WhiteHorse Finance, Inc. (“WhiteHorse Finance” or the "Company")
(NASDAQ:WHF) today announced its financial results for the quarter ended
June 30, 2014.
Second Quarter 2014 Summary Highlights
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New investments of $90 million – second strongest quarter on record –
and $107 million year-to-date
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Quarterly distribution of $0.355 per share, consistent for the seventh
consecutive quarter since the Company’s IPO
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Appointed Gerhard Lombard as Chief Financial Officer
Jay Carvell, WhiteHorse Finance’s Chief Executive Officer, commented,
“Our activity during the second quarter once again reflects our priority
of sourcing proprietary, quality investment opportunities in the small
and mid cap space across a broad range of industries. This approach
allows us to continue to deliver strong results for both our portfolio
companies and shareholders. During the quarter, we originated $90
million of new investments, our second highest level of originations as
a public company, across seven positions, bringing our total new
investments to $107 million for the first half of the year. H.I.G.
Capital continues to serve as a premium deal-sourcing network with more
than half of this quarter’s investments sourced through our proprietary
network. While we anticipate continued quarter-over-quarter lumpiness
regarding our origination pace, we believe that we are on track to
achieve year-over-year growth.”
Portfolio and Investment Activity
As of June 30, 2014, the fair value of WhiteHorse Finance’s investment
portfolio was $347.1 million, compared with $272.4 million as of
December 31, 2013. The majority of the portfolio is comprised of senior
secured loans. The portfolio consisted of 93.5% variable-rate
investments (indexed to LIBOR) which should continue to position the
portfolio well for a potential rising interest rate environment. The
overall portfolio consisted of 30 positions across 27 companies with an
average investment size of $11.6 million and a weighted average yield of
10.6%.
For the three months ended June 30, 2014, WhiteHorse Finance invested
$90 million across seven new portfolio companies. Gross proceeds from
sales and repayments totaled $30.1 million for the quarter.
Results of Operations
For the three months ended June 30, 2014, net investment income was $4.0
million, compared with $4.9 million for the three months ended June 30,
2013.
For the three months ended June 30, 2014, WhiteHorse Finance recorded
unrealized appreciation on investments of $1.0 million, as compared with
unrealized depreciation on investments of $1.7 million for the three
months ended June 30, 2013.
For the second quarter of 2014, operations resulted in a net increase in
net assets of $5.0 million, as compared with a net increase in net
assets of $3.2 million for the second quarter of 2013.
WhiteHorse Finance’s NAV was $227.8 million, or $15.21 per share, as of
June 30, 2014, as compared with $227.0 million, or $15.16 per share, as
of December 31, 2013.
Liquidity and Capital Resources
As of June 30, 2014, WhiteHorse Finance had cash and cash equivalents of
$10.8 million, as compared with $96.0 million as of December 31, 2013,
inclusive of restricted cash. The decrease in cash on hand was due
primarily to the net deployment of cash into attractive investment
opportunities. As of June 30, 2014, the Company had $108.0 million of
undrawn capacity under its revolving credit facility.
Distributions
On May 28, 2014 the Company declared a distribution of $0.355 per share
for the quarter ended June 30, 2014. The distribution was payable on
July 3, 2014 to stockholders of record as of June 20, 2014. This marks
the seventh consecutive quarter that the Company has declared a
distribution at this rate.
Distributions are paid from taxable earnings and may include return of
capital and/or capital gains. The specific tax characteristics of the
distributions will be reported to stockholders on Form 1099-DIV after
the end of the calendar year and in the Company's periodic reports filed
with the Securities and Exchange Commission.
Exemptive Relief
On July 8, 2014, the Company received an exemptive order from the SEC
that permits it to participate in negotiated investments with funds
managed by H.I.G. Capital, subject to certain conditions. The exemptive
relief to co-invest with affiliated funds provides stockholders with
access to a broader range of investment opportunities.
