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THL Credit Announces Second Quarter 2013 Financial Results

BOSTON, Aug. 6, 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 second quarter ended June 30, 2013. Additionally, THL Credit announced that its Board of Directors has declared a third fiscal quarter 2013 dividend of $0.34 per share and a special dividend of $0.08 per share both payable on September 30, 2013, to stockholders of record as of September 16, 2013.
($ in millions, except per share amounts)  
Portfolio results As of June 30 , 2013  
Total assets $555.0  
Investment portfolio, at fair value $507.1  
Net assets $460.3  
Net asset value per share $13.58  
Weighted average yield on investments 12.8%  
  Quarter ended June 30 , 2013 Quarter ended June 30, 2012
Portfolio activity  
Total investments made, at par $142.3 $66.8
Number of new portfolio companies 6 6
Number of portfolio companies at end of period 46 30
Operating results    
Total investment income $22.7 $11.8
Net investment income $13.3 $6.5
Net increase in net assets from operations $15.6 $6.0
Net investment income per share $0.49 $0.32
Dividends declared per share $0.34 $0.30

"We are very pleased with our second quarter results, which included $76 million of net portfolio growth, higher than anticipated incremental earnings in connection with the realization of equity positions in Surgery and Yellow Pages and a successful equity offering completed in June," said James K. Hunt, chief executive officer of THL Credit. "We made $142 million of investments and received $73 million in proceeds from investment repayments, sales and recapitalizations, including $7 million of proceeds from Yellow Pages and Surgery that have been reflected as dividends and realized gains this quarter. Our continued growth is supported by access to the full $170 million of borrowing capacity of our revolving credit facility providing us ample liquidity. To further expand our active pipeline of investment opportunities, I am pleased to announce the addition of Monty Cook as a managing director in our New York office and the addition of Dan Letizia as director and Chris Babick as vice-president in our Chicago office. With a presence in five major financial regions in the country, we are well positioned for future growth."

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