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, 2006
OR
o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period to
Commission File No. 000-50697
ARES CAPITAL CORPORATION
(Exact name of Registrant as specified in its charter)
Maryland |
|
33-1089684 |
(State or other jurisdiction of |
|
(I.R.S. Employer |
incorporation or organization) |
|
Identification Number) |
280 Park Avenue, 22nd Floor, New York, NY 10017
(Address of principal executive office) (Zip Code)
(212) 750-7300
(Registrants telephone number, including area code)
N/A
(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 o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of accelerated filer and large accelerated filer in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer o Accelerated filer x Non-accelerated filer o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes o No x
Indicate the number of shares outstanding of each of the issuers classes of common stock, as of the latest practicable date.
Class |
|
|
|
Outstanding at November 8, 2006 |
|
|
Common stock, $0.001 par value |
|
49,091,195 |
ARES CAPITAL CORPORATION
INDEX
1
PART I FINANCIAL INFORMATION
ARES CAPITAL CORPORATION AND SUBSIDIARIES
|
|
As of |
|
||||
|
|
September 30, 2006 |
|
December 31, 2005 |
|
||
|
|
(unaudited) |
|
|
|
||
ASSETS |
|
|
|
|
|
||
|
|
|
|
|
|
||
Investments at fair value (amortized cost of $1,044,109,177 and $581,351,865, respectively): |
|
|
|
|
|
||
Non-control/Non-affiliate investments |
|
$ |
859,503,669 |
|
$ |
515,184,991 |
|
Affiliate investments |
|
173,483,619 |
|
70,783,384 |
|
||
Total investments at fair value |
|
1,032,987,288 |
|
585,968,375 |
|
||
Cash and cash equivalents |
|
67,610,129 |
|
16,613,334 |
|
||
Receivable for open trades |
|
1,676,990 |
|
1,581,752 |
|
||
Interest receivable |
|
10,931,480 |
|
5,828,098 |
|
||
Other assets |
|
9,350,178 |
|
3,653,585 |
|
||
|
|
|
|
|
|
||
Total assets |
|
$ |
1,122,556,065 |
|
$ |
613,645,144 |
|
|
|
|
|
|
|
||
LIABILITIES |
|
|
|
|
|
||
|
|
|
|
|
|
||
Debt |
|
$ |
366,000,000 |
|
$ |
18,000,000 |
|
Reimbursed underwriting costs payable to the Investment Adviser |
|
|
|
2,475,000 |
|
||
Dividend payable |
|
|
|
12,889,225 |
|
||
Payable for open trades |
|
|
|
5,500,000 |
|
||
Accounts payable and accrued expenses |
|
2,234,296 |
|
1,222,678 |
|
||
Management and incentive fees payable |
|
10,981,600 |
|
3,478,034 |
|
||
Interest and facility fees payable |
|
4,071,299 |
|
313,930 |
|
||
Interest payable to the Investment Adviser |
|
|
|
154,078 |
|
||
|
|
|
|
|
|
||
Total liabilities |
|
383,287,195 |
|
44,032,945 |
|
||
|
|
|
|
|
|
||
Commitments and contingencies (Note 6) |
|
|
|
|
|
||
|
|
|
|
|
|
||
STOCKHOLDERS EQUITY |
|
|
|
|
|
||
|
|
|
|
|
|
||
Common stock, par value $.001 per share, 100,000,000 common shares authorized, 49,091,195 and 37,909,484 common shares issued and outstanding, respectively |
|
49,092 |
|
37,910 |
|
||
Capital in excess of par value |
|
727,920,560 |
|
559,192,554 |
|
||
Accumulated net realized gain on sale of investments |
|
22,421,107 |
|
5,765,225 |
|
||
Net unrealized (depreciation) appreciation on investments |
|
(11,121,889 |
) |
4,616,510 |
|
||
|
|
|
|
|
|
||
Total stockholders equity |
|
739,268,870 |
|
569,612,199 |
|
||
|
|
|
|
|
|
||
Total liabilities and stockholders equity |
|
$ |
1,122,556,065 |
|
$ |
613,645,144 |
|
|
|
|
|
|
|
||
NET ASSETS PER SHARE |
|
$ |
15.06 |
|
$ |
15.03 |
|
See accompanying notes to consolidated financial statements.
