NEW YORK, May 10, 2021 /PRNewswire/ -- WhiteHorse Finance, Inc. ("WhiteHorse Finance" or the "Company") (Nasdaq: WHF) today announced its financial results for the quarter ended March 31, 2021. Additionally, the Company announced that its board of directors has declared a distribution of $0.355 per share with respect to the quarter ending June 30, 2021. The distribution will be payable on July 2, 2021 to stockholders of record as of June 18, 2021.
First Quarter 2021 Summary Highlights
- Net Asset Value of $314.3 million, or $15.27 per share
- Investment portfolio(1) totaling $617.0 million
- STRS JV investment portfolio totaling $185.7 million
- Gross investment deployments(2) of $57.7 million for the first quarter, including new originations of $45.9 million and $11.8 million of fundings for add-ons to existing investments
- Net investment income of $7.6 million, or $0.370 per share
- Core net investment income of $7.7 million, or $0.375 per share(3)
- First quarter distribution of $0.355 per share
(1) Includes investments in WHF STRS Ohio Senior Loan Fund LLC ("STRS JV"), an unconsolidated joint venture, totaling $55.4 million, at fair value. |
(2) Excludes investments made in STRS JV. |
(3) "Core net investment income" is a non-GAAP financial measure. The Company believes that core net investment income provides useful information to investors and management because it reflects the Company's financial performance excluding (i) the net impact of costs associated with the refinancing of the Company's indebtedness, (ii) the accrual of the capital gains incentive fee attributable to net realized and unrealized gains and losses, and (iii) excise and other income taxes related to such net realized gains and losses (net of incentive fees). The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP. Additional information on core net investment income and a reconciliation of core net investment income to its most directly comparable GAAP financial measure, net investment income, are set forth in Schedule 1 hereto. |
Stuart Aronson, WhiteHorse Finance's Chief Executive Officer, commented, "We had a very active quarter in what is usually a seasonally slow period for transaction activities, successfully originating 5 first lien loans while having 10 complete realizations. This increased our allocation to first-lien senior secured loans to comprise 97 percent of our debt portfolio. Our leverage ratio decreased from the prior quarter-end due to the large realization volume, yet still within the preferrable range of above 1.0x. With the robust pipeline ahead in Q2, we hope to reach our target leverage again in a short amount of time with a strong portfolio under the current improving economic backdrop. We will remain prudent and stay true to our longstanding principles, which we believe drive our goal of enhancing shareholder value."
Portfolio and Investment Activity
As of March 31, 2021, the fair value of WhiteHorse Finance's investment portfolio was $617.0 million, compared with $690.7 million as of December 31, 2020. The portfolio at March 31, 2021 consisted of 90 positions across 62 companies with a weighted average effective yield of 9.6% on income-producing debt investments. The average debt investment size (excluding investments in STRS JV) was $7.1 million with the overall portfolio comprised of approximately 84.7% first lien secured loans, 2.4% second lien secured loans, 3.9% equity and 9.0% in investments in STRS JV. Almost all loans were substantially variable-rate investments (primarily indexed to the London Interbank Offered Rate) with fixed rate securities representing only 0.4% of loans at fair value. Nearly all performing floating rate investments have interest rate floors.
During the three months ended March 31, 2021, WhiteHorse Finance made investments in five new portfolio companies totaling $45.9 million and added a total of $11.8 million to seven existing portfolio companies. Proceeds from sales and repayments totaled approximately $110.2 million for the quarter ended March 31, 2021, driven by ten full realizations including AG Kings Holdings Inc., Atlas Intermediate Holdings LLC, Oasis Legal Finance and Ribbon Communications Operating Company, Inc.
In addition to the transactions above, during the three months ended March 31, 2021, WhiteHorse Finance transferred assets comprised of four new portfolio companies totaling $28.9 million to STRS JV in exchange for a net investment in STRS JV of $4.3 million as well as cash proceeds of $24.6 million.
WHF STRS Ohio Senior Loan Fund LLC
As of March 31, 2021, STRS JV's portfolio totaled $185.7 million, consisted of 22 portfolio companies and had a weighted average effective yield of 8.1% on its portfolio.
Results of Operations
For the three months ended March 31, 2021, the Company's net investment income was approximately $7.6 million, compared with approximately $6.1 million for the same periods in the prior year, representing an increase of approximately 24.6%. The increase in net investment income for the year-over-year period was primarily attributable to higher accelerated accretion income recognized due to higher repayment activity and higher investment income generated from the Company's investment in STRS JV, partially offset by higher incentive fees accrued for the quarter ended March 31, 2021. At March 31, 2021, the Company's investment in STRS JV was generating an annualized, gross investment yield of approximately 14.8%.
For the three months ended March 31, 2021, core net investment income (as defined above) was $7.7 million, compared with $5.5 million for the same period in the prior year, representing an increase of approximately 40.0%.
For the three months ended March 31, 2021, WhiteHorse Finance reported net realized and unrealized gains on investments and foreign currency transactions of $0.6 million. This compares with a net realized and unrealized loss on investments and foreign currency transactions of $27.1 million for the three months ended March 31, 2020. The increase for the year-over-year period was primarily attributable to unrealized gains generated on markups in the portfolio as a result of overall market stability and price recovery from the COVID-19 pandemic, in addition to realized gains generated from sales in AG Kings Holdings Inc. and Vero Parent, Inc.
WhiteHorse Finance reported a net increase in net assets resulting from operations of approximately $8.2 million for the three months ended March 31, 2021, which compares with a net decrease of $21.0 million for the three months ended March 31, 2020.
WhiteHorse Finance's net asset value was $314.3 million, or $15.27 per share, as of March 31, 2021, as compared with $312.9 million, or $15.23 per share, as of December 31, 2020.
Liquidity and Capital Resources
As of March 31, 2021, WhiteHorse Finance had cash and cash equivalents of $24.5 million, as compared with $15.9 million as of December 31, 2020, inclusive of restricted cash. As of March 31, 2021, the Company also had $70.4 million of undrawn capacity under its revolving credit facility.
Distributions
The Company's board of directors has declared a distribution of $0.355 per share with respect to the quarter ending June 30, 2021. The distribution will be payable on July 2, 2021 to stockholders of record as of June 18, 2021.
On March 2, 2021, the Company declared a distribution of $0.355 per share for the quarter ended March 31, 2021, consistent with distributions declared for the thirty-fourth consecutive quarter since the Company's initial public offering. The distribution was paid on April 5, 2021 to stockholders of record as of March 26, 2021.
Distributions are paid from taxable earnings and may include return of capital and/or capital gains. The specific tax characteristics of the distributions will be reported to stockholders on Form 1099-DIV after the end of the calendar year and in the Company's periodic reports filed with the Securities and Exchange Commission.
Conference Call
WhiteHorse Finance will host a conference call to discuss its first quarter results at 1:00 p.m. ET on Monday, May 10, 2021. To access the teleconference, please dial 706-758-9224 (domestic and international) approximately 10 minutes before the teleconference's scheduled start time and reference ID #4287043. Investors may also access the call on the investor relations portion of the Company's website at www.whitehorsefinance.com.
If you are unable to access the live teleconference, a replay will be available beginning approximately two hours after the call's completion through May 24, 2021. The teleconference replay can be accessed by dialing 404-537-3406 (domestic and international) and entering ID #4287043. A webcast replay will also be available on the investor relations portion of the Company's website at www.whitehorsefinance.com.
About WhiteHorse Finance, Inc.
WhiteHorse Finance is a business development company that originates and invests in loans to privately held, lower middle market companies across a broad range of industries. The Company's investment activities are managed by H.I.G. WhiteHorse Advisers, LLC, an affiliate of H.I.G. Capital, LLC, ("H.I.G. Capital"). H.I.G. Capital is a leading global alternative asset manager with $44 billion of capital under management(4) across a number of funds focused on the small and mid-cap markets. For more information about H.I.G. Capital, please visit http://www.higcapital.com. For more information about the Company, please visit http://www.whitehorsefinance.com.
Forward-Looking Statements
This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in filings with the Securities and Exchange Commission. The Company undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.
(4) Based on total capital commitments managed by H.I.G. Capital and affiliates. |
SCHEDULE 1
As a supplement to GAAP financial measures, the Company has provided information relating to core net investment income, which is a non-GAAP measure. This measure is provided in addition to, but not as a substitute for, net investment income determined in accordance with GAAP. The Company's non-GAAP measures may differ from similar measures by other companies, even if similar terms are used to identify such measures. Core net investment income represents net investment income adjusted to exclude the net impact of costs associated with the refinancing of the Company's indebtedness, the accrual of the capital gains incentive fee attributable to net realized and unrealized gains and losses, and excise or other income taxes related to such net realized gains and losses (net of incentive fees). There were no excise or other income taxes related to net realized gains and losses nor did the Company incur any costs with refinancing any of its indebtedness for the quarters ended March 31, 2021 and March 31, 2020.
