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EX-32 - EX-32 - TPG Specialty Lending, Inc.tslx-ex32_17.htm
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EX-31.2 - EX-31.2 - TPG Specialty Lending, Inc.tslx-ex312_19.htm
EX-31.1 - EX-31.1 - TPG Specialty Lending, Inc.tslx-ex311_20.htm

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

(Mark One)

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

For the quarterly period ended March 31, 2017

OR

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

For the transition period from                     to                     

Commission file number 001-36364

 

TPG Specialty Lending, Inc.

(Exact Name of Registrant as Specified in Its Charter)

 

 

Delaware

27-3380000

(State or Other Jurisdiction of

Incorporation or Organization)

(I.R.S. Employer

Identification No.)

 

 

301 Commerce Street, Suite 3300,

Fort Worth, TX

76102

(Address of Principal Executive Offices)

(Zip Code)

Registrant’s Telephone Number, Including Area Code: (817) 871-4000

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      No  

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes      No  

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

Accelerated filer

 

 

 

 

Non-Accelerated filer

  (Do not check if a smaller reporting company)

Smaller reporting company

Emerging growth company

 

 

 

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

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Securities Exchange Act of 1934).    Yes      No  

The number of shares of the Registrant’s common stock, $.01 par value per share, outstanding at May 3, 2017 was 59,948,888.

 

 

 

 

 

 


 

TPG SPECIALTY LENDING, INC.

 

 

 

INDEX

 

PAGE

NO.

 

 

 

 

 

PART I.

 

FINANCIAL INFORMATION

 

4

 

 

 

 

 

Item 1.

 

Financial Statements

 

4

 

 

 

 

 

 

 

Consolidated Balance Sheets as of  March 31, 2017 (Unaudited) and December 31, 2016

 

4

 

 

 

 

 

 

 

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

 

5

 

 

 

 

 

 

 

Consolidated Schedules of Investments as of  March 31, 2017 (Unaudited) and December 31, 2016

 

6

 

 

 

 

 

 

 

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

 

16

 

 

 

 

 

 

 

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

 

17

 

 

 

 

 

 

 

Notes to Consolidated Financial Statements (Unaudited)

 

18

 

 

 

 

 

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

40

 

 

 

 

 

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

60

 

 

 

 

 

Item 4.

 

Controls and Procedures

 

61

 

 

 

 

 

PART II.

 

OTHER INFORMATION

 

62

 

 

 

 

 

Item 1.

 

Legal Proceedings

 

62

 

 

 

 

 

Item 1A.

 

Risk Factors

 

62

 

 

 

 

 

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

 

63

 

 

 

 

 

SIGNATURES

 

64

 

 

 

2


 

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This report contains forward-looking statements that involve substantial risks and uncertainties. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about us, our current and prospective portfolio investments, our industry, our beliefs, and our assumptions. Words such as “anticipates,” “expects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “would,” “should,” “targets,” “projects,” and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors, some of which are beyond our control and difficult to predict, that could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements.

In addition to factors previously identified elsewhere in the reports and other documents TPG Specialty Lending, Inc. has filed with the Securities and Exchange Commission, or SEC, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance:

 

an economic downturn could impair our portfolio companies’ abilities to continue to operate, which could lead to the loss of some or all of our investments in those portfolio companies;

 

such an economic downturn could disproportionately impact the companies in which we have invested and others that we intend to target for investment, potentially causing us to experience a decrease in investment opportunities and diminished demand for capital from these companies;

 

such an economic downturn could also impact availability and pricing of our financing;

 

an inability to access the capital markets could impair our ability to raise capital and our investment activities; and

 

the risks, uncertainties and other factors we identify in the section entitled “Risk Factors” in this report and  in our Annual Report on Form 10-K for the year ended December 31, 2016, filed with the SEC on February 22, 2017, and elsewhere in our filings with the SEC.