2
ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of September 30, 2006 (unaudited)
Company {1} |
|
Industry |
|
Investment |
|
Interest {15} |
|
Initial |
|
Amortized |
|
Fair Value |
|
Fair Value |
|
Percentage of |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Healthcare - Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
American Renal Associates, Inc. |
|
Dialysis provider |
|
Senior secured loan ($3,049,180 par due 12/2010) |
|
9.57% (Libor+ 4.00%/S) |
|
12/14/05 |
|
$ |
3,049,180 |
|
$ |
3,049,180 |
|
$ |
1.00{3 |
} |
|
|
|
|
|
|
Senior secured loan ($196,721 par due 12/2010) |
|
10.75% (Base Rate + 2.50%/D) |
|
12/14/05 |
|
196,721 |
|
196,721 |
|
1.00{3 |
} |
|
|
|||
|
|
|
|
Senior secured loan ($5,836,066 par due 12/2011) |
|
10.07% (Libor + 4.50%/S) |
|
12/14/05 |
|
5,836,066 |
|
5,836,066 |
|
1.00{3 |
} |
|
|
|||
|
|
|
|
Senior secured loan ($36,066 par due 12/2011) |
|
11.25% (Base Rate + 3.00%/D) |
|
12/14/05 |
|
36,066 |
|
36,066 |
|
1.00{3 |
} |
|
|
|||
|
|
|
|
Senior secured loan ($393,741 par due 12/2011) |
|
12.57% (Libor + 7.00%/Q) |
|
12/14/05 |
|
393,741 |
|
393,741 |
|
1.00 |
|
|
|
|||
|
|
|
|
Senior secured loan ($261,997 par due 12/2011) |
|
12.57 (Libor + 7.00%/Q) |
|
12/14/05 |
|
261,997 |
|
261,997 |
|
1.00{3 |
} |
|
|
|||
|
|
|
|
Senior secured loan ($3,937,406 par due 12/2011) |
|
14.25% (Base Rate + 6.00% /D) |
|
12/14/05 |
|
3,937,406 |
|
3,937,406 |
|
1.00 |
|
|
|
|||
|
|
|
|
Senior secured loan ($2,619,971 par due 12/2011) |
|
14.25% (Base Rate + 6.00%/D) |
|
12/14/05 |
|
2,619,971 |
|
2,619,971 |
|
1.00{3 |
} |
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Capella Healthcare, Inc. |
|
Acute care hospital operator |
|
Junior secured loan ($19,000,000 par due 11/2013) |
|
11.37% (Libor + 6.00%/Q) |
|
12/1/05 |
|
19,000,000 |
|
19,000,000 |
|
1.00 |
|
|
|
|||
|
|
|
|
Junior secured loan ($12,000,000 par due 11/2013) |
|
11.37% (Libor + 6.00%/Q) |
|
12/1/05 |
|
12,000,000 |
|
12,000,000 |
|
1.00{3 |
} |
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
DSI Renal, Inc. |
|
Dialysis provider |
|
Senior subordinated note ($60,637,680 par due 4/2014) |
|
12.00% Cash, 2.00% PIK |
|
4/4/06 |
|
60,637,680 |
|
60,637,680 |
|
1.00{4 |
} |
|
|
|||
|
|
|
|
Senior subordinated note ($5,025,000 par due 4/2014) |
|
12.00% Cash, 2.00% PIK |
|
4/4/06 |
|
5,025,000 |
|
5,025,000 |
|
1.00{4}{3 |
} |
|
|
|||
|
|
|
|
Senior secured loan ($3,200,000 par due 3/2013) |
|
8.50% (Libor + 3.00%/Q) |
|
4/4/06 |
|
3,200,000 |
|
3,200,000 |
|
1.00 |
|
|
|
|||
|
|
|
|
Senior secured loan ($960,000 par due 3/2013) |
|
8.44% (Libor + 3.00%/Q) |
|
4/4/06 |
|
960,000 |
|
960,000 |
|
1.00 |
|
|
|
|||
|
|
|
|
Senior secured loan ($1,600,000 par due 3/2013) |
|
8.38% (Libor + 3.00%/M) |
|
4/4/06 |
|
1,600,000 |
|
1,600,000 |
|
1.00 |
|
|
|
|||
|
|
|
|
Senior secured loan ($1,440,000 par due 3/2013) |
|
10.75% (Base Rate + 2.50%/D) |
|
4/4/06 |
|
1,440,000 |
|
1,440,000 |
|
1.00 |
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
OnCURE Medical Corp. |
|
Radiation oncology care provider |
|
Senior subordinated note ($23,230,012 par due 8/2012) |
|
11.00% cash, 1.50% PIK |
|
8/16/06 |
|
23,230,012 |
|
23,230,012 |
|
1.00{4 |
} |
|
|
|||
|
|
|
|
Senior secured loan ($3,489,063 par due 8/2011) |
|
8.94% (Libor + 3.50%/S) |
|
8/23/06 |
|
3,489,063 |
|
3,489,063 |
|
1.00 |
|
|
|
|||
|
|
|
|
Senior secured loan ($10,938 par due 8/2011) |
|
8.94% (Libor + 3.50%/Q) |
|
8/23/06 |
|
10,938 |
|
10,938 |
|
1.00 |
|
|
|
|||
|
|
|
|
Common stock (857,143 shares) |
|
|
|
8/16/06 |
|
3,000,000 |
|
3,000,000 |
|
3.50{5 |
} |
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
PHNS, Inc. |
|
Information technology and business process outsourcing |
|
