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): October 25, 2012
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Corporate Capital Trust, Inc.
(Exact name of registrant as specified in its charter)
Commission file number: 814-00827
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Maryland
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27-2857503
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(State or other jurisdiction of incorporation or organization)
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(I.R.S. Employer Identification No.)
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CNL Center at City Commons
450 South Orange Avenue
Orlando, Florida
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32801
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(Address of principal executive offices)
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(Zip Code)
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Registrant’s telephone number, including area code: (866) 745-3797
(Former name or former address, if changed since last report)
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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:
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¨
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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¨
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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¨
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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¨
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 2.02.
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Results of Operations and Financial Condition.
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At September 30, 2012 (unaudited):
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Gross Assets:
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$
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648.48 million
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Indebtedness (borrowings under credit facility):
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$
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160.92 million
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Net Assets:
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$
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450.00 million
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Net Asset Value Per Share:
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$
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9.78
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Growth Rate in Gross Assets since June 30, 2012 (not annualized):
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52
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%
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Common Stock Offering Summary for the Nine Months Ended September 30, 2012
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Gross Proceeds to Company:
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$
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411.86 million
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INVESTMENT PORTFOLIO UPDATE
As of September 30, 2012, our investment portfolio consisted of investment interests in 146 portfolio companies, for a total fair value of $599.9 million, excluding our short term investments. The primary investment concentrations include (i) senior debt and (ii) subordinated debt securities, which represented 66.2% and 33.8% 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 99.9% of par value or stated value, as applicable.
As of September 30, 2012, 42.8% of our debt investments, based on fair value, featured floating interest rates, primarily based on London Interbank Offered Rate (or “LIBOR”), and 57.2% 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 1.49%.
As of September 30, 2012, our investment portfolio was diversified across 24 industries. The industry composition of the Company's investment portfolio at fair value, excluding short-term investments, as of September 30, 2012 and December 31, 2011 was as follows:
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Industry Composition
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September 30, 2012
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December 31, 2011
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Media
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16.0 | % | 8.1 | % | ||||
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Materials
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13.6 | 3.4 | ||||||
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Software & Services
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10.2 | 14.6 | ||||||
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Retailing
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7.9 | 12.6 | ||||||
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Capital Goods
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6.5 | 3.4 | ||||||
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Health Care Equipment & Services
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6.0 | 6.9 | ||||||
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Insurance
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5.7 | 2.4 | ||||||
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Technology Hardware & Equipment
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5.4 | 4.6 | ||||||
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Consumer Services
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4.8 | 4.9 | ||||||
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Telecommunication Services
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4.7 | 9.0 | ||||||
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Diversified Financials
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3.8 | 7.8 | ||||||
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Remaining Industries
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15.5 | 22.3 | ||||||
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Total
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100.0 | % | 100.0 | % | ||||
2
The following table summarizes our top ten portfolio companies as a percentage of portfolio fair value.
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Portfolio Company
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Industry
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Investments
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Interest Rate
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Base Rate Floor
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Maturity Date
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% of Fair Value
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Catalina Marketing Corp.
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Media
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Senior Debt
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L + 5.50%
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— %
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9/29/2017
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1.42%
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Subordinated Debt
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10.50%
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N/A
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10/1/2015
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3.33%
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4.75%
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The Gymboree Corp.
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Retailing
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Senior Debt
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L + 3.50%
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1.50%
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2/23/2018
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1.86%
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Subordinated Debt
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9.125%
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N/A
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12/1/2018
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1.76%
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3.62%
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Ryerson, Inc.
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Materials
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Senior Debt
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12.00%
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N/A
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11/1/2015
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1.56%
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Senior Debt
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9.00%
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N/A
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10/15/2017
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1.15%
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Senior Debt
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L + 7.375%
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— %
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11/1/2014
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0.68%
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3.38%
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HUB International, Ltd.
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Insurance
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Senior Debt
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L + 4.50%
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— %
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6/13/2017
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0.85%
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Senior Debt
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L + 4.75%
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2.00%
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12/13/2017
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0.06%
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Subordinated Debt
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8.13%
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N/A
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10/15/2018
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2.41%
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3.31%
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GCI, Inc.
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Telecommunication Services
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Subordinated Debt
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8.625%
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N/A
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11/15/2019
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1.54%
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Subordinated Debt
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6.75%
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N/A
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6/1/2021
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1.11%
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2.66%
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Data Device Corp.
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Capital Goods
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Senior Debt
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L + 6.00%
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1.50%
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7/11/2018
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1.32%
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Senior Debt
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L + 10.00%
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1.50%
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7/11/2019
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1.31%
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2.63%
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Cengage Learning Acquisitions, Inc
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Media
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Senior Debt
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11.50%
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N/A
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4/15/2020
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2.61%
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Hubbard Radio, LLC
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Media
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Senior Debt
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L + 7.25%
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1.50%
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4/30/2018
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2.48%
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Senior Debt
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L + 3.75%
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1.50%
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4/28/2017
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0.09%
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2.57%
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E*TRADE Financial Corp.
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Diversified Financials
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Subordinated Debt
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12.50%
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N/A
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11/30/2017
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2.05%
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Subordinated Debt
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7.875%
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N/A
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12/1/2015
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0.22%
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Subordinated Debt
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6.75%
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N/A
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6/1/2016
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0.00%
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2.27%
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American Gaming Systems, LLC
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Consumer Services
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Senior Debt
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L + 10.00%
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1.50%
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8/24/2016
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2.00%
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Senior Debt
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L + 10.00%
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1.50%
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8/24/2016
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0.13%
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Senior Debt
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L + 10.00%
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1.50%
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8/24/2016
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0.13%
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2.26%
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*
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“L” is the three month LIBOR.
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3
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.
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Dated: October 25, 2012
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CORPORATE CAPITAL TRUST, INC.
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By:
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/s/ Paul S. Saint-Pierre
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Paul S. Saint-Pierre
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Chief Financial Officer
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4