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THL Credit Announces Fourth Quarter 2010 Financial Results And Declares First Quarter Dividend Of $0.23 Per Share

Stocks in this article: TCRD

BOSTON, March 14, 2011 (GLOBE NEWSWIRE) -- THL Credit, Inc. (Nasdaq:TCRD) ("THL Credit"), a middle market capital specialist, today announced financial results for its fiscal fourth quarter ended Dec. 31, 2010. Additionally, THL Credit announced that its Board of Directors has declared its first fiscal quarter 2011 dividend of $0.23 per share, payable on March 31, 2011, to stockholders of record as of March 25, 2011.


Fiscal year ended Dec. 31, 2010 ($ in millions, except per share amounts)    
Portfolio results    
Total assets $264.4 million    
Investment portfolio, at fair value $153.5 million    
Net assets $260.0 million    
Net asset value per share $13.06    
Weighted average yield on debt investments 15.8%    
  Year ended Dec. 31, 2010 Quarter ended Dec. 31, 2010 Quarter ended Sept. 30, 2010
Post-IPO portfolio activity    
Net investments made, at par $91.6 million $49.3 million $19.8 million
Number of new portfolio companies 8 4 2
Number of portfolio companies at end of period 13 13 9
Operating results      
Total investment income $12.33 million $5.80 million $4.08 million
Net investment income $6.03 million $3.46 million $1.86 million
Net increase in net assets from operations $7.79 million $4.06 million $2.92 million
Net investment income per share $0.31 $0.17 $0.09
Dividends per share attributable to period $0.30 $0.15 $0.10

"Prudent and patient deployment of capital remains a hallmark of THL Credit's investment strategy. Our 2011 year-to-date pipeline is ahead of last year's and February's new opportunities to consider significantly increased from January," said James K. Hunt, chief executive officer of THL Credit. "The recent closing of $150 million in capital commitments for THL Credit Greenway LLC ('Greenway') expands our ability to participate in a broader spectrum of investment opportunities, including larger-sized investments. Greenway is currently an investor in our three recent investments, and should continue to enhance deployment of THL Credit's capital and our ability to compete in the market, while being accretive to our shareholders."

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