Senior subordinated loan ($16,000,000 par due 11/2011) |
|
13.50% cash, 2.50% PIK |
|
10/29/04 |
|
15,804,452 |
|
16,320,000 |
|
1.02{4 |
} |
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Triad Laboratory Alliance, LLC |
|
Laboratory services |
|
Senior subordinated note ($14,762,865 par due 12/2012) |
|
12.00% cash, 1.75% PIK |
|
12/21/05 |
|
14,762,865 |
|
14,762,865 |
|
1.00{4 |
} |
|
|
|||
|
|
|
|
Senior secured loan ($6,947,500 par due 12/2011) |
|
8.62% (Libor + 3.25%/Q) |
|
12/21/05 |
|
6,947,500 |
|
6,947,500 |
|
1.00 |
|
|
|
|||
|
|
|
|
Senior secured loan ($2,977,500 par due 12/2011) |
|
8.62% (Libor + 3.25%/Q) |
|
12/21/05 |
|
2,977,500 |
|
2,977,500 |
|
1.00{3 |
} |
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
190,416,158 |
|
190,931,706 |
|
|
|
25.83 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Printing, Publishing and Broadcasting |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Canon Communications LLC |
|
Print publications services |
|
Junior secured loan ($7,525,000 par due 11/2011) |
|
12.37% (Libor + 6.75%/S) |
|
5/25/05 |
|
7,525,000 |
|
7,525,000 |
|
1.00 |
|
|
|
|||
|
|
|
|
Junior secured loan ($4,250,000 par due 11/2011) |
|
12.37% (Libor + 6.75%/S) |
|
5/25/05 |
|
4,250,000 |
|
4,250,000 |
|
1.00{2 |
} |
|
|
|||
|
|
|
|
Junior secured loan ($12,000,000 par due 11/2011) |
|
12.37% (Libor + 6.75%/S) |
|
5/25/05 |
|
12,000,000 |
|
12,000,000 |
|
1.00{3 |
} |
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Daily Candy, Inc. {11} |
|
Internet publication provider |
|
Senior secured loan ($19,200,000 par due 5/2009) |
|
10.62% (Libor + 5.00%/S) |
|
5/25/06 |
|
19,494,406 |
|
19,200,000 |
|
0.98 |
|
|
|
|||
|
|
|
|
Senior secured loan ($4,800,000 par due 5/2009) |
|
10.62% (Libor + 5.00%/S) |
|
5/25/06 |
|
4,873,601 |
|
4,800,000 |
|
0.98{3 |
} |
|
|
|||
|
|
|
|
Senior secured loan ($700,000 par due 5/2009) |
|
10.37% (Libor + 5.00%/Q) |
|
5/25/06 |
|
700,000 |
|
700,000 |
|
1.00 |
|
|
|
|||
|
|
|
|
Senior secured loan ($175,000 par due 5/2009) |
|
10.37% (Libor + 5.00%/Q) |
|
5/25/06 |
|
175,000 |
|
175,000 |
|
1.00{3 |
} |
|
|
|||
|
|
|
|
Common stock (1,250,000 shares) |
|
|
|
5/25/06 |
|
2,375,000 |
|
2,375,000 |
|
1.90{5 |
} |
|
|
|||
|
|
|
|
Warrants to purchase (1,381,578 shares) |
|
|
|
5/25/06 |
|
2,624,998 |
|
2,624,998 |
|
1.90{5 |
} |
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
National Print Group, Inc. |
|
Printing management services |
|
Senior secured revolving loan ($1,338,451 par due 3/2012) |
|
10.75% (Base Rate + 2.50%/D) |
|
3/2/06 |
|
1,338,451 |
|
1,338,451 |
|
1.00 |
|
|
|
|||
|
|
|
|
Senior secured loan ($11,047,826 par due 3/2012) |
|
8.87% (Libor + 3.50%/Q) |
|
3/2/06 |
|
11,047,826 |
|
11,047,826 |
|
1.00{3 |
} |
|
|
|||
|
|
|
|
Senior secured loan ($182,609 par due 3/2012) |
|
10.75% (Base Rate + 2.50%/D) |
|
3/2/06 |
|
182,609 |
|
182,609 |
|
1.00{3 |
} |
|
|
|||
|
|
|
|
Senior secured loan ($2,319,367 par due 3/2012) |
|
12.32% (Libor + 7.00%/S) |
|
3/2/06 |
|
2,319,368 |
|
2,319,368 |
|
1.00 |
|
|
|
|||
|
|
|
|
Senior secured loan ($419,763 par due 8/2012) |
|
12.32% (Libor + 7.00%/S) |
|
3/2/06 |
|
419,763 |
|
419,763 |
|
1.00{3 |
} |
|
|
|||
|
|
|
|
Senior secured loan ($1,932,806 par due 8/2012) |
|
12.49% (Libor + 7.00%/Q) |
|
3/2/06 |
|
1,932,806 |
|
1,932,806 |
|
1.00 |
|
|
|
|||
|
|
|
|
Senior secured loan ($349,802 par due 8/2012) |
|
12.49% (Libor + 7.00%/Q) |
|
3/2/06 |
|
349,802 |
|
349,802 |
|
1.00{3 |
} |
|
|
|||
|
|
|
|
Preferred stock (9,344 shares) |
|
|
|
3/2/06 |
|
2,000,000 |
|
2,000,000 |
|
214.04{5 |
} |
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
The Teaching Company, LLC and |
|
Education publications provider |
|
Senior secured revolving loan ($1,000,000 par due 9/2011) |
|
12.25% (Base Rate + 4.00%/D) |
|
9/28/06 |
|
1,000,000 |
|
1,000,000 |
|
1.00 |
|
|
|
|||
The Teaching Company Holdings, Inc. |
|
|
|
Senior secured loan ($6,250,000 par due 9/2012) |
|
12.25% (Base Rate + 4.00%/D) |
|
9/28/06 |
|
6,250,000 |
|
6,250,000 |
|
1.00 |
|
|
|
|||
|
|
|
|
Senior secured loan ($28,000,000 par due 9/2012) |
|
10.50%{16} |
|
9/28/06 |
|
28,000,000 |
|
28,000,000 |
|
1.00 |
|
|
|
|||
|
|
|
|
Senior secured loan ($12,000,000 par due 9/2012) |
|
10.50%{16} |
|
9/28/06 |
|
12,000,000 |
|
12,000,000 |
|
1.00{3 |
} |
|
|
|||
|
|
|
|
Preferred stock (29,969 shares) |
|
|
|
9/28/06 |
|
2,996,921 |
|
2,996,921 |
|
100.00{5 |
} |
|
|
|||
|
|
|
|
Common stock (3,079 shares) |
|
|
|
9/28/06 |
|
3,079 |
|
3,079 |
|
1.00{5 |
} |
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
123,858,630 |
|
123,490,623 |
|
|
|
16.70 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Manufacturing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Arrow Group Industries, Inc. |
|
Residential and outdoor shed manufacturer |
|
Senior secured loan ($6,000,000 par due 4/2010) |
|
10.37% (Libor + 5.00%/Q) |
|
3/28/05 |
|
6,038,785 |
|
6,000,000 |
|
1.00{3 |
} |
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Emerald Performance Materials, LLC |
|
Polymers and performance materials manufacturer |
|
Senior secured loan ($10,473,684 par due 5/2011) |
|
9.58% (Libor + 4.25%/M) |
|
5/16/06 |
|
10,473,684 |
|
10,473,684 |
|
1.00 |
|
|
|
|||
|
|
|
|
Senior secured loan ($5,263,158 par due 5/2011) |
|
11.33% (Libor + 6.00%/M) |
|
5/16/06 |
|
5,263,158 |
|
5,263,158 |
|
1.00 |
|
|
|
|||
|
|
|
|
Senior secured loan ($4,210,526 par due 5/2011) |
|
13.00% |
|
5/16/06 |
|
4,210,526 |
|
4,210,526 |
|
1.00 |
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Qualitor, Inc. |
|
Automotive aftermarket components supplier |
|
Senior secured loan ($1,965,000 par due 12/2011) |
|
9.62% (Libor + 4.25%/Q) |
|
12/29/04 |
|
1,965,000 |
|
1,965,000 |
|
1.00{3 |
} |
|
|
|||
|
|
|
|
Junior secured loan ($5,000,000 par due 6/2012) |
|
12.62% (Libor + 7.25%/Q) |
|
12/29/04 |
|
5,000,000 |
|
5,000,000 |
|
1.00{3 |
} |
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Professional Paint, Inc. |
|
Paint manufacturer |
|
Junior secured loan ($16,500,000 par due 5/2013) |
|
11.38% (Libor + 5.75%/S) |
|
5/25/06 |
|
16,500,000 |
|
16,500,000 |
|
1.00 |
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Reflexite Corporation {10} |
|
Developer and manufacturer of high visibility reflective products |
|
Senior subordinated loan ($10,537,043 par due 12/2011) |
|
11.00% cash, 3.00% PIK |
|
12/30/04 |
|
10,537,043 |
|
10,537,043 |
|
1.00{2}{4 |
} |
|
|
|||
|
|
|
|
Common Stock (1,729,627 shares) |
|
|
|
3/28/06 |
|
25,682,891 |
|
25,682,891 |
|
14.85{5 |
} |
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Universal Trailer Corporation {6} |
|
Livestock and specialty trailer manufacturer |
|
Common stock (50,000 shares) |
|
|
|
10/8/04 |
|
6,424,645 |
|
4,154,665 |
|
83.09{5 |
} |
|
|
|||
|
|
|
|
Warrants to purchase 22,208 shares |
|
|
|
10/8/04 |
|
1,505,776 |
|
1,845,336 |
|
83.09{5 |
} |
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Varel Holdings, Inc. |
|
Drill bit manufacturer |
|
Senior secured loan ($8,578,759 par due 12/2010) |
|
9.49% (Libor + 4.00%/Q) |
|
5/18/05 |
|
8,578,759 |
|
8,578,759 |
|
1.00{3 |
} |
|
|
|||
|
|
|
|
Senior secured loan ($3,333,333 par due 12/2011) |
|
13.33% (Libor + 8.00%/M) |
|
5/18/05 |
|
3,333,333 |
|
3,333,333 |
|
1.00{3 |
} |
|
|
|||
|
|
|
|
Senior secured revolving loan ($500,000 par due 10/2010) |
|
10.50% (Base Rate + 2.25%/D) |
|
5/18/05 |
|
500,000 |
|
500,000 |
|
1.00 |
|
|
|
|||
See accompanying notes to consolidated financial statements.
