This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

THL Credit Announces Fourth Quarter 2012 Financial Results

As of Dec. 31, 2012, THL Credit's investment portfolio at fair value was allocated 26 percent in first lien debt, including unitranche investments, 18 percent in second lien debt, 47 percent in subordinated debt, 7 percent in income-producing securities and 2 percent in equity.

This compares to its portfolio as of Dec. 31, 2011, which had a fair value of $267.0 million allocated 34 percent in first lien debt, 22 percent in second lien debt, 38 percent in subordinated debt, 5 percent in income-producing securities and 1 percent in equity. The weighted average yield of the debt and income-producing securities in the investment portfolio at their cost basis as of Dec. 31, 2011, was 14.0 percent. The weighted average yield on the debt investments alone at their cost basis as of Dec. 31, 2011, was 13.8 percent.

RESULTS OF OPERATIONS

Investment income

Total investment income for the three months ended Dec. 31, 2012 and 2011 was $16.4 million and $10.9 million, respectively, and consisted of $14.3 million and $10.3 million of interest income on debt securities (which included $1.1 million and $0.8 million, respectively, of PIK interest and $1.0 million and $0.5 million, respectively, of prepayment premiums), $0.9 million and $0.6 million of interest income on income-producing securities, $0.4 million and $0.0 million of dividend income, and $0.8 million and $0.6 million of other income (which includes $0.8 million and $0.6 million, respectively, of fees related to THL Credit's portfolio company, THL Credit Greenway Fund LLC ("Greenway")).

Total investment income for the years ended Dec. 31, 2012 and 2011 was $53.1 million and $37.4 million, respectively, and consisted of $47.0 million and $32.8 million of interest income on debt securities (which included $4.1 million and $2.6 million, respectively, of PIK interest and $2.6 million and $1.1 million, respectively, of prepayment premiums), $2.8 million and $2.1 million of interest income on income-producing securities, $0.4 million and $0.3 million of dividend income, and $2.9 million and $2.2 million of other income (which includes $2.6 million and $1.8 million, respectively, of fees related to Greenway).

3 of 9

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,037.97 -42.17 -0.23%
S&P 500 2,108.92 -8.77 -0.41%
NASDAQ 5,060.2460 -31.8390 -0.63%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs