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EX-32.2 - EX-32.2 - Owl Rock Capital Corp IIorccii-ex322_7.htm
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EX-31.2 - EX-31.2 - Owl Rock Capital Corp IIorccii-ex312_10.htm
EX-31.1 - EX-31.1 - Owl Rock Capital Corp IIorccii-ex311_6.htm
EX-10.1 - EX-10.1 - Owl Rock Capital Corp IIorccii-ex101_127.htm

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 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, 2018

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: 814-01219

 

OWL ROCK CAPITAL CORPORATION II

(Exact Name of Registrant as Specified in its Charter)

 

 

Maryland

 

47-5416332

(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. (Check one):

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 8, 2018, the registrant had 19,605,848 shares of common stock, $0.01 par value per share, outstanding.

 

 

 

 

 


 

Table of Contents

 

 

 

 

 

Page

PART I.

 

CONSOLIDATED FINANCIAL INFORMATION

 

 

Item 1.

 

Consolidated Financial Statements

 

3

 

 

Consolidated Statements of Assets and Liabilities as of March 31, 2018 (Unaudited) and December 31, 2017

 

3

 

 

Consolidated Statements of Operations for the Three Months Ended March 31, 2018 (Unaudited)

 

4

 

 

Consolidated Schedule of Investments as of March 31, 2018 (Unaudited) and December 31, 2017

 

5

 

 

Consolidated Statement of Changes in Net Assets for the Three Months Ended March 31, 2018 (Unaudited)

 

12

 

 

Consolidated Statement of Cash Flows for the Three Months Ended March 31, 2018 (Unaudited)

 

13

 

 

Notes to Consolidated Financial Statements (Unaudited)

 

14

Item 2.

 

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

 

36

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

59

Item 4.

 

Controls and Procedures

 

60

PART II.

 

OTHER INFORMATION

 

 

Item 1.

 

Legal Proceedings

 

61

Item 1A.

 

Risk Factors

 

61

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

61

Item 3.

 

Defaults Upon Senior Securities

 

62

Item 4.

 

Mine Safety Disclosures

 

62

Item 5.

 

Other Information

 

62

Item 6.

 

Exhibits

 

63

Signatures

 

64

 

 

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 II (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 downturn 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” or “our 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 we have filed with the Securities and Exchange Commission (“SEC”).

 

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. CONSOLIDATED FINANCIAL INFORMATION

 

Item 1. Consolidated Financial Statements

 

Owl Rock Capital Corporation II

Consolidated Statements of Assets and Liabilities

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

 

 

 

March 31, 2018

(Unaudited)

 

 

December 31, 2017

 

Assets

 

 

 

 

 

 

 

 

Investments at fair value (amortized cost of $209,215 and $66,044, respectively)

 

$

209,746

 

 

$

66,136

 

Cash and cash equivalents

 

 

18,276

 

 

 

43,131

 

Due from Adviser

 

 

 

 

 

167

 

Interest receivable

 

 

1,053

 

 

 

288

 

Subscriptions receivable

 

 

 

 

 

217

 

Prepaid expenses and other assets

 

 

230

 

 

 

401

 

Total Assets

 

$

229,305

 

 

$

110,340

 

Liabilities

 

 

 

 

 

 

 

 

Debt (net of deferred financing costs of $2,350 and $2,436, respectively)

 

 

74,400

 

 

 

17,564

 

Payable for investments purchased

 

 

3,977

 

 

 

2,443

 

Management fee payable

 

 

 

 

 

375

 

Payables to affiliates

 

 

912

 

 

 

 

Accrued performance based incentive fees

 

 

107

 

 

 

19

 

Accrued expenses and other liabilities

 

 

955

 

 

 

856

 

Total Liabilities

 

 

80,351

 

 

 

21,257

 

Commitments and contingencies (Note 7)

 

 

 

 

 

 

 

 

Net Assets

 

 

 

 

 

 

 

 

Common shares $0.01 par value, 300,000,000 shares authorized; 16,448,889 and 9,866,216 shares issued and outstanding, respectively

 

 

164

 

 

 

99

 

Additional paid-in-capital

 

 

148,689

 

 

 

89,080

 

Undistributed (distributions in excess of) net investment income

 

 

(430

)

 

 

(188

)