3
Company {1} |
|
Industry |
|
Investment |
|
Interest {15} |
|
Initial |
|
Amortized |
|
Fair Value |
|
Fair Value |
|
Percentage of |
|
|
|
|
|
Preferred stock (33,884 shares) |
|
|
|
5/18/05 |
|
1,109,363 |
|
1,109,363 |
|
32.74{5 |
} |
|
|
|
|
|
|
Common stock (30,451 shares) |
|
|
|
5/18/05 |
|
3,045 |
|
1,011,569 |
|
33.22{5 |
} |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
107,126,008 |
|
106,165,327 |
|
|
|
14.36 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Services - Other |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diversified Collection Services, Inc. |
|
Collections services |
|
Senior secured loan ($5,242,026 par due 2/2011) |
|
9.57% (Libor + 4.25%/M) |
|
2/2/05 |
|
5,242,026 |
|
5,242,026 |
|
1.00{3 |
} |
|
|
|
|
|
|
Senior secured loan ($1,742,026 par due 8/2011) |
|
11.37% (Libor + 6.00%/M) |
|
2/2/05 |
|
1,742,026 |
|
1,742,026 |
|
1.00{2 |
} |
|
|
|
|
|
|
Senior secured loan ($6,757,974 par due 8/2011) |
|
11.37% (Libor + 6.00%/M) |
|
2/2/05 |
|
6,757,974 |
|
6,757,974 |
|
1.00{3 |
} |
|
|
|
|
|
|
Preferred stock (14,927 shares) |
|
|
|
5/18/06 |
|
169,123 |
|
169,123 |
|
11.33{5 |
} |
|
|
|
|
|
|
Common stock (114,004 shares) |
|
|
|
2/2/05 |
|
295,270 |
|
295,270 |
|
2.59{5 |
} |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Event Rentals, Inc. |
|
Party rental services |
|
Senior secured loan ($2,277,902 par due 11/2011) |
|
10.77% (Libor+ 5.25%/S) |
|
11/17/05 |
|
2,277,902 |
|
2,277,902 |
|
1.00{3 |
} |
|
|
|
|
|
|
Senior secured loan ($5,005,581 par due 11/2011) |
|
10.69% (Libor + 5.25%/S) |
|
11/17/05 |
|
5,005,581 |
|
5,005,581 |
|
1.00{3 |
} |
|
|
|
|
|
|
Senior secured loan ($1,244,489 par due 11/2011) |
|
10.74% (Libor + 5.25%/S) |
|
11/17/05 |
|
1,244,489 |
|
1,244,489 |
|
1.00 |
|
|
|
|
|
|
|
Senior secured loan ($2,466,518 par due 11/2011) |
|
10.74% (Libor + 5.25%/S) |
|
11/17/05 |
|
2,466,518 |
|
2,466,518 |
|
1.00{3 |
} |
|
|
|
|
|
|
Senior secured loan ($15,354 par due 11/2011) |
|
12.50% (Base Rate + 4.25%/D) |
|
11/17/05 |
|
15,354 |
|
15,354 |
|
1.00 |
|
|
|
|
|
|
|
Senior secured loan ($5,952 par due 11/2011) |
|
12.50% (Base Rate + 4.25%/D) |
|
11/17/05 |
|
5,952 |
|
5,952 |
|
1.00{3 |
} |
|
|
|
|
|
|
Senior secured loan ($5,742,560 par due 11/2011) |
|
10.77% (Libor + 5.25%/S) |
|
11/17/05 |
|
5,742,560 |
|
5,742,560 |
|
1.00 |
|
|
|
|
|
|
|
Senior secured loan ($2,226,190 par due 11/2011) |
|
10.77% (Libor + 5.25%/S) |
|
11/17/05 |
|
2,226,190 |
|
2,226,190 |
|
1.00{3 |
} |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GCA Services Group, Inc. |
|
Custodial services |
|
Senior subordinated loan ($33,486,024 par due 1/2010) |
|
12.00% cash, 3.00% PIK |
|
7/25/05 |
|
33,486,024 |
|
33,486,024 |
|
1.00{4 |
} |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NPA Acquisition, LLC |
|
Powersport vehicle auction operator |
|
Senior secured loan ($5,000,000 par due 8/2012) |
|
8.64% (Libor + 3.25%/Q) |
|
8/23/06 |
|
5,000,000 |
|
5,000,000 |
|
1.00 |
|
|
|
|
|
|
|
Junior secured loan ($14,000,000 par due 2/2013) |
|
12.12% (Libor + 6.75%/Q) |
|
8/23/06 |
|
14,000,000 |
|
14,000,000 |
|
1.00 |
|
|
|
|
|
|
|
Common stock (1,709 shares) |
|
|
|
8/23/06 |
|
1,000,000 |
|
1,000,000 |
|
585.14{5 |
} |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
86,676,989 |
|
86,676,989 |
|
|
|
11.72 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savers, Inc and SAI Acquisition Corporation |
|
For-profit thrift retailer |
|
Senior subordinated note ($28,077,778 par due 8/2014) |
|
10.00% cash, 2.00% PIK |
|
8/8/06 |
|
28,077,778 |
|
28,077,778 |
|
1.00{4 |
} |
|
|
|
|
|
|
Common stock (1,170,182 shares) |
|
|
|
8/8/06 |
|
4,500,000 |
|
4,500,000 |
|
3.85{5 |
} |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Things Remembered, Inc. and TRM Holdings Corporation |
