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THL Credit Announces Third Quarter 2013 Financial Results

Stocks in this article: TCRD

BOSTON, Nov. 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 third quarter ended Sept. 30, 2013. Additionally, THL Credit announced that its Board of Directors has declared a fourth fiscal quarter 2013 dividend of $0.34 per share payable on Dec. 31, 2013, to stockholders of record as of Dec. 16, 2013.


 ($ in millions, except per share amounts)  
Portfolio results As of September 30 , 2013  
Total assets $598.2  
Investment portfolio, at fair value $571.7  
Net assets $453.8  
Net asset value per share $13.38  
Weighted average yield on investments 12.1%  
  Quarter ended  September 30 , 2013 Quarter ended September 30, 2012
Portfolio activity  
Total portfolio investments made, at par $100.2 $66.8
Number of new portfolio investments 5 5
Number of portfolio investments at end of period 49 33
Operating results    
Total investment income $19.1 $14.2
Net investment income $11.6 $8.5
Net increase in net assets from operations $7.8 $6.2
Net investment income per share $0.34 $0.41
Dividends declared per share $0.42 $0.32

"We are pleased with another quarter of portfolio growth with $100 million of capital deployed by the Company this quarter. THL Credit, including its Greenway funds, has now deployed over $1 billion across 60 companies since 2009," said James K. Hunt, chief executive officer of THL Credit. "We continue to seek out the most attractive investments with the appropriate risk-adjusted return profiles for our shareholders and have seen such opportunities in first or second lien investments in recent quarters. We remain poised for continued growth from an active pipeline driven by our national origination platform. This growth will be funded with the recently announced upsizing of our credit facilities by $85 million in commitments to $325 million and increased commitments to Greenway II. This capital, along with several senior additions to the investment team across our five offices, enhances our resources to take advantage of investment opportunities generated by our proprietary origination efforts."

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