NEW YORK, March 3, 2015 /PRNewswire/
-- WhiteHorse Finance, Inc. ("WhiteHorse
Finance" or the "Company") (NASDAQ: WHF) today announced its
financial results for the quarter and full year ended December 31, 2014.
Fourth Quarter 2014 Summary Highlights
- New investments of $90.8 million
and $261.0 million for the fourth
quarter and year end 2014, respectively
- Net investment income of $5.0
million in the fourth quarter
- Quarterly distribution of $0.355
per share, consistent for the ninth consecutive quarter since the
Company's IPO
Jay Carvell, WhiteHorse Finance's
Chief Executive Officer commented, "During the fourth quarter we
were able to successfully deploy over $90
million in capital across a range of sectors, further
diversifying our portfolio and enabling us to exceed our full year
origination estimates. While we continued to originate loans within
our target markets and the appropriate parameters, repayment
activity was in line with expectations with no unanticipated early
repayment activity. As we progress into 2015, we expect to continue
benefitting from our association with H.I.G. Capital in assessing
deals that will further optimize our portfolio. We are excited
about the upcoming year and the opportunities we are seeing in our
markets."
Portfolio and Investment Activity
As of December 31, 2014, the fair
value of WhiteHorse Finance's investment portfolio was $403.5 million, compared with $272.4 million as of December 31, 2013. The portfolio at December 31, 2014 consisted of 37 positions
across 31 companies with an average investment size of $10.9 million and a weighted average yield of
11.3%. The majority of the portfolio was comprised of senior
secured loans and more than 96% of these loans were variable-rate
investments (indexed to LIBOR) with interest rate floors, which
should continue to position the portfolio well for a potential
rising interest rate environment.
For the three months ended December 31,
2014, WhiteHorse Finance invested $90.8 million across nine portfolio companies.
Gross proceeds from sales and repayments totaled $56.0 million for the quarter, which was in line
with the Company's expectations.
Results of Operations
For the quarter and year ended December
31, 2014, net investment income was $5.0 million and $17.0
million, respectively compared with $4.2 million and $19.3
million for the same periods in the prior year.
For the three months ended December 31,
2014, WhiteHorse Finance reported unrealized depreciation on
investments of $1.3 million. For the
year ended December 31, 2014, the
Company reported unrealized appreciation on investments of
$2.6 million. This compares with
unrealized appreciation on investments of $2.2 million and unrealized depreciation on
investments of $0.3 million for the
three months and year ended December 31,
2013, respectively.
For the quarter and year ended December
31, 2014, WhiteHorse Finance reported a net increase in net
assets of $3.6 million and
$19.5 million, respectively, which
compares with $6.3 million and
$19.0 million for the quarter and
year ended December 31, 2013.
WhiteHorse Finance's NAV was $225.4
million, resulting in NAV per share of $15.04, as of December 31,
2014, as compared with $227.0
million, or $15.16 per share,
reported in December 31, 2013.
Liquidity and Capital Resources
As of December 31, 2014,
WhiteHorse Finance had cash and cash equivalents of $16.1 million, as compared with $96.0 million as of December 31, 2013, inclusive of restricted cash.
The decrease in cash on hand was primarily due to the deployment of
cash in order to increase investments and the repayment of
borrowings under the Company's revolving credit facility. As of
December 31, 2014, the Company had
$44.5 million of undrawn capacity
under its revolving credit facility.
Distributions
On November 25, 2014, the Company
declared a distribution of $0.355 per
share for the quarter ended December 31,
2014. The distribution was payable on January 2, 2015 to shareholders of record as of
December 19, 2014.
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.
Conference Call
WhiteHorse Finance will host a conference call to discuss its
fourth quarter and year end results at 10:00
am ET on Tuesday, March 3,
2015. 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# 75705168.
Investors may also access the call on the investor relations
portion of the Company's website at www.whitehorsefinance.com.
If you are unable to access the live teleconference, a replay
will be available beginning approximately two hours after the
call's completion through March 10,
2015. The teleconference replay can be accessed by dialing
404-537-3406 (domestic and international) and entering ID#
75705168. A webcast replay will also be available on the investor
relations portion of the Company's website at
www.whitehorsefinance.com.
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"). H.I.G.
Capital is a leading global alternative asset manager with
over $17 billion of capital under management* 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.
* Based on total capital commitments to funds
managed by H.I.G. Capital and its affiliates.
(Financial Tables Follow)
|
WhiteHorse
Finance, Inc.
|
|
Consolidated
Statements of Assets and Liabilities
|
|
(in thousands,
except share and per share data)
|
|
|
|
|
|
|
|
|
December 31,
2014
|
|
December 31,
2013
|
|
Assets
|
|
|
|
|
|
|
|
|
|
Investments, at fair
value (amortized cost $401,062 and $272,608,
respectively)
|
|
$
|
403,500
|
|
|
$
|
272,439
|
|
|
Cash and cash
equivalents
|
|
|
11,647
|
|
|
|
92,905
|
|
|
Restricted cash and
cash equivalents
|
|
|
4,495
|
|
|
|
3,078
|
|
|
Interest
receivable
|
|
|
2,702
|
|
|
|
1,585
|
|
|
Deferred financing
costs
|
|
|
4,004
|
|
|
|
3,827
|
|
|
Prepaid expenses and
other receivables
|
|
|
494
|
|
|
|
319
|
|
|
Total
assets
|
|
$
|
426,842
|
|
|
$
|
374,153
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
Credit
facility
|
|
$
|
105,500
|
|
|
$
|
25,000
|
|
|
Senior
notes
|
|
|
30,000
|
|
|
|
30,000
|
|
|
Unsecured term
loan
|
|
|
55,000
|
|
|
|
55,000
|
|
|
Distributions
payable
|
|
|
5,319
|
|
|
|
5,317
|
|
|
Management fees
payable
|
|
|
5,006
|
|
|
|
2,831
|
|
|
Payable for
investments purchased
|
|
|
—
|
|
|
|
28,606
|
|
|
Accounts payable and
accrued expenses
|
|
|
659
|
|
|
|
397
|
|
|
Total
liabilities
|
|
|
201,484
|
|
|
|
147,151
|
|
|
Commitments and
contingencies
|
|
|
|
|
|
|
|
|
|
Net
assets
|
|
|
|
|
|
|
|
|
|
Common stock,
14,982,857 and 14,977,056 shares issued and outstanding,
par
value $0.001 per share and
100,000,000 authorized
|
|
|
15
|
|
|
|
15
|
|
|
Paid-in capital in
excess of par
|
|
|
228,731
|
|
|
|
228,646
|
|
|
Accumulated
overdistributed net investment income
|
|
|
(5,918)
|
|
|
|
(854)
|
|
|
Net realized gains on
investments
|
|
|
728
|
|
|
|
—
|
|
|
Net unrealized
appreciation (depreciation) on investments
|
|
|
1,802
|
|
|
|
(805)
|
|
|
Total net
assets
|
|
|
225,358
|
|
|
|
227,002
|
|
|
Total liabilities and
total net assets
|
|
$
|
426,842
|
|
|
$
|
374,153
|
|
|
Number of shares
outstanding
|
|
|
14,982,857
|
|
|
|
14,977,056
|
|
|
Net asset value per
share
|
|
$
|
15.04
|
|
|
$
|
15.16
|
|
|
WhiteHorse
Finance, Inc.
