

33,042

 

 

(11,502)

 

 

58,290

 

 

9,425

 

 

 

 

 

 

 

 

 

 

 

 

Net increase (decrease) in net assets resulting from operations

$

43,737

 

$

(3,590)

 

$

90,290

 

$

23,974

 

 

 

 

 

 

 

 

 

 

 

 

Per share information—basic and diluted

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net increase (decrease) in net assets per share resulting from operations

$

0.41

 

$

(0.04)

 

$

0.86

 

$

0.33

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares of common stock outstanding

 

106,581,390

 

 

84,923,397

 

 

105,130,208

 

 

72,157,369

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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 CIG 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)

 

 

 

Nine Months Ended

September 30,

 

 

 

2016

 

2015

 

 

 

(unaudited)

 

(unaudited)

Changes in net assets from operations:

 

 

 

 

 

 

Net investment income

$

32,000

 

$

14,549

 

Net realized gain on investments

 

1,078

 

 

717

 

Net change in unrealized appreciation (depreciation) on investments

 

16,587

 

 

(5,327)

 

Net realized gain on total return swap(1)

 

23,799

 

 

23,742

 

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

 

16,826

 

 

(9,707)

 

 

Net increase in net assets resulting from operations

 

90,290

 

 

23,974

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

 

 

 

 

 

 

Net investment income

 

(31,744)

 

 

(14,549)

 

Net realized gain on total return swap

 

 

 

 

 

 

Net interest and other income from TRS portfolio

 

(22,386)

 

 

(21,997)

 

Net gain on TRS loan sales(4)

 

(2,443)

 

 

(1,745)

 

Net realized gain on investments

 

(1,078)

 

 

(717)

 

Distributions in excess of net investment income(3)

 

-

 

 

(499)

 

 

Net decrease in net assets from shareholders' distributions

 

(57,651)

 

 

(39,507)

Changes in net assets from capital share transactions:

 

 

 

 

 

 

Issuance of common stock, net of issuance costs of $1,739 and $34,420, respectively

 

19,278

 

 

350,445

 

Reinvestment of shareholders' distributions

 

29,179

 

 

20,704

 

Repurchase of common stock

 

(12,231)

 

 

(5,086)

 

 

Net increase in net assets resulting from capital share transactions

 

36,226

 

 

366,063

 

 

 

 

 

 

 

 

Total increase in net assets

 

68,865

 

 

350,530

Net assets at beginning of period

 

904,326

 

 

496,389

Net assets at end of period

$

973,191

 

$

846,919

 

 

 

 

 

 

 

 

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

$

9.02

 

$

9.13

Shares of common stock outstanding at end of period

 

107,920,075

 

 

92,740,834

 

 

 

 

 

 

 

 

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

$

256

 

$

(499)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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.

 

 

 

 

 

 

 

 

(4)

During the nine months ended September 30, 2016, the Company realized losses of $1,030, which are not currently deductible on a tax-basis. 

See accompanying notes to consolidated financial statements.

3


CĪON Investment Corporation

Consolidated Statements of Cash Flows

(in thousands)

 

Nine Months Ended

September 30,

 

2016

 

2015

 

 

 

 

(unaudited)

 

(unaudited)

Operating activities:

 

 

 

 

 

Net increase in net assets resulting from operations

$

90,290

 

$

23,974

Adjustments to reconcile net increase in net assets resulting from

 

 

 

 

 

operations to net cash used in operating activities:

 

 

 

 

 

 

Net accretion of discount on investments

 

(1,442)

 

 

(710)

 

Proceeds from principal repayment of investments

 

126,908

 

 

6,819

 

Purchase of investments

 

(450,390)

 

 

(404,283)

 

Paid-in-kind interest

 

(596)

 

 

-

 

Increase in short term investments, net

 

(37,879)

 

 

(10,431)

 

Proceeds from sale of investments

 

14,462

 

 

63,847

 

Net realized gain on investments

 

(1,078)

 

 

