cswc_Current_Folio_10Q

Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

 

(Mark One)

 

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

 

For the quarterly period ended December 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: 814-00061

 

CAPITAL SOUTHWEST CORPORATION

(Exact name of registrant as specified in its charter)

 

 

 

 

Texas

 

75-1072796

(State or other jurisdiction of incorporation
or organization)

 

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

 

 

 

 

 

5400 Lyndon B Johnson Freeway, Suite 1300, Dallas, Texas

 

75240

(Address of principal executive offices)

 

(Zip Code)

 

Registrant's telephone number, including area code:  (214) 238-5700

 

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       

 

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 filings).  Yes   _     No       

 

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

 

Large accelerated filer

Accelerated filer x

Non-accelerated filer

Smaller reporting company

Emerging growth company

 

 

(Do not check if a smaller reporting 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 X  

 

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

 

16,186,941 shares of Common Stock, $0.25 value per share, as of February 2, 2018.

 

 


 

Table of Contents

TABLE OF CONTENTS

 

 

 

 

 

 

 

    

 

    

Page

PART I 

 

FINANCIAL INFORMATION

 

 

 

 

 

 

 

Item 1. 

 

Consolidated Financial Statements

 

3

 

 

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

 

3

 

 

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

 

4

 

 

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

 

5

 

 

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

 

6

 

 

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

 

7

 

 

Notes to Consolidated Financial Statements (Unaudited) 

 

13

 

 

Consolidated Schedule of Investments in and Advances to Affiliates (Unaudited) for the nine months ended December 31, 2017

 

47

Item 2. 

 

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

 

48

Item 3. 

 

Quantitative and Qualitative Disclosures About Market Risk

 

61

Item 4. 

 

Controls and Procedures

 

61

 

 

 

 

 

PART II 

 

OTHER INFORMATION

 

 

 

 

 

 

 

Item 1. 

 

Legal Proceedings

 

63

Item 1A. 

 

Risk Factors

 

63

Item 2. 

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

63

Item 6. 

 

Exhibits

 

65

 

 

 

 

 

Signatures 

 

 

 

66

 

 

2


 

Table of Contents

PART I – FINANCIAL INFORMATION

 

Item 1.Consolidated Financial Statements

 

CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES

 

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

(In thousands, except shares and per share data)

 

 

 

 

 

 

 

 

 

    

December 31, 

    

March 31, 

 

 

 

2017

 

2017

 

 

 

(Unaudited)

 

 

 

 

Assets

 

 

 

 

 

 

 

Investments at fair value:

 

 

 

 

 

 

 

Non-control/Non-affiliate investments (Cost: $237,833 and $172,437, respectively)

 

$

237,669

 

$

175,731

 

Affiliate investments (Cost: $5,936 and $5,925, respectively)

 

 

6,321

 

 

7,138

 

Control investments (Cost: $76,301 and $72,178, respectively)

 

 

123,130

 

 

104,011

 

Total investments (Cost: $320,070 and $250,540, respectively)

 

 

367,120

 

 

286,880

 

Cash and cash equivalents

 

 

20,527

 

 

22,386

 

Receivables:

 

 

 

 

 

 

 

Dividends and interest

 

 

4,110

 

 

3,137

 

Escrow

 

 

119

 

 

545

 

Other

 

 

467

 

 

626

 

Deferred tax asset

 

 

2,080

 

 

2,017

 

Debt issuance costs (net of accumulated amortization of $862 and $366, respectively)

 

 

2,755

 

 

2,137

 

Other assets

 

 

5,672

 

 

8,024

 

Total assets

 

$

402,850

 

$

325,752

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

Notes (Par value: $57,500 and $ -, respectively)

 

$

55,236

 

$

-

 

Credit facility

 

 

35,000

 

 

25,000

 

Other liabilities

 

 

7,594

 

 

5,996

 

Dividends payable

 

 

4,201

 

 

7,191

 

Accrued restoration plan liability

 

 

2,099

 

 

2,170

 

Deferred income taxes

 

 

190

 

 

323

 

Total liabilities

 

 

104,320

 

 

40,680

 

 

 

 

 

 

 

 

 

Commitments and contingencies (Note 11)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Assets

 

 

 

 

 

 

 

Common stock, $0.25 par value: authorized, 25,000,000 shares; issued, 18,526,493 shares at December 31, 2017 and 18,350,808 shares at March 31, 2017

 

 

4,632

 

 

4,588

 

