UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the
Securities Exchange Act of 1934
Date of Report (date of earliest event reported): July 26, 2012
Corporate Capital Trust, Inc.
(Exact name of registrant as specified in its charter)
Commission file number: 814-00827
| Maryland | 27-2857503 | |
| (State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) | |
| CNL Center at City Commons 450 South Orange Avenue Orlando, Florida |
32801 | |
| (Address of principal executive offices) | (Zip Code) | |
Registrant’s telephone number, including area code: (866) 745-3797
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| Item 2.02. | Results of Operations and Financial Condition. |
FINANCIAL HIGHLIGHTS
| At June 30, 2012 (unaudited): |
||||
| Gross Assets: |
$ | 426.7 million | ||
| Investment in Portfolio Companies: |
$ | 405.8 million | ||
| Indebtedness (borrowings under credit facility): |
$ | 77.9 million | ||
| Net Assets: |
$ | 284.0 million | ||
| Net Asset Value Per Share: |
$ | 9.64 | ||
| Growth Rate in Gross Assets since March 31, 2012 (not annualized): |
73% | |||
| Common Stock Offering Summary for the Six Months Ended June 30, 2012 |
||||
| Gross Proceeds to Company: |
$ | 236.7 million | ||
INVESTMENT PORTFOLIO UPDATE
As of June 30, 2012, our investment portfolio consisted of investment interests in 141 portfolio companies, for a total fair value of $405.8 million, excluding our short term investments. The primary investment concentrations include (i) senior debt and (ii) subordinated debt securities, which represented 68.7% and 31.2% of our debt portfolio at fair value excluding our short term investments, respectively. The debt investments in our portfolio were purchased at an average price of 100.1% of par value or stated value, as applicable.
As of June 30, 2012, 49.0% of our debt investments, based on fair value, featured floating interest rates, primarily based on London Interbank Offered Rate (or “LIBOR”), and 51.0% of our debt investments featured fixed interest rates. Approximately 82% of our floating rate assets had base interest rate floors with a weighted average of 1.26%.
As of June 30, 2012, our investment portfolio was diversified across 23 industries. The following table summarizes our top ten portfolio companies as a percentage of portfolio fair value.
2
| Portfolio Company |
Industry |
Investments* |
Interest Rate |
Base Rate Floor |
Maturity Date |
% of Fair Value |
||||||||
| Catalina Marketing Corp. |
Media | Senior Debt | L + 550 | — % | 9/29/2017 | 1.91% | ||||||||
| Subordinated Debt | 10.50% | N/A | 10/1/2015 | 2.59% | ||||||||||
|
|
|
|||||||||||||
| 4.50% | ||||||||||||||
| HUB International, Ltd. |
Insurance | Senior Debt | L + 450 | — % | 6/13/2017 | 1.22% | ||||||||
| Senior Debt |
L + 475 | 2.00% | 12/13/2017 | 0.08% | ||||||||||
| Subordinated Debt |
9.00% | N/A | 12/15/2014 | 2.92% | ||||||||||
| Subordinated Debt |
10.25% | N/A | 6/15/2015 | 0.07% | ||||||||||
|
|
|
|||||||||||||
| 4.30% | ||||||||||||||
| Data Device Corp. |
Capital Goods | Senior Debt | L + 950 | 1.25% | 7/11/2018 | 1.89% | ||||||||
| Senior Debt |
L + 600 | 1.50% | 7/11/2019 | 1.90% | ||||||||||
|
|
|
|||||||||||||
| 3.79% | ||||||||||||||
| Newport Television, LLC |
Media | Senior Debt | L + 675 | 3.00% | 9/14/2016 | 3.06% | ||||||||
| Guitar Center, Inc. |
Retailing | Senior Debt | L + 525 | — % | 4/9/2017 | 2.76% | ||||||||
| Wastequip, LLC |
Materials | Senior Debt | L + 675 | 1.50% | 12/15/2017 | 2.70% | ||||||||
| Good Sam Enterprises, LLC |
Media | Senior Debt | 11.50% | N/A | 12/1/2016 | 2.53% | ||||||||
| Kinetic Concepts, Inc. |
Health Care Equipment & Services | Senior Debt | 10.50% | N/A | 11/1/2018 | 1.72% | ||||||||
| Senior Debt |
L + 575 | 1.25% | 5/4/2018 | 0.48% | ||||||||||
| Senior Debt |
L + 525 | 1.25% | 11/4/2016 | 0.32% | ||||||||||
|
|
|
|||||||||||||
| 2.51% | ||||||||||||||
| Education Management, LLC |
Consumer Services | Senior Debt | L + 700 | 1.25% | 3/30/2018 | 1.65% | ||||||||
| Subordinated Debt |
8.75% | N/A | 6/1/2014 | 0.85% | ||||||||||
|
|
|
|||||||||||||
| 2.50% | ||||||||||||||
| TL Acquisitions, Inc. |
Media | Senior Debt | 11.50% | N/A | 4/15/2020 | 2.07% | ||||||||
| Subordinated Debt |
10.50% | N/A | 1/15/2015 | 0.31% | ||||||||||
|
|
|
|||||||||||||
| 2.37% | ||||||||||||||
| * | “L” is the three month LIBOR. |
3
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Dated: July 26, 2012 | CORPORATE CAPITAL TRUST, INC. | |||||
| By: | /s/ Paul S. Saint-Pierre | |||||
| Paul S. Saint-Pierre | ||||||
| Chief Financial Officer | ||||||
4