(717)

 

Net unrealized (appreciation) depreciation on investments

 

(16,587)

 

 

5,327

 

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

 

(16,826)

 

 

9,707

 

Amortization of deferred financing costs

 

258

 

 

116

 

(Increase) decrease in due from counterparty(1)

 

82,981

 

 

(50,243)

 

(Increase) decrease in interest receivable on investments

 

(170)

 

 

(2,659)

 

(Increase) decrease in receivable due on investments sold

 

(16)

 

 

-

 

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

 

881

 

 

(1,741)

 

(Increase) decrease in prepaid expenses and other assets

 

(197)

 

 

(155)

 

Increase (decrease) in payable for investments purchased

 

(9,800)

 

 

34,308

 

Increase (decrease) in accounts payable and accrued expenses

 

949

 

 

330

 

Increase (decrease) in interest payable

 

272

 

 

-

 

Increase (decrease) in accrued management fees

 

756

 

 

3,115

 

Increase (decrease) in accrued administrative services expense

 

(192)

 

 

(161)

 

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

 

(480)

 

 

1,758

 

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

 

(16)

 

 

(405)

Net cash used in operating activities

 

(217,912)

 

 

(322,204)

 

 

 

 

 

 

 

 

 

Financing activities:

 

 

 

 

 

 

Gross proceeds from issuance of common stock

 

26,476

 

 

385,730

 

Commissions and dealer manager fees paid

 

(2,213)

 

 

(34,145)

 

Repurchase of common stock

 

(12,231)

 

 

(5,086)

 

Shareholders' distributions paid(4)

 

(28,472)

 

 

(18,803)

 

Borrowings under credit facilities(5)

 

242,423

 

 

22,000

 

Repayment of credit facilities(5)

 

(18,000)

 

 

(22,000)

 

Increase in restricted cash

 

-

 

 

(2,000)

 

Deferred financing costs paid

 

(3,322)

 

 

(278)

Net cash provided by financing activities

 

204,661

 

 

325,418

 

 

 

 

 

 

 

 

 

Net (decrease) increase in cash

 

(13,251)

 

 

3,214

Cash, beginning of period

 

39,741

 

 

9,474

Cash, end of period

$

26,490

 

$

12,688

 

 

 

 

 

 

 

 

 

Supplemental non-cash financing activities:

 

 

 

 

 

 

Cash paid for interest

$

232

 

$

145

 

Reinvestment of shareholders' distributions(4)

$

29,179

 

$

20,704

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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 CIG 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 CIG and its affiliates.

 

 

 

 

 

 

 

 

 

(4)

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

 

 

 

 

 

 

 

 

 

(5)

See Note 8 for a discussion of the Company’s credit facilities.

 

 

 

 

 

 

 

 

 

See accompanying notes to consolidated financial statements.

4


 

CĪON Investment Corporation

Consolidated Schedule of Investments (unaudited)

September 30, 2016

(in thousands)

Portfolio Company(a)

 

Index Rate(b)

 

Industry

 

Principal/

Par Amount/

Units(d)

 

Cost(o)

 

Fair

Value(c)

Senior Secured First Lien Debt - 42.5%

 

 

 

 

 

 

 

 

 

 

 

AbelConn, LLC / Atrenne Computing Solutions, LLC / Airco Industries, LLC, L+875, 1.00% LIBOR Floor, 7/17/2019(i)

 

3 Month LIBOR

 

Aerospace & Defense

 

$

22,329

 

$

21,883

 

$

21,882

 

Adams Publishing Group, LLC, L+700, 1.00% LIBOR Floor, 11/3/2020(m)

 

3 Month LIBOR

 

Media: Advertising, Printing & Publishing

 

 

4,079

 

 

3,998

 

 

3,998

 

American Clinical Solutions LLC, L+950, 1.00% LIBOR Floor, 6/11/2020

 

3 Month LIBOR

 

Healthcare & Pharmaceuticals

 

 

9,221

 

 