|
Personalized gifts retailer |
|
Senior secured revolving loan ($357,143 par due 9/2012) |
|
12.00% (Base Rate + 3.75%/D){17} |
|
9/28/06 |
|
357,143 |
|
357,143 |
|
1.00 |
|
|
|
|
|
|
|
Senior secured loan ($4,800,000 par due 9/2012) |
|
12.00% (Base Rate + 3.75%/D) |
|
9/28/06 |
|
4,800,000 |
|
4,800,000 |
|
1.00{3 |
} |
|
|
|
|
|
|
Senior secured loan ($28,000,000 par due 9/2013) |
|
13.25% (Base Rate + 5.00%/D) |
|
9/28/06 |
|
28,000,000 |
|
28,000,000 |
|
1.00 |
|
|
|
|
|
|
|
Senior secured loan ($7,200,000 par due 9/2013) |
|
13.25% (Base Rate + 5.00%/D) |
|
9/28/06 |
|
7,200,000 |
|
7,200,000 |
|
1.00{3 |
} |
|
|
|
|
|
|
Preferred stock (80 shares) |
|
|
|
9/28/06 |
|
1,800,000 |
|
1,800,000 |
|
22,500.00{5 |
} |
|
|
|
|
|
|
Common stock (800 shares) |
|
|
|
9/28/06 |
|
200,000 |
|
200,000 |
|
250.00{5 |
} |
|
|
|
|
|
|
|
|
|
|
|
|
74,934,921 |
|
74,934,921 |
|
|
|
10.14 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Containers-Packaging |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Captive Plastics, Inc. |
|
Plastics container manufacturer |
|
Junior secured loan ($4,000,000 par due 2/2012) |
|
12.76% (Libor + 7.25%/Q) |
|
12/19/05 |
|
4,000,000 |
|
4,000,000 |
|
1.00 |
|
|
|
|
|
|
|
Junior secured loan ($12,000,000 par due 2/2012) |
|
12.76% (Libor + 7.25%/Q) |
|
12/19/05 |
|
12,000,000 |
|
12,000,000 |
|
1.00{3 |
} |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industrial Container Services, LLC {8} |
|
Industrial container manufacturer, reconditioner and servicer |
|
Senior secured loan ($96,250 par due 9/2011) |
|
13.25% (Base Rate + 5.00%/D) |
|
9/30/05 |
|
96,250 |
|
96,250 |
|
1.00 |
|
|
|
|
|
|
|
Senior secured loan ($30,227 par due 9/2011) |
|
13.25% (Base Rate + 5.00%/D) |
|
9/30/05 |
|
30,227 |
|
30,227 |
|
1.00{3 |
} |
|
|
|
|
|
|
Senior secured loan ($11,939,547 par due 9/2011) |
|
11.94% (Libor + 6.50%/S) |
|
9/30/05 |
|
11,939,547 |
|
11,939,547 |
|
1.00{3 |
} |
|
|
|
|
|
|
Senior secured loan ($16,450,281 par due 9/2011) |
|
11.94% (Libor + 6.50%/S) |
|
6/21/06 |
|
16,450,281 |
|
16,450,281 |
|
1.00 |
|
|
|
|
|
|
|
Senior secured revolving loan ($25,000 par due 9/2011) |
|
11.89% (Libor + 6.50%/Q) |
|
9/30/05 |
|
25,000 |
|
25,000 |
|
1.00 |
|
|
|
|
|
|
|
Senior secured revolving loan ($9,950,000 par due 9/2011) |
|
11.94% (Libor + 6.50.%/S) |
|
9/30/05 |
|
9,950,000 |
|
9,950,000 |
|
1.00 |
|
|
|
|
|
|
|
Senior secured revolving loan ($4,130,435 par due 9/2011) |
|
10.02% (Libor + 4.50%/Q) |
|
9/30/05 |
|
4,130,435 |
|
4,130,435 |
|
1.00 |
|
|
|
|
|
|
|
Senior secured revolving loan ($826,087 par due 9/2011) |
|
9.82% (Libor + 4.50%/D) |
|
9/30/05 |
|
826,087 |
|
826,087 |
|
1.00 |
|
|
|
|
|
|
|
Senior secured revolving loan ($826,087 par due 9/2011) |
|
9.83% (Libor + 4.50%/D) |
|
9/30/05 |
|
826,087 |
|
826,087 |
|
1.00 |
|
|
|
|
|
|
|
Senior secured revolving loan ($1,156,522 par due 9/2011) |
|
11.25% (Base Rate + 3.00%/D) |
|
9/30/05 |
|
1,156,522 |
|
1,156,522 |
|
1.00 |
|
|
|
|
|
|
|
Common stock (1,800,000 shares) |
|
|
|
9/29/05 |
|
1,800,000 |
|
1,800,000 |
|
1.00{5 |
} |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LabelCorp Holdings, Inc. |
|
Consumer product labels manufacturer |
|
Senior subordinated notes ($9,250,088 par due 9/2012) |
|
12.00% cash, 3.00% PIK |
|
3/16/06 |
|
9,250,088 |
|
9,250,088 |
|
1.00{4 |
} |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
72,480,524 |
|
72,480,524 |
|
|
|
9.80 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Products - Non-Durable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Making Memories Wholesale, Inc. {7} |
|
Scrapbooking branded products manufacturer |
|
Senior secured loan ($7,916,667 par due 3/2011) |
|
9.875% (Libor + 4.50%/Q) |
|
5/5/05 |
|
7,916,667 |
|
7,916,667 |
|
1.00{3 |
} |
|
|
|
|
|
|