Additional paid-in capital

 

 

261,614

 

 

261,472

 

Net investment income in excess of (less than) distributions

 

 

6,261

 

 

(1,457)

 

Accumulated undistributed net realized gain

 

 

3,100

 

 

8,390

 

Unrealized appreciation of investments, net of income taxes

 

 

46,860

 

 

36,016

 

Treasury stock - at cost, 2,339,512 shares

 

 

(23,937)

 

 

(23,937)

 

Total net assets

 

 

298,530

 

 

285,072

 

Total liabilities and net assets

 

$

402,850

 

$

325,752

 

Net asset value per share (16,186,981 shares outstanding at December 31, 2017 and 16,011,296 shares outstanding at March 31, 2017)

 

$

18.44

 

$

17.80

 

 

 

The accompanying Notes are an integral part of these Consolidated Financial Statements.

3


 

Table of Contents

CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES

 

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(In thousands, except shares and per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

 

December 31, 

 

 

December 31, 

 

 

    

2017

 

2016

 

2017

 

2016

 

Investment income:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-control/Non-affiliate investments

 

$

5,420

 

$

3,384

 

$

14,858

 

$

7,839

 

Affiliate investments

 

 

142

 

 

141

 

 

423

 

 

422

 

Control investments

 

 

-

 

 

57

 

 

-

 

 

116

 

Dividend income:

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-control/Non-affiliate investments

 

 

31

 

 

-

 

 

91

 

 

-

 

Control investments

 

 

3,118

 

 

3,078

 

 

9,221

 

 

6,843

 

Interest income from cash and cash equivalents

 

 

 4

 

 

29

 

 

16

 

 

155

 

Fees and other income

 

 

304

 

 

176

 

 

643

 

 

373

 

Total investment income

 

 

9,019

 

 

6,865

 

 

25,252

 

 

15,748

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

Compensation

 

 

1,885

 

 

1,509

 

 

5,129

 

 

4,521

 

Spin-off compensation plan

 

 

172

 

 

172

 

 

517

 

 

517

 

Share-based compensation

 

 

479

 

 

321

 

 

1,231

 

 

815

 

Interest

 

 

1,275

 

 

343

 

 

2,924

 

 

446

 

Professional fees

 

 

245

 

 

404

 

 

1,205

 

 

1,255

 

Net pension expense

 

 

42

 

 

43

 

 

123

 

 

129

 

General and administrative

 

 

620

 

 

664

 

 

2,171

 

 

1,961

 

Total operating expenses

 

 

4,718

 

 

3,456

 

 

13,300

 

 

9,644

 

Income before taxes

 

 

4,301

 

 

3,409

 

 

11,952

 

 

6,104

 

Income tax (benefit) expense

 

 

(362)

 

 

536

 

 

(84)

 

 

1,495

 

Net investment income

 

$

4,663

 

$

2,873

 

$

12,036

 

$

4,609

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Realized gain

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-control/Non-affiliate investments

 

$

527

 

$

44

 

$

1,361

 

$

(216)

 

Affiliate investments

 

 

90

 

 

-

 

 

90

 

 

3,986

 

Control investments

 

 

-

 

 

28

 

 

-

 

 

28

 

Total net realized gain on investments before income tax

 

 

617

 

 

72

 

 

1,451

 

 

3,798

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in unrealized appreciation of investments

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-control/Non-affiliate investments

 

 

708

 

 

2,051

 

 

(3,458)

 

 

614

 

Affiliate investments

 

 

(173)

 

 

75

 

 

(827)

 

 

581

 

Control investments

 

 

4,500

 

 

2,839

 

 

14,995

 

 

8,445

 

Income tax (provision) benefit

 

 

(72)

 

 

(25)

 

 

133

 

 

(547)

 

Total net change in unrealized appreciation of investments, net of tax

 

 

4,963

 

 

4,940

 

 

10,843

 

 

9,093

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized and unrealized gains on investments

 

$

5,580

 

$

5,012

 

$

12,294

 

$

12,891

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net increase in net assets from operations

 

$

10,243

 

$

7,885

 

$

24,330

 

$

17,500

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-tax net investment income per share - basic and diluted

 

$

0.27

 

$

0.21

 

$

0.74

 

$

0.39

 

Net investment income per share – basic and diluted

 

$

0.29

 

$

0.18

 

$

0.75

 

$

0.29

 

Net increase in net assets from operations – basic and diluted

 

$

0.64

 

$

0.50

 

$

1.52

 

$

1.11

 

Weighted average shares outstanding – basic

 

 

16,104,806

 

 

15,868,977

 

 

16,041,696

 

 

15,755,480

 

Weighted average shares outstanding – diluted

 

 

16,176,436

 

 

15,931,501

 

 

16,109,122

 

 

15,832,487

 

 

The accompanying Notes are an integral part of these Consolidated Financial Statements.

