THL Credit, Inc. (NASDAQ: TCRD) (“THL Credit” or the
“Company”), a direct lender to middle market companies, today
announced financial results for its third fiscal quarter ended
September 30, 2019. Additionally, THL Credit announced that
its Board of Directors (the “Board”) has declared a fourth fiscal
quarter 2019 dividend of $0.21 per share payable on December 31,
2019, to stockholders of record as of December 16, 2019.
HIGHLIGHTS
($ in millions, except per share amounts) |
|
Portfolio results |
As of September 30, 2019 |
|
Total assets |
$440.0 |
|
|
Investment portfolio, at fair value |
$403.5 |
|
|
Net assets |
$255.1 |
|
|
Net asset value per share |
$8.34 |
|
|
Weighted average yield on investments |
|
10.1% |
|
|
|
Quarter ended September 30, 2019 |
Quarter ended September 30, 2018 |
Portfolio activity |
|
Total portfolio investments made, at par |
$19.4 |
|
$20.4 |
Total portfolio investments made, at cost |
$19.2 |
|
$20.2 |
Number of new portfolio investments |
|
2 |
|
|
2 |
Number of portfolio investments at end of period |
|
47 |
|
|
44 |
Operating results |
|
|
Total investment income |
$12.8 |
|
$16.1 |
Net investment income |
$6.9 |
|
$8.6 |
Net increase in net assets from operations |
$0.3 |
|
$4.7 |
Net investment income per share |
$0.22 |
|
$0.26 |
Dividends declared per share |
$0.21 |
|
$0.27 |
PORTFOLIO AND INVESTMENT
ACTIVITYIn the third quarter, THL Credit closed on two new
investments totaling $11.6 million as well as $7.8 million in
follow-on investments, including delayed draw and revolver
fundings.
Notable investments for the quarter at par
included:
- $8.1 million first lien senior secured term loan in
Communication Technology Intermediate; and,
- $3.5 million first lien senior secured term loan in Simplicity
Financial Marketing Holdings, Inc.
Notable realizations for the quarter
included:
- Repayment of a second lien senior secured term loan in
connection with a sale of Copperweld Bimetallics, LLC with total
proceeds received of $32.5 million and additional escrow receivable
accrual of $2.1 million;
- Repayment of a first lien senior secured term loan in Fairstone
Financial Inc., which resulted in proceeds received of $15.4
million, including a $0.2 million prepayment premium; and,
- Repayment of a first lien senior secured term and revolving
loans in Sciens Building Solutions LLC at par, which resulted in
total proceeds received of $11.0 million.
As of September 30, 2019, these transactions,
coupled with changes in net unrealized depreciation on the
portfolio during the quarter, bring the total fair value of THL
Credit’s investment portfolio to $403.5 million across 47 portfolio
investments. THL Credit’s investment portfolio as of September 30,
2019 by investment type at fair value is presented below (in $
millions):
|
|
|
|
Description |
Fair Value |
|
Percentage of Total |
First lien senior secured debt |
$ |
270.1 |
|
67.0 |
% |
Investment
in Logan JV |
|
80.7 |
|
20.0 |
% |
Equity
investments |
|
21.4 |
|
5.3 |
% |
Second lien
debt |
|
20.8 |
|
5.1 |
% |
Subordinated
debt |
|
6.9 |
|
1.7 |
% |
Investments
in funds |
|
3.6 |
|
0.9 |
% |
Warrants |
|
- |
|
0.0 |
% |
Total
investments |
$ |
403.5 |
|
100.0 |
% |
|
|
|
|
As of September 30, 2019, the weighted average
yield of the debt and income-producing securities, including the
Logan JV and reflecting the impact of investments on non-accrual,
in the investment portfolio at their current cost basis was 10.1
percent. As of September 30, 2019, THL Credit had loans on
non-accrual status with an aggregate amortized cost of $14.5
million and fair value of $7.9 million, or 3.2 percent and 2.0
percent of the portfolio’s amortized cost and fair value,
respectively. As of September 30, 2019, based on fair value, 97.7
percent of THL Credit’s debt investments bore interest based on
floating rates, which may be subject to interest rate floors, such
as the London Interbank offer rate, or LIBOR, and 2.3 percent of
its debt investments bore interest at fixed rates.
This compares to the portfolio as of December
31, 2018, which had a fair value of $493.7 million across 42
portfolio investments. THL Credit’s investment portfolio by
investment type at fair value as of December 31, 2018 is presented
below (in $ millions):
|
|
|
|
Description |
Fair Value |
|
Percentage of Total |
First lien senior secured debt |
$ |
329.4 |
|
66.8 |
% |
Investment
in Logan JV |
|
84.8 |
|
17.2 |
% |
Equity
investments |
|
43.5 |
|
8.8 |
% |
Second lien
debt |
|
25.3 |
|
5.1 |
% |
Subordinated
debt |
|
6.6 |
|
1.3 |
% |
Investments
in funds |
|
3.5 |
|
0.7 |
% |
Warrants |
|
0.6 |
|
0.1 |
% |
Total
investments |
$ |
493.7 |
|
100.0 |
% |
|
|
|
|
The weighted average yield of the debt and other
income-producing securities in the investment portfolio, including
the Logan JV, and reflecting the impact of investments on
non-accrual, at their cost basis was 10.7 percent. As of December
31, 2018, THL Credit had loans on non-accrual status with an
aggregate amortized cost of $38.0 million and fair value of $18.1
million, or 7.0 percent and 3.7 percent of the portfolio’s
amortized cost and fair value, respectively. As of December 31,
2018, 96.5 percent of THL Credit’s debt investments bore interest
based at floating rates, which may be subject to interest rate
floors, such as LIBOR or the Canadian Dollar Offerred Rate, and 3.5
percent of its debt investments bore interest at fixed rates.
RESULTS OF OPERATIONS
Investment income A breakdown
of investment income for the three months ended September 30, 2019
and 2018 is presented below (in $ millions):
|
|
Three months ended September 30, |
|
|
2019 |
|
2018 |
Interest
income on debt securities |
|
|
|
|
Cash interest |
|
$ |
7.7 |
|
$ |
10.1 |
PIK interest |
|
|
0.5 |
|
|
0.9 |
Prepayment premiums |
|
|
0.2 |
|
|
— |
Net accretion of discounts and other fees |
|
|
0.3 |
|
|
0.7 |
Total
interest on debt securities |
|
|
8.7 |
|
|
11.7 |
Dividend
income |
|
|
3.6 |
|
|
3.3 |
Interest
income on other income-producing securities |
|
|
0.1 |
|
|
0.6 |
Fees related
to non-controlled, affiliated investments |
|
|
0.1 |
|
|
0.2 |
Other
income |
|
|
0.3 |
|
|
0.3 |
Total investment income |
|
$ |
12.8 |
|
$ |
16.1 |
|
|
|
|
|
The decrease in investment income between
periods was primarily due to contraction of the Company’s overall
investment portfolio since September 30, 2018, which led to lower
interest income, offset by higher dividend income from certain
equity investments.
Expenses A breakdown of
expenses for the three months ended September 30, 2019 and 2018 is
presented below (in $ millions):
|
|
For the three months ended September 30, |
|
|
2019 |
|
2018 |
Expenses |
|
|
|
|
Interest and fees on borrowings |
|
$ |
3.4 |
|
$ |
3.8 |
|
Base management fees |
|
|
1.2 |
|
|
2.2 |
|
Incentive fees |
|
|
— |
|
|
1.7 |
|
Other expenses |
|
|
0.8 |
|
|
1.0 |
|
Administrator expenses |
|
|
0.4 |
|
|
0.5 |
|
Total
expenses |
|
|
5.8 |
|
|
9.2 |
|
Incentive fee waiver |
|
|
— |
|
|
(1.7 |
) |
Total
expenses, net of fee waivers |
|
|
5.8 |
|
|
7.5 |
|
Income tax provision, excise and other taxes |
|
|
0.1 |
|
|
— |
|
Total
expenses after taxes |
|
$ |
5.9 |
|
$ |
7.5 |
|
|
|
|
|
|
The decrease in expenses for the respective
periods was primarily due to a lower amended base management fee
rate, lower other operating expenses and lower interest on
borrowings as a result of portfolio contraction and lower borrowing
costs.
Net investment incomeNet
investment income totaled $6.9 million and $8.6 million for the
three months ended September 30, 2019 and 2018, respectively, or
$0.22 and $0.26 per share, respectively, based upon 30,991,585 and
32,673,590 weighted average common shares outstanding,
respectively.
The decrease in net investment income for the
respective periods is primarily attributable to a decrease in
interest on debt and other income-producing investments due to
portfolio contraction, offset by lower net base management fees,
other operating expenses and interest and fees on borrowings.
Net realized gains and losses on
investments, net of income tax provisionFor the three
months ended September 30, 2019, THL Credit recognized a net
realized loss on portfolio investments of $7.7 million, primarily
related to a realized loss of $24.6 million in connection with the
liquidation of Charming Charlie, offset by a realized gain of $16.7
million from a realization of a controlled investment in Copperweld
Bimetallics LLC. For the three months ended September 30, 2018, THL
Credit recognized a net realized loss on portfolio investments of
$0.3 million, primarily related to a change in estimated recovery
proceeds for an escrow receivable.
Net change in unrealized appreciation
(depreciation) on investmentsFor the three months ended
September 30, 2019 and 2018, THL Credit’s investment portfolio had
a net change in unrealized appreciation (depreciation) of $1.0
million and $(3.2) million, respectively.
The net change in unrealized appreciation
(depreciation) on investments was primarily due to a write-down of
Holland Intermediate Acquisition Corp. and Logan JV, offset by a
reversal of net unrealized losses from the liquidation of Charming
Charlie and realization of Copperweld Bimetallics LLC during the
three month ended September 30, 2019.
Change in net assets resulting from
operationsChange in net assets resulting from operations
totaled $0.3 million and $4.7 million, or $0.01 and $0.14 per share
based upon 30,991,585 and 32,673,590 weighted average common shares
outstanding, for the three months ended September 30, 2019 and
2018, respectively.
The decrease in net assets resulting from
operations for the respective periods is primarily due to lower
interest income as a result of portfolio contraction and the
increase of the realized and unrealized losses in the
portfolio.
FINANCIAL CONDITION, INCLUDING LIQUIDITY
AND CAPITAL RESOURCES
As of September 30, 2019, THL Credit had cash of
$14.3 million.
As of September 30, 2019, THL Credit had $180.8
million in outstanding borrowings, which was comprised of $69.2
million outstanding on the revolving credit facility and $111.6
million of notes payable outstanding. As of September 30, 2019,
borrowings outstanding had a weighted average interest rate of 5.73
percent. For the nine months ended September 30, 2019, THL Credit
borrowed $78.5 million and repaid $117.5 million under the
revolving credit facility.
For the nine months ended September 30, 2019,
THL Credit’s operating activities used cash of $78.3 million
primarily in connection with investment activity. Financing
activities included $39.0 million used for net repayments on its
credit facility, $19.9 million for distributions to stockholders,
$11.6 million to repurchase common stock and $0.3 million for the
payment of financing and offering costs.
For the nine months ended September 30, 2018,
THL Credit’s operating activities provided cash of $83.1 million
primarily in connection with the repayment and sales of
investments. Its financing activities used $53.6 million of net
repayments on its credit facility and used $26.5 million for
distributions to stockholders.
RECENT DEVELOPMENTS
From October 1, 2019 through November 1, 2019, THL Credit
repurchased 301,825 shares of common stock for a total cost of $2.1
million as part of a 10b5-1 Stock Repurchase Plan. This brings the
total number of shares repurchased since adoption of the 2019 stock
repurchase program on March 11, 2019 to 2,031,921 shares at an
aggregate cost of $13.7 million.
On October 31, 2019, the Board declared a dividend of $0.21 per
share payable on December 31, 2019 to stockholders of record at the
close of business on December 16, 2019.
CONFERENCE CALL
THL Credit will host a conference call to
discuss these results and its business outlook on November 5, 2019,
at 10:30 a.m. Eastern Time.
For those wishing to participate by telephone,
please dial (877) 375-9141 (domestic) or (253) 237-1151
(international). Use passcode 5051138. The Company will also
broadcast the conference call live via the Investor Relations
section of its website at www.THLCreditBDC.com. Starting
approximately two hours after the conclusion of the call, a replay
will be available through November 15, 2019, by dialing (855)
859-2056 (domestic) or (404) 537-3406 (international) and entering
passcode 5051138. The replay will also be available on the
Company’s website.
AVAILABLE INFORMATIONTHL
Credit’s filings with the Securities and Exchange Commission, press
releases, earnings releases, investor presentation and other
financial information are available on its website at
www.THLCreditBDC.com.