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, some of those assumptions are based on the work of third parties and any of those assumptions could prove to be inaccurate; as a result, forward-looking statements based on those assumptions also could prove to be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this report should not be regarded as a representation by us that our plans and objectives will be achieved. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this report. We do not undertake any obligation to update or revise any forward-looking statements or any other information contained herein, except as required by applicable law. The safe harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, which preclude civil liability for certain forward-looking statements, do not apply to the forward-looking statements in this report.

 

 

 

3


 

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

TPG Specialty Lending, Inc.

Consolidated Balance Sheets

(Amounts in thousands, except share and per share amounts)

(Unaudited)

 

 

 

March 31,

 

 

December 31,

 

 

 

2017

 

 

2016

 

Assets

 

 

 

 

 

 

 

 

Investments at fair value

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments (amortized cost of $1,483,055

   and $1,567,673, respectively)

 

$

1,518,165

 

 

$

1,591,544

 

Controlled, affiliated investments (amortized cost of $104,018 and $100,014,

   respectively)

 

 

62,113

 

 

 

65,859

 

Total investments at fair value (amortized cost of $1,587,073 and $1,667,687,

   respectively)

 

 

1,580,278

 

 

 

1,657,403

 

Cash and cash equivalents (includes restricted cash of $2,601 and $1,088, respectively)

 

 

7,030

 

 

 

5,954

 

Interest receivable

 

 

7,914

 

 

 

9,678

 

Receivable for interest rate swaps

 

 

223

 

 

 

69

 

Receivable for investments sold

 

 

7,080

 

 

 

 

Prepaid expenses and other assets

 

 

4,355

 

 

 

2,428

 

Total Assets

 

$

1,606,880

 

 

$

1,675,532

 

Liabilities

 

 

 

 

 

 

 

 

Debt (net of deferred financing costs of $14,096 and $11,019, respectively)

 

$

603,999

 

 

$

680,709

 

Management fees payable to affiliate

 

 

6,071

 

 

 

6,269

 

Incentive fees payable to affiliate

 

 

6,050

 

 

 

5,889

 

Dividends payable

 

 

23,337

 

 

 

23,289

 

Payables to affiliate

 

 

1,348

 

 

 

1,555

 

Other liabilities

 

 

6,434

 

 

 

5,609

 

Total Liabilities

 

 

647,239

 

 

 

723,320

 

Commitments and contingencies (Note 8)

 

 

 

 

 

 

 

 

Net Assets

 

 

 

 

 

 

 

 

Preferred stock, $0.01 par value; 100,000,000 shares authorized; no shares issued

   and outstanding

 

 

 

 

 

 

Common stock, $0.01 par value; 400,000,000 shares authorized, 59,928,121 and

   59,805,285 shares issued, respectively; and 59,839,041 and 59,716,205 shares

   outstanding, respectively

 

 

599

 

 

 

598

 

Additional paid-in capital

 

 

900,596

 

 

 

898,868

 

Treasury stock at cost; 89,080 and 89,080 shares held, respectively

 

 

(1,359

)

 

 

(1,359

)

Undistributed net investment income

 

 

48,619

 

 

 

50,142

 

Net unrealized gains (losses)

 

 

(726

)

 

 

1,422

 

Undistributed net realized gains

 

 

11,912

 

 

 

2,541

 

Total Net Assets

 

 

959,641

 

 

 

952,212

 

Total Liabilities and Net Assets

 

$

1,606,880

 

 

$

1,675,532

 

Net Asset Value Per Share

 

$

16.04

 

 

$

15.95

 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

 

 

4


 

TPG Specialty Lending, Inc.

Consolidated Statements of Operations

(Amounts in thousands, except share and per share amounts)

(Unaudited)

 

 

 

Three Months Ended

 

 

Three Months Ended

 

 

 

March 31, 2017

 

 

March 31, 2016

 

Income

 

 

 

 

 

 

 

 

Investment income from non-controlled, non-affiliated investments:

 

 

 

 

 

 

 

 

Interest from investments

 

$

47,770

 

 

$

39,170

 

Dividend income

 

 

1

 

 

 

474

 

Other income

 

 

2,125

 

 

 

723

 

Total investment income from non-controlled, non-affiliated investments

 

 

49,896

 

 

 

40,367

 

Investment income from controlled, affiliated investments:

 

 

 

 

 

 

 

 

Interest from investments

 

 

1,000

 

 

 

2,333

 

Other income

 

 

52

 

 

 

51

 

Total investment income from controlled, affiliated investments

 

 

1,052

 

 

 

2,384

 

Total Investment Income

 

 

50,948

 

 

 

42,751

 

Expenses

 

 

 

 

 

 

 

 

Interest

 

 

6,865

 

 

 

5,298

 

Management fees

 

 

6,071

 

 

 

5,748

 

Incentive fees

 

 

6,050

 

 

 

4,902

 

Professional fees

 

 

1,286

 

 

 

1,923

 

Directors’ fees

 

 

106

 

 

 

97

 

Other general and administrative

 

 

1,301

 

 

 

1,254

 

Total expenses

 

 

21,679

 

 

 

19,222

 

Management and incentive fees waived (Note 3)

 

 

 

 

(98

)

Net Expenses

 

 

21,679

 

 

 

19,124

 

Net Investment Income Before Income Taxes

 

 

29,269

 

 

 

23,627

 

Income taxes, including excise taxes

 

 

750

 

 

 

435

 

Net Investment Income

 

 

28,519

 

 

 

23,192

 

Unrealized and Realized Gains (Losses)

 

 

 

 

 

 

 

 

Net change in unrealized gains (losses):

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

11,240

 

 

 

197

 

Controlled, affiliated investments

 

 

(7,750

)

 

 

(4,359

)

Translation of assets and liabilities in foreign currencies

 

 

(5,793

)

 

 

(2,703

)

Interest rate swaps

 

 

154

 

 

 

1,240

 

Total net change in unrealized losses

 

 

(2,149

)

 

 

(5,625

)

Realized gains:

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

1,322

 

 

 

Foreign currency transactions

 

 

586

 

 

 

204

 

Total realized gains

 

 

1,908

 

 

 

204

 

Total Unrealized and Realized Gains (Losses)

 

 

(241

)

 

 

(5,421

)

Increase in Net Assets Resulting from Operations

 

$

28,278

 

 

$

17,771

 

Earnings per common share—basic and diluted

 

$

0.47

 

 

$

0.32

 

Weighted average shares of common stock outstanding—basic and diluted

 

 

59,796,731

 

 

 

55,802,270

 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

 

5


 

TPG Specialty Lending, Inc.

Consolidated Schedule of Investments as of March 31, 2017

(Amounts in thousands, except share amounts)

(Unaudited)

 

 

 

 

 

 

 

 

 

Initial

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acquisition

 

Amortized

 

 

Fair

 

 

Percentage

 

Company (1)

 

Investment

 

Interest

 

 

Date

 

Cost (2)(8)

 

 

Value

 

 

of Net Assets

 

Debt Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Automotive

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Heartland Automotive

   Holdings, LLC (3)

 

First-lien loan ($28,635 par, due 6/2017)

 

 

9.75

%

 

8/28/2012

 

$

28,587

 

 

$

28,635

 

 

 

3.0

%

 

 

First-lien revolving loan ($1,583 par, due 6/2017)

 

 

11.00

%

 

8/28/2012

 

 

1,576

 

 

 

1,583

 

 

 

0.2

%

 

 

 

 

 

 

 

 

 

 

 

30,163

 

 

 

30,218

 

 

 

3.2

%

Beverage, food and tobacco

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AFS Technologies, Inc. (3)(5)

 

First-lien loan ($61,105 par, due 3/2020)

 

 

8.90

%

 

3/3/2014

 

 

60,322

 

 

 

55,300

 

 

 

5.8

%

Business services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Actian Corporation (3)(5)

 

First-lien loan ($53,977 par, due 4/2018)

 