Net unrealized gain (loss) on investments

 

 

531

 

 

 

92

 

Total Net Assets

 

 

148,954

 

 

 

89,083

 

Total Liabilities and Net Assets

 

$

229,305

 

 

$

110,340

 

Net Asset Value Per Share

 

$

9.06

 

 

$

9.03

 

 

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

 

 


3


 

Owl Rock Capital Corporation II

Consolidated Statement of Operations

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

(Unaudited)

 

 

 

For the Three Months Ended

 

 

 

March 31, 2018

 

Investment Income

 

 

 

 

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

 

 

 

 

Interest income

 

$

2,883

 

Other income

 

 

206

 

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

 

 

3,089

 

Total Investment Income

 

 

3,089

 

Operating Expenses

 

 

 

 

Offering costs

 

 

1,142

 

Interest expense

 

 

434

 

Management fee

 

 

618

 

Performance based incentive fees

 

 

88

 

Professional fees

 

 

483

 

Directors' fees

 

 

58

 

Other general and administrative

 

 

304

 

Total Operating Expenses

 

 

3,127

 

Expense Support

 

 

(1,871

)

Net Operating Expenses

 

 

1,256

 

Net Investment Income (Loss)

 

$

1,833

 

Net Realized and Unrealized Gain (Loss) on Investments

 

 

 

 

Net unrealized gain (loss):

 

 

 

 

Non-controlled, non-affiliated investments

 

$

439

 

Total Net Unrealized Gain (Loss)

 

 

439

 

Net realized gain (loss):

 

 

 

 

Non-controlled, non-affiliated investments

 

 

 

Total Net Realized Gain (Loss)

 

 

 

Total Net Realized and Unrealized Gain (Loss)

 

 

439

 

Net Increase (Decrease) in Net Assets Resulting from Operations

 

$

2,272

 

Earnings Per Share - Basic and Diluted

 

$

0.18

 

Weighted Average Shares Outstanding - Basic and Diluted

 

 

12,832,605

 

 

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

 

4


Owl Rock Capital Corporation II

Consolidated Schedule of Investments

As of March 31, 2018

(Amounts in thousands)

(Unaudited)

 

Company(1)(2)(3)(16)

 

Investment

 

Interest

 

Maturity Date

 

Par / Units

 

 

Amortized Cost(4)(20)

 

 

Fair Value

 

 

Percentage of Net Assets

 

 

Debt Investments(5)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Automobile

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mavis Tire Express Services Corp.(6)(19)

 

Second lien senior secured loan

 

L + 7.50%

 

3/20/2026

 

$

23,000

 

 

$

22,490

 

 

$

22,483

 

 

 

15.1

 

%

Mavis Tire Express Services Corp.(10)(11)(12)(17)(19)

 

Second lien senior secured delayed draw term loan

 

L + 7.50%

 

3/20/2020

 

 

 

 

 

(41

)

 

 

(42

)

 

 

 

%

 

 

 

 

 

 

 

 

 

23,000

 

 

 

22,449

 

 

 

22,441

 

 

 

15.1

 

%

Buildings and real estate

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DTZ U.S. Borrower, LLC (dba Cushman & Wakefield)(7)(18)

 

First lien senior secured loan

 

L + 3.25%

 

11/4/2021

 

 

12,649

 

 

 

12,581

 

 

 

12,578

 

 

 

8.4

 

%

DTZ U.S. Borrower, LLC (dba Cushman & Wakefield)(7)(19)

 

Second lien senior secured loan

 

L + 7.94%

 

11/4/2022

 

 

7,672

 

 

 

7,611

 

 

 

7,629

 

 

 

5.1

 

%

 

 

 

 

 

 

 

 

 

20,321

 

 

 

20,192

 

 

 

20,207

 

 

 

13.5

 

%

Business services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Access CIG, LLC(6)(19)

 

Second lien senior secured loan

 

L + 7.75%

 

2/27/2026

 

 

4,216

 

 

 

4,175

 

 

 

4,174

 

 

 

2.8

 

%

Access CIG, LLC(10)(12)(17)(19)

 

Second lien senior secured delayed draw term loan

 

L + 7.75%

 

8/27/2019

 

 

 

 

 

 

 

 

 

 

 

 

%

CIBT Global, Inc(7)(19)

 

Second lien senior secured loan

 

L + 7.75%

 

6/1/2025

 

 

1,000

 

 

 

977

 

 

 

985

 

 

 

0.7

 

%

GC Agile Holdings Limited (dba Apex Fund Services)(6)(15)(19)

 

First lien senior secured loan

 

L + 6.50%

 

8/29/2023

 

 

1,390

 

 

 

1,365

 

 

 

1,390

 

 

 

0.9

 

%

GC Agile Holdings Limited (dba Apex Fund Services)(10)(11)(12)(15)(17)(19)

 

First lien senior secured multi draw term loan

 

L + 6.50%

 

8/29/2019

 

 

 

 

 

(5

)

 

 

 

 

 

 

%

GC Agile Holdings Limited (dba Apex Fund Services)(6)(10)(15)(17)(19)

 

First lien senior secured revolving loan

 

L + 6.50%

 

8/29/2023

 

 

71

 

 

 

69

 

 

 

71

 

 

 

 

%

SMG Holdings, Inc.(6)

 

Second lien senior secured loan

 

L + 7.00%

 

1/23/2026

 

 

8,000

 

 

 

8,038

 

 

 

8,000

 

 

 

5.4

 

%

Vistage International, Inc.(6)(19)

 

Second lien senior secured loan

 

L + 8.00%

 

2/8/2026

 

 

6,500

 

 

 

6,446

 

 

 

6,435

 

 

 

4.3

 

%

 

 

 

 

 

 

 

 

 

21,177

 

 

 

21,065

 

 

 

21,055

 

 

 

14.1

 

%

Chemicals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Douglas Products and Packaging Company LLC(7)(19)

 

First lien senior secured loan

 

L + 5.75%

 

3/29/2022

 

 

7,216

 

 

 

7,162

 

 

 

7,162

 

 

 

4.8

 

%

Douglas Products and Packaging Company LLC(10)(11)(17)(19)

 

First lien senior secured revolving loan

 

L + 5.75%

 

3/29/2022

 

 

 

 

 

(6

)

 

 

(6

)

 

 

 

%

 

 

 

 

 

 

 

 

 

7,216

 

 

 

7,156

 

 

 

7,156

 

 

 

4.8

 

%

Consumer products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Feradyne Outdoors, LLC(7)(19)

 

First lien senior secured loan

 

L + 6.25%

 

5/25/2023

 

 

993

 

 

 

982

 

 

 

983

 

 

 

0.7

 

%

Containers and packaging

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ring Container Technologies Group, LLC(6)(19)

 

Second lien senior secured loan

 

L + 7.50%

 

10/31/2025

 

 

10,000

 

 

 

9,807

 

 

 

9,900

 

 

 

6.6

 

%

Distribution

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dade Paper & Bag, LLC (dba Imperial-Dade)(6)(19)

 

First lien senior secured loan

 

L + 7.44%

 

6/9/2024

 

 

4,476

 

 

 

4,399

 

 

 

4,471

 

 

 

3.0

 

%

Education

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Learning Care Group (US) No. 2 Inc.(6)

 

First lien senior secured loan

 

L + 3.25%

 

3/13/2025

 

 

5,000

 

 

 

4,988

 

 

 

4,988

 

 

 

3.3

 

%

Learning Care Group (US) No. 2 Inc.(7)(19)

 

Second lien senior secured loan

 

L + 7.50%

 

3/13/2026

 

 

5,000

 

 

 

4,900

 

 

 

4,900

 

 

 

3.3

 

%

 

 

 

 

 

 

 

 

 

10,000

 

 

 

9,888

 

 

 

9,888

 

 

 

6.6

 

%

5


Owl Rock Capital Corporation II

Consolidated Schedule of Investments (Continued)

As of March 31, 2018

(Amounts in thousands)

(Unaudited)

 

Company(1)(2)(3)(16)

 

Investment

 

Interest

 

Maturity Date

 

Par / Units

 

 

Amortized Cost(4)(20)

 

 

Fair Value

 

 

Percentage of Net Assets

 

 

Energy equipment and services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liberty Oilfield Services LLC(6)(15)(19)

 

First lien senior secured loan

 

L + 7.63%

 

9/19/2022

 

 

1,135

 

