Table of Contents

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

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

 

For the quarterly period ended June 30, 2016

 

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. 814-00663

 

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)

 

245 Park Avenue, 44th Floor, New York, NY 10167

(Address of principal executive office)   (Zip Code)

 

(212) 750-7300

(Registrant’s 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 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 o No o

 

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 definitions of “large accelerated filer,” “accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

 

Large accelerated filer x

 

Accelerated filer o

 

 

 

Non-accelerated filer o

 

Smaller reporting company o

(Do not check if a 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 o No x

 

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

 

Class

 

Outstanding at July 29, 2016

Common stock, $0.001 par value

 

313,954,008

 

 

 



Table of Contents

 

ARES CAPITAL CORPORATION

 

INDEX

 

Part I.

Financial Information

 

 

 

 

Item 1.

Financial Statements

 

 

 

 

 

Consolidated Balance Sheet as of June 30, 2016 (unaudited) and December 31, 2015

3

 

 

 

 

Consolidated Statement of Operations for the three and six months ended June 30, 2016 and 2015 (unaudited)

4

 

 

 

 

Consolidated Schedule of Investments as of June 30, 2016 (unaudited) and December 31, 2015

5

 

 

 

 

Consolidated Statement of Stockholders’ Equity for the six months ended June 30, 2016 (unaudited)

55

 

 

 

 

Consolidated Statement of Cash Flows for the six months ended June 30, 2016 and 2015 (unaudited)

56

 

 

 

 

Notes to Consolidated Financial Statements (unaudited)

57

 

 

 

Item 2.

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

91

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

121

 

 

 

Item 4.

Controls and Procedures

122

 

 

 

Part II.

Other Information

 

 

 

 

Item 1.

Legal Proceedings

122

 

 

 

Item 1A.

Risk Factors

122

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

122

 

 

 

Item 3.

Defaults Upon Senior Securities

123

 

 

 

Item 4.

Mine Safety Disclosures

123

 

 

 

Item 5.

Other Information

123

 

 

 

Item 6.

Exhibits

124

 



Table of Contents

 

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEET

(in thousands, except per share data)

 

 

 

As of

 

 

 

June 30, 2016

 

December 31, 2015

 

 

 

(unaudited)

 

 

 

ASSETS

 

 

 

 

 

Investments at fair value

 

 

 

 

 

Non-controlled/non-affiliate company investments

 

$

6,276,337

 

$

6,481,333

 

Non-controlled affiliate company investments

 

192,628

 

195,074

 

Controlled affiliate company investments

 

2,431,412

 

2,379,089

 

Total investments at fair value (amortized cost of $8,980,808 and $9,147,646, respectively)

 

8,900,377

 

9,055,496

 

Cash and cash equivalents

 

125,926

 

257,056

 

Interest receivable

 

124,592

 

137,968

 

Receivable for open trades

 

1,258

 

 

Other assets

 

55,490

 

56,292

 

Total assets

 

$

9,207,643

 

$

9,506,812

 

LIABILITIES

 

 

 

 

 

Debt

 

$

3,785,354

 

$

4,113,935

 

Base management fees payable

 

34,444

 

34,125

 

Income based fees payable

 

28,923

 

31,234

 

Capital gains incentive fees payable

 

56,454

 

42,265

 

Accounts payable and other liabilities

 

45,988

 

60,587

 

Interest and facility fees payable

 

37,082

 

51,007

 

Payable for open trades

 

1,357

 

327

 

Total liabilities

 

3,989,602

 

4,333,480

 

Commitments and contingencies (Note 7)

 

 

 

 

 

STOCKHOLDERS’ EQUITY

 

 

 

 

 

Common stock, par value $0.001 per share, 500,000 common shares authorized; 313,954 and 314,347 common shares issued and outstanding, respectively

 

314

 

314

 

Capital in excess of par value

 

5,312,800

 

5,318,277

 

Accumulated overdistributed net investment income

 

(21,655

)

(894

)

Accumulated net realized gains (losses) on investments, foreign currency transactions, extinguishment of debt and other assets

 

4,961

 

(53,013

)

Net unrealized losses on investments, foreign currency and other transactions

 

(78,379

)

(91,352

)

Total stockholders’ equity

 

5,218,041

 

5,173,332

 

Total liabilities and stockholders’ equity

 

$

9,207,643

 

$

9,506,812

 

NET ASSETS PER SHARE

 

$

16.62

 

$

16.46

 

 

See accompanying notes to consolidated financial statements.

 

3



Table of Contents

 

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF OPERATIONS

(in thousands, except per share data)

(unaudited)

 

 

 

For the Three Months Ended June 30,

 

For the Six Months Ended June 30,

 

 

 

2016

 

2015

 

2016

 

2015

 

INVESTMENT INCOME:

 

 

 

 

 

 

 

 

 

From non-controlled/non-affiliate company investments:

 

 

 

 

 

 

 

 

 

Interest income from investments

 

$

137,329

 

$

122,616

 

$

277,758

 

$

247,443

 

Capital structuring service fees

 

11,614

 

8,762

 

26,654

 

21,527

 

Dividend income

 

10,474

 

4,081

 

16,989

 

7,912

 

Other income

 

3,162

 

3,606

 

6,505

 

6,100

 

Total investment income from non-controlled/non-affiliate company investments

 

162,579

 

139,065

 

327,906

 

282,982

 

From non-controlled affiliate company investments:

 

 

 

 

 

 

 

 

 

Interest income from investments

 

4,297

 

4,724

 

7,944

 

7,319

 

Capital structuring service fees

 

 

2,205

 

 

2,205

 

Dividend income

 

11

 

744

 

40

 

1,369

 

Other income

 

41

 

68

 

226

 

130

 

Total investment income from non-controlled affiliate company investments

 

4,349

 

7,741

 

8,210

 

11,023

 

From controlled affiliate company investments:

 

 

 

 

 

 

 

 

 

Interest income from investments

 

62,397

 

73,932

 

125,443

 

145,166

 

Capital structuring service fees

 

556

 

12,115

 

1,176

 

19,531

 

Dividend income

 

10,250

 

10,000

 

20,250

 

30,099

 

Management and other fees

 

4,605

 

6,235

 

9,627

 

12,273

 

Other income

 

526

 

391

 

700

 

1,652

 

Total investment income from controlled affiliate company investments

 

78,334

 

102,673

 

157,196

 

208,721

 

Total investment income

 

245,262

 

249,479

 

493,312

 

502,726

 

EXPENSES:

 

 

 

 

 

 

 

 

 

Interest and credit facility fees

 

45,334

 

56,421

 

95,577

 

114,996

 

Base management fees

 

34,444

 

33,021

 

69,203

 

66,937

 

Income based fees

 

28,923

 

28,949

 

58,045

 

58,314

 

Capital gain incentive fees

 

10,427

 

7,682

 

14,189

 

3,462

 

Administrative fees

 

3,342

 

3,514

 

6,765

 

6,970

 

Professional fees and other costs related to the American Capital Acquisition

 

6,546

 

 

8,011

 

 

Other general and administrative

 

6,976

 

8,773

 

14,326

 

15,726

 

Total expenses

 

135,992

 

138,360

 

266,116

 

266,405

 

NET INVESTMENT INCOME BEFORE INCOME TAXES

 

109,270

 

111,119

 

227,196

 

236,321

 

Income tax expense, including excise tax

 

4,006

 

2,616

 

9,202

 

6,141

 

NET INVESTMENT INCOME

 

105,264

 

108,503

 

217,994

 

230,180

 

REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS, FOREIGN CURRENCY AND OTHER TRANSACTIONS:

 

 

 

 

 

 

 

 

 

Net realized gains (losses):

 

 

 

 

 

 

 

 

 

Non-controlled/non-affiliate company investments

 

32,742

 

24,910

 

51,513

 

51,804

 

Non-controlled affiliate company investments

 

431

 

 

874

 

333

 

Controlled affiliate company investments

 

 

 

6,330

 

 

Foreign currency transactions

 

(2,547

)

(662

)

(743

)

3,865

 

Net realized gains

 

30,626

 

24,248

 

57,974

 

56,002

 

Net unrealized gains (losses):

 

 

 

 

 

 

 

 

 

Non-controlled/non-affiliate company investments

 

(12,953

)

10,683

 

(33,756

)

(23,728

)

Non-controlled affiliate company investments

 

12,068

 

10,812

 

21,767

 

16,396

 

Controlled affiliate company investments

 

19,270

 

(7,752

)

24,984

 

(26,615

)

Foreign currency and other transactions

 

3,125

 

28

 

(22

)

(1,298

)

Net unrealized gains (losses)

 

21,510

 

13,771

 

12,973

 

(35,245

)

Net realized and unrealized gains from investments, foreign currency and other transactions

 

52,136

 

38,019

 

70,947

 

20,757

 

REALIZED LOSSES ON EXTINGUISHMENT OF DEBT

 

 

 

 

(3,839

)

NET INCREASE IN STOCKHOLDERS’ EQUITY RESULTING FROM OPERATIONS

 

$

157,400

 

$

146,522

 

$

288,941

 

$

247,098

 

BASIC AND DILUTED EARNINGS PER COMMON SHARE (see Note 10)

 

$

0.50

 

$

0.47

 

$

0.92

 

$

0.79

 

WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING (see Note 10)

 

313,954

 

314,469

 

314,124

 

314,289

 

 

See accompanying notes to consolidated financial statements.

 

4



Table of Contents

 

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of June 30, 2016

(dollar amounts in thousands)

(unaudited)

 

Company(1)

 

Business Description

 

Investment

 

Interest(6)(12)

 

Acquisition
Date

 

Amortized
Cost

 

Fair Value

 

Percentage
of Net
Assets

 

Investment Funds and Vehicles

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Covestia Capital Partners, LP (10)

 

Investment partnership

 

Limited partnership interest (47.00% interest)

 

 

 

6/17/2008

 

$

488

 

$

1,863

(2)

 

 

HCI Equity, LLC (8)(9)(10)

 

Investment company

 

Member interest (100.00% interest)

 

 

 

4/1/2010

 

 

128

 

 

 

Imperial Capital Private Opportunities, LP (10)(25)

 

Investment partnership

 

Limited partnership interest (80.00% interest)

 

 

 

5/10/2007

 

4,054

 

15,365

(2)

 

 

Partnership Capital Growth Fund I, L.P. (10)

 

Investment partnership

 

Limited partnership interest (25.00% interest)

 

 

 

6/16/2006

 

 

446

(2)

 

 

Partnership Capital Growth Investors III, L.P. (10)(25)

 

Investment partnership

 

Limited partnership interest (2.50% interest)

 

 

 

10/5/2011

 

2,466

 

2,692

(2)

 

 

PCG-Ares Sidecar Investment II, L.P. (10)(25)

 

Investment partnership

 

Limited partnership interest (100.00% interest)

 

 

 

10/31/2014

 

6,569

 

10,290

(2)

 

 

PCG-Ares Sidecar Investment, L.P. (10)(25)

 

Investment partnership

 

Limited partnership interest (100.00% interest)

 

 

 

5/22/2014

 

2,186

 

1,629

(2)

 

 

Piper Jaffray Merchant Banking Fund I, L.P. (10)(25)

 

Investment partnership

 

Limited partnership interest (2.00% interest)

 

 

 

8/16/2012

 

1,636

 

1,786

 

 

 

Senior Secured Loan Fund LLC (8)(11)(26)

 

Co-investment vehicle

 

Subordinated certificates ($2,003,959 par due 12/2024)

 

8.65% (Libor + 8.00%/M) (21)

 

10/30/2009

 

1,938,446

 

1,899,754

 

 

 

 

 

 

 

Member interest (87.50% interest)

 

 

 

10/30/2009

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,938,446

 

1,899,754

 

 

 

VSC Investors LLC (10)

 

Investment company

 

Membership interest (1.95% interest)

 

 

 

1/24/2008

 

299

 

1,124

(2)

 

 

 

 

 

 

 

 

 

 

 

 

1,956,144

 

1,935,077

 

37.08

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Healthcare Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Absolute Dental Management LLC and ADM Equity, LLC

 

Dental services provider

 

First lien senior secured loan ($18,750 par due 1/2022)

 

9.26% (Libor + 8.26%/Q)

 

1/5/2016

 

18,750

 

18,750

(3)(20)

 

 

 

 

 

 

First lien senior secured loan ($5,000 par due 1/2022)

 

9.26% (Libor + 8.26%/Q)

 

1/5/2016

 

5,000

 

5,000

(4)(20)

 

 

 

 

 

 

Class A preferred units (4,000,000 units)

 

 

 

1/5/2016

 

4,000

 

3,296

(2)

 

 

 

 

 

 

Class A common units (4,000,000 units)

 

 

 

1/5/2016

 

 

(2)

 

 

 

 

 

 

 

 

 

 

 

 

27,750

 

27,046

 

 

 

ADCS Billings Intermediate Holdings, LLC (24)

 

Dermatology practice

 

First lien senior secured loan ($8,617 par due 5/2022)

 

6.75% (Libor + 5.75%/Q)

 

5/18/2016

 

8,617

 

8,617

(2)(20)(27)

 

 

 

 

 

 

First lien senior secured loan ($22,500 par due 5/2022)

 

6.75% (Libor + 5.75%/Q)

 

5/18/2016

 

22,500

 

22,500

(2)(20)(27)

 

 

 

 

 

 

 

 

 

 

 

 

31,117

 

31,117

 

 

 

Alegeus Technologies Holdings Corp.

 

Benefits administration and transaction processing provider

 

Preferred stock (2,997 shares)

 

 

 

12/13/2013

 

3,086

 

1,878

 

 

 

 

 

 

 

Common stock (3 shares)

 

 

 

12/13/2013

 

3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,089

 

1,878

 

 

 

Argon Medical Devices, Inc.

 

Manufacturer and marketer of single-use specialty medical devices

 

Second lien senior secured loan ($9,000 par due 6/2022)

 

10.50% (Libor + 9.50%/Q)

 

12/23/2015

 

8,751

 

9,000

(2)(20)

 

 

AwarePoint Corporation

 

Healthcare technology platform developer

 

First lien senior secured loan ($8,772 par due 6/2018)

 

10.50% (Libor + 9.50%/Q)

 

9/5/2014

 

8,527

 

8,772

(2)(20)

 

 

 

 

 

 

Warrant to purchase up to 3,213,367 shares of Series 1 preferred stock (expires 9/2024)

 

 

 

11/14/2014

 

 

609

(2)

 

 

 

 

 

 

 

 

 

 

 

 

8,527

 

9,381

 

 

 

 

5



Table of Contents

 

As of June 30, 2016

(dollar amounts in thousands)

(unaudited)

 

Company(1)

 

Business Description

 

Investment

 

Interest(6)(12)

 

Acquisition
Date

 

Amortized
Cost

 

Fair Value

 

Percentage
of Net
Assets

 

CCS Intermediate Holdings, LLC and CCS Group Holdings, LLC (24)

 

Correctional facility healthcare operator

 

First lien senior secured revolving loan ($3,750 par due 7/2019)

 

5.00% (Libor + 4.00%/Q)

 

7/23/2014

 

3,750

 

3,188

(2)(20)

 

 

 

 

 

 

First lien senior secured revolving loan ($1,650 par due 7/2019)

 

6.50%(Base Rate + 3.00%/Q)

 

7/23/2014

 

1,650

 

1,403

(2)(20)

 

 

 

 

 

 

First lien senior secured loan ($6,618 par due 7/2021)

 

5.00% (Libor + 4.00%/Q)

 

7/23/2014

 

6,594

 

5,625

(2)(20)

 

 

 

 

 

 

Second lien senior secured loan ($135,000 par due 7/2022)

 

9.38% (Libor + 8.38%/Q)

 

7/23/2014

 

133,974

 

108,000

(2)(20)

 

 

 

 

 

 

Class A units (601,937 units)

 

 

 

8/19/2010

 

 

362

(2)

 

 

 

 

 

 

 

 

 

 

 

 

145,968

 

118,578

 

 

 

Correctional Medical Group Companies, Inc. (24)

 

Correctional facility healthcare operator

 

First lien senior secured loan ($3,088 par due 9/2021)

 

9.58% (Libor + 8.58%/Q)

 

9/29/2015

 

3,088

 

3,088

(2)(20)

 

 

 

 

 

 

First lien senior secured loan ($4,093 par due 9/2021)

 

9.58% (Libor + 8.58%/Q)

 

9/29/2015

 

4,093

 

4,093

(2)(20)

 

 

 

 

 

 

First lien senior secured loan ($44,707 par due 9/2021)

 

9.58% (Libor + 8.58%/Q)

 

9/29/2015

 

44,707

 

44,707

(3)(20)

 

 

 

 

 

 

 

 

 

 

 

 

51,888

 

51,888

 

 

 

DCA Investment Holding, LLC (24)

 

Multi-branded dental practice management

 

First lien senior secured revolving loan ($3,436 par due 7/2021)

 

7.75%(Base Rate + 4.25%/Q)

 

7/2/2015

 

3,436

 

3,367

(2)(20)

 

 

 

 

 

 

First lien senior secured loan ($18,993 par due 7/2021)

 

6.25% (Libor + 5.25%/Q)

 

7/2/2015

 

18,859

 

18,613

(4)(20)

 

 

 

 

 

 

 

 

 

 

 

 

22,295

 

21,980

 

 

 

DNAnexus, Inc.

 

Bioinformatics company

 

First lien senior secured loan ($10,330 par due 10/2018)

 

9.25% (Libor + 8.25%/M)

 

3/21/2014

 

10,093

 

10,330

(2)(20)

 

 

 

 

 

 

Warrant to purchase up to 909,092 units of Series C preferred stock (expires 3/2024)

 

 

 

3/21/2014

 

 

250

(2)

 

 

 

 

 

 

 

 

 

 

 

 

10,093

 

10,580

 

 

 

Gentle Communications, LLC (24)

 

Dental services provider

 

First lien senior secured loan ($43,500 par due 5/2022)

 

7.50% (Libor + 6.50%/Q)

 

5/27/2016

 

43,500

 

43,500

(2)(20)(27)

 

 

Global Healthcare Exchange, LLC and GHX Ultimate Parent Corp.

 

On-demand supply chain automation solutions provider

 

Class A common stock (2,991 shares)

 

 

 

3/11/2014

 

2,991

 

2,991

(2)

 

 

 

 

 

 

Class B common stock (980 shares)

 

 

 

3/11/2014

 

30

 

5,435

(2)

 

 

 

 

 

 

 

 

 

 

 

 

3,021

 

8,426

 

 

 

Greenphire, Inc. and RMCF III CIV XXIX, L.P (24)

 

Software provider for clinical trial management

 

First lien senior secured loan ($4,000 par due 12/2018)

 

9.00% (Libor + 8.00%/Q)

 

12/19/2014

 

4,000

 

4,000

(2)(20)

 

 

 

 

 

 

Limited partnership interest (99.90% interest)

 

 

 

12/19/2014

 

999

 

999

(2)

 

 

 

 

 

 

 

 

 

 

 

 

4,999

 

4,999

 

 

 

INC Research Mezzanine Co-Invest, LLC

 

Pharmaceutical and biotechnology consulting services

 

Common units (1,410,000 units)

 

 

 

9/27/2010

 

 

1,634

(2)

 

 

Intermedix Corporation

 

Revenue cycle management provider to the emergency healthcare industry

 

Second lien senior secured loan ($112,000 par due 6/2020)

 

9.25% (Libor + 8.25%/Q)

 

12/27/2012

 

112,000

 

107,520

(2)(20)

 

 

LM Acquisition Holdings, LLC (9)

 

Developer and manufacturer of medical equipment

 

Class A units (426 units)

 

 

 

9/27/2013

 

660

 

1,771

(2)

 

 

MC Acquisition Holdings I, LLC

 

Healthcare professional provider

 

Class A units (1,338,314 shares)

 

 

 

1/17/2014

 

1,338

 

1,328

(2)

 

 

MW Dental Holding Corp. (24)

 

Dental services provider

 

First lien senior secured revolving loan ($2,000 par due 4/2018)

 

8.50% (Libor + 7.00%/Q)

 

4/12/2011

 

2,000

 

2,000

(2)(20)

 

 

 

 

 

 

First lien senior secured loan ($50,089 par due 4/2018)

 

8.50% (Libor + 7.00%/Q)

 

4/12/2011

 

50,088

 

50,089

(2)(20)

 

 

 

 

 

 

First lien senior secured loan ($47,497 par due 4/2018)

 

8.50% (Libor + 7.00%/Q)

 

4/12/2011

 

47,497

 

47,497

(3)(20)

 

 

 

 

 

 

First lien senior secured loan ($19,642 par due 4/2018)

 

8.50% (Libor + 7.00%/Q)

 

4/12/2011

 

19,642

 

19,642

(4)(20)

 

 

 

 

 

 

 

 

 

 

 

 

119,227

 

119,228

 

 

 

My Health Direct, Inc. (24)

 

Healthcare scheduling exchange software solution provider

 

First lien senior secured loan ($1,900 par due 1/2018)

 

10.75%

 

9/18/2014

 

1,872

 

1,900

(2)

 

 

 

 

 

 

Warrant to purchase up to 4,548 shares of Series D preferred stock (expires 9/2024)

 

 

 

9/18/2014

 

39

 

40

(2)

 

 

 

 

 

 

 

 

 

 

 

 

1,911

 

1,940

 

 

 

 

6



Table of Contents

 

As of June 30, 2016

(dollar amounts in thousands)

(unaudited)

 

Company(1)

 

Business Description

 

Investment

 

Interest(6)(12)

 

Acquisition
Date

 

Amortized
Cost

 

Fair Value

 

Percentage
of Net
Assets

 

New Trident Holdcorp, Inc.

 

Outsourced mobile diagnostic healthcare service provider

 

Second lien senior secured loan ($80,000 par due 7/2020)

 

10.25% (Libor + 9.00%/Q)

 

8/6/2013

 

79,025

 

76,800

(2)(20)

 

 

NMSC Holdings, Inc. and ASP NAPA Holdings, LLC

 

Anesthesia management services provider

 

Second lien senior secured loan ($74,343 par due 10/2023)

 

11.00% (Libor + 10.00%/Q)

 

4/19/2016

 

74,343

 

74,343

(2)(20)

 

 

 

 

 

 

Class A units (25,277 units)

 

 

 

4/19/2016

 

2,528

 

2,528

(2)

 

 

 

 

 

 

 

 

 

 

 

 

76,871

 

76,871

 

 

 

Nodality, Inc.

 

Biotechnology company

 

First lien senior secured loan ($2,602 par due 7/2016)

 

 

 

11/12/2015

 

2,423

 

2,602

(2)(19)

 

 

 

 

 

 

First lien senior secured loan ($10,757 par due 7/2016)

 

 

 

4/25/2014

 

9,694

 

744

(2)(19)

 

 

 

 

 

 

Common stock (3,736,255 shares)

 

 

 

5/1/2016

 

 

(2)

 

 

 

 

 

 

 

 

 

 

 

 

12,117

 

3,346

 

 

 

OmniSYS Acquisition Corporation, OmniSYS, LLC, and OSYS Holdings, LLC (24)

 

Provider of technology-enabled solutions to pharmacies

 

First lien senior secured loan ($10,497 par due 11/2018)

 

8.50% (Libor + 7.50%/Q)

 

11/21/2013

 

10,497

 

10,497

(3)(20)

 

 

 

 

 

 

First lien senior secured loan ($5,899 par due 11/2018)

 

8.50% (Libor + 7.50%/Q)

 

11/21/2013

 

5,899

 

5,899

(4)(20)

 

 

 

 

 

 

Limited liability company membership interest (1.57%)

 

 

 

11/21/2013

 

1,000

 

707

(2)

 

 

 

 

 

 

 

 

 

 

 

 

17,396

 

17,103

 

 

 

Patterson Medical Supply, Inc.

 

Distributor of rehabilitation supplies and equipment

 

Second lien senior secured loan ($19,000 par due 8/2023)

 

8.75% (Libor + 7.75%/Q)

 

9/2/2015

 

18,828

 

19,000

(2)(20)

 

 

PerfectServe, Inc. (24)

 

Communications software platform provider for hospitals and physician practices

 

First lien senior secured loan ($9,000 par due 3/2020)

 

9.00% (Libor + 8.00%M)

 

9/15/2015

 

8,700

 

9,000

(2)(20)

 

 

 

 

 

 

First lien senior secured loan ($2,000 par due 6/2020)

 

9.00% (Libor + 8.00%M)

 

9/15/2015

 

1,964

 

2,000

(2)(20)

 

 

 

 

 

 

First lien senior secured loan ($2,000 par due 6/2021)

 

9.00% (Libor + 8.00%M)

 

9/15/2015

 

1,971

 

2,000

(2)(20)

 

 

 

 

 

 

Warrant to purchase up to 28,428 shares of Series C preferred stock (expires 9/2025)

 

 

 

9/15/2015

 

180

 

246

(2)

 

 

 

 

 

 

Warrant to purchase up to 34,113 shares of Series C preferred stock (expires 12/2023)

 

 

 

12/26/2013

 

 

295

(2)

 

 

 

 

 

 

 

 

 

 

 

 

12,815

 

13,541

 

 

 

PhyMED Management LLC

 

Provider of anesthesia services

 

Second lien senior secured loan ($47,239 par due 5/2021)

 

9.75% (Libor + 8.75%/Q)

 

12/18/2015

 

46,582

 

44,877

(2)(20)

 

 

Precyse Acquisition Corp.

 

Provider of healthcare information management technology and services

 

Second lien senior secured loan ($10,000 par due 4/2023)

 

10.75% (Libor + 9.75%/Q)

 

4/20/2016

 

9,610

 

10,000

(2)(20)

 

 

Respicardia, Inc.

 

Developer of implantable therapies to improve cardiovascular health

 

Warrant to purchase up to 99,094 shares of Series C preferred stock (expires 6/2022)

 

 

 

6/28/2012

 

38

 

28

(2)

 

 

Sarnova HC, LLC, Tri-Anim Health Services, Inc., and BEMS Holdings, LLC

 

Distributor of emergency medical service and respiratory products

 

Second lien senior secured loan ($54,000 par due 7/2022)

 

10.50% (Libor + 9.50%/Q)

 

1/29/2016

 

54,000

 

54,000

(2)(20)

 

 

Transaction Data Systems, Inc.

 

Pharmacy management software provider

 

Second lien senior secured loan ($27,500 par due 6/2022)

 

10.00% (Libor + 9.00%/Q)

 

6/15/2015

 

27,500

 

27,500

(2)(20)

 

 

U.S. Anesthesia Partners, Inc.

 

Anesthesiology service provider

 

Second lien senior secured loan ($23,500 par due 9/2020)

 

10.25% (Libor + 9.25%/Q)

 

12/14/2015

 

23,500

 

23,500

(2)(20)

 

 

 

 

 

 

Second lien senior secured loan ($50,000 par due 9/2020)

 

10.25% (Libor + 9.25%/Q)

 

9/24/2014

 

50,000

 

50,000

(2)(20)

 

 

 

 

 

 

 

 

 

 

 

 

73,500

 

73,500

 

 

 

Urgent Cares of America Holdings I, LLC and FastMed Holdings I, LLC (24)

 

Operator of urgent care clinics

 

First lien senior secured loan ($13,930 par due 12/2022)

 

7.00% (Libor + 6.00%/Q)

 

12/1/2015

 

13,930

 

13,094

(2)(20)

 

 

 

 

 

 

First lien senior secured loan ($54,451 par due 12/2022)

 

7.00% (Libor + 6.00%/Q)

 

12/1/2015

 

54,451

 

51,184

(2)(20)

 

 

 

 

 

 

Preferred units (7,696,613 units)

 

 

 

6/11/2015

 

7,697

 

8,301

 

 

 

 

 

 

 

Series A common units (2,000,000 units)

 

 

 

6/11/2015

 

2,000

 

945

 

 

 

 

 

 

 

Series C common units (1,026,866 units)

 

 

 

6/11/2015

 

 

396

 

 

 

 

 

 

 

 

 

 

 

 

 

78,078

 

73,920

 

 

 

 

7



Table of Contents

 

As of June 30, 2016

(dollar amounts in thousands)

(unaudited)

 

Company(1)

 

Business Description

 

Investment

 

Interest(6)(12)

 

Acquisition
Date

 

Amortized
Cost

 

Fair Value

 

Percentage
of Net
Assets

 

VistaPharm, Inc. and Vertice Pharma UK Parent Limited

 

Manufacturer and distributor of generic pharmaceutical products

 

First lien senior secured loan ($5,124 par due 12/2021)

 

6.65% (Libor + 5.50%/Q)

 

12/21/2015

 

5,124

 

5,124

(2)(20)

 

 

 

 

 

 

Preferred shares (40,662 shares)

 

 

 

12/21/2015

 

407

 

435

(9)

 

 

 

 

 

 

 

 

 

 

 

 

5,531

 

5,559

 

 

 

Young Innovations, Inc.

 

Dental supplies and equipment manufacturer

 

Second lien senior secured loan ($45,000 par due 7/2019)

 

9.00% (Libor + 8.00%/Q)

 

5/30/2014

 

45,000

 

45,000

(2)(20)

 

 

 

 

 

 

 

 

 

 

 

 

1,153,025

 

1,112,839

 

21.33

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

American Residential Services L.L.C.

