NEW YORK, May 6, 2015 /PRNewswire/ -- WhiteHorse
Finance, Inc. ("WhiteHorse Finance" or the "Company") (NASDAQ:
WHF) today announced its financial results for the quarter ended
March 31, 2015.
First Quarter 2015 Summary Highlights
- New investments of $19.7 million
during the first quarter
- First quarter net investment income of $0.356 per share
- First quarter distribution of $0.355 per share
- Weighted average effective yield increases to 11.4%
Jay Carvell, WhiteHorse Finance's
Chief Executive Officer commented, "We are pleased with our first
quarter results as it represents the third consecutive quarter of
total investment income and net investment income growth.
During the first quarter, we continued to invest selectively with
approximately $20 million of capital
deployed at a weighted average effective yield of 12.8%.
While we continued to originate loans within our target markets and
the appropriate parameters, repayment activity was in line with
expectations. We expect to continue benefitting from our
association with H.I.G. Capital in assessing deals that will
further optimize our portfolio."
Portfolio and Investment Activity
As of March 31, 2015, the fair
value of WhiteHorse Finance's investment portfolio was $391.3 million, compared with $403.5 million as of December 31, 2014. The portfolio at March 31, 2015 consisted of 35 positions across
29 companies with an average investment size of $11.2 million and a weighted average yield of
11.4%. 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 March 31,
2015, WhiteHorse Finance invested $19.7 million across three portfolio companies.
Gross proceeds from sales and repayments totaled $31.9 million for the quarter, which was in line
with the Company's expectations. The increase in the weighted
average effective yield was the result of investing in assets with
above average yields, while optimizing the portfolio through the
sales of lower yielding assets.
Results of Operations
For the three months ended March 31,
2015, net investment income was $5.3
million, compared with $4.0
million for the same period in the prior year, representing
an increase of 33%.
For the three months ended March 31,
2015, WhiteHorse Finance reported realized and unrealized
losses on investments of $0.6
million. This compares with realized and unrealized gains on
investments of $2.4 million for the
three months ended March 31,
2014.
WhiteHorse Finance reported a net increase in net assets of
$4.8 million for the three months
ended March 31, 2015, which compares
with $6.4 million for the three
months ended March 31, 2014.
WhiteHorse Finance's NAV was $224.8
million, or $15.00 per share,
as of March 31, 2015, as compared
with $225.4 million, or $15.04 per share, reported as of December 31, 2014.
Liquidity and Capital Resources
As of March 31, 2015, WhiteHorse
Finance had cash and cash equivalents of $17.6 million, as compared with $16.1 million as of December 31, 2014, inclusive of restricted cash.
As of March 31, 2015, the Company had
$49.5 million of undrawn capacity
under its revolving credit facility.
Distributions
On March 9, 2015, the Company
declared a distribution of $0.355 per
share for the quarter ended March 31,
2015, consistent for the tenth consecutive quarter since the
Company's IPO. The distribution was payable on April 2, 2015 to shareholders of record as of
March 20, 2015.
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
first quarter results at 10:00 am ET
on Wednesday, May 6, 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# 28287913. 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 May 13,
2015. The teleconference replay can be accessed by dialing
404-537-3406 (domestic and international) and entering ID#
28287913. 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)
|
|
|
|
March 31, 2015
|
|
|
December 31, 2014
|
|
|
|
(Unaudited)
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
Investments, at fair
value (amortized cost $389,329 and $401,062,
respectively)
|
|
$
|
391,289
|
|
|
$
|
403,500
|
|
|
Cash and cash
equivalents
|
|
|
11,887
|
|
|
|
11,647
|
|
|
Restricted cash and
cash equivalents
|
|
|
5,698
|
|
|
|
4,495
|
|
|
Interest
receivable
|
|
|
2,725
|
|
|
|
2,702
|
|
|
Receivable from
investments sold
|
|
|
4,750
|
|
|
|
-
|
|
|
Deferred financing
costs
|
|
|
4,391
|
|
|
|
4,004
|
|
|
Prepaid expenses and
other receivables
|
|
|
437
|
|
|
|
494
|
|
|
Total
assets
|
|
$
|
421,177
|
|
|
$
|
426,842
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
Credit
facility
|
|
$
|
100,500
|
|
|
$
|
105,500
|
|
|
Senior
notes
|
|
|
30,000
|
|
|
|
30,000
|
|
|
Unsecured term
loan
|
|
|
55,000
|
|
|
|
55,000
|
|
|
Distributions
payable
|
|
|
5,319
|
|
|
|
5,319
|
|
|
Management fees
payable
|
|
|
5,185
|
|
|
|
5,006
|
|
|
Accounts payable and
accrued expenses
|
|
|
361
|
|
|
|
659
|
|
|
Total
liabilities
|
|
|
196,365
|
|
|
|
201,484
|
|
|
|
|
|
|
|
|
|
|
|
Commitments and
contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
assets
|
|
|
|
|
|
|
|
|
|
Common stock,
14,982,857 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
|
|
|
|
228,731
|
|
|
Accumulated
overdistributed net investment income
|
|
|
(5,903)
|
|
|
|
(5,918)
|
|
|
Accumulated realized
gains on investments
|
|
|
645
|
|
|
|
728
|
|
|
Accumulated
unrealized appreciation on investments
|
|
|
1,324
|
|
|
|
1,802
|
|
|
Total net
assets
|
|
|
224,812
|
|
|
|
225,358
|
|
|
Total liabilities
and total net assets
|
|
$
|
421,177
|
|
|
$
|
426,842
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares
outstanding
|
|
|
14,982,857
|
|
|
|
14,982,857
|
|
|
Net asset value per
share
|
|
$
|
15.00
|
|
|
$
|
15.04
|
|
|
WhiteHorse
Finance, Inc.