 

 

1,116

 

 

 

1,140

 

 

 

0.8

 

%

Financial services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cardinal US Holdings, Inc.(7)(15)(19)

 

First lien senior secured loan

 

L + 5.00%

 

7/31/2023

 

 

5,473

 

 

 

5,112

 

 

 

5,144

 

 

 

3.5

 

%

NMI Acquisitionco, Inc. (dba Network Merchants)(6)(19)

 

First lien senior secured loan

 

L + 6.75%

 

9/6/2022

 

 

3,791

 

 

 

3,704

 

 

 

3,734

 

 

 

2.5

 

%

NMI Acquisitionco, Inc. (dba Network Merchants)(10)(11)(17)(19)

 

First lien senior secured revolving loan

 

L + 6.75%

 

9/6/2022

 

 

 

 

 

(2

)

 

 

(1

)

 

 

 

%

 

 

 

 

 

 

 

 

 

9,264

 

 

 

8,814

 

 

 

8,877

 

 

 

6.0

 

%

Healthcare providers and services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Geodigm Corporation (dba National Dentex)(7)(13)(19)

 

First lien senior secured loan

 

L + 6.54%

 

12/1/2021

 

 

993

 

 

 

984

 

 

 

993

 

 

 

0.7

 

%

Pearl Intermediate Parent LLC (dba PetVet Care Centers, LLC)(6)

 

Second lien senior secured loan

 

L + 6.25%

 

2/13/2026

 

 

4,000

 

 

 

3,980

 

 

 

3,980

 

 

 

2.7

 

%

TC Holdings, LLC (dba TrialCard)(6)(19)

 

First lien senior secured loan

 

L + 4.50%

 

11/14/2023

 

 

5,766

 

 

 

5,646

 

 

 

5,650

 

 

 

3.8

 

%

TC Holdings, LLC (dba TrialCard)(10)(11)(17)(19)

 

First lien senior secured revolving loan

 

L + 4.50%

 

11/14/2022

 

 

 

 

 

(10

)

 

 

(9

)

 

 

 

%

TC Holdings, LLC (dba TrialCard)(10)(11)(12)(17)(19)

 

First lien senior secured delayed draw term loan

 

L + 4.50%

 

6/30/2019

 

 

 

 

 

(47

)

 

 

(45

)

 

 

 

%

 

 

 

 

 

 

 

 

 

10,759

 

 

 

10,553

 

 

 

10,569

 

 

 

7.2

 

%

Household products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hayward Industries, Inc.(6)(19)

 

Second lien senior secured loan

 

L + 8.25%

 

8/4/2025

 

 

6,500

 

 

 

6,377

 

 

 

6,435

 

 

 

4.3

 

%

Human resource support services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SABA Software, Inc.(6)(19)

 

First lien senior secured loan

 

L + 5.50%

 

5/1/2023

 

 

447

 

 

 

442

 

 

 

447

 

 

 

0.3

 

%

SABA Software, Inc.(10)(17)(19)

 

First lien senior secured revolving loan

 

L + 5.50%

 

5/1/2023

 

 

 

 

 

 

 

 

 

 

 

 

%

 

 

 

 

 

 

 

 

 

447

 

 

 

442

 

 

 

447

 

 

 

0.3

 

%

Infrastructure and environmental services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LineStar Integrity Services LLC(7)(19)

 

First lien senior secured loan

 

L + 7.25%

 

2/12/2024

 

 

8,333

 

 

 

8,169

 

 

 

8,167

 

 

 

5.5

 

%

LineStar Integrity Services LLC(10)(11)(12)(17)(19)

 

First lien senior secured delayed draw term loan

 

L + 7.25%

 

8/12/2019

 

 

 

 

 

(41

)

 

 

(42

)

 

 

 

%

 

 

 

 

 

 

 

 

 

8,333

 

 

 

8,128

 

 

 

8,125

 

 

 

5.5

 

%

Internet software and services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trader Interactive, LLC (fka Dominion Web Solutions, LLC)(6)(17)(19)

 

First lien senior secured loan

 

L + 6.00%

 

6/15/2024

 

 

935

 

 

 

922

 

 

 

931

 

 

 

0.6

 

%

Trader Interactive, LLC (fka Dominion Web Solutions, LLC)(10)(11)(17)(19)