|
|
Consolidated
Statements of Operations
|
|
(in thousands,
except share and per share data)
|
|
|
|
|
|
|
|
|
|
|
Years ended December 31,
|
|
|
2014
|
|
2013
|
|
2012
|
|
Investment
income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
$
|
35,148
|
|
|
$
|
34,155
|
|
|
$
|
42,495
|
|
|
Fee income
|
|
|
1,604
|
|
|
|
3,462
|
|
|
|
2,298
|
|
|
Dividend
income
|
|
|
794
|
|
|
|
—
|
|
|
|
—
|
|
|
Total investment
income
|
|
|
37,546
|
|
|
|
37,617
|
|
|
|
44,793
|
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
|
5,818
|
|
|
|
5,341
|
|
|
|
1,131
|
|
|
Base management
fees
|
|
|
7,557
|
|
|
|
5,059
|
|
|
|
306
|
|
|
Performance-based
incentive fees
|
|
|
3,387
|
|
|
|
4,800
|
|
|
|
—
|
|
|
Administrative
service fees
|
|
|
1,510
|
|
|
|
1,173
|
|
|
|
109
|
|
|
Organization
costs
|
|
|
—
|
|
|
|
—
|
|
|
|
406
|
|
|
General and
administrative expenses
|
|
|
2,720
|
|
|
|
2,182
|
|
|
|
640
|
|
|
Total expenses,
before fees waived
|
|
|
20,992
|
|
|
|
18,555
|
|
|
|
2,592
|
|
|
Base management fees
waived
|
|
|
(447)
|
|
|
|
(248)
|
|
|
|
—
|
|
|
Total expenses, net
of fees waived
|
|
|
20,545
|
|
|
|
18,307
|
|
|
|
2,592
|
|
|
Net investment
income
|
|
|
17,001
|
|
|
|
19,310
|
|
|
|
42,201
|
|
|
Realized and
unrealized gains (losses) on investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized losses
on investments
|
|
|
(64)
|
|
|
|
—
|
|
|
|
(2,754)
|
|
|
Net change in
unrealized appreciation (depreciation) on investments
|
|
|
2,607
|
|
|
|
(280)
|
|
|
|
111
|
|
|
Net realized and
unrealized gains (losses) on investments
|
|
|
2,543
|
|
|
|
(280)
|
|
|
|
(2,643)
|
|
|
Net increase in
net assets resulting from operations
|
|
$
|
19,544
|
|
|
$
|
19,030
|
|
|
$
|
39,558
|
|
|
Per Common Share
Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted
earnings per common share(1)
|
|
$
|
1.30
|
|
|
$
|
1.27
|
|
|
|
N/A
|
|
|
Dividends and
distributions declared per common share(1)
|
|
$
|
1.42
|
|
|
$
|
1.42
|
|
|
|
N/A
|
|
|
Basic and diluted
weighted average common shares outstanding(1)
|
|
|
14,982,825
|
|
|
|
14,971,324
|
|
|
|
N/A
|
|
|
(1)
|
Prior to December 4,
2012, the Company did not have common shares outstanding and
therefore weighted average shares outstanding information and per
share data for the year ended December 31, 2012 are not
provided.
|
|
WhiteHorse
Finance, Inc.
|
|
Consolidated
Schedule of Investments
|
|
December 31,
2014
|
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment
Type(1)
|
|
Spread Above
Index(2)
|
|
Interest
Rate(3)
|
|
Maturity
Date
|
|
Principal
Amount
|
|
Amortized
Cost
|
|
Fair
Value
|
|
Fair Value
As A
Percentage
Of Net
Assets
|
|
North
America
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt
Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Auto Parts &
Equipment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GST Autoleather,
Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Lien Secured
Term Loan
|
|
|
L+5.50%
(1.00% Floor)
|
|
|
|
6.50%
|
|
|
|
7/10/20
|
|
|
$
|
1,995
|
|
|
$
|
1,990
|
|
|
$
|
1,975
|
|
|
|
0.88%
|
|
|
Broadcasting
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Multicultural Radio