4


 

Table of Contents

CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES

 

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

(Unaudited)

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended

 

 

 

December 31, 

 

 

    

2017

 

2016

 

Operations:

 

 

 

 

 

 

 

Net investment income

 

$

12,036

 

$

4,609

 

Net realized gain on investments

 

 

1,451

 

 

3,798

 

Net change in unrealized appreciation of investments, net of tax

 

 

10,843

 

 

9,093

 

Net increase in net assets from operations

 

 

24,330

 

 

17,500

 

Dividends to shareholders

 

 

(11,395)

 

 

(5,368)

 

Spin-Off Compensation Plan, net of tax (expense) benefit of ($141) and $530, respectively

 

 

(659)

 

 

(1,164)

 

Capital share transactions:

 

 

 

 

 

 

 

Change in pension plan funded status

 

 

36

 

 

35

 

Exercise of employee stock options

 

 

-

 

 

991

 

Share-based compensation expense

 

 

1,231

 

 

815

 

Common stock withheld for payroll taxes upon vesting of restricted stock

 

 

(85)

 

 

-

 

Increase in net assets

 

 

13,458

 

 

12,809

 

Net assets, beginning of period

 

 

285,072

 

 

272,635

 

Net assets, end of period

 

$

298,530

 

$

285,444

 

 

The accompanying Notes are an integral part of these Consolidated Financial Statements.

5


 

Table of Contents

CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES

 

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended

 

 

 

December 31, 

 

 

    

2017

    

2016

 

Cash flows from operating activities

 

 

 

 

 

 

 

Net increase in net assets from operations

 

$

24,330

 

$

17,500

 

Adjustments to reconcile net increase in net assets from operations to net cash used in operating activities:

 

 

 

 

 

 

 

Purchases and originations of investments

 

 

(144,242)

 

 

(102,049)

 

Proceeds from sales and repayments of debt investments in portfolio companies

 

 

75,520

 

 

22,018

 

Proceeds from sales and return of capital of equity investments in portfolio companies

 

 

104

 

 

4,441

 

Payment of accreted original issue discounts

 

 

1,346

 

 

748

 

Depreciation and amortization

 

 

604

 

 

278

 

Net pension benefit

 

 

(35)

 

 

(26)

 

Realized gain on investments before income tax

 

 

(1,451)

 

 

(3,798)

 

Net change in unrealized appreciation of investments

 

 

(10,710)

 

 

(9,640)

 

Accretion of discounts on investments

 

 

(592)

 

 

(297)

 

Payment-in-kind interest and dividends

 

 

(215)

 

 

-

 

Stock option and restricted awards expense

 

 

1,231

 

 

815

 

Deferred income taxes

 

 

(508)

 

 

2,055

 

Changes in other assets and liabilities:

 

 

 

 

 

 

 

Increase in dividend and interest receivable

 

 

(973)

 

 

(1,478)

 

Decrease in escrow receivables

 

 

426

 

 

2,761

 

Decrease in other receivables

 

 

159

 

 

65

 

Decrease in tax receivable

 

 

-

 

 

301

 

Decrease (increase) in other assets

 

 

2,280

 

 

(2,388)

 

Increase in other liabilities

 

 

1,253

 

 

314

 

Decrease in payable for unsettled transaction

 

 

-

 

 

(3,940)

 

Net cash used in operating activities

 

 

(51,473)

 

 

(72,320)

 

Cash flows from financing activities

 

 

 

 

 

 

 

Borrowings under credit facility

 

 

66,000

 

 

15,000

 

Repayments of credit facility

 

 

(56,000)

 

 

-

 

Debt issuance costs paid

 

 

(1,691)

 

 

(2,503)

 

Proceeds from notes

 

 

55,775

 

 

-

 

Dividends to shareholders

 

 

(14,384)

 

 

(3,289)

 

Proceeds from exercise of employee stock options

 

 

-

 

 

991

 

Spin-off Compensation Plan distribution

 

 

-

 

 

(1,177)

 