 

First lien senior secured revolving loan

 

L + 6.00%

 

6/15/2023

 

 

 

 

 

(1

)

 

 

 

 

 

 

%

 

 

 

 

 

 

 

 

 

935

 

 

 

921

 

 

 

931

 

 

 

0.6

 

%

6


Owl Rock Capital Corporation II

Consolidated Schedule of Investments (Continued)

As of March 31, 2018

(Amounts in thousands)

(Unaudited)

 

Company(1)(2)(3)(16)

 

Investment

 

Interest

 

Maturity Date

 

Par / Units

 

 

Amortized Cost(4)(20)

 

 

Fair Value

 

 

Percentage of Net Assets

 

 

Leisure and entertainment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Troon Golf, L.L.C.(7)(14)(19)

 

First lien senior secured term loan A and B

 

L + 6.38%

(TLA: L + 3.5%; TLB: L + 7.1%)

 

9/29/2023

 

 

22,894

 

 

 

22,562

 

 

 

22,665

 

 

 

15.2

 

%

Troon Golf, L.L.C.(10)(11)(17)(19)

 

First lien senior secured revolving loan

 

L + 6.38%

 

9/29/2023

 

 

 

 

 

(8

)

 

 

(6

)

 

 

 

%

 

 

 

 

 

 

 

 

 

22,894

 

 

 

22,554

 

 

 

22,659

 

 

 

15.2

 

%

Manufacturing

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ideal Tridon Holdings, Inc.(9)(19)

 

First lien senior secured loan

 

P + 5.50%

 

7/31/2023

 

 

1,560

 

 

 

1,531

 

 

 

1,544

 

 

 

1.0

 

%

Ideal Tridon Holdings, Inc.(9)(10)(17)(19)

 

First lien senior secured revolving loan

 

P + 5.50%

 

7/31/2022

 

 

36

 

 

 

33

 

 

 

34

 

 

 

 

%

 

 

 

 

 

 

 

 

 

1,596

 

 

 

1,564

 

 

 

1,578

 

 

 

1.0

 

%

Oil and gas

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Discovery DJ Services, LLC  (dba Discovery Midstream Partners)(8)(19)

 

First lien senior secured loan

 

L + 7.25%

 

10/25/2022

 

 

5,094

 

 

 

5,002

 

 

 

5,018

 

 

 

3.4

 

%

Discovery DJ Services, LLC  (dba Discovery Midstream Partners)(10)(11)(17)(19)

 

First lien senior secured revolving loan

 

L + 7.25%

 

10/25/2022

 

 

 

 

 

(7

)

 

 

(6

)

 

 

 

%

Discovery DJ Services, LLC  (dba Discovery Midstream Partners)(6)(10)(12)(17)(19)

 

First lien senior secured delayed draw term loan

 

L + 7.25%

 

4/25/2019

 

 

755

 

 

 

679

 

 

 

692

 

 

 

0.5

 

%

Zenith Energy U.S. Logistics Holdings, LLC(6)(19)

 

First lien senior secured loan

 

L + 5.50%

 

12/21/2024

 

 

17,298

 

 

 

16,954

 

 

 

16,950

 

 

 

11.4

 

%

Zenith Energy U.S. Logistics Holdings, LLC(10)(12)(17)(19)

 

First lien senior secured delayed draw term loan

 

L + 5.50%

 

12/21/2018

 

 

 

 

 

 

 

 

 

 

 

 

%

 

 

 

 

 

 

 

 

 

23,147

 

 

 

22,628

 

 

 

22,654

 

 

 

15.3

 

%

Specialty Retail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Galls, LLC(7)(19)

 

First lien senior secured loan

 

L + 6.25%

 

1/31/2025

 

 

15,096

 

 

 

14,910

 

 

 

14,907

 

 

 

10.0

 

%

Galls, LLC(7)(10)(12)(17)(19)

 

First lien senior secured delayed draw term loan

 

L + 6.25%

 

1/31/2020

 

 

841

 

 

 

796

 

 

 

830

 

 

 

0.6

 

%

Galls, LLC(10)(11)(17)(19)

 

First lien senior secured revolving loan

 

L + 6.25%

 

1/31/2024

 

 

 

 

 

(54

)