THL CREDIT, INC. AND
SUBSIDIARIESCONSOLIDATED STATEMENTS OF ASSETS AND
LIABILITIES(in thousands, except per share
data)
|
|
|
|
|
September 30, 2019 |
|
December 31, 2018 |
Assets: |
|
|
|
Investments
at fair value: |
|
|
|
Non-controlled, non-affiliated investments (cost of $276,994 and
$333,023, respectively) |
$ |
260,282 |
|
|
$ |
313,377 |
|
Controlled investments (cost of $170,169 and $181,325,
respectively) |
|
143,256 |
|
|
|
167,733 |
|
Non-controlled, affiliated investments (cost of $2 and $25,292,
respectively) |
|
4 |
|
|
|
12,543 |
|
Cash |
|
14,278 |
|
|
|
6,860 |
|
Escrows and
other receivables |
|
12,181 |
|
|
|
7,306 |
|
Interest,
dividends, and fees receivable |
|
4,870 |
|
|
|
5,480 |
|
Deferred tax
assets |
|
2,255 |
|
|
|
2,056 |
|
Deferred
financing costs |
|
1,756 |
|
|
|
2,314 |
|
Prepaid
expenses and other assets |
|
368 |
|
|
|
198 |
|
Distributions receivable |
|
311 |
|
|
|
207 |
|
Due from
affiliate |
|
276 |
|
|
|
377 |
|
Deferred
offering costs |
|
200 |
|
|
|
— |
|
Total
assets |
$ |
440,037 |
|
|
$ |
518,451 |
|
Liabilities: |
|
|
|
Loans
payable |
$ |
69,161 |
|
|
$ |
107,657 |
|
Notes
payable ($111,607 and $111,607 face amounts, respectively, reported
net of deferred financing costs of $2,938 and $3,541,
respectively) |
|
108,669 |
|
|
|
108,067 |
|
Accrued
expenses and other liabilities |
|
3,090 |
|
|
|
1,652 |
|
Deferred tax
liability |
|
1,834 |
|
|
|
1,972 |
|
Base
management fees payable |
|
1,215 |
|
|
|
2,112 |
|
Accrued
incentive fees |
|
677 |
|
|
|
677 |
|
Accrued
interest and fees |
|
319 |
|
|
|
633 |
|
Total
liabilities |
|
184,965 |
|
|
|
222,770 |
|
|
|
|
|
Net
Assets: |
|
|
|
Common
stock, par value $.001 per share, 100,000 common shares authorized,
30,587 and 32,318 shares issued and outstanding at September 30,
2019 and December 31, 2018, respectively |
|
31 |
|
|
|
32 |
|
Paid-in
capital in excess of par |
|
419,526 |
|
|
|
431,361 |
|
Accumulated
deficit |
|
(164,485 |
) |
|
|
(135,712 |
) |
Total net assets |
$ |
255,072 |
|
|
$ |
295,681 |
|
Total
liabilities and net assets |
$ |
440,037 |
|
|
$ |
518,451 |
|
Net asset
value per share attributable to THL Credit, Inc. |
$ |
8.34 |
|
|
$ |
9.15 |
|
|
|
|
|
THL CREDIT, INC. AND
SUBSIDIARIESCONSOLIDATED STATEMENTS OF
OPERATIONS (in thousands, except per share
data)
|
|
|
|
|
|
|
|
|
|
|
For the three months ended September 30, |
|
For the nine months ended September 30, |
|
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Investment Income: |
|
|
|
|
|
|
|
|
From
non-controlled, non-affiliated investments: |
|
|
|
|
|
|
|
|
Interest income |
|
$ |
7,264 |
|
|
$ |
10,034 |
|
|
$ |
23,838 |
|
|
$ |
35,019 |
|
Dividend income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
17 |
|
Other income |
|
|
276 |
|
|
|
165 |
|
|
|
2,475 |
|
|
|
716 |
|
From
non-controlled, affiliated investments: |
|
|
|
|
|
|
|
|
Interest income |
|
|
— |
|
|
|
835 |
|
|
|
57 |
|
|
|
1,444 |
|
Other income |
|
|
101 |
|
|
|
248 |
|
|
|
493 |
|
|
|
791 |
|
From
controlled investments: |
|
|
|
|
|
|
|
|
Interest income |
|
|
1,501 |
|
|
|
1,358 |
|
|
|
4,280 |
|
|
|
4,125 |
|
Dividend income |
|
|
3,610 |
|
|
|
3,334 |
|
|
|
11,087 |
|
|
|
8,774 |
|
Other income |
|
|
41 |
|
|
|
104 |
|
|
|
116 |
|
|
|
236 |
|
Total investment income |
|
|
12,793 |
|
|
|
16,078 |
|
|
|
42,346 |
|
|
|
51,122 |
|
Expenses: |
|
|
|
|
|
|
|
|
Interest and fees on borrowings |
