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THL Credit Announces Fourth Quarter 2012 Financial Results

Stocks in this article: TCRD

BOSTON, March 4, 2013 (GLOBE NEWSWIRE) -- THL Credit, Inc. (Nasdaq:TCRD) ("THL Credit" or the "Company"), a direct lender to middle market companies, today announced financial results for its fiscal fourth quarter ended Dec. 31, 2012. Additionally, THL Credit announced that its Board of Directors has declared a first fiscal quarter 2013 dividend of $0.33 per share payable on March 29, 2013, to stockholders of record as of March 15, 2013.


($ in millions, except per share amounts)
Portfolio results As of Dec. 31, 2012  
Total assets $406.3  
Investment portfolio, at fair value $394.3  
Net assets $347.5  
Net asset value per share $13.20  
Weighted average yield on investments 13.9%  
  Year ended  Dec. 31, 2012 Quarter ended Dec. 31, 2012
Portfolio activity
Total investments made, at par (1) $277.4 $105.1
Number of new portfolio companies (1) 19 6
Number of portfolio companies at end of period 34 34
Operating results    
Total investment income $53.1 $16.4
Net investment income $30.2 $9.0
Net increase in net assets from operations $27.6 $9.8
Net investment income per share $1.38 $0.34
Dividends declared $1.34 $0.38
(1)   Excludes $24.0 million of investments made in October 2012 in the broadly syndicated loans of five companies for short-term investment purposes that were sold in the fourth quarter.

"We are pleased with our fourth quarter investment activity," said James K. Hunt, chief executive officer of THL Credit. "While prepayment activity with associated premiums was higher than expected, our originations remained strong amid an increasingly competitive environment in the middle market. During 2012, we completed 19 new investment transactions and made seven follow-on investments totaling $277 million in debt and equity capital, excluding the broadly syndicated investments noted above. We have an active pipeline today that includes an increasing number of unsponsored opportunities. While we continue to maintain our cautious view on the economy, we are optimistic that a gradually improving economic backdrop will continue to lead to an increasingly active first half of 2013."

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