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: 814-01190

 

OWL ROCK CAPITAL CORPORATION

(Exact Name of Registrant as Specified in its Charter)

 

 

Maryland

47-5402460

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer
Identification No.)

 

 

245 Park Avenue, 41st Floor

New York, New York

10167

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (212) 419-3000

 

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, or a smaller reporting 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 small reporting company)

  

Small 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 Exchange Act).    Yes      No  

As of May 9, 2017, the registrant had 52,704,150 shares of common stock, $0.01 par value per share, outstanding.

 

 

 

 


 

Table of Contents

 

 

 

Page

PART I.

FINANCIAL INFORMATION

 

Item 1.

Consolidated Financial Statements

3

 

Consolidated Statements of Assets and Liabilities as of March 31, 2017 (Unaudited) and December 31, 2016

3

 

Consolidated Statements of Operations for the Three Months Ended March 31, 2017 and 2016 (Unaudited)

4

 

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

5

Consolidated Statements of Changes in Net Assets for the Three Months Ended March 31, 2017 and 2016 (Unaudited)

9

 

Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2017 and 2016 (Unaudited)

10

 

Notes to Consolidated Financial Statements (Unaudited)

11

Item 2.

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

25

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

41

Item 4.

Controls and Procedures

42

PART II.

OTHER INFORMATION

 

Item 1.

Legal Proceedings

42

Item 1A.

Risk Factors

42

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

42

Item 3.

Defaults Upon Senior Securities

43

Item 4.

Mine Safety Disclosures

43

Item 5.

Other Information

43

Item 6.

Exhibits

43

Signatures

44

 

 

 

 


i


 

 

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

 

This report contains forward-looking statements that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors and undue reliance should not be placed thereon. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about Owl Rock Capital Corporation (the “Company,” “Owl Rock,” “we” or “our”), our current and prospective portfolio investments, our industry, our beliefs and opinions, and our assumptions. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” “outlook,” “potential,” “predicts” 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 and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including without limitation:

 

 

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

 

an economic downturn could disproportionately impact the companies 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;

 

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

 

a contraction of available credit and/or an inability to access the equity markets could impair our lending and investment activities;

 

interest rate volatility could adversely affect our results, particularly if we elect to use leverage as part of our investment strategy;

 

currency fluctuations could adversely affect the results of our investments in foreign companies, particularly to the extent that we receive payments denominated in foreign currency rather than U.S. dollars;

 

our future operating results;

 

our business prospects and the prospects of our portfolio companies;

 

our contractual arrangements and relationships with third parties;

 

the ability of our portfolio companies to achieve their objectives;

 

competition with other entities and our affiliates for investment opportunities;

 

the speculative and illiquid nature of our investments;

 

the use of borrowed money to finance a portion of our investments as well as any estimates regarding potential use of leverage;

 

the adequacy of our financing sources and working capital;

 

the loss of key personnel;

 

the timing of cash flows, if any, from the operations of our portfolio companies;

 

the ability of Owl Rock Capital Advisors LLC (the “Adviser”) to locate suitable investments for us and to monitor and administer our investments;

 

the ability of the Adviser to attract and retain highly talented professionals;

 

our ability to qualify for and maintain our tax treatment as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), and as a business development company (“BDC”);

 

the effect of legal, tax and regulatory changes; and

 

other risks, uncertainties and other factors previously identified in the reports and other documents Owl Rock Capital Corporation has filed with the Securities and Exchange Commission.

 

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could 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. These forward-looking statements apply only as of the date of this report. Moreover, we assume no duty and do not undertake to update the forward-looking statements. Because we are an investment company, the forward-looking statements and projections contained in this report are excluded from the safe harbor protection provided by Section 21E of the U.S. Securities Exchange Act of 1934, as amended (the “1934 Act”).

2


 

PART I. FINANCIAL INFORMATION

 

Item 1. Consolidated Financial Statements

 

Owl Rock Capital Corporation

Consolidated Statement of Assets and Liabilities

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

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2017

(Unaudited)

 

 

December 31, 2016

 

Assets

 

 

 

 

 

 

 

 

Investments at fair value (amortized cost of $1,119,746 and $959,768, respectively)

 

$

1,132,811

 

 

$

967,399

 

Cash and cash equivalents

 

 

160,724

 

 

 

209,353

 

Interest receivable

 

 

5,013

 

 

 

3,349

 

Prepaid expenses and other assets

 

 

862

 

 

 

723

 

Total Assets

 

$

1,299,410

 

 

$

1,180,824

 

Liabilities

 

 

 

 

 

 

 

 

Debt (net of unamortized debt issuance costs of $7,551 and $3,094, respectively)

 

$

596,949

 

 

$

491,906

 

Management fees payable

 

 

5,011

 

 

 

4,565

 

Payables to affiliates

 

 

957

 

 

 

1,860

 

Accrued expenses and other liabilities

 

 

2,438

 

 

 

1,968

 

Total Liabilities

 

 

605,355

 

 

 

500,299

 

Commitments and contingencies (Note 7)

 

 

 

 

 

 

 

 

Net Assets

 

 

 

 

 

 

 

 

Common shares, $0.01 par value; 500,000,000 shares authorized; 46,103,491 and 45,833,313 shares issued and outstanding, respectively

 

 

461

 

 

 

458

 

Additional paid-in-capital

 

 

668,563

 

 

 

664,554

 

Accumulated undistributed net investment income

 

 

11,966

 

 

 

7,882

 

Net unrealized gains on investments

 

 

13,065

 

 

 

7,631

 

Total Net Assets

 

 

694,055

 

 

 

680,525

 

Total Liabilities and Net Assets

 

$

1,299,410

 

 

$

1,180,824

 

Net Asset Value Per Share

 

$

15.05

 

 

$

14.85

 

 

 

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

 

 

3


 

Owl Rock Capital Corporation

Consolidated Statements of Operations

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

(Unaudited)

 

 

 

For the Three Months Ended March 31,

 

 

 

2017

 

 

2016

 

Investment Income

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

Interest income

 

$

23,151

 

 

$

 

Other income

 

 

162

 

 

 

 

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

 

 

23,313

 

 

 

 

Total Investment Income

 

 

23,313

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

Initial organization

 

 

 

 

 

1,224

 

Interest expense

 

 

3,029

 

 

 

 

Management fees

 

 

5,011

 

 

 

566

 

Professional fees

 

 

1,259

 

 

 

304

 

Directors’ fees

 

 

111

 

 

 

20

 

Other general and administrative

 

 

1,119

 

 

 

205

 

Total Expenses

 

 

10,529

 

 

 

2,319

 

Net Investment Income (Loss) Before Taxes

 

 

12,784

 

 

 

(2,319

)

Excise tax expense

 

 

 

 

 

 

Net Investment Income (Loss) After Taxes

 

$

12,784

 

 

$

(2,319

)

Unrealized Gains on Investments

 

 

 

 

 

 

 

 

Net unrealized gains:

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

5,434

 

 

 

 

Total Net Unrealized Gains

 

 

5,434

 

 

 

 

Net Increase (Decrease) in Net Assets Resulting from Operations

 

$

18,218

 

 

$

(2,319

)

Earnings Per Share – Basic and Diluted

 

$

0.40

 

 

$

(21.55

)

Weighted Average Shares Outstanding – Basic and Diluted

 

 

45,884,347

 

 

 

107,627

 

 

 

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

 

 

4


 

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2017

(Amounts in thousands, except share amounts)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

Maturity

 

Principal /

 

 

Amortized

 

 

Fair

 

 

Percentage

 

 

Company(1)(7)(12)(14)

 

Investment

 

Interest

 

 

Date

 

Par

 

 

Cost(2)

 

 

Value

 

 

of Net Assets

 

 

Debt Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Advertising and media

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PAK Acquisition Corporation(3)(5)

 

First lien senior secured loan

 

L + 8.00%

 

 

6/30/2022

 

 

80,975

 

 

 

79,414

 

 

 

80,165

 

 

 

11.6

 

%

Aerospace and defense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vencore, Inc.(3)(5)

 

Second lien senior secured loan

 

L + 8.75%

 

 

5/23/2020

 

 

50,000

 

 

 

49,170

 

 

 

50,000

 

 

 

7.2

 

%

Business services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Access Information(3)(5)(13)

 

First lien senior secured loan

 

L + 5.00%

 

 

10/17/2021

 

 

39,898

 

 

 

39,522

 

 

 

39,978

 

 

 

5.8

 

%

Access Information(3)(5)

 

Second lien senior secured loan

 

L + 8.75%

 

 

10/17/2022

 

 

20,000

 

 

 

19,177

 

 

 

19,180

 

 

 

2.8

 

%

Vestcom Parent Holdings, Inc.(3)(4)

 

Second lien senior secured loan

 

L + 8.50%

 

 

6/19/2024

 

 

65,000

 

 

 

64,051

 

 

 

64,350

 

 

 

9.3

 

%

 

 

 

 

 

 

 

 

 

 

 

 

124,898

 

 

 

122,750

 

 

 

123,508

 

 

 

17.9

 

%

Distribution

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ABB/Con-cise Optical Group LLC(3)(5)

 

Second lien senior secured loan

 

L + 9.00%

 

 

6/17/2024

 

 

25,000

 

 

 

24,298

 

 

 

24,750

 

 

 

3.6

 

%

JM Swank, LLC(3)(5)

 

First lien senior secured loan

 

L + 7.50%

 

 

7/25/2022

 

 

74,575

 

 

 

73,217

 

 

 

75,321

 

 

 

10.9

 

%

Medical Specialties Distributors, LLC(3)(5)

 

First lien senior secured loan

 

L + 5.75%

 

 

12/6/2022

 

 

79,800

 

 

 

79,037

 

 

 

79,401

 

 

 

11.4

 

%

QC Supply, LLC(3)(4)

 

First lien senior secured loan

 

L + 6.00%

 

 

12/29/2022

 

 

26,434

 

 

 

25,802

 

 

 

26,037

 

 

 

3.8

 

%

QC Supply, LLC(3)(9)(10)(11)

 

First lien senior secured delayed draw term loan

 

L + 6.00%

 

 

12/29/2018

 

 

-

 

 

 

(198

)

 

 

(41

)

 

 

-

 

%

QC Supply, LLC(3)(4)(9)

 

First lien senior secured revolving loan

 

L + 6.00%

 

 

12/29/2021

 

 

1,159

 

 

 

1,041

 

 

 

1,085

 

 

 

0.2

 

%

 

 

 

 

 

 

 

 

 

 

 

 

206,968

 

 

 

203,197

 

 

 

206,553

 

 

 

29.9

 

%

Energy equipment and services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Keane Group Holdings, LLC(3)(4)(8)

 

First lien senior secured loan

 

L + 7.25%

 

 

8/18/2022

 

 

100,000

 

 

 

98,257

 

 

 

98,250

 

 

 

14.2

 

%

Food and beverage

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Candy Intermediate Holding, Inc.(3)(5)

 

Second lien senior secured loan

 

L + 9.00%

 

 

12/15/2023

 

 

75,000

 

 

 

74,303

 

 

 

73,500

 

 

 

10.6

 

%

Give & Go Prepared Foods Corp.(3)(5)(8)(13)

 

First lien senior secured loan

 

L + 5.50%

 

 

7/29/2023

 

 

5,985

 

 

 

5,985

 

 

 

6,045

 

 

 

0.9

 

%

GG Foods Acquisition Corporation(3)(5)(8)

 

Second lien senior secured loan

 

L + 9.75%

 

 

1/29/2024

 

 

28,500

 

 

 

27,830

 

 

 

28,358

 

 

 

4.1

 

%

Recipe Acquisition Corp.(3)(5)

 

Second lien senior secured loan

 

L + 9.00%

 

 

12/1/2022

 

 

32,000

 

 

 

31,427

 

 

 

32,000

 

 

 

4.6

 

%

Tall Tree Foods, Inc.(3)(4)

 

First lien senior secured loan

 

L + 6.75%

 

 

8/12/2022

 

 

59,350

 

 

 

58,535

 

 

 

58,460

 

 

 

8.4

 

%

 

 

 

 

 

 

 

 

 

 

 

 

200,835

 

 

 

198,080

 

 

 

198,363

 

 

 

28.6

 

%

Healthcare and pharmaceuticals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Osmotica Pharmaceutical Corp.(3)(4)

 

First lien senior secured loan

 

L + 5.00%

 

 

2/3/2022

 

 

49,367

 

 

 

48,925

 

 

 

49,614

 

 

 

7.1

 

%

Healthcare equipment and services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beaver-Visitec International Holdings, Inc.(3)(5)

 

Second lien senior secured loan

 

L + 9.00%

 

 

8/19/2024

 

 

35,000

 

 

 

34,336

 

 

 

34,825

 

 

 

5.0

 

%

Infrastructure and environmental services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FR Arsenal Holdings II Corp.(3)(5)

 

First lien senior secured loan

 

L + 7.25%

 

 

9/8/2022

 

 

64,675

 

 

 

63,477

 

 

 

64,998

 

 

 

9.3

 

%

Insurance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CD&R TZ Purchaser, Inc.(3)(5)

 

First lien senior secured loan

 