Senior subordinated loan ($10,152,435 par due 5/2012) |
|
12.50% cash, 2.00% PIK |
|
5/5/05 |
|
10,152,435 |
|
10,152,435 |
|
1.00{4 |
} |
|
|
|
|
|
|
Preferred stock (3,500 shares) |
|
|
|
5/5/05 |
|
3,758,800 |
|
1,320,000 |
|
351.25{4 |
} |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shoes for Crews, LLC |
|
Safety footwear and slip-related mats |
|
Senior secured loan ($1,370,173 par due 7/2010) |
|
8.87% (Libor + 3.25%/S) |
|
10/8/04 |
|
1,378,236 |
|
1,378,236 |
|
1.00{3 |
} |
|
|
|
|
|
|
Senior secured revolving loan ($3,333,333 par due 7/2010) |
|
10.25% (Base Rate + 2.00%/D) |
|
6/16/06 |
|
3,333,333 |
|
3,333,333 |
|
1.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tumi Holdings, Inc. |
|
Branded luggage designer, marketer and distributor |
|
Senior secured loan ($2,500,000 par due 12/2012) |
|
8.11% (Libor + 2.75%/Q) |
|
5/24/05 |
|
2,500,000 |
|
2,500,000 |
|
1.00{3 |
} |
|
|
|
|
|
|
Senior secured loan ($5,000,000 par due 12/2013) |
|
8.62% (Libor + 3.25%/Q) |
|
3/14/05 |
|
5,000,000 |
|
5,000,000 |
|
1.00{3 |
} |
|
|
|
|
|
|
Senior subordinated loan ($13,510,171 par due 12/2014) |
|
16.37% (Libor + 6.00% cash, 5.00% PIK/Q) |
|
3/14/05 |
|
13,510,171 |
|
13,510,171 |
|
1.00{2} {4 |
} |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UCG Paper Crafts, Inc. |
|
Scrapbooking materials manufacturer |
|
Senior secured loan ($1,990,000 par due 2/2013) |
|
8.58% (Libor + 3.25%/M) |
|
2/23/06 |
|
1,990,000 |
|
1,990,000 |
|
1.00{3 |
} |
|
|
|
|
|
|
Junior secured loan ($2,960,063 par due 2/2013) |
|
12.83% (Libor + 7.50%/M) |
|
2/23/06 |
|
2,960,063 |
|
2,960,063 |
|
1.00 |
|
|
|
|
|
|
|
Junior secured loan ($9,974,937 par due 2/2013) |
|
12.83% (Libor + 7.50%/M) |
|
2/23/06 |
|
9,974,937 |
|
9,974,937 |
|
1.00{3 |
} |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
62,474,642 |
|
60,035,842 |
|
|
|
8.12 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Education |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equinox SMU Partners LLC and |
|
Medical school operator |
|
Senior secured revolving loan ($1,550,000 par due 12/2010) |
|
13.25% (Base Rate + 5.00%/Q) |
|
1/26/06 |
|
1,550,000 |
|
1,550,000 |
|
1.00 |
|
|
|
SMU Acquisition Corp. {9} {13} |
|
|
|
Senior secured revolving loan ($2,032,342 par due 12/2010) |
|
11.06% (Libor + 6.00%/S) |
|
1/26/06 |
|
2,032,342 |
|
2,032,342 |
|
1.00 |
|
|
|
|
|
|
|
Senior secured loan ($10,162,500 par due 12/2010) |
|
11.39% (Libor + 6.00%/Q) |
|
1/26/06 |
|
10,162,500 |
|
10,162,500 |
|
1.00{3 |
} |
|
|
|
|
|
|
Senior secured loan ($1,500,000 par due 12/2010) |
|
11.39% (Libor + 6.00%/Q) |
|
1/26/06 |
|
1,500,000 |
|
1,500,000 |
|
1.00 |
|
|
|
|
|
|
|
Senior secured loan ($1,500,000 par due 12/2010) |
|
11.39% (Libor + 6.00%/Q) |
|
1/26/06 |
|
1,500,000 |
|
1,500,000 |
|
1.00{3 |
} |
|
|
|
|
|
|
Limited liability company membership interest (17.39% interest) |
|
|
|
1/25/06 |
|
4,000,000 |
|
4,000,000 |
|
{5 |
} |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lakeland Finance, LLC |
|
Private school operator |
|
Senior secured note ($33,000,000 par due 12/2012) |
|
11.50% |
|
12/13/05 |
|
33,000,000 |
|
33,000,000 |
|
1.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
53,744,842 |
|
53,744,842 |
|
|
|
7.27 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investor Group Services, LLC |
|
Financial services |
|
Senior secured loan ($1,500,000 par due 6/2011) |
|
12.00% |
|
6/22/06 |
|
1,500,000 |
|
1,500,000 |
|
1.00{3 |
} |
|
|
|
|
|
|
Senior secured loan ($500,000 par due 6/2011) |
|
11.04% (Libor + 5.50%/S) |
|
6/22/06 |
|
500,000 |
|
500,000 |
|
1.00 |
|
|
|
|
|
|
|
Senior secured loan ($150,000 par due 6/2011) |
|
12.75% (Base Rate + 4.50%/D) |
|
6/22/06 |
|
150,000 |
|
150,000 |
|
1.00 |
|
|
|
See accompanying notes to consolidated financial statements.