9,083

 

 

9,083

 

American Media, Inc., L+750, 1.00% LIBOR Floor, 8/24/2020(m)

 

1 Month LIBOR

 

Media: Advertising, Printing & Publishing

 

 

11,674

 

 

11,330

 

 

11,324

 

American Media, Inc., 0.50% Unfunded, 8/24/2020(e)

 

None

 

Media: Advertising, Printing & Publishing

 

 

564

 

 

(17)

 

 

(17)

 

American Media, Inc., 7.50%, 8/24/2020(e)

 

None

 

Media: Advertising, Printing & Publishing

 

 

206

 

 

(6)

 

 

(6)

 

American Teleconferencing Services, Ltd., L+650, 1.00% LIBOR Floor, 12/8/2021(m)

 

3 Month LIBOR

 

Telecommunications

 

 

19,499

 

 

17,637

 

 

18,987

 

AMPORTS, Inc., L+500, 1.00% LIBOR Floor, 5/19/2020(i)

 

3 Month LIBOR

 

Automotive

 

 

19,100

 

 

18,718

 

 

18,718

 

CF Entertainment Inc., L+1100, 1.00% LIBOR Floor, 6/26/2020(m)

 

12 Month LIBOR

 

Media: Diversified & Production

 

 

17,138

 

 

17,095

 

 

17,095

 

Dodge Data & Analytics, LLC / Skyline Data News and Analytics, LLC, L+875, 1.00% LIBOR Floor, 10/31/2019(m)

 

3 Month LIBOR

 

Construction & Building

 

 

10,387

 

 

10,231

 

 

10,231

 

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

 

3 Month LIBOR

 

High Tech Industries

 

 

8,539

 

 

8,512

 

 

8,539

 

Elemica, Inc., L+800, 1.00% LIBOR Floor, 7/7/2021(m)

 

1 Month LIBOR

 

High Tech Industries

 

 

17,456

 

 

17,031

 

 

17,020

 

Elemica, Inc., 0.50% Unfunded, 7/7/2021(e)

 

None

 

High Tech Industries

 

 

2,500

 

 

(63)

 

 

(63)

 

EnTrans International, LLC, L+750, 1.00% LIBOR Floor, 6/4/2020

 

3 Month LIBOR

 

Capital Equipment

 

 

13,594

 

 

9,790

 

 

9,787

 

F+W Media, Inc., L+950, 1.25% LIBOR Floor, 6/30/2019(m)

 

3 Month LIBOR

 

Media: Diversified & Production

 

 

10,290

 

 

10,010

 

 

8,412

 

Forbes Media LLC, L+675, 1.00% LIBOR Floor, 9/12/2019(i)

 

3 Month LIBOR

 

Media: Advertising, Printing & Publishing

 

 

15,000

 

 

14,588

 

 

14,588

 

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

 

3 Month LIBOR

 

Beverage, Food & Tobacco

 

 

10,509

 

 

10,418

 

 

10,299

 

Infinity Sales Group, LLC, L+1050, 1.00% LIBOR Floor, 11/21/2018(m)

 

1 Month LIBOR

 

Services: Business

 

 

8,408

 

 

7,652

 

 

7,651

 

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

 

3 Month LIBOR

 

Media: Advertising, Printing & Publishing

 

 

15,619

 

 

15,267

 

 

15,419

 

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

 

3 Month LIBOR

 

Hotel, Gaming & Leisure

 

 

1,816

 

 

1,786

 

 

1,814

 

Ipsen International GmbH, L+800, 1.00% LIBOR Floor, 9/30/2019(h)(i)

 

3 Month LIBOR

 

Capital Equipment

 

 

1,456

 

 

1,463

 

 

1,463

 

Ipsen, Inc., L+700, 1.00% LIBOR Floor, 9/30/2019(i)

 

3 Month LIBOR

 

Capital Equipment

 

 

8,095

 

 

7,994

 

 

7,994

 