 

Heating, ventilation and air conditioning services provider

 

Second lien senior secured loan ($50,000 par due 12/2021)

 

8.50% (Libor + 7.50%/Q)

 

6/30/2014

 

49,633

 

50,000

(2)(20)

 

 

Community Education Centers, Inc. and CEC Parent Holdings LLC (8)

 

Offender re-entry and in-prison treatment services provider

 

First lien senior secured loan ($13,596 par due 12/2017)

 

6.25% (Libor + 5.25%/Q)

 

12/10/2010

 

13,596

 

13,596

(2)(13)(20)

 

 

 

 

 

 

First lien senior secured loan ($690 par due 12/2017)

 

7.75%(Base Rate + 4.25%/Q)

 

12/10/2010

 

690

 

690

(2)(13)(20)

 

 

 

 

 

 

Second lien senior secured loan ($21,895 par due 6/2018)

 

15.64% (Libor + 15.00%/Q)

 

12/10/2010

 

21,895

 

21,895

(2)

 

 

 

 

 

 

Class A senior preferred units (7,846 units)

 

 

 

3/27/2015

 

9,384

 

10,531

(2)

 

 

 

 

 

 

Class A junior preferred units (26,154 units)

 

 

 

3/27/2015

 

20,168

 

21,784

(2)

 

 

 

 

 

 

Class A common units (134 units)

 

 

 

3/27/2015

 

 

(2)

 

 

 

 

 

 

 

 

 

 

 

 

65,733

 

68,496

 

 

 

Competitor Group, Inc., Calera XVI, LLC and Champion Parent Corporation (8)(24)

 

Endurance sports media and event operator

 

First lien senior secured revolving loan ($4,538 par due 11/2018)

 

5.00% (Libor + 3.75%/Q)

 

11/30/2012

 

4,472

 

4,212

(2)(20)

 

 

 

 

 

 

First lien senior secured loan ($38,592 par due 11/2018)

 

5.00% (Libor + 3.75%/Q)

 

11/30/2012

 

38,028

 

35,813

(2)(20)

 

 

 

 

 

 

Preferred shares (18,875 shares)

 

 

 

3/25/2016

 

15,966

 

(2)

 

 

 

 

 

 

Membership units (2,522,512 units)

 

 

 

11/30/2012

 

2,523

 

(2)

 

 

 

 

 

 

Common shares (114,000 shares)

 

 

 

3/25/2016

 

 

(2)

 

 

 

 

 

 

 

 

 

 

 

 

60,989

 

40,025

 

 

 

Crown Health Care Laundry Services, Inc. and Crown Laundry Holdings, LLC (7)(24)

 

Provider of outsourced healthcare linen management solutions

 

First lien senior secured revolving loan ($2,000 par due 3/2019)

 

7.25% (Libor + 6.00%/Q)

 

3/13/2014

 

2,000

 

2,000

(2)(20)(23)

 

 

 

 

 

 

First lien senior secured loan ($18,275 par due 3/2019)

 

7.25% (Libor + 6.00%/Q)

 

3/13/2014

 

18,275

 

18,275

(3)(20)

 

 

 

 

 

 

Class A preferred units (2,475,000 units)

 

 

 

3/13/2014

 

2,475

 

3,248

(2)

 

 

 

 

 

 

Class B common units (275,000 units)

 

 

 

3/13/2014

 

275

 

361

(2)

 

 

 

 

 

 

 

 

 

 

 

 

23,025

 

23,884

 

 

 

Dwyer Acquisition Parent, Inc. and TDG Group Holding Company

 

Operator of multiple franchise concepts primarily related to home maintenance or repairs

 

Senior subordinated loan ($31,500 par due 2/2020)

 

11.00%

 

6/12/2015

 

31,500

 

31,500

(2)

 

 

 

 

 

 

Senior subordinated loan ($52,670 par due 2/2020)

 

11.00%

 

8/15/2014

 

52,670

 

52,670

(2)

 

 

 

 

 

 

Common stock (32,843 shares)

 

 

 

8/15/2014

 

3,378

 

4,834

(2)

 

 

 

 

 

 

 

 

 

 

 

 

87,548

 

89,004

 

 

 

Massage Envy, LLC (24)

 

Franchisor in the massage industry

 

First lien senior secured loan ($7,802 par due 9/2018)

 

8.50% (Libor + 7.25%/Q)

 

9/27/2012

 

7,802

 

7,802

(2)(20)

 

 

 

 

 

 

First lien senior secured loan ($45,186 par due 9/2018)

 

8.50% (Libor + 7.25%/Q)

 

9/27/2012

 

45,186

 

45,186

(3)(20)

 

 

 

 

 

 

First lien senior secured loan ($18,945 par due 9/2018)

 

8.50% (Libor + 7.25%/Q)

 

9/27/2012

 

18,945

 

18,945

(4)(20)

 

 

 

 

 

 

Common stock (3,000,000 shares)

 

 

 

9/27/2012

 

3,000

 

5,618

(2)

 

 

 

 

 

 

 

 

 

 

 

 

74,933

 

77,551

 

 

 

 

8



Table of Contents

 

As of June 30, 2016

(dollar amounts in thousands)

(unaudited)

 

Company(1)

 

Business Description

 

Investment

 

Interest(6)(12)

 

Acquisition
Date

 

Amortized
Cost

 

Fair Value

 

Percentage
of Net
Assets

 

McKenzie Sports Products, LLC (24)

 

Designer, manufacturer and distributor of hunting-related supplies

 

First lien senior secured loan ($2,000 par due 9/2020)

 

4.75% (Libor + 3.75%/Q)

 

9/18/2014

 

2,000

 

1,965

(2)(20)

 

 

 

 

 

 

First lien senior secured loan ($5,500 par due 9/2020)

 

6.75% (Libor + 5.75%/Q)

 

9/18/2014

 

5,500

 

5,405

(2)(14)(21)

 

 

 

 

 

 

First lien senior secured loan ($39,500 par due 9/2020)

 

6.75% (Libor + 5.75%/Q)

 

9/18/2014

 

39,500

 

38,710

(2)(14)(20)

 

 

 

 

 

 

First lien senior secured loan ($45,000 par due 9/2020)

 

6.75% (Libor + 5.75%/Q)

 

9/18/2014

 

45,000

 

44,100

(3)(14)(20)

 

 

 

 

 

 

 

 

 

 

 

 

92,000

 

90,180

 

 

 

OpenSky Project, Inc. and OSP Holdings, Inc.