Broadcasting, Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Lien Secured
Term Loan
|
|
|
L+10.50%
(1.00% Floor)
|
|
|
|
11.50%
|
|
|
|
6/27/19
|
|
|
|
14,850
|
|
|
|
14,850
|
|
|
|
14,865
|
|
|
|
6.60
|
|
|
Cable &
Satellite
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Puerto Rico Cable
Acquisition Company, Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second Lien Secured
Term Loan
|
|
|
L+8.50%
(1.00% Floor)
|
|
|
|
9.50%
|
|
|
|
5/30/19
|
|
|
|
7,000
|
|
|
|
6,932
|
|
|
|
7,007
|
|
|
|
3.11
|
|
|
Consumer
Finance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Golden Pear Funding
III, LLC(7)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Lien Secured
Term Loan
|
|
|
L+9.75%
(1.00% Floor)
|
|
|
|
10.75%
|
|
|
|
12/29/19
|
|
|
|
10,000
|
|
|
|
9,800
|
|
|
|
9,880
|
|
|
|
4.38
|
|
|
Oasis Legal Finance,
LLC(7)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second Lien Secured
Term Loan
|
|
|
N/A(5)
|
|
|
|
10.50%
|
|
|
|
9/30/18
|
|
|
|
9,500
|
|
|
|
9,342
|
|
|
|
9,434
|
|
|
|
4.19
|
|
|
Sigue
Corporation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second Lien Secured
Term Loan
|
|
|
L+9.50%
(1.00% Floor)
|
|
|
|
10.50%
|
|
|
|
12/27/18
|
|
|
|
25,000
|
|
|
|
24,580
|
|
|
|
24,850
|
|
|
|
11.03
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
44,500
|
|
|
|
43,722
|
|
|
|
44,164
|
|
|
|
19.60
|
|
|
Data Processing &
Outsourced Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Future Payment
Technologies, L.P.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second Lien Secured
Term Loan
|
|
|
L+12.00%
(1.00% Floor)
|
|
|
|
13.00%
(2.00% PIK)
|
|
|
|
12/31/18
|
|
|
|
35,716
|
|
|
|
34,534
|
|
|
|
35,716
|
|
|
|
15.85
|
|
|
Diversified Support
Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Orion Healthcorp,
Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Lien Secured
Term Loan
|
|
|
L+9.00%
(2.00% Floor)
|
|
|
|
11.00%
|
|
|
|
9/30/17
|
|
|
|
9,616
|
|
|
|
9,364
|
|
|
|
9,491
|
|
|
|
4.21
|
|
|
Smile Brands Group
Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Lien Secured
Term Loan
|
|
|
L+6.25%
(1.25% Floor)
|
|
|
|
7.50%
|
|
|
|
8/16/19
|
|
|
|
11,850
|
|
|
|
11,655
|
|
|
|
11,577
|
|
|
|
5.14
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21,466
|
|
|
|
21,019
|
|
|
|
21,068
|
|
|
|
9.35
|
|
|
Electronic Equipment
& Instruments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AP Gaming I,
LLC
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Lien Secured
Term Loan
|
|
|
L+8.25%
(1.00% Floor)
|
|
|
|
9.25%
|
|
|
|
12/20/20
|
|
|
|
9,900
|
|
|
|
9,630
|
|
|
|
9,623
|
|
|
|
4.27
|
|
|
WhiteHorse
Finance, Inc.
|
|
Consolidated
Schedule of Investments (Continued)
|
|
December 31,
2014
|
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment
Type(1)
|
|
Spread Above
Index(2)
|
|
Interest
Rate(3)
|
|
Maturity
Date
|
|
Principal
Amount
|
|
Amortized
Cost
|
|
Fair
Value
|
|
Fair Value
As A
Percentage
Of Net
Assets
|
|
Food
Retail
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crews of California,
Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Lien Secured
Term Loan
|
|
|
L+11.00%
(1.00% Floor)
|
|
|
|
12.00%
(1.00% PIK)
|
|
|
|
11/20/19
|
|
|
$
|
15,017
|
|
|
$
|
14,685
|
|
|
$
|
14,807
|
|
|
|
6.57%
|
|
|
First Lien Secured
Revolving Loan
|
|
|
L+11.00%
(1.00% Floor)
|
|
|
|
12.00%
(1.00% PIK)
|
|
|
|
11/20/19
|
|
|
|
—
|
|
|
|
(110)
|
|
|
|
—
|
|
|
|
—
|
|
|
First Lien Secured
Delayed Draw Term Loan
|
|
|
L+11.00%
(1.00% Floor)
|
|
|
|
12.00%
(1.00% PIK)
|
|
|
|
11/20/19
|
|
|
|
—
|
|
|
|
(110)
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15,017
|
|
|
|
14,465
|
|
|
|
14,807
|
|
|
|
6.57
|
|
|
Health Care
Distributors
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive
Decubitus Therapy, Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Lien Secured
Term Loan
|
|
|
P+12.50%
(3.25% Floor)
|
|
|
|
15.75%
(3.00% PIK)
|
|
|
|
3/15/18
|
|
|
|
12,311
|
|
|
|
12,125
|
|
|
|
12,163
|
|
|
|
5.40
|
|
|
First Lien Secured
Revolving Loan
|
|
|
P+12.50%
(3.25% Floor)
|
|
|
|
15.75%
(3.00% PIK)
|
|
|
|
3/15/18
|
|
|
|
—
|
|
|
|
(26)
|
|
|
|
—
|
|
|
|
—
|
|
|
P2 Newco Acquisition,
Inc.(6)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second Lien Secured
Term Loan
|
|
|
L+8.50%
(1.00% Floor)
|
|
|
|
9.50%
|
|
|
|
10/22/21
|
|
|
|
10,000
|
|
|
|
9,910
|
|
|
|
10,010
|
|
|
|
4.44
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
22,311
|
|
|
|
22,009
|
|
|
|
22,173
|
|
|
|
9.84
|
|
|
Health Care
Facilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Coastal Sober Living,
LLC
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Lien Secured
Term Loan
|
|
|
L+9.25%
(1.00% Floor)
|
|
|
|
10.25%
|
|
|
|
6/30/19
|
|
|
|
43,230
|
|
|
|
42,494
|
|
|
|
43,014
|
|
|
|
19.09
|
|
|
Grupo HIMA San Pablo,
Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Lien Secured
Term Loan
|
|
|
L+7.00%
(1.50% Floor)
|
|
|
|
8.50%
|
|
|
|
1/31/18
|
|
|
|
14,738
|
|
|
|
14,534
|
|
|
|
14,679
|
|
|
|
6.51
|
|
|
Second Lien Secured
Term Loan
|
|
|
N/A(5)
|
|
|
|
13.75%
|
|
|
|
7/31/18
|
|
|
|
1,000
|
|
|
|
962
|
|
|
|
997
|
|
|
|
0.44
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
58,968
|
|
|
|
57,990
|
|
|
|
58,690
|
|
|
|
26.04
|
|
|
Health Care
Technology
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Client Network
Services, Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Lien Secured
Term Loan
|
|
|
L+13.00%
(0.50% Floor)
|
|
|
|
13.50%
(1.00% PIK)
|
|
|
|
4/24/19
|
|
|
|
28,657
|
|
|
|
28,226
|
|
|
|
28,657
|
|
|
|
12.72
|
|
|
First Lien Secured
Revolving Loan
|
|
|
L+12.00%
(0.50% Floor)
|
|
|
|
12.50%
|
|
|
|
4/24/19
|
|
|
|
1,500
|
|
|
|
1,500
|
|
|
|
1,500
|
|
|
|
0.67
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
30,157
|
|
|
|
29,726
|
|
|
|
30,157
|
|
|
|
13.39
|
|
|
Homebuilding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Orleans Homebuilders,
Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Lien Secured
Term Loan
|
|
|
L+8.50%
(2.00% Floor)
|
|
|
|
10.50%
|
|
|
|
2/14/16
|
|
|
|
16,175
|
|
|
|
16,214
|
|
|
|
16,175
|
|
|
|
7.18
|
|
|
Home Furnishing
Retail
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BDF Acquisition
Corp.(6)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second Lien Secured
Term Loan
|
|
|
L+8.00%
(1.00% Floor)
|
|
|
|
9.00%
|
|
|
|
2/12/22
|
|
|
|
5,000
|
|
|
|
4,907
|
|
|
|
4,975
|
|
|
|
2.21
|
|
|
WhiteHorse
Finance, Inc.