ITC Service Group Acquisition LLC, L+950, 0.50% LIBOR Floor, 5/26/2021(i)

 

1 Month LIBOR

 

High Tech Industries

 

 

11,250

 

 

11,025

 

 

11,025

 

KPC Health Care, Inc., L+925, 1.00% LIBOR Floor, 8/28/2020(m)

 

6 Month LIBOR

 

Healthcare & Pharmaceuticals

 

 

9,888

 

 

9,691

 

 

9,691

 

Labvantage Solutions Inc., L+800, 1.00% LIBOR Floor, 12/29/2020(m)

 

3 Month LIBOR

 

High Tech Industries

 

 

4,906

 

 

4,857

 

 

4,857

 

Labvantage Solutions Ltd., E+800, 1.00% EURIBOR Floor, 12/29/2020(h)

 

3 Month EURIBOR

 

High Tech Industries

 

4,495

 

 

5,002

 

 

5,002

 

Lift Brands, Inc., L+800, 1.00% LIBOR Floor, 12/23/2019(m)

 

3 Month LIBOR

 

Services: Consumer

 

 

9,613

 

 

9,493

 

 

9,493

 

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

 

None

 

Beverage, Food & Tobacco

 

 

6,000

 

 

6,000

 

 

6,615

 

Nextech Systems, LLC, L+725, 1.00% LIBOR Floor, 6/22/2021(i)(m)

 

3 Month LIBOR

 

High Tech Industries

 

 

16,000

 

 

15,384

 

 

15,680

 

NWN Acquisition Holding Company LLC, L+1000, 1.00% LIBOR Floor, 10/16/2020(i)

 

3 Month LIBOR

 

High Tech Industries

 

 

14,793

 

 

14,387

 

 

14,386

 

Pacific Coast Holding Investment LLC, L+970, 2.00% LIBOR Floor, 2/14/2017

 

1 Month LIBOR

 

Healthcare & Pharmaceuticals

 

 

5,250

 

 

5,224

 

 

5,224

 

Petroflow Energy Corporation, L+800, 1.00% LIBOR Floor, 6/29/2019

 

1 Month LIBOR

 

Energy: Oil & Gas

 

 

4,851

 

 

4,548

 

 

4,548

 

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

 

3 Month LIBOR

 

Consumer Goods: Non-Durable

 

 

10,863

 

 

10,772

 

 

10,265

 

Rimini Street, Inc., 15.00%, 6/24/2017(l)

 

None

 

High Tech Industries

 

 

11,974

 

 

11,792

 

 

11,734

 

Rimini Street, Inc., 15.00%, 6/24/2020(l)(p)

 

None

 

High Tech Industries

 

 

5,558

 

 

5,452

 

 

5,447

 

Sequoia Healthcare Management, LLC, 16.00%, 7/17/2019(m)(p)

 

None

 

Healthcare & Pharmaceuticals

 

 

6,684

 

 

6,567

 

 

6,567

 

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

 

3 Month LIBOR

 

High Tech Industries

 

 

18,706

 

 

18,371

 

 

18,706

 

Southcross Holdings Borrower LP, 9.00%, 4/13/2023(p)(q)

 

None

 

Energy: Oil & Gas

 

 

170

 

 

149

 

 

143

 

Spinal USA, Inc. / Precision Medical Inc., L+950, 1.00% LIBOR Floor, 1/21/2020(m)

 

3 Month LIBOR

 

Healthcare & Pharmaceuticals

 

 

12,281

 

 

12,189

 

 

12,189

 

Spinal USA, Inc. / Precision Medical Inc., L+950, 1.00% LIBOR Floor, 7/21/2020(p)

 

3 Month LIBOR

 

Healthcare & Pharmaceuticals

 

 

128

 

 

126

 

 

126

 

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

 

3 Month LIBOR

 

Energy: Oil & Gas

 

 

7,325

 

 

6,835

 

 

5,384

 

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

 

3 Month LIBOR

 

Hotel, Gaming & Leisure

 

 

15,238

 

 

15,232

 

 

15,238

 

Telestream Holdings Corp., L+677, 1.00% LIBOR Floor, 1/15/2020(i)(m)

 

3 Month LIBOR

 

High Tech Industries

 

 

7,200

 

 

7,067

 

 

7,056

 

Worley Claims Services, LLC, L+800, 1.00% LIBOR Floor, 10/31/2020(m)

 

1 Month LIBOR

 

Services: Business

 

 

20,167

 

 

19,965

 

 

19,965

Total Senior Secured First Lien Debt

 

 

 

 

 

 

 

 

 

414,528

 

 

413,559

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to consolidated financial statements.

5


CĪON Investment Corporation

Consolidated Schedule of Investments (unaudited) (continued)

September 30, 2016

(in thousands)

Portfolio Company(a)

 

Index Rate(b)

 

Industry

 

Principal/

Par Amount/

Units(d)

 

Cost(o)

 

Fair

Value(c)

Senior Secured Second Lien Debt - 47.2%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

3 Month LIBOR

 

Retail

 

 

18,666

 

 

18,352

 

 

18,339

 

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

 

3 Month LIBOR

 

Services: Business

 

 

16,030

 

 

15,442

 

 

15,629

 

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

 

3 Month LIBOR

 

Media: Advertising, Printing & Publishing

 

 

10,344

 

 

10,197

 

 

9,723

 

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

 

3 Month LIBOR

 

Construction & Building

 

 

4,933

 

 

4,887

 

 

4,884

 

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

 

3 Month LIBOR

 

Banking, Finance, Insurance & Real Estate

 

 

3,825

 

 

3,853

 

 

3,887

 

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

 

3 Month LIBOR

 

Construction & Building

 

 

7,791

 

 

7,741

 

 

7,679

 

Confie Seguros Holding II Co., L+900, 1.25% LIBOR Floor, 5/8/2019

 

3 Month LIBOR

 

Banking, Finance, Insurance & Real Estate

 

 

13,827

 

 

13,325

 

 

13,966

 

Conisus, LLC, L+875, 1.00% LIBOR Floor, 6/23/2021

 

3 Month LIBOR

 

Healthcare & Pharmaceuticals

 

 

11,750

 

 

9,518

 

 

9,517

 

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

 

3 Month LIBOR

 

Services: Business

 

 

12,445

 

 

12,263

 

 

12,624

 

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

 

3 Month LIBOR

 

Chemicals, Plastics & Rubber

 

 

9,500

 

 

9,458

 

 

9,215

 

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

 

3 Month LIBOR

 

High Tech Industries

 

 

20,000

 

 

19,744

 

 

19,400

 

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

 

3 Month LIBOR

 

Healthcare & Pharmaceuticals

 

 

5,514

 

 

5,479

 

 

4,521

 

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

 

3 Month LIBOR

 

Environmental Industries

 

 

3,000

 

 

2,976

 

 

2,685

 

Encapsys, LLC, L+1000, 1.00% LIBOR Floor, 3/3/2021

 

3 Month LIBOR

 

Chemicals, Plastics & Rubber

 

 

11,165

 

 

11,137

 

 

11,137

 

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

 

3 Month LIBOR

 

High Tech Industries

 

 

9,385

 

 

9,115

 

 

9,233

 

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

 

1 Month LIBOR

 

Services: Business

 

 

11,410

 

 

11,331

 

 

10,897

 

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

 

3 Month LIBOR

 

Telecommunications

 

 

9,500

 

 

9,488

 

 

9,055

 

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

 

3 Month LIBOR

 

Construction & Building

 

 

13,917

 

 

13,728

 

 

13,986

 

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

 

3 Month LIBOR

 

Services: Business

 

 

7,860

 

 

7,784

 

 

7,546

 

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

 

3 Month LIBOR

 

High Tech Industries

 

 

3,738

 

 

3,726

 

 

3,815

 

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

 

3 Month LIBOR

 

