UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q
(Mark One)
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☒ |
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
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☐ |
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)
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Maryland |
47-5402460 |
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(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer |
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245 Park Avenue, 41st Floor New York, New York |
10167 |
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(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.
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Large accelerated filer |
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Accelerated filer |
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Non-accelerated filer |
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☒ (Do not check if a small reporting company) |
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Small reporting company |
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☐ |
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Emerging growth company |
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☒ |
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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.
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Page |
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PART I. |
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Item 1. |
3 |
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3 |
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Consolidated Statements of Operations for the Three Months Ended March 31, 2017 and 2016 (Unaudited) |
4 |
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Consolidated Schedules of Investments as of March 31, 2017 (Unaudited) and December 31, 2016 |
5 |
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9 |
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Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2017 and 2016 (Unaudited) |
10 |
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11 |
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Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations |
25 |
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Item 3. |
41 |
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Item 4. |
42 |
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PART II. |
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Item 1. |
42 |
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Item 1A. |
42 |
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Item 2. |
42 |
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Item 3. |
43 |
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Item 4. |
43 |
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Item 5. |
43 |
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Item 6. |
43 |
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44 |
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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:
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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; |
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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; |
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an economic downtown could also impact availability and pricing of our financing; |
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a contraction of available credit and/or an inability to access the equity markets could impair our lending and investment activities; |
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interest rate volatility could adversely affect our results, particularly if we elect to use leverage as part of our investment strategy; |
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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; |
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• |
our future operating results; |
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• |
our business prospects and the prospects of our portfolio companies; |
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our contractual arrangements and relationships with third parties; |
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the ability of our portfolio companies to achieve their objectives; |
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competition with other entities and our affiliates for investment opportunities; |
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the speculative and illiquid nature of our investments; |
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the use of borrowed money to finance a portion of our investments as well as any estimates regarding potential use of leverage; |
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the adequacy of our financing sources and working capital; |
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the loss of key personnel; |
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the timing of cash flows, if any, from the operations of our portfolio companies; |
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the ability of Owl Rock Capital Advisors LLC (the “Adviser”) to locate suitable investments for us and to monitor and administer our investments; |
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the ability of the Adviser to attract and retain highly talented professionals; |
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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”); |
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the effect of legal, tax and regulatory changes; and |
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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
Item 1. Consolidated Financial Statements
Owl Rock Capital Corporation
Consolidated Statement of Assets and Liabilities
(Amounts in thousands, except share and per share amounts)
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March 31, 2017 (Unaudited) |
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December 31, 2016 |
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Assets |
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Investments at fair value (amortized cost of $1,119,746 and $959,768, respectively) |
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$ |
1,132,811 |
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$ |
967,399 |
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Cash and cash equivalents |
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160,724 |
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209,353 |
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Interest receivable |
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5,013 |
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3,349 |
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Prepaid expenses and other assets |
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862 |
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723 |
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Total Assets |
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$ |
1,299,410 |
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$ |
1,180,824 |
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Liabilities |
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Debt (net of unamortized debt issuance costs of $7,551 and $3,094, respectively) |
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$ |
596,949 |
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$ |
491,906 |
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Management fees payable |
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5,011 |
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4,565 |
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Payables to affiliates |
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957 |
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1,860 |
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Accrued expenses and other liabilities |
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2,438 |
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1,968 |
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Total Liabilities |
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605,355 |
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500,299 |
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Commitments and contingencies (Note 7) |
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Net Assets |
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Common shares, $0.01 par value; 500,000,000 shares authorized; 46,103,491 and 45,833,313 shares issued and outstanding, respectively |
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461 |
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458 |
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Additional paid-in-capital |
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668,563 |
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664,554 |
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Accumulated undistributed net investment income |
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11,966 |
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7,882 |
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Net unrealized gains on investments |
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13,065 |
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7,631 |
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Total Net Assets |
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694,055 |
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680,525 |
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Total Liabilities and Net Assets |
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$ |
1,299,410 |
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$ |
1,180,824 |
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Net Asset Value Per Share |
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$ |
15.05 |
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$ |
14.85 |
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The accompanying notes are an integral part of these consolidated financial statements.
3
Consolidated Statements of Operations
(Amounts in thousands, except share and per share amounts)
(Unaudited)
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For the Three Months Ended March 31, |
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2017 |
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2016 |
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Investment Income |
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Investment income from non-controlled, non-affiliated investments: |
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Interest income |
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$ |
23,151 |
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$ |
— |
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Other income |
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162 |
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— |
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Total investment income from non-controlled, non-affiliated investments |
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23,313 |
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— |
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Total Investment Income |
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23,313 |
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— |
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Expenses |
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Initial organization |
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— |
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1,224 |
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Interest expense |
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3,029 |
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— |
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Management fees |
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5,011 |
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566 |
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Professional fees |
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1,259 |
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304 |
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Directors’ fees |
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111 |
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20 |
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Other general and administrative |
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1,119 |
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205 |
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Total Expenses |
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10,529 |
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2,319 |
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Net Investment Income (Loss) Before Taxes |
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12,784 |
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(2,319 |
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Excise tax expense |
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— |
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— |
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Net Investment Income (Loss) After Taxes |
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$ |
12,784 |
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$ |
(2,319 |
) |
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Unrealized Gains on Investments |
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Net unrealized gains: |
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Non-controlled, non-affiliated investments |
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5,434 |
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— |
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Total Net Unrealized Gains |
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5,434 |
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— |
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Net Increase (Decrease) in Net Assets Resulting from Operations |
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$ |
18,218 |
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$ |
(2,319 |
) |
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Earnings Per Share – Basic and Diluted |
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$ |
0.40 |
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$ |
(21.55 |
) |
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Weighted Average Shares Outstanding – Basic and Diluted |
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45,884,347 |
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107,627 |
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The accompanying notes are an integral part of these consolidated financial statements.