 

7.69

%

 

4/11/2013

 

 

53,483

 

 

 

54,651

 

 

 

5.7

%

Bullhorn, Inc. (3)(5)

 

First-lien loan ($45,000 par, due 11/2020)

 

 

8.54

%

 

11/12/2015

 

 

44,143

 

 

 

45,675

 

 

 

4.8

%

Idera, Inc. (3)

 

First-lien loan ($61,719 par, due 4/2021)

 

 

6.50

%

 

10/9/2015

 

 

56,920

 

 

 

61,719

 

 

 

6.4

%

Leaf US Holdings, Inc. (3)(4)

 

First-lien loan ($26,721 par, due 6/2019)

 

 

7.65

%

 

6/30/2014

 

 

26,418

 

 

 

26,865

 

 

 

2.8

%

Marketo, Inc. (3)

 

First-lien loan ($28,125 par, due 8/2021)

 

 

10.65

%

 

8/16/2016

 

 

27,314

 

 

 

28,125

 

 

 

2.9

%

Motus, LLC (3)

 

First-lien loan ($20,311 par, due 7/2021)

 

11.04% (incl. 3.00% PIK)

 

 

7/29/2016

 

 

19,865

 

 

 

20,464

 

 

 

2.1

%

Qlik Technologies, Inc. (3)

 

First-lien loan ($40,298 par, due 8/2022)

 

 

9.25

%

 

8/22/2016

 

 

39,615

 

 

 

42,312

 

 

 

4.4

%

SailPoint Technologies, Inc. (3)

 

First-lien loan ($26,304 par, due 8/2021)

 

 

9.00

%

 

8/16/2016

 

 

25,823

 

 

 

26,235

 

 

 

2.7

%

ScentAir Technologies, Inc. (3)

 

First-lien loan ($19,986 par, due 12/2019)

 

 

8.00

%

 

12/30/2014

 

 

19,737

 

 

 

20,318

 

 

 

2.1

%

Sovos Compliance, LLC (3)

 

First-lien loan ($29,103 par, due 3/2022)

 

 

8.40

%

 

7/1/2016

 

 

28,571

 

 

 

29,477

 

 

 

3.1

%

 

 

 

 

 

 

 

 

 

 

 

341,889

 

 

 

355,841

 

 

 

37.0

%

Chemicals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vertellus Specialties, Inc. (3)

 

First-lien loan ($4,967 par, due 4/2018)

 

 

10.00

%

 

10/31/2016

 

 

4,942

 

 

 

4,954

 

 

 

0.5

%

 

 

Second-lien loan  ($3,341 par, due 10/2021)

 

 

13.00

%

 

10/31/2016

 

 

3,341

 

 

 

3,358

 

 

 

0.3

%

 

 

 

 

 

 

 

 

 

 

 

8,283

 

 

 

8,312

 

 

 

0.8

%

Education

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Finalsite Holdings, Inc. (3)(5)

 

First-lien loan ($45,000 par, due 8/2022)

 

 

8.15

%

 

8/31/2016

 

 

43,879

 

 

 

44,662

 

 

 

4.7

%

Frontline Technologies Group

   LLC (3)(5)

 

First-lien loan ($54,450 par, due 4/2021)

 

 

7.90

%

 

4/1/2016

 

 

53,238

 

 

 

54,995

 

 

 

5.7

%

 

 

 

 

 

 

 

 

 

 

 

97,117

 

 

 

99,657

 

 

 

10.4

%

6


 

 

 

 

 

 

 

 

 

Initial

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acquisition

 

Amortized

 

 

Fair

 

 

Percentage

 

Company (1)

 

Investment

 

Interest

 

 

Date

 

Cost (2)(8)

 

 

Value

 

 

of Net Assets

 

Electronics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MyAlarm Center, LLC (3)

 

First-lien loan ($63,761 par, due 1/2019)

 

 

9.00

%

 

1/9/2014

 

 

62,256

 

 

 

63,761

 

 

 

