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BOSTON, Jan. 20, 2011 (GLOBE NEWSWIRE) -- THL Credit, Inc. (Nasdaq:TCRD) ("THL Credit") today announced the formation of THL Credit Greenway Fund LLC ("Greenway") as a portfolio company of THL Credit. Greenway is an investment fund with $150,000,000 of capital committed by an institutional investor, and will be managed by THL Credit.
Greenway will immediately commence investment activities and will invest in transactions in which THL Credit also invests. THL Credit will receive a management fee on capital called by Greenway and a performance fee subject to a return hurdle. THL Credit also will receive a portion of the closing fees on each investment transaction.
Jim Hunt, CEO of THL Credit, said, "THL Credit is proud to have a world class U.S. institutional investor make this significant commitment to Greenway in support of the THL Credit investment platform. Greenway will expand THL Credit's ability to lead and control larger investments, and is expected to allow THL Credit effectively and prudently to manage its investment concentrations."
Chris Flynn, Managing Director of THL Credit, said, "Investing with Greenway enhances THL Credit's ability to compete in the market, and is expected to drive attractive deployment of our capital across a broader range of investment opportunities."
Stephanie Sullivan, General Counsel of THL Credit, added, "In light of THL Credit's direct management of Greenway, we expect it will be accretive to our shareholders and generate additional value creation opportunities over the long term."
About THL Credit
THL Credit is an externally-managed, non-diversified closed-end management investment company that has elected to be treated as a business development company (BDC) under the Investment Company Act of 1940. THL Credit's investment objective is to generate both current income and capital appreciation, primarily through investments in privately negotiated debt and equity securities of middle market companies.
THL Credit is headquartered in Boston, with additional investment teams in Los Angeles and Houston. THL Credit invests primarily in private subordinated debt, or mezzanine debt, in middle market companies with annual revenues of between $25 million and $500 million that require capital for growth and acquisitions. Such investments in many cases include an associated equity component such as warrants, preferred stock or other similar securities. THL Credit's investment activities are managed by THL Credit Advisors LLC, an investment advisor registered under the Investment Advisers Act of 1940.