|
|
Consolidated
Schedule of Investments (Continued)
|
|
December 31,
2014
|
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment
Type(1)
|
|
Spread Above
Index(2)
|
|
Interest
Rate(3)
|
|
Maturity
Date
|
|
Principal
Amount
|
|
Amortized
Cost
|
|
Fair
Value
|
|
Fair Value
As A
Percentage
Of Net
Assets
|
|
Human Resource &
Employment Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Miller Heiman,
Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Lien Secured
Term Loan
|
|
|
L+5.75%
(1.00% Floor)
|
|
|
|
6.75%
|
|
|
|
9/30/19
|
|
|
$
|
3,949
|
|
|
$
|
3,877
|
|
|
$
|
3,862
|
|
|
|
1.71%
|
|
|
Integrated
Telecommunication Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securus Technologies
Holdings, Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second Lien Secured
Term Loan
|
|
|
L+7.75%
(1.25% Floor)
|
|
|
|
9.00%
|
|
|
|
4/30/21
|
|
|
|
12,090
|
|
|
|
12,023
|
|
|
|
11,945
|
|
|
|
5.30
|
|
|
Internet Software
& Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tourico Holidays,
Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Lien Secured
Term Loan
|
|
|
L+7.50%
(1.00% Floor)
|
|
|
|
8.50%
|
|
|
|
11/5/18
|
|
|
|
10,000
|
|
|
$
|
9,952
|
|
|
|
9,870
|
|
|
|
4.38
|
|
|
Metal & Glass
Containers
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pelican Products,
Inc.(6)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second Lien Secured
Term Loan
|
|
|
L+8.25%
(1.00% Floor)
|
|
|
|
9.25%
|
|
|
|
4/11/21
|
|
|
|
3,000
|
|
|
|
2,979
|
|
|
|
3,018
|
|
|
|
1.34
|
|
|
Oil & Gas
Drilling
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ProPetro Services,
Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Lien Secured
Term Loan
|
|
|
L+6.25%
(1.00% Floor)
|
|
|
|
7.25%
|
|
|
|
9/30/19
|
|
|
|
9,375
|
|
|
|
9,293
|
|
|
|
9,291
|
|
|
|
4.12
|
|
|
Oil & Gas
Exploration & Production
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Caelus Energy Alaska
O3, LLC
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second Lien Secured
Term Loan
|
|
|
L+7.50%
(1.25% Floor)
|
|
|
|
8.75%
|
|
|
|
4/15/20
|
|
|
|
13,000
|
|
|
|
12,831
|
|
|
|
11,635
|
|
|
|
5.16
|
|
|
Larchmont Resources,
LLC
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Lien Secured
Term Loan
|
|
|
L+7.25%
(1.00% Floor)
|
|
|
|
8.25%
|
|
|
|
8/7/19
|
|
|
|
1,990
|
|
|
|
2,030
|
|
|
|
2,000
|
|
|
|
0.89
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14,990
|
|
|
|
14,861
|
|
|
|
13,635
|
|
|
|
6.05
|
|
|
Oil & Gas Storage
& Transportation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sprint Industrial
Holdings LLC(6)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Lien Secured
Term Loan
|
|
|
L+5.75%
(1.25% Floor)
|
|
|
|
7.00%
|
|
|
|
5/14/19
|
|
|
|
1,990
|
|
|
|
2,002
|
|
|
|
1,994
|
|
|
|
0.88
|
|
|
Other Diversified
Financial Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RCS Capital
Corporation(7)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second Lien Secured
Term Loan
|
|
|
L+9.50%
(1.00% Floor)
|
|
|
|
10.50%
|
|
|
|
4/29/21
|
|
|
|
17,750
|
|
|
|
17,831
|
|
|
|
17,253
|
|
|
|
7.66
|
|
|
Specialized Consumer
Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-Paid Legal
Services, Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second Lien Secured
Term Loan
|
|
|
L+8.50%
(1.25% Floor)
|
|
|
|
9.75%
|
|
|
|
7/1/20
|
|
|
|
18,000
|
|
|
|
17,802
|
|
|
|
17,964
|
|
|
|
7.97
|
|
|
WhiteHorse
Finance, Inc.
|
|
Consolidated
Schedule of Investments (Continued)
|
|
December 31,
2014
|
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment
Type(1)
|
|
Spread Above
Index(2)
|
|
Interest
Rate(3)
|
|
Maturity
Date
|
|
Principal
Amount
|
|
Amortized
Cost
|
|
Fair
Value
|
|
Fair Value
As A
Percentage
Of Net
Assets
|
|
Specialized
Finance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GMT Holdings 1, Ltd.
& GMT Holdings 12, Ltd.(4)(6)(7)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Lien Secured
Term Loan
|
|
|
N/A(5)
|
|
|
|
10.00%
|
|
|
|
6/30/17
|
|
|
|
$ 4,843
|
|
|
|
$ 4,907
|
|
|
|
$ 4,615
|
|
|
|
2.05
|
%
|
|
Trucking
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fox Rent A Car,
Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second Lien Secured
Term Loan
|
|
|
L+12.00%
|
|
|
|
12.00%
|
|
|
|
10/31/19
|
|
|
|
7,500
|
|
|
|
7,427
|
|
|
|
7,448
|
|
|
|
3.30
|
|
|
Total Debt
Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
386,542
|
|
|
|
380,942
|
|
|
|
382,290
|
|
|
|
169.64
|
|
|
Equity
Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diversified Support
Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Constellation Health,
LLC Warrants(6)
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
3/31/18
|
|
|
|
—
|
|
|
|
—
|
|
|
|
950
|
|
|
|
0.42
|
|
|
Food
Retail
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crews of California,
Inc. Warrants(6)
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
12/31/24
|
|
|
|
—
|
|
|
|
—
|
|
|
|
158
|
|
|
|
0.07
|
|
|
Nicholas &
Associates, LLC Warrants(6)
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
12/31/24
|
|
|
|
—
|
|
|
|
—
|
|
|
|
29
|
|
|
|
0.01
|
|
|
Pinnacle Management
Group, LLC Warrants(6)
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
12/31/24
|
|
|
|
—
|
|
|
|
—
|
|
|
|
57
|
|
|
|
0.03
|
|
|
RC3 Enterprises, LLC
Warrants(6)
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
12/31/24
|
|
|
|
—
|
|
|
|
—
|
|
|
|
16
|
|
|
|
0.01
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
260
|
|
|
|
0.12
|
|
|
Specialized
Finance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NMFC Senior Loan
Program I LLC Units(6)(7)
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
6/10/19
|
|
|
|
—
|
|
|
|
20,120
|
|
|
|
20,000
|
|
|
|
8.87
|
|
|
Total Equity
Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|
|
20,120
|
|
|
|
21,210
|
|
|
|
9.41
|
|
|
Total
Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
386,542
|
|
|
$
|
401,062
|
|
|
$
|
403,500
|
|
|
|
179.05
|
%
|
|
(1)
|
All investments are
non-controlled/non-affiliate investments as defined by the
Investment Company Act of 1940, as amended (the "1940 Act"). Except
as otherwise noted, the investments provide collateral for the
Company's revolving credit facility (the "Credit
Facility").
|
|
|
|
|
(2)
|
The investments bear
interest at a rate that may be determined by reference to the
London Interbank Offered Rate ("LIBOR" or "L") or the Prime Rate
("P"), which resets monthly, quarterly or semiannually.
|
|
|
|
|
(3)
|
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.
|
|
|
|
|
(4)
|
The Company's
investments in GMT Holdings 1, Ltd. and GMT Holdings 12, Ltd. are
held through its subsidiary Bayside Financing S.A.R.L.
|
|
|
|
|
(5)
|
Interest rate is
fixed and accordingly the spread above the index is not
applicable.
|
|
|
|
|
(6)
|
Investment does not
provide collateral for the Credit Facility.
|
|
|
|
|
(7)
|
Not a qualifying
asset under Section 55(a) of the 1940 Act. Under the 1940 Act, we
may not acquire any non-qualifying asset unless, at the time the
acquisition is made, qualifying assets represent at least 70% of
our total assets.
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/whitehorse-finance-inc-announces-fourth-quarter-and-full-year-2014-earnings-results-300044327.html
SOURCE WhiteHorse Finance, Inc.