High Tech Industries

 

 

2,273

 

 

2,265

 

 

2,273

 

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

 

3 Month LIBOR

 

Services: Business

 

 

3,380

 

 

3,326

 

 

3,253

 

Mississippi Sand, LLC, L+1000, 1.00% LIBOR Floor, 11/21/2019

 

3 Month LIBOR

 

Metals & Mining

 

 

13,196

 

 

10,822

 

 

10,821

 

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

 

3 Month LIBOR

 

High Tech Industries

 

 

14,909

 

 

14,459

 

 

14,592

 

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

 

3 Month LIBOR

 

High Tech Industries

 

 

15,000

 

 

14,823

 

 

14,700

 

MWI Holdings, Inc., L+925, 1.00% LIBOR Floor, 12/28/2020(m)

 

3 Month LIBOR

 

Construction & Building

 

 

10,000

 

 

9,760

 

 

9,950

 

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

 

3 Month LIBOR

 

High Tech Industries

 

 

16,245

 

 

16,024

 

 

15,757

 

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

 

3 Month LIBOR

 

Healthcare & Pharmaceuticals

 

 

12,249

 

 

12,132

 

 

12,065

 

Patterson Medical Supply, Inc., L+850, 1.00% LIBOR Floor, 8/28/2023(m)

 

2 Month LIBOR

 

Healthcare & Pharmaceuticals

 

 

13,500

 

 

13,375

 

 

13,163

 

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

 

3 Month LIBOR

 

Chemicals, Plastics & Rubber

 

 

3,469

 

 

3,479

 

 

3,261

 

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

 

3 Month LIBOR

 

Chemicals, Plastics & Rubber

 

 

15,000

 

 

14,722

 

 

14,737

 

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

 

2 Month LIBOR

 

Energy: Electricity

 

 

12,500

 

 

12,349

 

 

12,438

 

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

 

3 Month LIBOR

 

Services: Business

 

 

10,000

 

 

9,835

 

 

9,450

 

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

 

1 Month LIBOR

 

High Tech Industries

 

 

5,000

 

 

4,784

 

 

5,038

 

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

 

3 Month LIBOR

 

Telecommunications

 

 

4,500

 

 

4,478

 

 

4,365

 

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

 

3 Month LIBOR

 

Hotel, Gaming & Leisure

 

 

6,142

 

 

6,142

 

 

6,080

 

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

 

3 Month LIBOR

 

Services: Business

 

 

10,462

 

 

10,431

 

 

10,122

 

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

 

3 Month LIBOR

 

Services: Business

 

 

10,000

 

 

9,865

 

 

9,500

 

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

 

3 Month LIBOR

 

Services: Business

 

 

15,000

 

 

14,754

 

 

14,700

 

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

 

3 Month LIBOR

 

Media: Broadcasting & Subscription

 

 

1,606

 

 

1,571

 

 

1,590

 

TexOak Petro Holdings LLC, 8.00%, 12/29/2019(p)

 

None

 

Energy: Oil & Gas

 

 

6,593

 

 

1,301

 

 

1,300

 

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

 

3 Month LIBOR

 

Beverage, Food & Tobacco

 

 

15,000

 

 

14,875

 

 

14,850

 

TouchTunes Interactive Networks, Inc, L+825, 1.00% LIBOR Floor, 5/29/2022

 

3 Month LIBOR

 

Hotel, Gaming & Leisure

 

 

6,000

 

 

5,940

 

 

5,940

 

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

 

3 Month LIBOR

 

Healthcare & Pharmaceuticals

 

 

10,000

 

 

9,814

 

 

9,700

 

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

 

3 Month LIBOR

 

Services: Business

 

 

15,000

 

 

14,940

 

 

14,700

 

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

 

6 Month LIBOR

 

Automotive

 

 

16,000

 

 

15,879

 

 

15,520

 

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

 

1 Month LIBOR

 

Beverage, Food & Tobacco

 

 

12,823

 

 

12,534

 

 

11,829

Total Senior Secured Second Lien Debt

 

 

 

 

 

 

 

 

464,223

 

459,432

 

See accompanying notes to consolidated financial statements.

6


CĪON Investment Corporation

Consolidated Schedule of Investments (unaudited) (continued)

September 30, 2016

(in thousands)

Portfolio Company(a)

 

Index Rate(b)

 

Industry

 

Principal/

Par Amount/

Units(d)

 

Cost(o)

 

Fair

Value(c)

Collateralized Securities and Structured Products - Debt - 3.8%

 

 

 

 

 

 

 

 

 

 

 

 

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

 

3 Month LIBOR

 

Diversified Financials

 

 

2,000

 

 

2,024

 

 

1,960

 

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

 

3 Month LIBOR

 

Diversified Financials

 

 

610

 

 

617

 

 

598

 

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

 

3 Month LIBOR

 

Diversified Financials

 

 

5,400

 

 

5,400

 

 

5,292

 

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

 

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(g)(h)

 

3 Month LIBOR

 

Diversified Financials

 

 

5,000

 

 

4,603

 

 

4,175

 

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

 

3 Month LIBOR

 

Diversified Financials

 

 

2,000

 

 

1,876

 

 

1,731

 

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

 

3 Month LIBOR

 

Diversified Financials

 

 

2,500

 

 

2,340

 

 

2,083

 

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

 

3 Month LIBOR

 

Diversified Financials

 

 

7,500

 

 

7,083

 

 

6,376

Total Collateralized Securities and Structured Products - Debt

 

 

 

 

 

 

 

39,443

 

 

36,940

Collateralized Securities and Structured Products - Equity - 3.5%

 

 

 

 

 

 

 

 

 

 

 

 

Anchorage Capital CLO 2012-1, Ltd. Subordinated Notes, 4.57% Estimated Yield, 1/13/2025(h)

 

(f)

 

Diversified Financials

 

 

4,000

 

 

2,883

 

 

2,729

 

APIDOS CLO XVI Subordinated Notes, 3.28% Estimated Yield, 1/19/2025(h)

 

(f)

 

Diversified Financials

 

 

9,000

 

 

4,981

 

 

3,677

 

CENT CLO 19 Ltd. Subordinated Notes, 8.68% Estimated Yield, 10/29/2025(h)

 

(f)

 

Diversified Financials

 

 

2,000

 

 

1,359

 

 

1,157

 

Dryden XXIII Senior Loan Fund Subordinated Notes, 1.40% Estimated Yield, 7/17/2023(h)

 

(f)

 

Diversified Financials

 

 

9,250

 

 

5,098

 

 

3,524

 

Galaxy XV CLO Ltd. Class A Subordinated Notes, 8.72% Estimated Yield, 4/15/2025(h)

 

(f)

 

Diversified Financials

 

 

4,000

 

 

2,509

 

 

2,162

 

Ivy Hill Middle Market Credit Fund VII, Ltd. Subordinated Notes, 8.80% Estimated Yield, 10/20/2025(h)

 

(f)

 

Diversified Financials

 

 

2,000

 

 

1,698

 

 

1,449

 

Ivy Hill Middle Market Credit Fund VIII, Ltd. Subordinated Loan, 10.35% Estimated Yield, 2/2/2026(e)(h)

 

(f)

 

Diversified Financials

 

 

10,000

 

 

9,983

 

 

9,813

 

Ivy Hill Middle Market Credit Fund IX, Ltd. Subordinated Notes, 14.59% Estimated Yield, 10/18/2025(h)

 

(f)

 

Diversified Financials

 

 

8,146

 

 

6,249

 

 

6,172

 

Ivy Hill Middle Market Credit Fund X, Ltd. Subordinated Notes, 11.50% Estimated Yield, 7/24/2027(h)

 

(f)

 

Diversified Financials

 

 

4,760

 

 

4,040

 

 