Consolidated Statements of Operations
(Unaudited)
(in thousands, except share and per share
data)
|
|
|
|
|
|
Three months ended March 31,
|
|
|
|
2015
|
|
|
2014
|
|
|
Investment
income
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
$
|
10,511
|
|
|
$
|
7,857
|
|
|
Fee income
|
|
|
100
|
|
|
|
393
|
|
|
Dividend
income
|
|
|
660
|
|
|
|
-
|
|
|
Total investment
income
|
|
|
11,271
|
|
|
|
8,250
|
|
|
|
|
|
|
|
|
|
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
|
1,670
|
|
|
|
1,355
|
|
|
Base management
fees
|
|
|
2,120
|
|
|
|
1,787
|
|
|
Performance-based
incentive fees
|
|
|
1,333
|
|
|
|
151
|
|
|
Administrative
service fees
|
|
|
329
|
|
|
|
325
|
|
|
General and
administrative expenses
|
|
|
485
|
|
|
|
986
|
|
|
Total expenses,
before fees waived
|
|
|
5,937
|
|
|
|
4,604
|
|
|
Base management fees
waived
|
|
|
-
|
|
|
|
(344)
|
|
|
Total expenses, net
of fees waived
|
|
|
5,937
|
|
|
|
4,260
|
|
|
Net investment
income
|
|
|
5,334
|
|
|
|
3,990
|
|
|
|
|
|
|
|
|
|
|
|
Realized and
unrealized (losses) gains on investments
|
|
|
|
|
|
|
|
|
|
Net realized losses
on investments
|
|
|
(83)
|
|
|
|
-
|
|
|
Net change in
unrealized (depreciation) appreciation on investments
|
|
|
(478)
|
|
|
|
2,380
|
|
|
Net realized and
unrealized (losses) gains on investments
|
|
|
(561)
|
|
|
|
2,380
|
|
|
Net increase in
net assets resulting from operations
|
|
$
|
4,773
|
|
|
$
|
6,370
|
|
|
|
|
|
|
|
|
|
|
|
Per common share
data
|
|
|
|
|
|
|
|
|
|
Basic and diluted
earnings per common share
|
|
$
|
0.32
|
|
|
$
|
0.43
|
|
|
Distributions
declared per common share
|
|
$
|
0.36
|
|
|
$
|
0.36
|
|
|
Basic and diluted
weighted average common shares outstanding
|
|
|
14,982,857
|
|
|
|
14,982,728
|
|
|
WhiteHorse
Finance, Inc.
