At Dec. 31, 2012, THL Credit had $50.0 million in outstanding borrowings on its term loan with a weighted average interest rate of 4.21 percent. THL Credit borrowed $139.9 million under its revolving credit facility for the year ended Dec. 31, 2012 and repaid the entire amount during the year with proceeds from investments sales and prepayments, its term loan facility issuance in May 2012 and with proceeds from its public offering in September 2012.
For the year ended Dec. 31, 2012, THL Credit's operating activities used cash of $95.4 million primarily in connection with the purchase of investments, and its financing activities provided cash of $130.9 million from the net proceeds received from the public equity offering as well as net borrowings and used cash of $36.2 million for the payment of dividends to stockholders, financing costs related to the credit facility and offering costs related to the public equity offering.
For the year ended Dec. 31, 2011, THL Credit's operating activities used cash of $87.2 million primarily in connection with the purchase of investments, and its financing activities provided cash of $5.0 million and used cash of $22.0 million for the payment of dividends to stockholders and financing costs related to the credit facility.
RECENT DEVELOPMENTSAs previously announced in January 2013, THL Credit withdrew its application for a license from the Small Business Administration to operate a subsidiary as a small business investment company ("SBIC"). THL Credit may consider pursuing a new application for a license from the SBA in the future. The Company has transferred the three investments held in the SBIC subsidiary to THL Credit, Inc. In February 2013, THL Credit made a nominal investment in THL Credit Greenway Fund II LLC ("Greenway II"), following a closing of the fund. CONFERENCE CALL THL Credit will host a conference call to discuss these results and its business outlook on March 5, 2013, at 8:30 a.m. Eastern Standard Time. The conference call will be led by James K. Hunt, chief executive officer, and Terrence W. Olson, chief operating officer and chief financial officer, and Sam W. Tillinghast, co-president and chief risk officer.