|
|
3,047 |
|
|
|
3,470 |
|
|
|
9,688 |
|
|
|
10,827 |
|
Base management fees |
|
|
1,215 |
|
|
|
2,240 |
|
|
|
4,940 |
|
|
|
6,893 |
|
Incentive fees |
|
|
— |
|
|
|
1,658 |
|
|
|
— |
|
|
|
1,649 |
|
Administrator expenses |
|
|
373 |
|
|
|
512 |
|
|
|
1,215 |
|
|
|
1,640 |
|
Other general and administrative expenses |
|
|
375 |
|
|
|
379 |
|
|
|
1,107 |
|
|
|
1,373 |
|
Amortization of deferred financing costs |
|
|
340 |
|
|
|
317 |
|
|
|
1,370 |
|
|
|
937 |
|
Professional fees |
|
|
281 |
|
|
|
413 |
|
|
|
1,230 |
|
|
|
1,124 |
|
Directors' fees |
|
|
169 |
|
|
|
169 |
|
|
|
533 |
|
|
|
566 |
|
Total expenses |
|
|
5,800 |
|
|
|
9,158 |
|
|
|
20,083 |
|
|
|
25,009 |
|
Incentive fee waiver |
|
|
— |
|
|
|
(1,658 |
) |
|
|
— |
|
|
|
(1,658 |
) |
Management fee waiver |
|
|
— |
|
|
|
— |
|
|
|
(525 |
) |
|
|
— |
|
Total expenses, net of fee waivers |
|
|
5,800 |
|
|
|
7,500 |
|
|
|
19,558 |
|
|
|
23,351 |
|
Income tax provision, excise and other taxes |
|
|
121 |
|
|
|
5 |
|
|
|
359 |
|
|
|
272 |
|
Net
investment income |
|
|
6,872 |
|
|
|
8,573 |
|
|
|
22,429 |
|
|
|
27,499 |
|
Realized (Loss) Gain and Change in Unrealized Appreciation
(Depreciation) on Investments: |
|
|
|
|
|
|
|
|
Net realized
(loss) gain on investments: |
|
|
|
|
|
|
|
|
Non-controlled, non-affiliated investments |
|
|
280 |
|
|
|
(184 |
) |
|
|
(26,203 |
) |
|
|
(38,777 |
) |
Non-controlled, affiliated investments |
|
|
(24,652 |
) |
|
|
— |
|
|
|
(24,652 |
) |
|
|
— |
|
Controlled investments |
|
|
16,701 |
|
|
|
(102 |
) |
|
|
17,143 |
|
|
|
241 |
|
Foreign currency transactions |
|
|
(191 |
) |
|
|
2 |
|
|
|
(189 |
) |
|
|
(202 |
) |
Net realized
loss on investments |
|
|
(7,862 |
) |
|
|
(284 |
) |
|
|
(33,901 |
) |
|
|
(38,738 |
) |
Net change
in unrealized appreciation (depreciation) on investments: |
|
|
|
|
|
|
|
|
Non-controlled, non-affiliated investments |
|
|
(4,972 |
) |
|
|
(244 |
) |
|
|
2,935 |
|
|
|
26,669 |
|
Non-controlled, affiliated investments |
|
|
24,652 |
|
|
|
(2,478 |
) |
|
|
12,752 |
|
|
|
619 |
|
Controlled investments |
|
|
(18,694 |
) |
|
|
(359 |
) |
|
|
(13,323 |
) |
|
|
(3,403 |
) |
Translation of assets and liabilities in foreign currencies |
|
|
251 |
|
|
|
(261 |
) |
|
|
(391 |
) |
|
|
933 |
|
Net change
in unrealized appreciation (depreciation) on investments |
|
|
1,237 |
|
|
|
(3,342 |
) |
|
|
1,973 |
|
|
|
24,818 |
|
Net change
in unrealized (depreciation) attributable to non-controlling
interests |
|
|
— |
|
|
|
(102 |
) |
|
|
— |
|
|
|
(703 |
) |
Net realized
and unrealized loss from investments |
|
|
(6,625 |
) |
|
|
(3,728 |
) |
|
|
(31,928 |
) |
|
|
(14,623 |
) |
Benefit
(provision) for taxes on unrealized gain/loss on investments |
|
|
64 |
|
|
|
(192 |
) |
|
|
335 |
|
|
|
(346 |
) |
Net increase
(decrease) in net assets resulting from operations |
|
$ |
311 |
|
|
$ |
4,653 |
|
|
$ |
(9,164 |
) |
|
$ |
12,530 |
|
Net
investment income per common share: |
|
|
|
|
|
|
|
|
Basic and diluted |
|
$ |
0.22 |
|
|
$ |
0.26 |
|
|
$ |
0.71 |
|
|
$ |
0.84 |
|
Net increase
(decrease) in net assets resulting from operations per common
share: |
|
|
|
|
|
|
|
|
Basic and diluted |
|
$ |
0.01 |
|
|
$ |
0.14 |
|
|
$ |
(0.29 |
) |
|
$ |
0.38 |
|
Weighted
average shares of common stock outstanding: |
|
|
|
|
|
|
|
|
Basic and diluted |
|
|
30,992 |
|
|
|
32,674 |
|
|
|
31,679 |
|
|
|
32,674 |
|
|
|
|
|
|
|
|
|
|
About THL Credit, Inc.
THL Credit, Inc. (NASDAQ: TCRD) is a closed-end
management investment company that has elected to be treated as a
business development company under the Investment Company Act of
1940. The Company’s investment objective is to generate both
current income and capital appreciation, primarily through
investments in privately negotiated debt and equity securities of
middle market companies. The Company is a direct lender to middle
market companies and invests primarily in directly originated first
lien senior secured loans, including unitranche investments. In
certain instances, the Company also makes second lien secured loans
and subordinated or mezzanine, debt investments, which may include
an associated equity component such as warrants, preferred stock or
other similar securities and direct equity co-investments. The
Company targets investments primarily in middle market companies
with annual EBITDA generally between $5 million and $25 million.
The Company is headquartered in Boston, with additional origination
teams in Chicago, Dallas, Los Angeles and New York. The Company’s
investment activities are managed by THL Credit Advisors LLC (the
“Advisor”), an investment adviser registered under the Investment
Advisers Act of 1940. For more information, please visit
www.THLCreditBDC.com.
Forward-Looking Statements
Statements made in this press release may
constitute forward-looking statements within the meaning of Section
27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. Such statements reflect various assumptions
by the Company concerning anticipated results and are not
guarantees of future performance. These statements can be
identified by the use of words such as “outlook,” “believes,”
“expects,” “potential,” “continues,” “may,” “will,” ”should,”
“seeks,” “approximately,” “predicts,” “intends,” “plans,”
“estimates,” “anticipates” or the negative version of these words
or other comparable words. These statements include but are not
limited to, projected financial performance, expected development
of the business, anticipated share repurchases or lack thereof,
plans and expectations about future investments, anticipated
dividends and the future liquidity of the company. The accuracy of
such statements involves known and unknown risks, uncertainties and
other factors that, in some ways, are beyond management’s control,
including the risk factors described from time to time in filings
by the Company with the Securities and Exchange Commission. Such
factors include: the introduction, withdrawal, success and timing
of business initiatives and strategies; changes in political,
economic or industry conditions, the interest rate environment or
financial and capital markets, which could result in changes in the
value of our assets; the relative and absolute investment
performance and operations of our investment adviser; the
impact of increased competition; the impact of future acquisitions
and divestitures; the unfavorable resolution of legal
proceedings; our business prospects and the prospects of our
portfolio companies; the impact, extent and timing of technological
changes and the adequacy of intellectual property protection; the
impact of legislative and regulatory actions and reforms and
regulatory, supervisory or enforcement actions of government
agencies relating to us or the Advisor; the ability of the Advisor
to identify suitable investments for us and to monitor and
administer our investments; our contractual arrangements and
relationships with third parties; any future financings by
us; the ability of the Advisor to attract and retain highly
talented professionals; fluctuations in foreign currency exchange
rates; the impact of changes to tax legislation and, generally, our
tax position; our ability to exit a control investment in a timely
manner; and the ability to fund Logan JV’s unfunded commitments to
the extent approved by each member of the Logan JV investment
committee.
The Company undertakes no duty to update any
forward-looking statements made herein. All forward-looking
statements speak only as of the date of this press release.
Investor Contact:THL Credit, Inc. Lauren Vieira
(617) 790-6070lvieira@thlcredit.com
Media Contact:Stanton Public Relations and
Marketing, LLCEmily Meringolo(646)
502-3559emeringolo@stantonprm.com
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