4
Company {1} |
|
Industry |
|
Investment |
|
Interest {15} |
|
Initial |
|
Amortized |
|
Fair Value |
|
Fair Value |
|
Percentage of |
|
|
|
|
|
Limited liability company membership interest (10.00% interest) |
|
|
|
6/22/06 |
|
|
|
|
|
{5 |
} |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Miller Heiman, Inc. |
|
Sales consulting services |
|
Senior secured loan ($3,173,113 par due 6/2010) |
|
8.83% (Libor + 3.50%/M) |
|
6/20/05 |
|
3,173,113 |
|
3,173,113 |
|
1.00{3 |
} |
|
|
|
|
|
|
Senior secured loan ($4,027,788 par due 6/2012) |
|
9.37% (Libor + 4.00%/Q) |
|
6/20/05 |
|
4,027,788 |
|
4,027,788 |
|
1.00{3 |
} |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MR Processing Holding Corp. |
|
Bankruptcy and foreclosure processing services |
|
Senior subordinated note ($20,202,733 par due 2/2013) |
|
12.00% Cash, 2.00% PIK |
|
3/23/06 |
|
20,202,733 |
|
20,202,733 |
|
1.00{4 |
} |
|
|
|
|
|
|
Senior secured loan ($1,990,000 par due 2/2012) |
|
9.02% (Libor + 3.50%/S) |
|
3/28/06 |
|
1,990,000 |
|
1,990,000 |
|
1.00 |
|
|
|
|
|
|
|
Preferred stock (30,000 shares) |
|
|
|
4/11/06 |
|
3,000,000 |
|
3,000,000 |
|
100.00{5 |
} |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Primis Marketing Group, Inc. and Primis Holdings, LLC {12} |
|
Database marketing services |
|
Senior secured loan ($10,024,306 par due 2/2013) |
|
11.00% Cash, 2.50% PIK |
|
8/24/06 |
|
10,024,306 |
|
10,024,306 |
|
1.00{4 |
} |
|
|
|
|
|
|
Preferred stock (4,000 shares) |
|
|
|
8/24/06 |
|
3,600,000 |
|
3,600,000 |
|
9.00{5 |
} |
|
|
|
|
|
|
Common stock (4,000,000 shares) |
|
|
|
8/24/06 |
|
400,000 |
|
400,000 |
|
0.10{5 |
} |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
48,567,940 |
|
48,567,940 |
|
|
|
6.57% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurants |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADF Capital, Inc. & ADF Restaurant Group, LLC |
|
Restaurant owner and operator |
|
Senior secured revolving loan ($1,700,000 par due 6/2013) |
|
13.75% (Base Rate + 5.50%/D) |
|
6/1/06 |
|
1,700,000 |
|
1,700,000 |
|
1.00 |
|
|
|
|
|
|
|
Senior secured loan ($5,970,000 par due 6/2013) |
|
13.75% (Base Rate + 5.50%/D) |
|
6/1/06 |
|
5,970,000 |
|
5,970,000 |
|
1.00 |
|
|
|
|
|
|
|
Senior secured loan ($11,940,000 par due 6/2013) |
|
13.75% (Base Rate + 5.50%/D) |
|
6/1/06 |
|
11,940,000 |
|
11,940,000 |
|
1.00{3 |
} |
|
|
|
|
|
|
Warrants to purchase 0.882353 units |
|
|
|
6/1/06 |
|
2,410,000 |
|
2,410,000 |
|
2,731,333.15{5 |
} |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Encanto Restaurants, Inc. {13} |
|
Restaurant owner and operator |
|
Junior secured loan ($25,104,514 par due 8/2013) |
|
7.50% Cash, 3.50% PIK |
|
8/16/06 |
|
25,104,514 |
|
25,104,514 |
|
1.00{4 |
} |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
47,124,514 |
|
47,124,514 |
|
|
|
6.37 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Environmental Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mactec, Inc. |
|
Engineering and environmental |
|
Common stock (186 shares) |
|
|
|
11/3/04 |
|
|
|
|
|
0.00{5 |
} |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wastequip, Inc. |
|
Waste management equipment manufacturer |
|
Junior secured loan ($15,000,000 par due 7/2012) |
|
10.82% (Libor + 5.50%/M) |
|
8/4/05 |
|
15,000,000 |
|
15,000,000 |
|
1.00 |
|
|
|
|
|
|
|
Junior secured loan ($12,000,000 par due 7/2012) |
|
10.82% (Libor + 5.50%/M) |
|
8/4/05 |
|
12,000,000 |
|
12,000,000 |
|
1.00{3 |
} |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
27,000,000 |
|
27,000,000 |
|
|
|
3.65 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aerospace & Defense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ILC Industries, Inc. |
|
Industrial products provider |
|
Junior secured loan ($12,000,000 par due 8/2012) |
|
11.50% |
|
6/27/06 |
|
12,000,000 |
|
12,000,000 |
|
1.00{3 |
} |
|
|
|
|
|
|
Junior secured loan ($3,000,000 par due 8/2012) |
|
11.50% |
|
6/27/06 |
|
3,000,000 |
|
3,000,000 |
|
1.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thermal Solutions LLC and TSI Group, Inc. |
|
Thermal management and electronics packaging manufacturer |
|
Senior secured loan ($3,233,750 par due 3/2012) |
|
9.52% (Libor + 4.00%/Q) |
|
3/28/05 |
|
3,233,750 |
|
3,233,750 |
|
1.00{3 |
} |
|
|
|
|
|
|
Senior secured loan ($1,657,895 par due 3/2011) |
|
9.02% (Libor + 3.50%/Q) |
|
3/28/05 |
|
1,657,895 |
|
1,657,895 |
|
1.00{3 |
} |
|
|
|
|
|
|
Senior subordinated notes ($3,105,314 par due 9/2012) |
|
11.50% cash, 2.75% PIK |
|
3/28/05 |
|
3,114,692 |
|
3,105,314 |
|
1.00{2}{4 |
} |
|
|
|
|
|
|
Senior subordinated notes ($2,532,920 par due 3/2013) |
|
11.50% cash, 2.50% PIK |
|
3/21/06 |
|
2,532,920 |
|
2,532,920 |
|
1.00{2}{4 |
} |
|
|
|
|
|
|
Preferred stock (53,900 shares) |
|
|
|
3/28/05 |
|
539,000 |
|
539,000 |
|
10.00{5 |
} |
|
|
|
|
|
|
Common stock (1,100,000 shares) |
|
|
|
3/28/05 |
|
11,000 |
|
11,000 |
|
0.01{5 |
} |
|
|
|
|
|
|
|
|
& |