6.6

%

Financial services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AppStar Financial, LLC (3)

 

First-lien loan ($21,900 par, due 8/2020)

 

 

9.00

%

 

8/18/2015

 

 

21,511

 

 

 

22,378

 

 

 

2.3

%

AvidXchange, Inc. (3)

 

First-lien loan ($53,953 par, due 8/2020)

 

10.50%  (incl. 2.38% PIK)

 

 

8/7/2015

 

 

53,246

 

 

 

54,087

 

 

 

5.6

%

Network Merchants, Inc. (3)

 

First-lien loan ($21,704 par, due 9/2018)

 

 

7.75

%

 

9/12/2013

 

 

21,561

 

 

 

21,985

 

 

 

2.3

%

PayLease, LLC (3)

 

First-lien loan ($34,718 par, due 3/2020)

 

 

10.00

%

 

3/6/2015

 

 

34,230

 

 

 

35,016

 

 

 

3.6

%

PaySimple, Inc. (3)

 

First-lien loan ($30,029 par, due 3/2022)

 

9.38% (incl. 1.75% PIK)

 

 

3/7/2017

 

 

29,436

 

 

 

29,416

 

 

 

3.1

%

Smarsh, Inc. (3)(5)

 

First-lien loan ($30,000 par, due 1/2021)

 

 

8.50

%

 

1/7/2016

 

 

29,375

 

 

 

30,675

 

 

 

3.2

%

 

 

 

 

 

 

 

 

 

 

 

189,359

 

 

 

193,557

 

 

 

20.1

%

Healthcare

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Helix Health, Ltd. (3)(4)

 

First-lien loan (EUR 40,043 par, due 9/2019)

 

 

11.50

%

 

9/30/2014

 

 

47,288

 

 

45,184

(EUR 42,245)

 

 

 

4.7

%

 

 

First-lien revolving loan (EUR 300 par, due 9/2019)

 

 

11.50

%

 

9/30/2014

 

 

262

 

 

556

(EUR 520)

 

 

 

0.1

%

MatrixCare, Inc. (3)(5)

 

First-lien loan ($44,550 par, due 12/2021)

 

 

6.40

%

 

12/17/2015

 

 

43,877

 

 

 

45,330

 

 

 

4.7

%

MedeAnalytics, Inc. (3)(5)

 

First-lien loan ($47,486 par, due 9/2020)

 

9.65% (incl. 2.50% PIK)

 

 

9/30/2015

 

 

46,404

 

 

 

47,723

 

 

 

5.0

%

Quantros, Inc. (3)(5)

 

First-lien loan ($29,700 par, due 2/2021)

 

 

8.90

%

 

2/29/2016

 

 

28,862

 

 

 

30,443

 

 

 

3.2

%

 

 

 

 

 

 

 

 

 

 

 

166,693

 

 

 

169,236

 

 

 

17.7

%

Hotel, gaming, and leisure

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CrunchTime Information

   Systems, Inc. (3)

 

First-lien loan ($26,112 par, due 4/2020)

 

9.28% (incl. 2.50% PIK)

 

 

4/16/2015

 

 

25,758

 

 

 

26,393

 

 

 

2.8

%

IRGSE Holding Corp. (3)(7)

 

First-lien loan ($21,581 par, due 9/2019)

 

10.65% (incl. 5.00% PIK)

 

 

9/29/2015

 

 

21,581

 

 

 

17,697

 

 

 

1.8

%

 

 

First-lien revolving loan ($16,703 par, due 9/2019)

 

10.65% (incl. 5.00% PIK)

 

 

9/29/2015

 

 

16,703

 

 

 

13,696

 

 

 

1.4

%

 

 

 

 

 

 

 

 

 

 

 

64,042

 

 

 

57,786

 

 

 

6.0

%

7


 

 

 

 

 

 

 

 

 

Initial

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acquisition

 

Amortized

 

 

Fair

 

 

Percentage

 

Company (1)

 

Investment

 

Interest

 

 

Date

 

Cost (2)(8)

 

 

Value

 

 

of Net Assets

 

Human resource support

   services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Saba Software, Inc. (3)(5)

 

First-lien loan ($54,038 par, due 3/2021)

 

 

9.00

%

 

3/30/2015

 

 

53,566

 

 

 

55,523

 

 

 

5.8

%

Skillsoft (3)

 

First-lien loan ($8,616 par, due 4/2021)

 

 

5.75

%

 

11/5/2015

 

 

6,918

 

 

 

7,911

 

 

 

0.8

%

 

 

 

 

 

 

 

 

 

 

 

60,484

 

 

 

63,434

 

 

 

6.6

%

Insurance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Insurity, Inc. (3)(5)

 

First-lien loan ($64,564 par, due 10/2020)

 

 

7.44

%

 

10/31/2014

 

 

64,041

 

 

 

65,209

 

 

 

6.8

%

Office products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ecommerce Industries, Inc. (3)

 

First-lien loan ($36,435 par, due 3/2019)

 

 

7.40

%

 

3/11/2014

 

 

36,290

 

 

 

36,630

 

 

 

3.8

%

Oil, gas and consumable

   fuels

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mississippi Resources, LLC (3)(7)(10)

 

First-lien loan ($53,380 par, due 6/2018)

 

13.00% (incl. 1.50% PIK)

 

 

6/4/2014

 

 

52,864

 

 

 

30,574

 

 

 

3.2

%

Pharmaceuticals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ironwood Pharmaceuticals, Inc. (4)(5)(9)

 

Secured note ($33,333 par, due 9/2026)

 

 

8.38

%

 

1/5/2017

 

 

33,183

 

 

 

33,166

 

 

 

3.5

%

Model N, Inc. (3)(4)

 

First-lien loan ($30,000 par, due 1/2022)

 

 

9.25

%

 

1/5/2017

 

 

29,423

 

 

 

29,550

 

 

 

3.1

%

Nektar Therapeutics (4)(5)(9)

 

Secured note ($74,950 par, due 10/2020)

 

 

7.75

%

 

10/5/2015

 

 

74,227

 

 

 

75,700

 

 

 

7.9

%

 

 

 

 

 

 

 

 

 

 

 

136,833

 

 

 

138,416

 

 

 

14.5

%

Retail and consumer

   products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

American Achievement

   Corporation (3)(5)

 

First-lien loan ($23,729 par, due 9/2020)

 

 

9.25

%

 

9/30/2015

 

 

23,480

 

 

 

23,729

 

 

 

2.5

%

Eddie Bauer LLC (3)

 

ABL FILO term loan  ($28,000 par, due 6/2019)

 

 

10.25

%

 

3/31/2017

 

 

27,440

 

 

 

27,400

 

 

 

2.9

%

Destination Maternity

   Corporation (3)(5)

 

ABL FILO term loan ($16,914 par, due 3/2021)

 

 

8.50

%

 

3/25/2016

 

 

16,582

 

 

 

16,956

 

 

 

1.8

%

Payless Inc. (3)

 

ABL FILO term loan ($50,000 par, due 3/2019)

 

 

8.00

%

 

10/3/2016

 

 

48,867

 

 

 

53,250

 

 

 

5.5

%

Sears (3)(4)(6)

 

First-lien ABL loan ($17,296 par, due 7/2020)

 

 

8.50

%

 

3/18/2016

 

 

16,878

 

 

 

17,599

 

 

 

1.8

%

Sears Canada Inc. (3)(4)

 

First-lien ABL loan ($20,884 par, due 3/2022)

 

 

10.50

%

 

3/20/2017

 

 

20,364

 

 

 

20,362

 

 

 

2.1

%

Toys ‘R’ Us-Delaware, Inc. (3)

 

ABL FILO term loan ($20,500 par, due 10/2019)

 

 

8.29

%

 

10/9/2014

 

 

20,395

 

 

 

20,398

 

 

 

2.1