Conference Call
WhiteHorse Finance will host a conference call to discuss its second
quarter earnings results at 10:00 a.m. ET on Wednesday, August 6, 2014.
To access the teleconference, please dial 706-758-9224 (domestic and
international) approximately 10 minutes before the teleconference’s
scheduled start time and reference ID# 68696963. Investors may also
access the call on the investor relations portion of the Company’s
website at www.whitehorsefinance.com/ir.
If you are unable to access the live teleconference, a replay will be
available beginning approximately two hours after the call’s completion
through August 13, 2014. The teleconference replay can be accessed by
dialing 404-537-3406 (domestic and international) and entering ID#
68696963. A webcast replay will also be available on the investor
relations portion of the Company’s website at www.whitehorsefinance.com/ir.
About WhiteHorse Finance, Inc.
WhiteHorse Finance, Inc. is a business development company that
originates and invests in loans to privately held small-cap companies
across a broad range of industries. The Company’s investment activities
are managed by its investment adviser, H.I.G. WhiteHorse Advisers, LLC,
an affiliate of H.I.G. Capital, L.L.C. H.I.G. Capital is a leading
global alternative asset manager managing approximately $15 billion of
capital as of June 30, 2014 across a number of funds focused on the
small and mid-cap markets. For more information about H.I.G. Capital,
please visit http://www.higcapital.com.
For more information about the Company, please visit http://www.whitehorsefinance.com.
Forward-Looking Statements
This press release may contain “forward-looking statements” within the
meaning of the Private Securities Litigation Reform Act of 1995.
Statements other than statements of historical facts included in this
press release may constitute forward-looking statements and are not
guarantees of future performance or results and involve a number of
risks and uncertainties. Actual results may differ materially from those
in the forward-looking statements as a result of a number of factors,
including those described from time to time in filings with the
Securities and Exchange Commission. The Company undertakes no duty to
update any forward-looking statement made herein. All forward-looking
statements speak only as of the date of this press release.
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WhiteHorse Finance, Inc.
Consolidated Statements of Assets and Liabilities
(in thousands, except share and per share data)
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June 30, 2014
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December 31, 2013
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(Unaudited)
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Assets
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Investments, at fair value (amortized cost $343,872 and $272,608,
respectively)
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$
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347,107
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$
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272,439
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Cash and cash equivalents
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6,726
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92,905
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Restricted cash and cash equivalents
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4,041
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3,078
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Interest receivable
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2,026
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1,585
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Deferred financing costs
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3,533
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3,827
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Prepaid expenses and other receivables
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453
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319
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Total assets
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$
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363,886
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$
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374,153
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Liabilities
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Credit facility
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$
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42,000
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$
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25,000
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Senior notes
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30,000
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30,000
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Unsecured term loan
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55,000
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55,000
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Distributions payable
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5,319
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5,317
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Management fees payable
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3,296
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2,831
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Payable for investments purchased
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-
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28,606
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Accounts payable and accrued expenses
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432
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397
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Total liabilities
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136,047
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147,151
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Net assets
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Common stock, 14,982,857 and 14,977,056 shares issued and
outstanding, par value $0.001 per share and 100,000,000 authorized
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15
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15
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Paid-in capital in excess of par
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228,734
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228,646
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Accumulated overdistributed net investment income
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(3,509
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)
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(854
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)
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Net unrealized appreciation (depreciation) on investments
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2,599
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(805
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)
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Total net assets
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227,839
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227,002
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Total liabilities and total net assets
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$
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363,886
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$
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374,153
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Number of shares outstanding
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14,982,857
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14,977,056
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Net asset value per share
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$
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15.21
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$
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15.16
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WhiteHorse Finance, Inc.
Consolidated Statements of Operations
(in thousands, except share and per share data)
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Three months ended June 30,
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Six months ended June 30,
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2014
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2013
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2014
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2013
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Investment income
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Interest and fee income
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$
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9,018
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$
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9,498
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$
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17,268
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$
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17,880
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Total investment income
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9,018
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9,498
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17,268
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17,880
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Expenses
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Interest expense
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1,386
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1,304
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2,741
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2,666
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Base management fees
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1,678
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1,244
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3,121
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2,321
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Performance-based incentive fees
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982
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1,213
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1,132
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2,165
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Administrative service fees
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359
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389
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684
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778
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General and administrative expenses
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620
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498
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1,607
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1,091
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Total expenses
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5,025
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4,648
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9,285
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9,021
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Net investment income
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3,993
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4,850
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7,983
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8,859
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Realized and unrealized gains (losses) on investments
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Net realized gains (losses) on investments
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-
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-
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-
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-
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Net change in unrealized appreciation (depreciation) on investments
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1,024
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(1,683
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)
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3,404
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(2,184
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)
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Net realized and unrealized gains (losses) on investments
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1,024
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(1,683
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3,404
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(2,184
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Net increase in net assets resulting from operations
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$
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5,017
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$
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3,167
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$
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11,387
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$
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6,675
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Per Common Share Data
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Basic and diluted earnings per common share
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$
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0.34
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$
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0.21
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$
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0.76
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$
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0.45
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Dividends and distributions declared per common share
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$
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0.36
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$
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0.36
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$
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0.71
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$
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0.71
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Basic and diluted weighted average common shares outstanding
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14,982,857
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14,965,624
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14,982,793
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14,965,624
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WhiteHorse Finance, Inc.
Consolidated Schedule of Investments
June 30, 2014
(in thousands)
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Investment Type(6)
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Spread
Above
Index(1)
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Interest
Rate(2)
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Maturity
Date
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Par /
Shares
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Amortized
Cost
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Fair
Value
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Fair Value
As A
Percentage
Of
Net Assets
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North America
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Debt Investments
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Aerospace & Defense
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ILC Industries, LLC
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First Lien Secured Term Loan
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L+6.50%
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8.00%
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7/11/18
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$
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4,575
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$
|
4,564
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$
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4,575
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2.01
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(1.50% Floor)
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Second Lien Secured Term Loan
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L+10.00%
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11.50%
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7/11/19
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5,000
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4,889
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4,970
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2.18
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(1.50% Floor)
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9,575
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9,453
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9,545
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4.19
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Building Products
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TCO Funding Corp.
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First Lien Secured Term Loan
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L+7.50%
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9.50%
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4/27/15
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17,404
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17,404
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17,404
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7.64
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(2.00% Floor)
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Cable & Satellite
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Puerto Rico Cable Acquisition Company, Inc.
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Second Lien Secured Term Loan
|
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L+8.50%
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9.50%
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5/30/19
|
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5,000
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|
|
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4,926
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4,960
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2.18
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(1.00% Floor)
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Consumer Finance
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Oasis Legal Finance, LLC(7)
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Second Lien Secured Term Loan
|
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N/A(4)
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10.50%
|
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9/30/18
|
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10,000
|
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|
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9,823
|
|
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10,000
|
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4.39
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Sigue Corporation
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second Lien Secured Term Loan
|
|
|
L+9.50%
|
|
|
|
10.50%
|
|
|
12/27/18
|
|
|
|
25,000
|
|
|
|
24,540
|
|
|
|
24,950
|
|
|
|
10.95
|
|
|
|
|
(1.00% Floor)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
35,000
|
|
|
|
34,363
|
|
|
|
34,950
|
|
|
|
15.34
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Data Processing & Outsourced Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Future Payment Technologies, L.P.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second Lien Secured Term Loan
|
|
|
L+10.00%
|
|
|
|
11.00%
|
|
|
12/31/18
|
|
|
|
35,353
|
|
|
|
34,059
|
|
|
|
35,141
|
|
|
|
15.42
|
|
|
|
|
(1.00% Floor)
|
|
|
|
(2.00% PIK)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diversified Support Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ARSloane Acquisition, LLC
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second Lien Secured Term Loan
|
|
|
L+10.50%
|
|
|
|
11.75%
|
|
|
10/1/20
|
|
|
|
4,000
|
|
|
|
3,926
|
|
|
|
4,000
|
|
|
|
1.76
|
|
|
|
|
(1.25% Floor)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Orion Healthcorp, Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Senior Secured Note
|
|
|
L+10.00%
|
|
|
|
12.00%
|
|
|
3/31/18
|
|
|
|
10,034
|
|
|
|
9,749
|
|
|
|
9,804
|
|
|
|
4.30
|
|
|
|
|
(2.00% Floor)
|
|
|
|
(2.00% PIK)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Smile Brands Group Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Lien Secured Term Loan
|
|
|
L+6.25%
|
|
|
|
7.50%
|
|
|
8/16/19
|
|
|
|
11,910
|
|
|
|
11,698
|
|
|
|
11,755
|
|
|
|
5.16
|
|
|
|
|
(1.25% Floor)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
25,944
|
|
|
|
25,373
|
|
|
|
25,559
|
|
|
|
11.22
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WhiteHorse Finance, Inc.
Consolidated Schedule of Investments
June 30, 2014
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment Type(6)
|
|
|
Spread
Above
Index(1)
|
|
|
Interest
Rate(2)
|
|
|
Maturity
Date
|
|
|
Par /
Shares
|
|
|
Amortized
Cost
|
|
|
Fair
Value
|
|
|
Fair Value
As A
Percentage
Of
Net Assets
|
|
Electronic Equipment & Instruments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AP Gaming I, LLC
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Lien Secured Term Loan
|
|
|
L+8.25%
|
|
|
|
9.25%
|
|
|
12/20/20
|
|
|
|
9,950
|
|
|
|
9,664
|
|
|
|
9,691
|
|
|
|
4.25
|
|
|
|
|
(1.00% Floor)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Health Care Distributors
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive Decubitus Therapy, Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Lien Secured Term Loan
|
|
|
L+13.50%
|
|
|
|
15.00%
|
|
|
3/15/18
|
|
|
|
14,421
|
|
|
|
14,194
|
|
|
|
14,392
|
|
|
|
6.32
|
|
|
|
|
(1.50% Floor)
|
|
|
|
(3.00% PIK)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Lien Secured Revolving Loan
|
|
|
L+13.50%
|
|
|
|
15.00%
|
|
|
3/15/18
|
|
|
|
-
|
|
|
|
(30
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
|
(1.50% Floor)
|
|
|
|
(3.00% PIK)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
P2 Newco Acquisition, Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second Lien Secured Term Loan
|
|
|
L+8.50%
|
|
|
|
9.50%
|
|
|
10/22/21
|
|
|
|
10,000
|
|
|
|
9,905
|
|
|
|
10,020
|
|
|
|
4.40
|
|
|
|
|
(1.00% Floor)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24,421
|
|
|
|
24,069
|
|
|
|
24,412
|
|
|
|
10.72
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Health Care Facilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Grupo HIMA San Pablo, Inc
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Lien Secured Term Loan
|
|
|
L+9.00%
|
|
|
|
10.50%
|
|
|
1/31/18
|
|
|
|
14,813
|
|
|
|
14,582
|
|
|
|
14,738
|
|
|
|
6.47
|
|
|
|
|
(1.50% Floor)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second Lien Secured Term Loan
|
|
|
N/A(4)
|
|
|
|
15.75%
|
|
|
7/31/18
|
|
|
|
1,000
|
|
|
|
959
|
|
|
|
988
|
|
|
|
0.43
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Coastal Sober Living, LLC
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Lien Secured Term Loan
|
|
|
L+9.25%
|
|
|
|
10.25%
|
|
|
6/30/19
|
|
|
|
22,000
|
|
|
|
21,615
|
|
|
|
21,626
|
|
|
|
9.49
|
|
|
|
|
(1.00% Floor)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
37,813
|
|
|
|
37,156
|
|
|
|
37,352
|
|
|
|
16.39
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Health Care Technology
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Client Network Services, Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Lien Secured Term Loan
|
|
|
L+13.00%
|
|
|
|
13.50%
|
|
|
|
|
|
|
29,681
|
|
|
|
29,214
|
|
|
|
29,740
|
|
|
|
13.05
|
|
|
|
|
(0.50% Floor)
|
|
|
|
(1.00% PIK)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Lien Secured Revolving Loan
|
|
|
L+12.00%
|
|
|
|
12.50%
|
|
|
|
|
|
|
1,000
|
|
|
|
1,000
|
|
|
|
1,002
|
|
|
|
0.44
|
|
|
|
|
(0.50% Floor)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
30,681
|
|
|
|
30,214
|
|
|
|
30,742
|
|
|
|
13.49
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Homebuilding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Orleans Homebuilders, Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Lien Secured Term Loan
|
|
|
L+8.50%
|
|
|
|
10.50%
|
|
|
2/14/16
|
|
|
|
16,260
|
|
|
|
16,312
|
|
|
|
16,423
|
|
|
|
7.21
|
|
|
|
|
(2.00% Floor)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Homefurnishing Retail
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BDF Acquisition Corp.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second Lien Secured Term Loan
|
|
|
L+8.00%
|
|
|
|
9.00%
|
|
|
2/12/22
|
|
|
|
5,000
|
|
|
|
4,903
|
|
|
|
4,890
|
|
|
|
2.15
|
|
|
|
|
(1.00% Floor)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Integrated Telecommunication Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securus Technologies, Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second Lien Secured Term Loan
|
|
|
L+7.75%
|
|
|
|
9.00%
|
|
|
4/30/21
|
|
|
|
8,090
|
|
|
|
8,016
|
|
|
|
8,050
|
|
|
|
3.53
|
|
|
|
|
(1.25% Floor)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WhiteHorse Finance, Inc.
Consolidated Schedule of Investments
June 30, 2014
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment Type(6)
|
|
|
Spread
Above
Index(1)
|
|
|
Interest
Rate(2)
|
|
|
|
Maturity
Date
|
|
|
Par /
Shares
|
|
|
Amortized
Cost
|
|
|
Fair
Value
|
|
|
Fair Value
As A
Percentage
Of
Net Assets
|
|
|
Internet Retail
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bluestem Brands, Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Lien Secured Term Loan
|
|
|
L+6.50%
|
|
|
|
7.50
|
%
|
|
|
12/6/18
|
|
|
|
8,222
|
|
|
|
8,041
|
|
|
|
8,190
|
|
|
|
3.59
|
|
|
|
|
|
(1.00% Floor)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Metal & Glass Containers
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pelican Products, Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second Lien Secured Term Loan
|
|
|
L+8.25%
|
|
|
|
9.25
|
%
|
|
|
4/11/21
|
|
|
|
3,000
|
|
|
|
2,978
|
|
|
|
3,030
|
|
|
|
1.33
|
|
|
|
|
|
(1.00% Floor)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil & Gas Drilling
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ProPetro Services, Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Lien Secured Term Loan
|
|
|
L+6.25%
|
|
|
|
7.25
|
%
|
|
|
9/30/19
|
|
|
|
9,625
|
|
|
|
9,535
|
|
|
|
9,750
|
|
|
|
4.28
|
|
|
|
|
|
(1.00% Floor)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil & Gas Exploration & Production
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Caelus Energy Alaska O3, LLC
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second Lien Secured Term Loan
|
|
|
L+7.50%
|
|
|
|
8.75
|
%
|
|
|
4/15/20
|
|
|
|
9,000
|
|
|
|
8,824
|
|
|
|
8,946
|
|
|
|
3.93
|
|
|
|
|
|
(1.25% Floor)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Diversified Financial Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RCS Capital Corporation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second Lien Secured Term Loan(7)
|
|
|
L+9.50%
|
|
|
|
10.50
|
%
|
|
|
4/29/21
|
|
|
|
9,000
|
|
|
|
8,867
|
|
|
|
8,982
|
|
|
|
3.94
|
|
|
|
|
|
(1.00% Floor)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Specialized Consumer Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-Paid Legal Services, Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second Lien Secured Term Loan
|
|
|
L+8.50%
|
|
|
|
9.75
|
%
|
|
|
7/1/20
|
|
|
|
18,000
|
|
|
|
17,789
|
|
|
|
18,144
|
|
|
|
7.96
|
|
|
|
