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THL Credit Announces Fourth Quarter 2013 Financial Results

Stocks in this article: TCRD

BOSTON, March 5, 2014 (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, 2013. Additionally, THL Credit announced that its Board of Directors has declared a first fiscal quarter 2014 dividend of $0.34 per share payable on March 31, 2014, to stockholders of record as of March 17, 2014.

($ in millions, except per share amounts)  
Portfolio results As of Dec. 31 , 2013  
Total assets $672.9  
Investment portfolio, at fair value $648.9  
Net assets $452.9  
Net asset value per share $13.36  
Weighted average yield on investments 11.7%  
  Year ended  Dec. 31 , 2013 Quarter ended Dec. 31, 2013
Portfolio activity  
Total portfolio investments made, at par $411.8 $111.2
Number of new portfolio investments 24 6
Number of portfolio investments at end of period 54 54
Operating results    
Total investment income $74.7 $18.5
Net investment income $41.4 $9.1
Net increase in net assets from operations $42.7 $10.7
Net investment income per share $1.37 $0.27
Net realized gains per share $0.09 $0.01
Dividends declared per share $1.43 $0.34

"We had strong net portfolio growth of $76 million from $109 million of new investments during the quarter. We believe we are well positioned for continued growth with the expansion of our credit facility by $85 million in October, providing us with the liquidity to acquit an active pipeline," said James K. Hunt, chief executive officer of THL Credit.  "We continued to see the most attractive returns during the fourth quarter of 2013, from a risk-adjusted perspective, in first and second lien positions. We are pleased with our origination pace as we begin 2014. To date in the first quarter, we realized $2.8 million in proceeds from our equity positions in YP Equity Investor, LLC, or YP and Surgery Center Holdings, Inc., or Surgery Center."

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