This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

THL Credit Announces Third Quarter 2010 Financial Results And Quarterly Dividend Of $0.10 Per Share

BOSTON, Nov. 9, 2010 (GLOBE NEWSWIRE) -- THL Credit, Inc. (Nasdaq:TCRD) ("THL Credit"), a middle market capital specialist, today announced financial results for its fiscal third quarter ended Sept. 30, 2010. Additionally, THL Credit announced that its Board of Directors has declared a quarterly dividend of $0.10 per share, payable on Dec. 28, 2010, to stockholders of record as of Nov. 30, 2010.

Highlights      
    As of Sept. 30, 2010 As of June 30, 2010
Portfolio results      
Total assets   $267.0 million $259.7 million
Investment portfolio, at fair value   $105.7 million $84.8 million
Net assets   $259.9 million $257.4 million
Net asset value per share   $13.10 $13.01
Post-IPO portfolio activity      
Net investments made during the quarter, at par   $19.8 million $22.5 million
Operating results      
Total investment income   $4.08 million $2.44 million
Net investment income   $1.86 million $0.73 million
Net increase in net assets from operations   $2.92 million $0.84 million
Net investment income per share   $0.09 $0.04
       
    As of Nov. 4, 2010 As of Aug. 5, 2010
Dividends declared   $0.10 $0.05

"We are pleased with the quantity and quality of prospective transactions in the middle market and have seen a noticeable uptick in actionable investment opportunities since August," said James K. Hunt, chief executive officer of THL Credit. "In addition to the two new investments in the third quarter, we have closed on three additional transactions totaling $36 million in the fourth quarter and have two others currently under accepted term sheets. While the nature of junior capital investing lends itself to some lumpiness in deployment, we remain unwavering in our underwriting discipline and will not sacrifice quality for expediency of closing. Ultimately, our shareholders will be rewarded by the quality of our investments."  

Portfolio and Investment Activity

THL Credit closed on approximately $20 million of investments in two companies during the third quarter. It invested $13.75 million in the subordinated term loan of Country Pure Foods, LLC, a leading independent producer and distributor of premium quality juices in the United States, based in Akron, OH. In addition, it made an investment of $6.0 million in the senior subordinated notes of Mount Laurel, NJ-based MedQuist Inc., a leading provider of integrated clinical documentation solutions for the United States healthcare industry. These investments bring the total invested cost of the portfolio to $105 million across nine portfolio companies at the end of the quarter.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,678.23 -40.31 -0.23%
S&P 500 2,056.15 -4.90 -0.24%
NASDAQ 4,863.3620 -13.1570 -0.27%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs