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.
|As of Sept. 30, 2010||As of June 30, 2010|
|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|
|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|
"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 ActivityTHL 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.