L + 6.00%

 

 

7/21/2023

 

 

34,825

 

 

 

32,880

 

 

 

34,476

 

 

 

4.9

 

%

5


 

Internet software and services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Infoblox Inc.(3)(4)

 

Second lien senior secured loan

 

L + 8.75%

 

 

11/7/2024

 

 

30,000

 

 

 

29,431

 

 

 

30,000

 

 

 

4.3

 

%

Leisure and entertainment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

UFC Holdings, LLC(3)(4)(13)

 

Second lien senior secured loan

 

L + 7.50%

 

 

8/18/2024

 

 

35,000

 

 

 

34,682

 

 

 

35,612

 

 

 

5.1

 

%

Manufacturing

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Blount International, Inc.(3)(4)

 

First lien senior secured loan

 

L + 6.25%

 

 

4/12/2023

 

 

14,925

 

 

 

14,523

 

 

 

14,925

 

 

 

2.1

 

%

Professional services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allied Universal Holdco LLC

 

Second lien senior secured notes

 

 

11.00%

 

 

7/28/2023

 

 

20,000

 

 

 

19,626

 

 

 

19,600

 

 

 

2.8

 

%

Pomeroy Group LLC(3)(6)

 

First lien senior secured loan

 

L + 6.00%

 

 

11/30/2021

 

 

59,548

 

 

 

57,420

 

 

 

58,357

 

 

 

8.4

 

%

 

 

 

 

 

 

 

 

 

 

 

79,548

 

 

 

77,046

 

 

 

77,957

 

 

 

11.2

 

%

Specialty retail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Saje Natural Business, Inc.(7)(8)

 

Second lien senior secured loan

 

12.00% PIK

 

 

4/21/2022

 

 

34,250

 

 

 

33,578

 

 

 

33,565

 

 

 

4.8

 

%

Total Debt Investments

 

 

 

 

 

 

 

 

 

 

1,141,266

 

 

 

1,119,746

 

 

 

1,132,811

 

 

 

163.2

 

%

Total Investments

 

 

 

 

 

 

 

 

 

$

1,141,266

 

 

$

1,119,746

 

 

$

1,132,811

 

 

 

163.2

 

%

________________

 

 

(1)

Certain portfolio company investments are subject to contractual restrictions on sales.

 

(2)

The amortized cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.

 

(3)

Loan contains a variable rate structure, subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by reference to either the London Interbank Offered Rate (“LIBOR” or “L”) (which can include one-, two-, three- or six-month LIBOR) or an alternate base rate (which can include the Federal Funds Effective Rate or the Prime Rate), at the borrower’s option, and which reset periodically based on the terms of the loan agreement.

 

(4)

The interest rate on these loans is subject to the greater of a LIBOR floor or 1 month LIBOR, which as of March 31, 2017 was 0.98%.

 

(5)

The interest rate on these loans is subject to the greater of a LIBOR floor or 3 month LIBOR, which as of March 31, 2017 was 1.15%.

 

(6)

The interest rate on these loans is subject to the greater of a LIBOR floor or 1 year LIBOR, which as of March 31, 2017 was 1.80%.

 

(7)

Unless otherwise indicated, all investments are non-controlled, non-affiliated investments.  Non-controlled, non-affiliated investments are defined as investments in which the Company owns less than 5% of the portfolio company’s outstanding voting securities and does not have the power to exercise control over the management or policies of such portfolio company.

 

(8)

This portfolio company is not a qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of total assets.

 

(9)

Position or portion thereof is an unfunded loan commitment. See Note 7 “Commitments and Contingencies”.

 

(10)

The negative cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan. The negative fair value is the result of the capitalized discount on the loan.

 

(11)

The date disclosed represents the commitment period of the unfunded term loan. Upon expiration of the commitment period, the funded portion of the term loan may be subject to a longer maturity date.

 

(12)

Unless otherwise indicated, all investments are considered Level 3 investments.

 

(13)

Level 2 investment.

 

(14)

Unless otherwise indicated, the Company’s portfolio companies are pledged as collateral supporting the amounts outstanding under the Revolving Credit Facility. See Note 6 “Debt”.

 

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

 


6


 

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of December 31, 2016

(Amounts in thousands, except share amounts)

 

 

 

 

 

 

 

 

 

 

Maturity

 

Principal /

 

 

Amortized

 

 

Fair

 

 

Percentage

 

 

Company(1)(4)

 

Investment

 

Interest

 

 

Date

 

Par

 

 

Cost(2)

 

 

Value

 

 

of Net Assets

 

 

Debt Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Advertising and media

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PAK Acquisition Corporation(3)

 

First lien senior secured loan

 

L + 8.00% (9.00%)

 

 

6/30/2022

 

$

82,000

 

 

$

80,362

 

 

$

80,360

 

 

 

11.8

 

%

Aerospace and defense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vencore, Inc.(3)

 

Second lien senior secured loan

 

L + 8.75% (9.75%)

 

 

5/23/2020

 

 

50,000

 

 

 

49,115

 

 

 

49,750

 

 

 

7.3

 

%

Business services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vestcom Parent Holdings, Inc.(3)

 

Second lien senior secured loan

 

L + 8.50% (9.50%)

 

 

6/19/2024

 

 

65,000

 

 

 

64,028

 

 

 

64,025

 

 

 

9.4

 

%

Distribution

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ABB/Con-cise Optical Group LLC(3)

 

Second lien senior secured loan

 

L + 9.00% (10.00%)

 

 

6/17/2024

 

 

25,000

 

 

 

24,282

 

 

 

24,750

 

 

 

3.6

 

%

JM Swank, LLC(3)

 

First lien senior secured loan

 

L + 7.50% (8.50%)

 

 

7/25/2022

 

 

84,575

 

 

 

82,979

 

 

 

84,152

 

 

 

12.4

 

%

Medical Specialties Distributors, LLC(3)

 

First lien senior secured loan

 

L + 5.75% (6.75%)

 

 

12/6/2022

 

 

80,000

 

 

 

79,208

 

 

 

79,200

 

 

 

11.6

 

%

QC Supply, LLC(3)

 

First lien senior secured loan

 

L + 6.00% (7.00%)

 

 

12/29/2022

 

 

26,500

 

 

 

25,840

 

 

 

25,838

 

 

 

3.8

 

%

QC Supply, LLC(3)(6)(7)(8)

 

First lien senior secured delayed draw term loan

 

L + 6.00% (7.00%)

 

 

12/29/2018

 

 

-

 

 

 

(207

)

 

 

(207

)

 

 

-

 

%

QC Supply, LLC(3)(6)

 

First lien senior secured revolving loan

 

L + 6.00% (7.00%)

 

 

12/29/2021

 

 

1,159

 

 

 

1,035

 

 

 

1,035

 

 

 

0.2

 

%

 

 

 

 

 

 

 

 

 

 

 

 

217,234

 

 

 

213,137

 

 

 

214,768

 

 

 

31.6

 

%

Food and beverage

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Candy Intermediate Holding, Inc.(3)

 

Second lien senior secured loan

 

L + 9.00% (10.00%)

 

 

12/15/2023

 

 

75,000

 

 

 

74,285

 

 

 

75,000

 

 

 

11.0

 

%

GG Foods Acquisition Corporation(3)(5)

 

Second lien senior secured loan

 

L + 9.75% (10.75%)

 

 

1/29/2024

 

 

28,500

 

 

 

27,814

 

 

 

28,215

 

 

 

4.1

 

%

Recipe Acquisition Corp.(3)

 

Second lien senior secured loan

 

L + 9.00% (10.00%)

 

 

12/1/2022

 

 

32,000

 

 

 

31,409

 

 

 

31,840

 

 

 

4.7

 

%

Tall Tree Foods, Inc.(3)

 

First lien senior secured loan

 

L + 6.75% (7.75%)

 

 

8/12/2022

 

 

60,000

 

 

 

59,146

 

 

 

59,100

 

 

 

8.7

 

%

 

 

 

 

 

 

 

 

 

 

 

 

195,500

 

 

 

192,654

 

 

 

194,155

 

 

 

28.5

 

%

Healthcare and pharmaceuticals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Osmotica Pharmaceutical Corp.(3)

 

First lien senior secured loan

 

L + 5.00% (6.00%)

 

 

2/3/2022

 

 

49,684

 

 

 

49,219

 

 

 

49,187

 

 

 

7.2

 

%

Healthcare equipment and services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beaver-Visitec International Holdings, Inc.(3)

 

Second lien senior secured loan

 

L + 9.00% (10.00%)

 

 

8/19/2024

 

 

35,000

 

 

 

34,321

 

 

 

34,650

 

 

 

5.1

 

%

Strategic Partners Acquisition Corp.(3)

 

First lien senior secured loan

 

L + 5.25% (6.25%)

 

 

6/30/2023

 

 

24,938

 

 

 

24,711