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THL Credit Closes Five New Investments; Discloses Recent Realizations

"Through the company's 57-year history, Harrison has established itself as a highly regarded, diversified miner and processor of gypsum in the United States.  With its plentiful reserves of high-quality gypsum, differentiated mining processes, and cost effective distribution systems, the company distinguishes itself in terms of quality and service," said Sam Tillinghast, Co-President of THL Credit.  "We are pleased to be a capital partner to CEO Russ Harrison, his management team and H.I.G."


THL Credit participated in the refinancing of WIS, a portfolio company of American Capital Strategies Ltd., investing in a second lien term loan. WIS, headquartered in San Diego, CA, is a leading global provider of outsourced inventory management services.


THL Credit provided second lien debt financing for the acquisition of Jimmy Sanders, Inc. ("Jimmy Sanders") by Pinnacle. Jimmy Sanders, established in 1953, is a leading distributor of crop inputs (seed, fertilizer, and crop protection chemicals) and precision agricultural services to growers in the Mid-South. The company currently services growers across Mississippi, Arkansas, Louisiana, Tennessee, Alabama, Georgia, Kentucky, and Texas. The company is headquartered in Cleveland, MS.


THL Credit recently invested in the income notes of a recently issued Octagon CLO. The CLO is a $600 million cash flow arbitrage CLO, collateralized by a portfolio of senior secured loans, high-yield bonds and junior lien securities. Octagon is managed by Octagon Credit Investors, LLC.


In October 2012, THL Credit received prepayments on its investments in Texas Honing and JDC, as described in its most recent Form 10-Q filed in November 2012. THL Credit also recently received full prepayments on its investments in Pomeroy, T&D and Purple, and a partial prepayment on its investment in Yellow Pages. Each of Pomeroy and T&D prepaid its loans at par plus a prepayment premium. Purple and Yellow Pages prepaid their loans at par.

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