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THL Credit Announces First Quarter 2014 Financial Results

Stocks in this article: TCRD

BOSTON, May 12, 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 first quarter ended March 31, 2014. Additionally, THL Credit announced that its Board of Directors has declared a second fiscal quarter 2014 dividend of $0.34 per share payable on June 30, 2014, to stockholders of record as of June 16, 2014.


 ($ in millions, except per share amounts)
Portfolio results As of March 31 , 2014  
Total assets $769.7  
Investment portfolio, at fair value $739.0  
Net assets $452.4  
Net asset value per share $13.34  
Weighted average yield on investments 11.0%  
  Quarter ended March 31, 2014 Quarter ended March 31, 2013
Portfolio activity  
Total portfolio investments made, at par $127.9 $58.0
Number of new portfolio investments 7 5
Number of portfolio investments at end of period 58 40
Operating results    
Total investment income $20.9 $14.4
Net investment income $10.7 $7.4
Net increase in net assets from operations $11.0 $8.6
Net investment income per share $0.32 $0.28
Dividends declared per share $0.34 $0.33

"We are pleased with the investment opportunities originated by our five offices, resulting in $128 million of new capital deployed across seven new and five follow-on investments during the quarter," said James K. Hunt, chief executive officer of THL Credit. "We continue to see the most attractive risk-adjusted returns in the current market at the higher end of the capital structure. Consistent with our sourcing strategy, 88 percent of THL Credit's investments this quarter were directly originated from relationships with private equity firms, financial advisors, banks and other lending partners. The recently announced expansion of our credit facility commitments, by $85 million, to $410 million at a lower cost and extended tenor will provide us with the liquidity to acquit our growth while enhancing the returns to our shareholders."

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