4
Consolidated Schedule of Investments
As of March 31, 2017
(Amounts in thousands, except share amounts)
(Unaudited)
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Maturity |
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Principal / |
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Amortized |
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Fair |
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Percentage |
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Company(1)(7)(12)(14) |
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Investment |
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Interest |
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Date |
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Par |
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Cost(2) |
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Value |
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of Net Assets |
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Debt Investments |
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Advertising and media |
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PAK Acquisition Corporation(3)(5) |
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First lien senior secured loan |
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L + 8.00% |
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6/30/2022 |
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80,975 |
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79,414 |
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80,165 |
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11.6 |
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% |
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Aerospace and defense |
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Vencore, Inc.(3)(5) |
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Second lien senior secured loan |
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L + 8.75% |
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5/23/2020 |
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50,000 |
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49,170 |
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50,000 |
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7.2 |
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% |
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Business services |
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Access Information(3)(5)(13) |
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First lien senior secured loan |
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L + 5.00% |
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10/17/2021 |
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39,898 |
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39,522 |
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39,978 |
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5.8 |
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% |
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Access Information(3)(5) |
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Second lien senior secured loan |
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L + 8.75% |
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10/17/2022 |
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20,000 |
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19,177 |
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19,180 |
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2.8 |
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% |
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Vestcom Parent Holdings, Inc.(3)(4) |
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Second lien senior secured loan |
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L + 8.50% |
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6/19/2024 |
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65,000 |
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64,051 |
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64,350 |
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9.3 |
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% |
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124,898 |
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122,750 |
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123,508 |
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17.9 |
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% |
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Distribution |
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ABB/Con-cise Optical Group LLC(3)(5) |
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Second lien senior secured loan |
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L + 9.00% |
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6/17/2024 |
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25,000 |
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24,298 |
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24,750 |
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3.6 |
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% |
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JM Swank, LLC(3)(5) |
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First lien senior secured loan |
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L + 7.50% |
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7/25/2022 |
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74,575 |
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73,217 |
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75,321 |
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10.9 |
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% |
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Medical Specialties Distributors, LLC(3)(5) |
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First lien senior secured loan |
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L + 5.75% |
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12/6/2022 |
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79,800 |
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79,037 |
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79,401 |
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11.4 |
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% |
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QC Supply, LLC(3)(4) |
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First lien senior secured loan |
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L + 6.00% |
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12/29/2022 |
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26,434 |
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25,802 |
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26,037 |
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3.8 |
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% |
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QC Supply, LLC(3)(9)(10)(11) |
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First lien senior secured delayed draw term loan |
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L + 6.00% |
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12/29/2018 |
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- |
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(198 |
) |
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(41 |
) |
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- |
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% |
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QC Supply, LLC(3)(4)(9) |
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First lien senior secured revolving loan |
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L + 6.00% |
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12/29/2021 |
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1,159 |
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1,041 |
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1,085 |
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0.2 |
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% |
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206,968 |
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203,197 |
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206,553 |
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29.9 |
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% |
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Energy equipment and services |
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Keane Group Holdings, LLC(3)(4)(8) |
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First lien senior secured loan |
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L + 7.25% |
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8/18/2022 |
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100,000 |
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|
98,257 |
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98,250 |
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14.2 |
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% |
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Food and beverage |
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Candy Intermediate Holding, Inc.(3)(5) |
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Second lien senior secured loan |
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L + 9.00% |
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12/15/2023 |
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75,000 |
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|
74,303 |
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73,500 |
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10.6 |
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% |
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Give & Go Prepared Foods Corp.(3)(5)(8)(13) |
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First lien senior secured loan |
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L + 5.50% |
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7/29/2023 |
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|
5,985 |
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|
5,985 |
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6,045 |
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0.9 |
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% |
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GG Foods Acquisition Corporation(3)(5)(8) |
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Second lien senior secured loan |
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L + 9.75% |
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1/29/2024 |
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|
28,500 |
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|
27,830 |
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28,358 |
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4.1 |
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% |
||
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Recipe Acquisition Corp.(3)(5) |
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Second lien senior secured loan |
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L + 9.00% |
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12/1/2022 |
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32,000 |
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|
31,427 |
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32,000 |
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4.6 |
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% |
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Tall Tree Foods, Inc.(3)(4) |
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First lien senior secured loan |
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L + 6.75% |
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8/12/2022 |
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59,350 |
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58,535 |
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58,460 |
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8.4 |
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% |
||
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200,835 |
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198,080 |
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198,363 |
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28.6 |
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% |
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Healthcare and pharmaceuticals |
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Osmotica Pharmaceutical Corp.(3)(4) |
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First lien senior secured loan |
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L + 5.00% |
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2/3/2022 |
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49,367 |
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|
48,925 |
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49,614 |
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|
7.1 |
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% |
||
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Healthcare equipment and services |
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Beaver-Visitec International Holdings, Inc.(3)(5) |
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Second lien senior secured loan |
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L + 9.00% |
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8/19/2024 |
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|
35,000 |
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|
|
34,336 |
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|
34,825 |
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5.0 |
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% |
||
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Infrastructure and environmental services |
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|
|
|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
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
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 |
|
|
|
|||||||||