 

Social commerce platform operator

 

First lien senior secured loan ($1,500 par due 9/2017)

 

10.00%

 

6/4/2014

 

1,492

 

1,500

(2)

 

 

 

 

 

 

Warrant to purchase up to 159,496 shares of Series D preferred stock (expires 4/2025)

 

 

 

6/29/2015

 

48

 

(2)

 

 

 

 

 

 

 

 

 

 

 

 

1,540

 

1,500

 

 

 

Osmose Holdings, Inc.

 

Provider of structural integrity management services to transmission and distribution infrastructure

 

Second lien senior secured loan ($25,000 par due 8/2023)

 

8.75% (Libor + 7.75%/Q)

 

9/3/2015

 

24,551

 

24,250

(2)(20)

 

 

SocialFlow, Inc.

 

Social media optimization platform provider

 

First lien senior secured loan ($4,000 par due 8/2019)

 

9.50% (Libor + 8.50%/M)

 

1/29/2016

 

3,912

 

4,000

(5)(20)

 

 

 

 

 

 

Warrant to purchase up to 215,331 shares of Series C preferred stock (expires 1/2026)

 

 

 

1/29/2016

 

 

25

(5)

 

 

 

 

 

 

 

 

 

 

 

 

3,912

 

4,025

 

 

 

Spin HoldCo Inc.

 

Laundry service and equipment provider

 

Second lien senior secured loan ($140,000 par due 5/2020)

 

8.00% (Libor + 7.00%/Q)

 

5/14/2013

 

140,000

 

135,800

(2)(20)

 

 

Surface Dive, Inc.

 

SCUBA diver training and certification provider

 

Second lien senior secured loan ($37,446 par due 1/2022)

 

9.00% (Libor + 8.00%/Q)

 

7/28/2015

 

37,446

 

37,446

(2)(20)

 

 

 

 

 

 

Second lien senior secured loan ($88,240 par due 1/2022)

 

10.25% (Libor + 9.25%/Q)

 

1/29/2015

 

87,882

 

88,240

(2)(20)

 

 

 

 

 

 

 

 

 

 

 

 

125,328

 

125,686

 

 

 

Towne Holdings, Inc. (24)

 

Provider of contracted hospitality services and parking systems

 

First lien senior secured loan ($56,250 par due 5/2022)

 

6.75% (Libor + 5.75%/Q)

 

5/24/2016

 

56,250

 

56,250

(2)(20)(27)

 

 

 

 

 

 

First lien senior secured loan ($9,020 par due 5/2022)

 

6.75% (Libor + 5.75%/Q)

 

5/24/2016

 

9,020

 

9,020

(2)(20)

 

 

 

 

 

 

 

 

 

 

 

 

65,270

 

65,270

 

 

 

TWH Water Treatment Industries, Inc., TWH Filtration Industries, Inc. and TWH Infrastructure Industries, Inc. (24)

 

Wastewater infrastructure repair, treatment and filtration holding company

 

First lien senior secured loan ($5,370 par due 10/2019)

 

10.25% (Libor + 9.25%/Q)

 

10/10/2014

 

5,370

 

5,370

(2)(20)

 

 

 

 

 

 

First lien senior secured loan ($36,400 par due 10/2019)

 

10.25% (Libor + 9.25%/Q)

 

10/10/2014

 

36,400

 

36,400

(3)(20)

 

 

 

 

 

 

 

 

 

 

 

 

41,770

 

41,770

 

 

 

U.S. Security Associates Holdings, Inc

 

Security guard service provider

 

Second lien senior secured loan ($25,000 par due 7/2018)

 

11.00%

 

11/24/2015

 

25,000

 

25,000

(2)

 

 

WASH Multifamily Acquisition Inc. and Coinamatic Canada Inc.

 

Laundry service and equipment provider

 

Second lien senior secured loan ($3,726 par due 5/2023)

 

8.00% (Libor + 7.00%/Q)

 

5/14/2015

 

3,662

 

3,613

(2)(20)

 

 

 

 

 

 

Second lien senior secured loan ($21,274 par due 5/2023)

 

8.00% (Libor + 7.00%/Q)

 

5/14/2015

 

20,906

 

20,636

(2)(20)

 

 

 

 

 

 

 

 

 

 

 

 

24,568

 

24,249

 

 

 

 

 

 

 

 

 

 

 

 

 

905,800

 

886,690

 

16.99

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consumer Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Feradyne Outdoors, LLC and Bowhunter Holdings, LLC

 

Provider of branded archery and bowhunting accessories

 

First lien senior secured loan ($4,469 par due 3/2019)

 

4.00% (Libor + 3.00%/Q)

 

4/24/2014

 

4,469

 

4,246

(2)(20)

 

 

 

 

 

 

First lien senior secured loan ($6,662 par due 3/2019)

 

4.00% (Libor + 3.00%/Q)

 

4/24/2014

 

6,662

 

6,328

(2)(20)

 

 

 

 

 

 

First lien senior secured loan ($9,500 par due 3/2019)

 

6.55% (Libor + 5.55%/Q)

 

4/24/2014

 

9,500

 

8,740

(2)(17)(20)

 

 

 

 

 

 

First lien senior secured loan ($50,100 par due 3/2019)

 

6.55% (Libor + 5.55%/Q)

 

4/24/2014

 

50,100

 

46,092

(3)(17)(20)

 

 

 

 

 

 

Common units (300 units)

 

 

 

4/24/2014

 

3,733

 

1,769

(2)

 

 

 

 

 

 

 

 

 

 

 

 

74,464

 

67,175

 

 

 

 

9



Table of Contents

 

As of June 30, 2016

(dollar amounts in thousands)

(unaudited)

 

Company(1)

 

Business Description

 

Investment

 

Interest(6)(12)

 

Acquisition
Date

 

Amortized
Cost

 

Fair Value

 

Percentage
of Net
Assets

 

Implus Footcare, LLC

 

Provider of footwear and other accessories

 

First lien senior secured loan ($17,188 par due 4/2021)

 

8.75%(Base Rate + 5.25%/Q)

 

6/30/2016

 

17,188

 

17,188

(2)(20)

 

 

Indra Holdings Corp.

 

Designer, marketer, and distributor of rain and cold weather products

 

Second lien senior secured loan ($80,000 par due 11/2021)

 

8.50% (Libor + 7.50%/Q)

 

5/1/2014

 

79,074

 

64,000

(2)(20)

 

 

Matrixx Initiatives, Inc. and Wonder Holdings Acquisition Corp.

 

Developer and marketer of OTC healthcare products

 

Warrant to purchase up to 1,120 shares of preferred stock (expires 6/2021)

 

 

 

7/27/2011

 

 

1,396

(2)

 

 

 

 

 

 

Warrant to purchase up to 1,654,678 shares of common stock (expires 6/2021)

 

 

 

7/27/2011

 

 

757

(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

2,153

 

 

 

Oak Parent, Inc.

 

Manufacturer of athletic apparel

 

First lien senior secured loan ($2,429 par due 4/2018)

 

7.61% (Libor + 7.00%/Q)

 

4/2/2012

 

2,426

 

2,429

(3)(20)

 

 

 

 

 

 

First lien senior secured loan ($7,733 par due 4/2018)

 

7.61% (Libor + 7.00%/Q)

 

4/2/2012

 

7,722

 

7,733

(4)(20)

 

 

 

 

 

 

First lien senior secured loan ($7 par due 4/2018)

 

9.50%(Base Rate + 6.00%/Q)

 

4/2/2012

 

7

 

7

(3)(20)

 

 

 

 

 

 

First lien senior secured loan ($22 par due 4/2018)

 

9.50%(Base Rate + 6.00%/Q)

 

4/2/2012

 

22

 

22

(4)(20)

 

 

 

 

 

 

 

 

 

 

 

 

10,177

 

10,191

 

 

 

Plantation Products, LLC, Seed Holdings, Inc. and Flora Parent, Inc.

 

Provider of branded lawn and garden products

 

Second lien senior secured loan ($2,000 par due 6/2021)

 

9.54% (Libor + 8.54%/Q)

 

12/23/2014

 

1,996

 

2,000

(2)(20)

 

 

 

 

 

 

Second lien senior secured loan ($54,000 par due 6/2021)

 

9.54% (Libor + 8.54%/Q)

 

12/23/2014

 

53,761

 

54,000

(3)(20)

 

 

 

 

 

 

Second lien senior secured loan ($10,000 par due 6/2021)

 

9.54% (Libor + 8.54%/Q)

 

12/23/2014

 

9,959

 

10,000

(4)(20)

 

 

 

 

 

 

Common stock (30,000 shares)

 

 

 

12/23/2014

 

3,000

 

4,586

(2)

 

 

 

 

 

 

 

 

 

 

 

 

68,716

 

70,586

 

 

 

SHO Holding I Corporation

 

Manufacturer and distributor of slip resistant footwear

 

Second lien senior secured loan ($100,000 par due 4/2023)

 

9.50% (Libor + 8.50%/Q)

 

10/27/2015

 

97,667

 

99,000

(2)(20)

 

 

Shock Doctor, Inc. and Shock Doctor Holdings, LLC (7)

 

Developer, marketer and distributor of sports protection equipment and accessories

 

Second lien senior secured loan ($35,425 par due 10/2021)

 

11.50% (Libor + 10.50%/Q)

 

4/22/2015

 

35,425

 

35,425

(2)(20)

 

 

 

 

 

 

Second lien senior secured loan ($54,000 par due 10/2021)

 

11.50% (Libor + 10.50%/Q)

 

4/22/2015

 

54,000

 

54,000

(3)(20)

 

 

 

 

 

 

Class A preferred units (50,000 units)

 

 

 

3/14/2014

 

5,000

 

4,802

(2)

 

 

 

 

 

 

Class C preferred units (50,000 units)

 

 

 

4/22/2015

 

5,000

 

4,802

(2)

 

 

 

 

 

 

 

 

 

 

 

 

99,425

 

99,029

 

 

 

The Hygenic Corporation

 

Designer, manufacturer and marketer of branded wellness products

 

Second lien senior secured loan ($70,000 par due 4/2021)

 

9.75% (Libor + 8.75%/Q)

 

2/27/2015

 

70,000

 

71,400

(2)(20)

 

 

The Step2 Company, LLC (8)

 

Toy manufacturer

 

Second lien senior secured loan ($27,583 par due 9/2019)

 

10.00%

 

4/1/2010

 

27,495

 

27,583

(2)

 

 

 

 

 

 

Second lien senior secured loan ($46,553 par due 9/2019)

 

 

 

4/1/2010

 

30,307

 

28,082

(2)(19)

 

 

 

 

 

 

Common units (1,116,879 units)

 

 

 

4/1/2011

 

24

 

 

 

 

 

 

 

 

Class B common units (126,278,000 units)

 

 

 

10/30/2014

 

 

(2)

 

 

 

 

 

 

Warrant to purchase up to 3,157,895 units

 

 

 

4/1/2010

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

57,826

 

55,665

 

 

 

Varsity Brands Holding Co., Inc., Hercules Achievement, Inc., Hercules Achievement Holdings, Inc. and Hercules VB Holdings, Inc.

 

Leading manufacturer and distributor of textiles, apparel & luxury goods

 

Second lien senior secured loan ($55,576 par due 12/2022)

 

9.75% (Libor + 8.75%/Q)

 

12/11/2014

 

55,125

 

55,576

(2)(20)

 

 

 

 

 

 

Second lien senior secured loan ($91,697 par due 12/2022)

 

9.75% (Libor + 8.75%/Q)

 

12/11/2014

 

90,959

 

91,697

(2)(20)

 

 

 

 

 

 

Common stock (3,353,370 shares)

 

 

 

12/11/2014

 

3,353

 

4,614

(2)