Common stock withheld for payroll taxes upon vesting of restricted stock

 

 

(86)

 

 

-

 

Net cash provided by financing activities

 

 

49,614

 

 

9,022

 

Net decrease in cash and cash equivalents

 

 

(1,859)

 

 

(63,298)

 

Cash and cash equivalents at beginning of period

 

 

22,386

 

 

95,969

 

Cash and cash equivalents at end of period

 

$

20,527

 

$

32,671

 

Supplemental cash flow disclosures:

 

 

 

 

 

 

 

Cash paid for income taxes

 

$

290

 

$

-

 

Cash paid for interest

 

 

2,232

 

 

165

 

Supplemental disclosure of noncash financing activities:

 

 

 

 

 

 

 

Dividend declared, not yet paid

 

 

4,201

 

 

2,704

 

Noncash adjustment to realized gain for escrow receivable

 

 

-

 

 

118

 

Spin-off Compensation Plan distribution accrued, not yet paid

 

 

517

 

 

516

 

 

 

 

 

 

 

 

 

 

The accompanying Notes are an integral part of these Consolidated Financial Statements.

 

6


 

Table of Contents

CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES

 

CONSOLIDATED SCHEDULE OF INVESTMENTS

(Unaudited)

December 31, 2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

 

    

Current

    

 

    

 

 

    

 

 

    

 

 

 

 

 

Type of

 

 

 

Interest

 

 

 

 

 

 

 

 

 

Fair

 

Portfolio Company1

 

Investment2

 

Industry

 

Rate3

 

Maturity

 

Principal

 

Cost

 

Value4

 

Non-control/Non-affiliate Investments5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AAC HOLDINGS, INC.

 

First Lien

 

Healthcare services

 

L+6.75% (Floor 1.00%), Current Coupon 8.13%

 

6/30/2023

 

$

9,381,250

 

$

9,161,050

 

$

9,428,156

 

AG KINGS HOLDINGS INC.8

 

First Lien

 

Food, agriculture & beverage

 

L+9.38% (Floor 1.00%), Current Coupon 10.79%

 

8/8/2021

 

 

9,725,000

 

 

9,573,185

 

 

9,433,250

 

ALLIANCE SPORTS GROUP, L.P.

 

Senior subordinated debt

 

Consumer products & retail

 

11.00%

 

2/1/2023

 

 

10,100,000

 

 

9,909,314

 

 

9,923,250

 

 

 

2.65% membership interest

 

 

 

-

 

-

 

 

-

 

 

2,500,000

 

 

2,500,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

12,409,314

 

 

12,423,250

 

AMERICAN TELECONFERENCING SERVICES, LTD.

 

First Lien

 

Telecommunications

 

L+6.50% (Floor 1.00%), Current Coupon 7.90%

 

12/8/2021

 

 

6,467,005

 

 

6,318,452

 

 

6,382,126

 

 

 

Second Lien

 

 

 

L+9.50% (Floor 1.00%), Current Coupon 10.85%

 

6/6/2022

 

 

2,005,714

 

 

1,938,118

 

 

1,893,735

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8,256,570

 

 

8,275,861

 

AMWARE FULFILLMENT LLC

 

First Lien

 

Distribution

 

L+9.50% (Floor 1.00%), Current Coupon 10.99%

 

5/21/2019

 

 

13,659,722

 

 

13,426,001

 

 

13,420,677

 

ARGON MEDICAL DEVICES, INC.

 

Second Lien

 

Healthcare products

 

L+9.50% (Floor 1.00%), Current Coupon 11.07%

 

6/23/2022

 

 

5,000,000

 

 

4,885,258

 

 

5,050,000

 

BINSWANGER HOLDING CORP.

 

First Lien

 

Distribution

 

L+8.00% (Floor 1.00%), Current Coupon 9.49%

 

3/9/2022

 

 

13,086,113

 

 

12,856,165

 

 

12,889,821

 

 

 

900,000 shares of common stock

 

 

 

-

 

-

 

 

-

 

 

900,000

 

 

874,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

13,756,165

 

 

13,763,821

 

CALIFORNIA PIZZA KITCHEN, INC.