3,706

Total Collateralized Securities and Structured Products - Equity

 

 

 

 

 

 

 

38,800

 

 

34,389

Unsecured Debt -  3.1%

 

 

 

 

 

 

 

 

 

 

 

 

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

 

None

 

Banking, Finance, Insurance & Real Estate

 

 

7,255

 

 

7,239

 

 

7,379

 

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

 

None

 

Automotive

 

 

5,000

 

 

4,866

 

 

4,606

 

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

 

None

 

Banking, Finance, Insurance & Real Estate

 

 

9,000

 

 

8,963

 

 

9,265

 

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

 

None

 

Media: Broadcasting & Subscription

 

 

9,000

 

 

8,579

 

 

8,426

Total Unsecured Debt

 

 

 

 

 

 

 

29,647

 

 

29,676

Equity - 0.6%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Encapsys, LLC, Class A Units(n)

 

 

 

Chemicals, Plastics & Rubber

 

 

10,000 Units

 

 

1,000

 

 

1,000

 

Mooregate ITC Acquisition, LLC, Class A Units(n)

 

 

 

High Tech Industries

 

 

500 Units

 

 

563

 

 

563

 

NS NWN Acquisition, LLC(n)

 

 

 

High Tech Industries

 

 

346 Units

 

 

337

 

 

337

 

NSG Co-Invest (Bermuda), LP(h)(n)

 

 

 

Consumer Goods: Durable

 

 

1,575 Units

 

 

1,000

 

 

1,000

 

Southcross Holdings GP, LLC, Units(n)

 

 

 

Energy: Oil & Gas

 

 

188 Units

 

 

 -    

 

 

 -    

 

Southcross Holdings LP, Class A-II Units(n)

 

 

 

Energy: Oil & Gas

 

 

188 Units

 

 

75

 

 

70

 

Speed Commerce Investment Part, LLC(n)

 

 

 

High Tech Industries

 

 

629 Units

 

 

2,640

 

 

2,640

 

Texoak Petro Holdings, LLC(n)

 

 

 

Energy: Oil & Gas

 

 

60,000 Units

 

 

 -    

 

 

 -    

Total Equity

 

 

 

 

 

 

 

 

 

5,615

 

 

5,610

Short Term Investments - 5.8%(j)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First American Treasury Obligations Fund, Class Z Shares, 0.22%(k)

 

 

 

 

 

 

 

56,771

 

 

56,771

Total Short Term Investments

 

 

 

 

 

 

 

 

 

56,771

 

 

56,771

TOTAL INVESTMENTS - 106.5%

 

 

 

 

 

 

 

 

$

1,049,027

 

 

1,036,377

OTHER ASSETS IN EXCESS OF LIABILITIES - 6.5%

 

 

 

 

 

 

 

 

 

 

 

 

(63,186)

NET ASSETS - 100%

 

 

 

 

 

 

 

 

 

 

 

$

973,191

TOTAL RETURN SWAP - (1.9)%

 

 

 

 

 

Notional

Amount

 

 

 

 

Unrealized

Depreciation

 

Citibank TRS Facility (see Note 7)

 

 

 

 

 

$

446,288

 

 

 

 

$

(18,074)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to consolidated financial statements.

7


CĪON Investment Corporation

Consolidated Schedule of Investments (unaudited) (continued)

September 30, 2016

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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 (h) 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 in note (p) below, investments do not contain a paid-in-kind, or PIK, interest provision.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(b)

The 1, 2, 3, 6, and 12 month London Interbank Offered Rate, or LIBOR, rates were 0.53%, 0.65%, 0.85%, 1.24%, and 1.55%, respectively, as of September 30, 2016.  The actual LIBOR rate for each loan listed may not be the applicable LIBOR rate as of September 30, 2016, as the loan may have been priced or repriced based on a LIBOR rate prior to or subsequent to September 30, 2016. The 3 month Euro Interbank Offered Rate, or EURIBOR, rate was (0.30%) as of September 30, 2016.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(c)