|
|
(1.25% Floor)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Specialized Finance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GMT Holdings 1, Ltd. & GMT Holdings 12, Ltd.(3)(7)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Lien Secured Term Loan
|
|
|
N/A(4)
|
|
|
|
10.00
|
%
|
|
|
6/30/17
|
|
|
|
12,049
|
|
|
|
12,114
|
|
|
|
10,905
|
|
|
|
4.79
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trading Companies & Distributors
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distribution International, Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Lien Secured Term Loan
|
|
|
L+6.50%
|
|
|
|
7.50
|
%
|
|
|
7/16/19
|
|
|
|
9,900
|
|
|
|
9,812
|
|
|
|
9,811
|
|
|
|
4.31
|
|
|
|
|
|
(1.00% Floor)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Debt Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
339,287
|
|
|
|
333,872
|
|
|
|
336,877
|
|
|
|
147.86
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diversified Support Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Constellation Health, LLC
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants
|
|
|
-
|
|
|
|
-
|
|
|
|
3/31/18
|
|
|
|
1
|
|
|
|
-
|
|
|
|
230
|
|
|
|
0.10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Specialized Finance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NMFC Senior Loan Program I LLC(7)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LLC Interest
|
|
|
-
|
|
|
|
-
|
|
|
|
6/10/19
|
|
|
|
10,000
|
|
|
|
10,000
|
|
|
|
10,000
|
|
|
|
4.39
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Equity Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,001
|
|
|
|
10,000
|
|
|
|
10,230
|
|
|
|
4.49
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments(5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
349,288
|
|
|
$
|
343,872
|
|
|
$
|
347,107
|
|
|
|
152.35
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
|
The investments bear interest at a rate that may be determined by
reference to the London Interbank Offered Rate (“LIBOR” or “L”)
which resets monthly, quarterly or semiannually.
|
|
|
|
|
|
|
(2)
|
|
|
The interest rate is the “all-in-rate” including the current index
and spread, the fixed rate, and the payment-in-kind, or “PIK”,
interest rate, as the case may be.
|
|
|
|
|
|
|
(3)
|
|
|
WhiteHorse Finance, Inc.’s investments in GMT Holdings 1, Ltd. and
GMT Holdings 12, Ltd. are held through its subsidiary Bayside
Financing S.A.R.L.
|
|
|
|
|
|
|
(4)
|
|
|
Interest rate is fixed and accordingly the spread above the index is
not applicable.
|
|
|
|
|
|
|
(5)
|
|
|
Except for AP Gaming I, LLC, BDF Acquisition Corp., GMT Holdings 1,
Ltd. and GMT Holdings 12, Ltd., NMFC Senior Loan Program I LLC, P2
Newco Acquisition, Inc., Pelican Products, Inc., RCS Capital
Corporation and Securus Technologies, Inc., the investments provide
collateral for the Credit Facility.
|
|
|
|
|
|
|
(6)
|
|
|
All investments are non-controlled/non-affiliate investments as
defined by the Investment Company Act of 1940, or the 1940 Act.
|
|
|
|
|
|
|
(7)
|
|
|
Not a qualifying asset under Section 55(a) of the 1940 Act. Under
the 1940 Act, WhiteHorse Finance may not be able to acquire any
non-qualifying asset unless, at the time the acquisition is made,
qualifying assets represent at least 70% of total assets.
|
Copyright Business Wire 2014