 

First Lien

 

Restaurants

 

L+6.00% (Floor 1.00%), Current Coupon 7.57%

 

8/23/2022

 

 

4,937,500

 

 

4,897,179

 

 

4,851,094

 

CAPITAL PAWN HOLDINGS, LLC

 

First Lien

 

Consumer products & retail

 

L+9.50%,
Current Coupon 11.14%

 

7/8/2020

 

 

12,922,365

 

 

12,646,166

 

 

12,646,166

 

CLICKBOOTH.COM, LLC15

 

First Lien

 

Media, marketing & entertainment

 

L+8.50% (Floor 1.00%), Current Coupon 10.01%

 

12/5/2022

 

 

17,500,000

 

 

17,154,369

 

 

17,154,369

 

 

 

Revolving Loan

 

 

 

L+8.50% (Floor 1.00%)

 

12/5/2022

 

 

-

 

 

(19,704)

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

17,134,665

 

 

17,154,369

 


DEEPWATER CORROSION SERVICES, INC.

 

127,004 shares of Series A convertible preferred stock

 

Energy services (upstream)

 

-

 

-

 

 

-

 

 

8,000,000

 

 

4,629,000

 

DELPHI INTERMEDIATE HEALTHCO, LLC

 

First Lien

 

Healthcare services

 

L+7.50% (Floor 1.00%), Current Coupon 8.93%

 

10/3/2022

 

 

7,453,125

 

 

7,380,340

 

 

7,380,340

 

7


 

Table of Contents

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

 

    

Current

    

 

    

 

 

    

 

 

    

 

 

 

 

 

Type of

 

 

 

Interest

 

 

 

 

 

 

 

 

 

Fair

 

Portfolio Company 1

 

Investment 2

 

Industry

 

Rate 3

 

Maturity

 

Principal

 

Cost

 

Value 4

 

DIGITAL RIVER, INC.

 

First Lien

 

Software & IT services

 

L+6.50% (Floor 1.00%), Current Coupon 8.08%

 

2/12/2021

 

 

4,313,292

 

 

4,297,696

 

 

4,324,075

 

DUNN PAPER, INC.

 

Second Lien

 

Paper & forest products

 

L+8.75% (Floor 1.00%), Current Coupon 10.32%

 

8/26/2023

 

 

3,000,000

 

 

2,947,910

 

 

3,000,000

 

ELITE SEM, INC.8

 

First Lien

 

Media, marketing & entertainment

 

L+10.65% (Floor 1.00%), Current Coupon 12.35%

 

2/1/2022

 

 

17,500,000

 

 

17,083,883

 

 

17,500,000

 

 

 

1,089 Preferred units

 

 

 

12% PIK

 

-

 

 

-

 

 

1,199,691

 

 

1,668,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

18,283,574

 

 

19,168,000

 

LGM PHARMA, LLC13

 

First Lien

 

Healthcare products

 

L+8.50% (Floor 1.00%), Current Coupon 9.75%

 

11/15/2022

 

 

10,000,000

 

 

9,804,238

 

 

9,804,238

 

 

 

110,000 units of Class A common stock9

 

 

 

-

 

-

 

 

-

 

 

1,100,000

 

 

1,100,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10,904,238

 

 

10,904,238

 

LIGHTING RETROFIT INTERNATIONAL, LLC

 

First Lien

 

Environmental services

 

L+9.25% (Floor 1.00%), Current Coupon 10.59%

 

6/30/2022

 

 

14,812,500

 

 

14,667,244

 

 

14,664,375

 

 

 

396,825 shares of Series B preferred stock

 

 

 

-

 

-

 

 

-

 

 

500,000

 

 

376,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

15,167,244

 

 

15,040,375

 

PRE-PAID LEGAL SERVICES, INC.

 

Second Lien

 

Consumer services

 

L+9.00% (Floor 1.25%), Current Coupon 10.57%

 

7/1/2020

 

 

5,000,000

 

 

4,964,505

 

 

5,012,500

 

RESEARCH NOW GROUP, INC.

 

Second Lien

 

Business services

 

L+9.50% (Floor 1.00%), Current Coupon 11.28%

 

12/20/2025

 

 

10,500,000

 

 

9,765,593

 

 

9,922,500

 

RESTAURANT TECHNOLOGIES, INC.

 

Second Lien

 

Business services

 

L+8.75% (Floor 1.00%), Current Coupon 10.20%

 

11/23/2023

 

 

3,500,000

 

 

3,453,449

 

 

3,482,500

 

RJO HOLDINGS CORP. 14

 

First Lien

 

Financial services

 

L+8.02% (Floor 1.00%), Current Coupon 9.59%

 

5/5/2022

 

 

7,312,500

 

 

7,246,947