Consolidated Schedule of Investments (Unaudited)
March 31, 2015
(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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Broadcasting
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Multicultural Radio
Broadcasting, Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Lien Secured
Term Loan
|
|
L+10.50%
|
|
11.50%
|
|
6/27/19
|
|
$
|
14,850
|
|
|
$
|
14,850
|
|
|
$
|
14,880
|
|
|
|
6.62%
|
|
|
(1.00% Floor)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cable &
Satellite
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Puerto Rico Cable
Acquisition Company, Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second Lien Secured
Term Loan
|
|
L+8.50%
|
|
9.50%
|
|
5/30/19
|
|
|
7,000
|
|
|
|
6,935
|
|
|
|
7,028
|
|
|
|
3.13
|
|
|
(1.00% Floor)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer
Finance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Golden Pear Funding
III, LLC(7)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Lien Secured
Term Loan
|
|
L+9.75%
|
|
10.75%
|
|
12/29/19
|
|
|
10,000
|
|
|
|
9,810
|
|
|
|
9,840
|
|
|
|
4.38
|
|
|
(1.00% Floor)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oasis Legal Finance,
LLC(7)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second Lien Secured
Term Loan
|
|
N/A(5)
|
|
10.50%
|
|
9/30/18
|
|
|
9,500
|
|
|
|
9,351
|
|
|
|
9,500
|
|
|
|
4.23
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sigue
Corporation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second Lien Secured
Term Loan
|
|
L+9.50%
|
|
10.50%
|
|
12/27/18
|
|
|
25,000
|
|
|
|
24,602
|
|
|
|
24,775
|
|
|
|
11.02
|
|
|
(1.00% Floor)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
44,500
|
|
|
|
43,763
|
|
|
|
44,115
|
|
|
|
19.63
|
|
Data Processing &
Outsourced Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Future Payment
Technologies, L.P.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second Lien Secured
Term Loan
|
|
L+12.00%
|
|
13.00%
|
|
12/31/18
|
|
|
35,895
|
|
|
|
34,771
|
|
|
|
35,572
|
|
|
|
15.82
|
|
|
(1.00% Floor)
|
|
(2.00% PIK)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diversified Support
Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expert Global
Solutions, Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second Lien Secured
Term Loan
|
|
L+11.00%
|
|
12.50%
|
|
10/3/18
|
|
|
7,500
|
|
|
|
7,426
|
|
|
|
7,440
|
|
|
|
3.31
|
|
|
(1.50% Floor)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Orion Healthcorp,
Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Lien Secured
Term Loan
|
|
L+9.00%
|
|
11.00%
|
|
9/30/17
|
|
|
9,113
|
|
|
|
8,880
|
|
|
|
9,058
|
|
|
|
4.03
|
|
|
(2.00% Floor)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Smile Brands Group
Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Lien Secured
Term Loan
|
|
L+6.25%
|
|
7.50%
|
|
8/16/19
|
|
|
11,820
|
|
|
|
11,633
|
|
|
|
11,170
|
|
|
|
4.97
|
|
|
(1.25% Floor)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
28,433
|
|
|
|
27,939
|
|
|
|
27,668
|
|
|
|
12.31
|
|
WhiteHorse
Finance, Inc.
Consolidated Schedule of Investments (Unaudited) (Continued)
March 31, 2015
(in thousands)
|
|
|
Investment Type(1)
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|
Spread
Above
Index(2)
|
|
Interest
Rate(3)
|
|
Maturity
Date
|
|
Principal
Amount
|
|
|
Amortized
Cost
|
|
|
Fair
Value
|
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|
Fair Value
As A
Percentage
Of Net Assets
|
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|
Electronic
Equipment & Instruments
|
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AP Gaming I,
LLC
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|
First Lien Secured
Term Loan
|
|
L+8.25%
|
|
9.25%
|
|
12/20/20
|
|
$
|
9,875
|
|
|
$
|
9,613
|
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|
$
|
9,707
|
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|
4.32%
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|
(1.00% Floor)
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Food
Retail
|
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Crews of California,
Inc.
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|
First Lien Secured
Term Loan
|
|
L+11.00%
|
|
12.00%
|
|
11/20/19
|
|
|
15,055
|
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|
14,735
|
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14,949
|
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6.65
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(1.00% Floor)
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(1.00%
PIK)
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First Lien Secured
Revolving Loan
|
|
L+11.00%
|
|
12.00%
|
|
11/20/19
|
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|
-
|
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|
(104)
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-
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-
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(1.00% Floor)
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(1.00%
PIK)
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First Lien Secured
Delayed Draw Term Loan
|
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L+11.00%
|
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12.00%
|
|
11/20/19
|
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2,500
|
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2,396
|
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2,483
|
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1.10
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(1.00% Floor)
|
|
(1.00%
PIK)
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17,555
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17,027
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17,432
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7.75
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Health Care
Distributors
|
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Comprehensive
Decubitus Therapy, Inc.
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First Lien Secured
Term Loan
|
|
P+12.50%
|
|
15.75%
|
|
3/15/18
|
|
|
11,761
|
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11,593
|
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11,690
|
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5.20
|
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|
(3.25% Floor)
|
|
(3.00%
PIK)
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First Lien Secured
Revolving Loan
|
|
P+12.50%
|
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15.75%
|
|
3/15/18
|
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-
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(24)
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-
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-
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(3.25% Floor)
|
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(3.00%
PIK)
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|
P2 Newco Acquisition,
Inc. (6)
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Second Lien
Secured Term Loan
|
|
L+8.50%
|
|
9.50%
|
|
10/22/21
|
|
|
10,000
|
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|
|
9,912
|
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9,950
|
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|
4.43
|
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|
(1.00% Floor)
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21,761
|
|
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21,481
|
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21,640
|
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|
9.63
|
|
|
Health Care
Facilities
|
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Coastal Sober Living,
LLC
|
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|
First Lien Secured
Term Loan
|
|
L+9.25%
|
|
10.25%
|
|
6/30/19
|
|
|
42,680
|
|
|
|
41,977
|
|
|
|
42,510
|
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18.91
|
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|
(1.00% Floor)
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|
Grupo HIMA San Pablo,
Inc.
|
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First Lien Secured
Term Loan
|
|
L+7.00%
|
|
8.50%
|
|
1/31/18
|
|
|
14,700
|
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|
|
14,510
|
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|
14,700
|
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|
6.54
|
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|
(1.50% Floor)
|
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|
Second Lien
Secured Term Loan
|
|
N/A(5)
|
|
13.75%
|
|
7/31/18
|
|
|
1,000
|
|
|
|
964
|
|
|
|
1,000
|
|
|
|
0.44
|
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|
58,380
|
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|
|
57,451
|
|
|
|
58,210
|
|
|
|
25.89
|
|
|
Health Care
Technology
|
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Client Network
Services, Inc.
|
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First Lien Secured
Term Loan
|
|
L+13.00%
|
|
13.50%
|
|
4/24/19
|
|
|
21,756
|
|
|
|
21,430
|
|
|
|
21,756
|
|
|
|
9.68
|
|
|
|
(0.50% Floor)
|
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|
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|
|
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|
|
|
|
|
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|
|
First Lien Secured
Revolving Loan
|
|
P+12.00%
|
|
15.25%
|
|
4/24/19
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(3.25% Floor)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21,756
|
|
|
|
21,430
|
|
|
|
21,756
|
|
|
|
9.68
|
|
|
Homebuilding
|
|
|
|
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|
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|
Orleans Homebuilders,
Inc.
|
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|
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|
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|
|
First Lien Secured
Term Loan
|
|
L+8.50%
|
|
10.50%
|
|
2/14/16
|
|
|
16,133
|
|
|
|
16,165
|
|
|
|
16,133
|
|
|
|
7.18
|
|
|
|
(2.00% Floor)
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
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|
|
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|
|
Integrated
Telecommunication Services
|
|
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|
|
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|
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|
Securus Technologies
Holdings, Inc.
|
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|
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|
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|
|
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|
|
|
|
|
|
|
|
|
Second Lien Secured
Term Loan
|
|
L+7.75%
|
|
9.00%
|
|
4/30/21
|
|
|
12,090
|
|
|
|
12,025
|
|
|
|
11,969
|
|
|
|
5.32
|
|
|
|
(1.25% Floor)
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
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|
|
|
|
|
|
WhiteHorse
Finance, Inc.
Consolidated Schedule of Investments (Unaudited) (Continued)
March 31, 2015
(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
|
|
|
Metal & Glass
Containers
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pelican Products,
Inc. (6)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second Lien Secured
Term Loan
|
|
L+8.25%
|
|
9.25%
|
|
4/11/21
|
|
$
|
3,000
|
|
|
$
|
2,980
|
|
|
$
|
3,009
|
|
|
|
1.34%
|
|
|
|
(1.00% Floor)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil & Gas
Drilling
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ProPetro Services,
Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Lien Secured
Term Loan
|
|
L+6.25%
|
|
7.25%
|
|
9/30/19
|
|
|
9,250
|
|
|
|
9,172
|
|
|
|
8,760
|
|
|
|
3.90
|
|
|
|
(1.00% Floor)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
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|
|
|
Oil & Gas
Exploration & Production
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Caelus Energy Alaska
O3, LLC
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second Lien Secured
Term Loan
|
|
L+7.50%
|
|
8.75%
|
|
4/15/20
|
|
|
13,000
|
|
|
|
12,837
|
|
|
|
11,869
|
|
|
|
5.28
|
|
|
|
(1.25% Floor)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Larchmont Resources,
LLC
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Lien Secured
Term Loan
|
|
L+7.25%
|
|
8.25%
|
|
8/7/19
|
|
|
1,985
|
|
|
|
2,023
|
|
|
|
1,866
|
|
|
|
0.83
|
|
|
|
(1.00% Floor)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14,985
|
|
|
|
14,860
|
|
|
|
13,735
|
|
|
|
6.11
|
|
|
Oil & Gas Storage
& Transportation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sprint Industrial
Holdings LLC (6)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Lien Secured
Term Loan
|
|
L+5.75%
|
|
7.00%
|
|
5/14/19
|
|
|
1,985
|
|
|
|
1,996
|
|
|
|
1,897
|
|
|
|
0.84
|
|
|
|
(1.25% Floor)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Diversified
Financial Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RCS Capital
Corporation(7)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second Lien Secured
Term Loan
|
|
L+9.50%
|
|
10.50%
|
|
4/29/21
|
|
|
17,750
|
|
|
|
17,829
|
|
|
|
17,519
|
|
|
|
7.79
|
|
|
|
(1.00% Floor)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Pay-O-Matic
Corp
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Lien Secured
Term Loan
|
|
L+11.00%
|
|
12.00%
|
|
3/31/18
|
|
|
10,000
|
|
|
|
9,800
|
|
|
|
9,800
|
|
|
|
4.36
|
|
|
|
(1.00% Floor)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
27,750
|
|
|
|
27,629
|
|
|
|
27,319
|
|
|
|
12.15
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Specialized Consumer
Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-Paid Legal
Services, Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second Lien Secured
Term Loan
|
|
L+8.50%
|
|
9.75%
|
|
7/1/20
|
|
|
18,000
|
|
|
|
17,809
|
|
|
|
18,054
|
|
|
|
8.03
|
|
|
|
(1.25% Floor)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
3,835
|
|
|
|
3,884
|
|
|
|
3,835
|
|
|
|
1.71
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trucking
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fox Rent A Car,
Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second Lien Secured
Term Loan
|
|
L+12.00%
|
|
12.18%
|
|
10/31/19
|
|
|
7,500
|
|
|
|
7,429
|
|
|
|
7,470
|
|
|
|
3.32
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Debt
Investments
|
|
|
|
|
|
|
|
|
374,533
|
|
|
|
369,209
|
|
|
|
370,189
|
|
|
|
164.69
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity
Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diversified Support
Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Constellation Health,
LLC Warrants (6)
|
|
N/A
|
|
N/A
|
|
3/31/18
|
|
|
-
|
|
|
|
-
|
|
|
|
890
|
|
|
|
0.40
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Food
Retail
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crews of California,
Inc. Warrants (6)
|
|
N/A
|
|
N/A
|
|
12/31/24
|
|
|
-
|
|
|
|
-
|
|
|
|
127
|
|
|
|
0.06
|
|
|
Nicholas &
Associates, LLC Warrants (6)
|
|
N/A
|
|
N/A
|
|
12/31/24
|
|
|
-
|
|
|
|
-
|
|
|
|
24
|
|
|
|
0.01
|
|
|
Pinnacle Management
Group, LLC Warrants (6)
|
|
N/A
|
|
N/A
|
|
12/31/24
|
|
|
-
|
|
|
|
-
|
|
|
|
46
|
|
|
|
0.02
|
|
|
RC3 Enterprises, LLC
Warrants (6)
|
|
N/A
|
|
N/A
|
|
12/31/24
|
|
|
-
|
|
|
|
-
|
|
|
|
13
|
|
|
|
0.01
|
|
|
|
|
|
|
|
|
|
|
-
|
|
|
|
-
|
|
|
|
210
|
|
|
|
0.10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Specialized
Finance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NMFC Senior Loan
Program I LLC Units (6)(7)
|
|
N/A
|
|
N/A
|
|
6/10/19
|
|
|
-
|
|
|
|
20,120
|
|
|
|
20,000
|
|
|
|
8.90
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Equity
Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
20,120
|
|
|
|
21,100
|
|
|
|
9.40
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Investments
|
|
|
|
|
|
|
|
$
|
374,533
|
|
|
$
|
389,329
|
|
|
$
|
391,289
|
|
|
|
174.07%
|
|
|
|
|
|
(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)
|
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.
|
|
|
|
|
(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, the
Company may not acquire any non-qualifying asset unless, at the
time the acquisition is made, qualifying assets represent at least
70% of total assets.
|
Logo -
http://photos.prnewswire.com/prnh/20150505/213950LOGO
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/whitehorse-finance-inc-announces-first-quarter-2015-earnings-results-300078262.html
SOURCE WhiteHorse Finance, Inc.