The following table provides a reconciliation of net investment income to core net investment income for the three months ended March 31, 2021 and March 31, 2020 (in thousands, except per share data):
March 31, 2021 | March 31, 2020 | |||||||||||||||
Amount | Per Share Amounts | Amount | Per Share Amounts | |||||||||||||
Net investment income | $ | 7,600 | $ | 0.370 | $ | 6,102 | $ | 0.297 | ||||||||
Net impact of costs associated with refinancing of indebtedness | - | - | - | - | ||||||||||||
Accrual for capital gains incentive fee | 114 | 0.005 | (626) | (0.030) | ||||||||||||
Net impact of excise tax expense related to net realized gains and losses | - | - | - | - | ||||||||||||
Core net investment income | $ | 7,714 | $ | 0.375 | $ | 5,476 | $ | 0.267 | ||||||||
WhiteHorse Finance, Inc. Consolidated Statements of Assets and Liabilities (in thousands, except share and per share data) | ||||||||
March 31, 2021 | December 31, 2020 | |||||||
(Unaudited) | ||||||||
Assets | ||||||||
Investments, at fair value | ||||||||
Non-controlled/non-affiliate company investments | $ | 546,264 | $ | 623,777 | ||||
Non-controlled affiliate company investments | 15,283 | 15,717 | ||||||
Controlled affiliate company investments | 55,440 | 51,241 | ||||||
Total investments, at fair value (amortized cost $629,210 and $695,429, respectively) | 616,987 | 690,735 | ||||||
Cash and cash equivalents | 7,701 | 8,062 | ||||||
Restricted cash and cash equivalents | 16,342 | 7,549 | ||||||
Restricted foreign currency (cost of $411 and $319, respectively) | 431 | 333 | ||||||
Interest and dividend receivable | 7,347 | 6,532 | ||||||
Amounts receivable on unsettled investment transactions | 18,619 | 4,717 | ||||||
Escrow receivable | 1,939 | - | ||||||
Receivable for common stock sold | 8 | - | ||||||
Prepaid expenses and other receivables | 1,132 | 1,061 | ||||||
Total assets | $ | 670,506 | $ | 718,989 | ||||
Liabilities | ||||||||
Debt | $ | 334,507 | $ | 384,880 | ||||
Distributions payable | 7,307 | 7,294 | ||||||
Management fees payable | 3,344 | 3,354 | ||||||
Incentive fees payable | 6,493 | 6,117 | ||||||
Amounts payable on unsettled investment transactions | - | 497 | ||||||
Interest payable | 2,249 | 1,870 | ||||||
Accounts payable and accrued expenses | 1,899 | 1,708 | ||||||
Unrealized depreciation on foreign currency forward contracts | 1 | - | ||||||
Advances received from unfunded credit facilities | 357 | 372 | ||||||
Total liabilities | 356,157 | 406,092 | ||||||
Commitments and contingencies | ||||||||
Net assets | ||||||||
Common stock, 20,583,835 and 20,546,032 shares issued and outstanding, parvalue $0.001 per share, respectively, and 100,000,000 shares authorized | 21 | 21 | ||||||
Paid-in capital in excess of par | 300,592 | 300,002 | ||||||
Accumulated earnings | 13,736 | 12,874 | ||||||
Total net assets | 314,349 | 312,897 | ||||||
Total liabilities and total net assets | $ | 670,506 | $ | 718,989 | ||||
Number of shares outstanding | 20,583,835 | 20,546,032 | ||||||
Net asset value per share | $ | 15.27 | $ | 15.23 | ||||
WhiteHorse Finance, Inc. Consolidated Statements of Operations (Unaudited) (in thousands, except share and per share data) | ||||||||
Three months ended March 31, | ||||||||
2021 | 2020 | |||||||
Investment income | ||||||||
From non-controlled/non-affiliate company investments | ||||||||
Interest income | $ | 14,812 | $ | 13,140 | ||||
Fee income | 771 | 291 | ||||||
Dividend income | 44 | 49 | ||||||
From non-controlled affiliate company investments | ||||||||
Dividend income | 250 | 275 | ||||||
From controlled affiliate company investments | ||||||||
Interest income | 719 | 625 | ||||||
Dividend income | 1,374 | 153 | ||||||
Total investment income | 17,970 | 14,533 | ||||||
Expenses | ||||||||
Interest expense | 3,802 | 3,668 | ||||||
Base management fees | 3,344 | 3,092 | ||||||
Performance-based incentive fees | 2,042 | 441 | ||||||
Administrative service fees | 171 | 171 | ||||||
General and administrative expenses | 821 | 881 | ||||||
Total expenses | 10,180 | 8,253 | ||||||
Net investment income before excise tax | 7,790 | 6,280 | ||||||
Excise tax | 190 | 178 | ||||||
Net investment income after excise tax | 7,600 | 6,102 | ||||||
Realized and unrealized gains (losses) on investments and foreign currency transactions | ||||||||
Net realized gains (losses) | ||||||||
Non-controlled/non-affiliate company investments | 8,160 | 510 | ||||||
Non-controlled affiliate company investments | - | - | ||||||
Foreign currency transactions | 1 | (3) | ||||||
Foreign currency forward contracts | - | 6 | ||||||
Net realized gains (losses) | 8,161 | 513 | ||||||
Net change in unrealized appreciation (depreciation) | ||||||||
Non-controlled/non-affiliate company investments | (6,975) | (22,196) | ||||||
Non-controlled affiliate company investments | (434) | (2,001) | ||||||
Controlled affiliate company investments | (120) | (3,953) | ||||||
Translation of assets and liabilities in foreign currencies | (62) | 580 | ||||||
Foreign currency forward contracts | (1) | (1) | ||||||
Net change in unrealized appreciation (depreciation) | (7,592) | (27,571) | ||||||
Net realized and unrealized losses on investments | 569 | (27,058) | ||||||
Net increase (decrease) in net assets resulting from operations | $ | 8,169 | $ | (20,956) | ||||
Per Common Share Data | ||||||||
Basic and diluted earnings (loss) per common share | $ | 0.40 | $ | (1.01) | ||||
Dividends and distributions declared per common share | $ | 0.36 | $ | 0.36 | ||||
Basic and diluted weighted average common shares outstanding | 20,551,565 | 20,546,032 | ||||||
WhiteHorse Finance, Inc. Consolidated Schedule of Investments (Unaudited) March 31, 2021 (in thousands) | |||||||||||||||||||
Investment Type(1) | SpreadAboveIndex(2) | InterestRate(3) | AcquisitionDate(10) | MaturityDate | Principal/ShareAmount | AmortizedCost | FairValue(11) | Fair ValueAs APercentageof NetAssets | |||||||||||
North America | |||||||||||||||||||
Debt Investments | |||||||||||||||||||
Advertising | |||||||||||||||||||
SmartSign Holdings LLC | |||||||||||||||||||
First Lien Secured Term Loan | L+ 7.50% | 8.50% | 08/21/20 | 10/11/24 | 7,724 | $ | 7,593 | $ | 7,724 | 2.46 | % | ||||||||
(1.00% Floor) | |||||||||||||||||||
Air Freight & Logistics | |||||||||||||||||||
Access USA Shipping, LLC | |||||||||||||||||||
First Lien Secured Term Loan | L+ 8.00% | 9.50% | 02/08/19 | 02/08/24 | 5,286 | 5,241 | 5,286 | 1.68 | |||||||||||
(1.50% Floor) | |||||||||||||||||||
Application Software | |||||||||||||||||||
Connexity, Inc. | |||||||||||||||||||
First Lien Secured Term Loan | L+ 8.50% | 10.00% | 05/21/20 | 05/21/25 | 10,794 | 10,486 | 10,794 | 3.43 | |||||||||||
(1.50% Floor) | |||||||||||||||||||
Newscycle Solutions, Inc. | |||||||||||||||||||
First Lien Secured Term Loan | L+ 7.00% | 8.00% | 06/14/19 | 12/29/22 | 3,237 | 3,205 | 3,185 | 1.01 | |||||||||||
(1.00% Floor) | |||||||||||||||||||
First Lien Secured Revolving Loan(7) | L+ 7.00% | 8.00% | 06/14/19 | 12/29/22 | 145 | 143 | 141 | 0.04 | |||||||||||
(1.00% Floor) | |||||||||||||||||||
TaxSlayer LLC | |||||||||||||||||||
First Lien Secured Term Loan | L+ 6.50% | 7.50% | 12/31/20 | 12/31/26 | 6,796 | 6,666 | 6,666 | 2.12 | |||||||||||
(1.00% Floor) | |||||||||||||||||||
First Lien Secured Revolving Loan(7) | L+ 6.50% | 7.50% | 12/31/20 | 12/31/26 | - | - | - | - | |||||||||||
(1.00% Floor) | |||||||||||||||||||
20,972 | 20,500 | 20,786 | 6.60 | ||||||||||||||||
Automotive Retail | |||||||||||||||||||
Team Car Care Holdings, LLC | |||||||||||||||||||
First Lien Secured Term Loan(12) | Base rate+ 7.99% | 9.01% | 02/26/18 | 02/23/23 | 16,007 | 15,870 | 15,650 | 4.98 | |||||||||||
(1.00% Floor) | |||||||||||||||||||
Building Products | |||||||||||||||||||
Drew Foam Companies Inc | |||||||||||||||||||
First Lien Secured Term Loan | L+ 6.50% | 7.50% | 12/15/20 | 11/05/25 | 7,261 | 7,124 | 7,127 | 2.27 | |||||||||||
(1.00% Floor) | |||||||||||||||||||
LHS Borrower, LLC | |||||||||||||||||||
First Lien Secured Term Loan | L+ 6.75% | 7.75% | 09/30/20 | 09/30/25 | 9,689 | 9,493 | 9,550 | 3.04 | |||||||||||
(1.00% Floor) | |||||||||||||||||||
First Lien Secured Revolving Loan(7) | L+ 6.75% | 7.75% | 09/30/20 | 09/30/25 | 131 | 128 | 131 | 0.04 | |||||||||||
(1.00% Floor) | 17,081 | 16,745 | 16,808 | 5.35 | |||||||||||||||
Cable & Satellite | |||||||||||||||||||
Bulk Midco, LLC | |||||||||||||||||||
First Lien Secured Term Loan(15) | L+ 7.34% | 8.34% | 06/08/18 | 06/08/23 | 15,000 | 14,902 | 14,250 | 4.53 | |||||||||||
(1.00% Floor) | |||||||||||||||||||
Construction & Engineering | |||||||||||||||||||
SFP Holding, Inc. | |||||||||||||||||||
First Lien Secured Delayed Draw Loan(7) | L+ 6.25% | 7.25% | 01/25/21 | 01/24/25 | 1,054 | 1,039 | 1,050 | 0.33 | |||||||||||
(1.00% Floor) | |||||||||||||||||||
First Lien Secured Revolving Loan(7) | L+ 6.25% | 7.25% | 02/22/21 | 09/01/23 | - | - | 1 | - | |||||||||||
(1.00% Floor) | |||||||||||||||||||
Tensar Corp. | |||||||||||||||||||
First Lien Secured Term Loan | L+ 6.75% | 7.75% | 11/20/20 | 08/20/25 | 6,983 | 6,821 | 6,918 | 2.20 | |||||||||||
(1.00% Floor) | |||||||||||||||||||
8,037 | 7,860 | 7,969 | 2.53 | ||||||||||||||||
Construction Materials | |||||||||||||||||||
Claridge Products and Equipment, LLC | |||||||||||||||||||
First Lien Secured Term Loan | L+ 6.50% | 7.50% | 12/30/20 | 12/29/25 | 7,980 | 7,828 | 7,828 | 2.49 | |||||||||||
(1.00% Floor) | |||||||||||||||||||
First Lien Secured Revolving Loan(7) | L+ 6.50% | 7.50% | 12/30/20 | 12/29/25 | - | - | - | - | |||||||||||
(1.00% Floor) | 7,980 | 7,828 | 7,828 | 2.49 | |||||||||||||||
Consumer Finance | |||||||||||||||||||
Maxitransfers Blocker Corp | |||||||||||||||||||
First Lien Secured Term Loan | L+ 9.00% | 10.00% | 10/07/20 | 10/07/25 | 8,813 | 8,624 | 8,725 | 2.78 | |||||||||||
(1.00% Floor) | |||||||||||||||||||
First Lien Secured Revolving Loan(4)(7) | L+ 9.00% | 10.00% | 10/07/20 | 10/07/25 | - | - | 12 | - | |||||||||||
(1.00% Floor) | 8,813 | 8,624 | 8,737 | 2.78 | |||||||||||||||
Data Processing & Outsourced Services | |||||||||||||||||||
Escalon Services Inc | |||||||||||||||||||
First Lien Secured Term Loan | P+12.50% | 14.50% | 12/04/20 | 12/04/25 | 8,014 | 7,346 | 7,379 | 2.35 | |||||||||||
(0.75% Floor) | (1.50%PIK) | ||||||||||||||||||
FPT Operating Company, LLC/ | |||||||||||||||||||
TLabs Operating Company, LLC | |||||||||||||||||||
First Lien Secured Term Loan | L+ 8.25% | 9.25% | 12/23/16 | 06/07/24 | 24,467 | 24,238 | 24,224 | 7.71 | |||||||||||
(1.00% Floor) | (0.50%PIK) | ||||||||||||||||||
Geo Logic Systems Ltd. (5) | |||||||||||||||||||
First Lien Secured Term Loan(13) | C +6.25% | 7.50% | 12/19/19 | 12/19/24 | 6,666 | 5,009 | 5,198 | 1.65 | |||||||||||
(1.00% Floor) | |||||||||||||||||||
First Lien Secured Revolving Loan (7)(13) | C +6.25% | 7.50% | 12/19/19 | 12/19/24 | - | - | (2) | - | |||||||||||
(1.00% Floor) | ` | 39,147 | 36,593 | 36,799 | 11.71 | ||||||||||||||
Department Stores | |||||||||||||||||||
Mills Fleet Farm Group, LLC | |||||||||||||||||||
First Lien Secured Term Loan | L+ 6.00% | 7.00% | 10/24/18 | 10/24/24 | 13,543 | 13,303 | 13,408 | 4.27 | |||||||||||
(1.00% Floor) | |||||||||||||||||||
Distributors | |||||||||||||||||||
Crown Brands, LLC | |||||||||||||||||||
Second Lien Secured Term Loan(19) | L+ 10.50% | 12.00% | 12/15/20 | 01/08/26 | 4,453 | 4,353 | 3,562 | 1.13 | |||||||||||
(1.50% Floor) | |||||||||||||||||||
Second Lien Secured Delayed Draw Loan(19) | L+ 10.50% | 12.00% | 12/15/20 | 01/08/26 | 661 | 660 | 528 | 0.17 | |||||||||||
(1.50% Floor) | 5,114 | 5,013 | 4,090 | 1.30 | |||||||||||||||
WhiteHorse Finance, Inc. Consolidated Schedule of Investments (Unaudited) March 31, 2021 (in thousands) | |||||||||||||||||||
Diversified Chemicals | |||||||||||||||||||
Sklar Holdings, Inc. | |||||||||||||||||||
First Lien Secured Term Loan | L+ 7.75% | 8.75% | 11/13/19 | 05/13/23 | 7,473 | $ | 7,346 | $ | 7,473 | 2.38 | % | ||||||||
(1.00% Floor) | |||||||||||||||||||
Diversified Support Services | |||||||||||||||||||
NNA Services, LLC | |||||||||||||||||||
First Lien Secured Term Loan | L+ 7.00% | 8.50% | 10/16/18 | 10/16/23 | 13,263 | 13,105 | 13,263 | 4.22 | |||||||||||
(1.50% Floor) | |||||||||||||||||||
Education Services | |||||||||||||||||||
EducationDynamics, LLC | |||||||||||||||||||
First Lien Secured Term Loan | L+ 7.75% | 8.75% | 11/26/19 | 11/26/24 | 12,796 | 12,602 | 12,789 | 4.07 | |||||||||||
(1.00% Floor) | |||||||||||||||||||
Health Care Facilities | |||||||||||||||||||
Epiphany Dermatology | |||||||||||||||||||
First Lien Secured Term Loan | L+ 7.50% | 8.50% | 12/04/20 | 06/22/23 | 3,491 | 3,415 | 3,456 | 1.10 | |||||||||||
(1.00% Floor) | |||||||||||||||||||
First Lien Secured Revolving Loan (7) | L+ 7.50% | 8.50% | 12/04/20 | 06/22/23 | - | - | 5 | - | |||||||||||
(1.00% Floor) | |||||||||||||||||||
First Lien Secured Delayed Draw Loan (7) | L+ 7.50% | 8.50% | 12/04/20 | 06/22/23 | - | - | 36 | 0.01 | |||||||||||
(1.00% Floor) | |||||||||||||||||||
Grupo HIMA San Pablo, Inc. | |||||||||||||||||||
First Lien Secured Term Loan A (8) | L+ 9.00% | 9.22% | 05/15/19 | 04/30/19 | 3,855 | 3,855 | 2,147 | 0.68 | |||||||||||
First Lien Secured Term Loan B(8) | L+ 9.00% | 10.50% | 02/01/13 | 04/30/19 | 13,511 | 13,511 | 7,526 | 2.39 | |||||||||||
(1.50% Floor) | |||||||||||||||||||
Second Lien Secured Term Loan(8) | N/A | 15.75% | 02/01/13 | 07/31/18 | 1,028 | 1,024 | - | - | |||||||||||
(2.00 %PIK) | 21,885 | 21,805 | 13,170 | 4.18 | |||||||||||||||
Health Care Services | |||||||||||||||||||
CHS Therapy, LLC | |||||||||||||||||||
First Lien Secured Term Loan A | L+ 8.50% | 10.00% | 06/14/19 | 06/14/24 | 7,374 | 7,284 | 7,374 | 2.35 | |||||||||||
(1.50% Floor) | |||||||||||||||||||
First Lien Secured Term Loan C | L+ 8.50% | 10.00% | 10/07/20 | 06/14/24 | 906 | 891 | 906 | 0.29 | |||||||||||
(1.50% Floor) | |||||||||||||||||||
DCA Investment Holding, LLC | |||||||||||||||||||
First Lien Secured Term Loan | L+ 6.25% | 7.00% | 03/11/21 | 03/12/27 | 7,060 | 6,955 | 6,955 | 2.21 | |||||||||||
(0.75% Floor) | |||||||||||||||||||
First Lien Secured Delayed Draw Loan(7) | L+ 6.25% | L+ 7.00% | 03/11/21 | 03/12/27 | - | - | (13) | - | |||||||||||
(0.75% Floor) | |||||||||||||||||||
Ivy Rehab Holdings LLC | |||||||||||||||||||
First Lien Secured Term Loan | L+ 6.75% | 7.75% | 12/04/20 | 12/04/24 | 8,833 | 8,671 | 8,768 | 2.79 | |||||||||||
(1.00% Floor) | |||||||||||||||||||
First Lien Secured Revolving Loan (7) | L+ 6.75% | 7.75% | 12/04/20 | 12/04/24 | - | - | 6 | - | |||||||||||
(1.00% Floor) | |||||||||||||||||||
First Lien Secured Delayed Draw Loan (7) | L+ 6.75% | 7.75% | 12/04/20 | 12/04/24 | 155 | 152 | 170 | 0.05 | |||||||||||
(1.00% Floor) | |||||||||||||||||||
Lab Logistics, LLC | |||||||||||||||||||
First Lien Secured Term Loan | L+ 7.25% | 8.25% | 10/16/19 | 11/19/25 | 1,164 | 1,141 | 1,151 | 0.37 | |||||||||||
(1.00% Floor) | |||||||||||||||||||
First Lien Secured Delayed Draw Loan | L+ 7.25% | 8.25% | 10/16/19 | 09/25/23 | 5,223 | 5,198 | 5,223 | 1.66 | |||||||||||
(1.00% Floor) | |||||||||||||||||||
PG Dental New Jersey Parent, LLC | |||||||||||||||||||
First Lien Secured Term Loan | L+ 7.75% | 8.75% | 11/25/20 | 11/25/25 | 16,130 | 15,792 | 15,830 | 5.04 | |||||||||||
(1.00% Floor) | |||||||||||||||||||
First Lien Secured Revolving Loan (7) | L+ 7.75% | 8.75% | 11/25/20 | 11/25/25 | - | - | 3 | - | |||||||||||
(1.00% Floor) | 46,845 | 46,084 | 46,373 | 14.76 | |||||||||||||||
Home Furnishings | ` | ||||||||||||||||||
Sure Fit Home Products, LLC | |||||||||||||||||||
First Lien Secured Term Loan(8) | L+ 9.75% | 10.75% | 10/26/18 | 07/13/22 | 5,243 | 5,111 | 4,672 | 1.49 | |||||||||||
(1.00% Floor) | |||||||||||||||||||
Interactive Media & Services | |||||||||||||||||||
What If Media Group, LLC | |||||||||||||||||||
First Lien Secured Term Loan | L+ 7.00% | 8.00% | 10/02/19 | 10/02/24 | 17,561 | 17,285 | 17,461 | 5.55 | |||||||||||
(1.00% Floor) | |||||||||||||||||||
Internet & Direct Marketing Retail | |||||||||||||||||||
BBQ Buyer, LLC | |||||||||||||||||||
First Lien Secured Term Loan | L+ 8.00% | 9.50% | 08/28/20 | 08/28/25 | 12,698 | 12,412 | 12,753 | 4.06 | |||||||||||
(1.50% Floor) | |||||||||||||||||||
Clarus Commerce, LLC | |||||||||||||||||||
First Lien Secured Term Loan | L+ 6.50% | 7.50% | 03/05/21 | 07/01/25 | 1,917 | 1,879 | 1,879 | 0.60 | |||||||||||
(1.00% Floor) | |||||||||||||||||||
Luxury Brand Holdings, Inc. | |||||||||||||||||||
First Lien Secured Term Loan | L+ 7.00% | 8.00% | 12/04/20 | 06/04/26 | 5,985 | 5,872 | 5,926 | 1.89 | |||||||||||
(1.00% Floor) | |||||||||||||||||||
Potpourri Group, Inc. | |||||||||||||||||||
First Lien Secured Term Loan | L+ 8.25% | 9.75% | 07/03/19 | 07/03/24 | 18,270 | 18,003 | 18,271 | 5.81 | |||||||||||
(1.50% Floor) | 38,870 | 38,166 | 38,829 | 12.36 | |||||||||||||||
Investment Banking & Brokerage | |||||||||||||||||||
JVMC Holdings Corp. (f/k/a RJO Holdings Corp) | |||||||||||||||||||
First Lien Secured Term Loan | L+ 7.75% | 8.75% | 02/28/19 | 02/28/24 | 13,381 | 13,303 | 13,381 | 4.26 | |||||||||||
(1.00% Floor) | |||||||||||||||||||
IT Consulting & Other Services | |||||||||||||||||||
AST-Applications Software Technology LLC | |||||||||||||||||||
First Lien Secured Term Loan | L+ 8.00% | 9.00% | 01/10/17 | 01/10/23 | 4,004 | 3,977 | 4,004 | 1.27 | |||||||||||
(1.00% Floor) | (1.00% PIK) | ||||||||||||||||||
Core BTS, Inc. | |||||||||||||||||||
First Lien Secured Term Loan | L+ 6.75% | 8.25% | 02/01/21 | 08/30/25 | 3,333 | 3,269 | 3,269 | 1.04 | |||||||||||
(1.50% Floor) | |||||||||||||||||||
First Lien Secured Delayed Draw Loan (7) | L+ 0.00% | 0.00% | 02/01/21 | 08/30/25 | - | - | (16) | - | |||||||||||
(1.50% Floor) | 7,337 | 7,246 | 7,257 | 2.31 | |||||||||||||||
Leisure Facilities | |||||||||||||||||||
Honors Holdings, LLC | |||||||||||||||||||
First Lien Secured Term Loan (16) | L+ 8.48% | 9.48% | 09/06/19 | 09/06/24 | 9,651 | 9,502 | 8,878 | 2.82 | |||||||||||
(1.00% Floor) | (1.00% PIK) | ||||||||||||||||||
First Lien Secured Delayed Draw Loan(16) | L+ 8.11% | 9.11% | 09/06/19 | 09/06/24 | 4,750 | 4,704 | 4,370 | 1.39 | |||||||||||
(1.00% Floor) | (1.00% PIK) | ||||||||||||||||||
Lift Brands, Inc. (aka Snap Fitness Holdings, Inc.) | ` | ||||||||||||||||||
First Lien Secured Term Loan A | L+ 7.50% | 8.50% | 06/29/20 | 06/29/25 | 5,659 | 5,585 | 5,572 | 1.77 | |||||||||||
(1.00% Floor) | |||||||||||||||||||
First Lien Secured Term Loan B | N/A | 9.50% | 06/29/20 | 06/29/25 | 1,191 | 1,167 | 1,160 | 0.37 | |||||||||||
(9.50% PIK) | |||||||||||||||||||
First Lien Secured Term Loan C (9) | N/A | 9.50% | 06/29/20 | NA | 1,268 | 1,265 | 1,264 | 0.40 | |||||||||||
(9.50% PIK) | 22,519 | 22,223 | 21,244 | 6.75 | |||||||||||||||
WhiteHorse Finance, Inc. Consolidated Schedule of Investments (Unaudited) March 31, 2021 (in thousands) | |||||||||||||||||||
Office Services & Supplies | |||||||||||||||||||
Empire Office, Inc. | |||||||||||||||||||
First Lien Secured Term Loan | L+ 6.75% | 8.25% | 04/12/19 | 04/12/24 | 10,577 | $ | 10,449 | $ | 10,341 | 3.29 | % | ||||||||
(1.50% Floor) | |||||||||||||||||||
Packaged Foods & Meats | |||||||||||||||||||
Lenny & Larry's, LLC | |||||||||||||||||||
First Lien Secured Term Loan(17) | L+ 8.41% | 9.41% | 05/15/18 | 05/15/23 | 10,997 | 10,907 | 10,513 | 3.34 | |||||||||||
(1.00% Floor) | (1.72%PIK) | ||||||||||||||||||
Personal Products | |||||||||||||||||||
Inspired Beauty Brands, Inc. | |||||||||||||||||||
First Lien Secured Term Loan | L+ 7.00% | 8.00% | 12/30/20 | 12/31/25 | 12,547 | 12,308 | 12,308 | 3.92 | |||||||||||
(1.00% Floor) | |||||||||||||||||||
First Lien Secured Revolving Loan (7) | L+ 7.00% | 8.00% | 12/30/20 | 12/31/25 | - | - | - | - | |||||||||||
(1.00% Floor) | 12,547 | 12,308 | 12,308 | 3.92 | |||||||||||||||
Property & Casualty Insurance | |||||||||||||||||||
Policy Services Company, LLC (5) | |||||||||||||||||||
First Lien Secured Term Loan | L+ 6.00% | 7.00% | 03/06/20 | 05/31/24 | 6,224 | 5,990 | 6,100 | 1.94 | |||||||||||
(1.00% Floor) | |||||||||||||||||||
Research & Consulting Services | |||||||||||||||||||
Comniscient Technologies LLC | |||||||||||||||||||
First Lien Secured Term Loan | L+ 7.50% | 8.50% | 10/13/20 | 10/13/25 | 6,945 | 6,819 | 6,945 | 2.21 | |||||||||||
(1.00% Floor) | |||||||||||||||||||
First Lien Secured Revolving Loan (7) | L+ 7.50% | 8.50% | 10/13/20 | 10/13/25 | - | - | 7 | - | |||||||||||
(1.00% Floor) | |||||||||||||||||||
Nelson Worldwide, LLC | |||||||||||||||||||
First Lien Secured Term Loan | L+ 9.25% | 10.25% | 01/09/18 | 01/09/23 | 10,972 | 10,875 | 10,862 | 3.46 | |||||||||||
(1.00% Floor) | |||||||||||||||||||
ALM Media, LLC | |||||||||||||||||||
First Lien Secured Term Loan | L+ 7.00% | 8.00% | 11/25/19 | 11/25/24 | 14,766 | 14,550 | 14,323 | 4.56 | |||||||||||
(1.00% Floor) | 32,683 | 32,244 | 32,137 | 10.23 | |||||||||||||||
Restaurants | |||||||||||||||||||
LS GFG Holdings Inc. | |||||||||||||||||||
First Lien Secured Term Loan | L+ 8.00% | 9.00% | 11/30/18 | 11/19/25 | 10,879 | 10,147 | 10,227 | 3.25 | |||||||||||
(1.00% Floor) | (2.00%PIK) | ||||||||||||||||||
Specialized Consumer Services | |||||||||||||||||||
True Blue Car Wash, LLC | |||||||||||||||||||
First Lien Secured Term Loan | L+ 7.12% | 8.12% | 10/17/19 | 10/17/24 | 4,321 | 4,259 | 4,321 | 1.37 | |||||||||||
(1.00% Floor) | |||||||||||||||||||
First Lien Secured Delayed Draw Loan(7) | L+ 7.12% | 8.12% | 10/17/19 | 10/17/24 | 2,002 | 1,985 | 2,017 | 0.64 | |||||||||||
(1.00% Floor) | 6,323 | 6,244 | 6,338 | 2.01 | |||||||||||||||
Specialized Finance | |||||||||||||||||||
Golden Pear Funding Assetco, LLC(5) | |||||||||||||||||||
Second Lien Secured Term Loan | L+ 10.50% | 11.50% | 09/20/18 | 03/20/24 | 10,938 | 10,819 | 10,938 | 3.48 | |||||||||||
(1.00% Floor) | |||||||||||||||||||
WHF STRS Ohio Senior Loan Fund LLC | |||||||||||||||||||
Subordinated Note(4)(5)(7)(9)(14) | L+ 6.50% | 6.61% | 07/19/19 | N/A | 44,529 | 44,529 | 44,529 | 14.17 | |||||||||||
55,467 | 55,348 | 55,467 | 17.65 | ||||||||||||||||
Specialty Chemicals | |||||||||||||||||||
Flexitallic Group SAS | |||||||||||||||||||
First Lien Secured Term Loan | L+ 6.50% | 7.50% | 10/28/19 | 10/29/26 | 11,603 | 11,370 | 10,802 | 3.44 | |||||||||||
(1.00% Floor) | |||||||||||||||||||
Systems Software | |||||||||||||||||||
Arcstor Midco, LLC | |||||||||||||||||||
First Lien Secured Term Loan | L+ 7.00% | 8.00% | 03/16/21 | 03/16/27 | 19,500 | 19,113 | 19,112 | 6.08 | |||||||||||
(1.00% Floor) | |||||||||||||||||||
IDIG Parent LLC | |||||||||||||||||||
First Lien Secured Term Loan | L+ 6.50% | 7.50% | 02/17/21 | 12/15/26 | 8,547 | 8,466 | 8,466 | 2.69 | |||||||||||
(1.00% Floor) | |||||||||||||||||||
First Lien Secured Delayed Draw Loan(7) | L+ 6.50% | 7.50% | 02/17/21 | 12/15/26 | - | - | - | - | |||||||||||
(1.00% Floor) | |||||||||||||||||||
First Lien Secured Revolving Loan (7) | L+ 6.50% | 7.50% | 02/17/21 | 12/15/26 | - | - | - | - | |||||||||||
(1.00% Floor) | 28,047 | 27,579 | 27,578 | 8.77 | |||||||||||||||
Technology Hardware, Storage & Peripherals | |||||||||||||||||||
Source Code Midco, LLC | |||||||||||||||||||
First Lien Secured Term Loan | L+ 8.25% | 9.25% | 05/04/18 | 05/04/23 | 22,010 | 21,745 | 22,010 | 7.00 | |||||||||||
(1.00% Floor) | |||||||||||||||||||
Telestream Holdings Corporation | |||||||||||||||||||
First Lien Secured Term Loan | L+ 8.75% | 9.75% | 10/15/20 | 10/15/25 | 15,193 | 14,751 | 14,903 | 4.74 | |||||||||||
(1.00% Floor) | |||||||||||||||||||
First Lien Secured Revolving Loan (7) | L+ 8.75% | 9.75% | 10/15/20 | 10/15/25 | - | - | 14 | - | |||||||||||
(1.00% Floor) | 37,203 | 36,496 | 36,927 | 11.74 | |||||||||||||||
Trading Companies & Distributors | |||||||||||||||||||
LINC Systems, LLC | |||||||||||||||||||
First Lien Secured Term Loan | L+ 6.50% | 7.50% | 02/24/21 | 02/24/26 | 8,355 | 8,191 | 8,191 | 2.61 | |||||||||||
(1.00% Floor) | |||||||||||||||||||
First Lien Secured Revolving Loan (7) | L+ 6.50% | 7.50% | 02/24/21 | 02/24/26 | - | - | - | - | |||||||||||
(1.00% Floor) | 8,355 | 8,191 | 8,191 | 2.61 | |||||||||||||||
Total Debt Investments | 602,782 | 591,621 | 582,176 | 185.20 | |||||||||||||||
Equity Investments | |||||||||||||||||||
Data Processing & Outsourced Services | |||||||||||||||||||
Escalon Services Inc Warrants(4) | N/A | N/A | 12/04/20 | N/A | 709 | 476 | 475 | 0.15 | |||||||||||
Diversified Support Services | |||||||||||||||||||
Quest Events, LLC Preferred Units(4) | N/A | N/A | 12/28/18 | 12/08/25 | 317 | 317 | - | - | |||||||||||
ImageOne Industries, LLC Common A Units(4) | N/A | N/A | 09/20/19 | N/A | 225 | - | 164 | 0.05 | |||||||||||
542 | 317 | 164 | 0.05 | ||||||||||||||||
Health Care Services | |||||||||||||||||||
Lab Logistics Preferred Units (4) | N/A | N/A | 10/29/19 | N/A | 2 | 857 | 857 | 0.27 | |||||||||||
Internet & Direct Marketing Retail | |||||||||||||||||||
BBQ Buyer, LLC Shares(4) | N/A | N/A | 08/28/20 | N/A | 1,100 | 1,100 | 2,200 | 0.70 | |||||||||||
Ross-Simons Topco, LP Preferred Units(4) | N/A | N/A | 12/04/20 | N/A | 600 | 600 | 600 | 0.19 | |||||||||||
1,700 | 1,700 | 2,800 | 0.89 | ||||||||||||||||
Investment Banking & Brokerage | |||||||||||||||||||
Arcole Holding Corp.Shares (4)(5)(6)(18) | N/A | N/A | 10/01/20 | N/A | - | 6,944 | 5,713 | 1.82 | |||||||||||
IT Consulting & Other Services | |||||||||||||||||||
Keras Holdings, LLC Shares(4) | N/A | N/A | 12/31/20 | N/A | 496 | 496 | 496 | 0.16 | |||||||||||
Leisure Facilities | |||||||||||||||||||
Lift Brands, Inc. (aka Snap Fitness Holdings, Inc.) Class A Common Stock(4) | N/A | N/A | 06/29/20 | N/A | 2 | 1,955 | 237 | 0.08 | |||||||||||
Lift Brands, Inc. (aka Snap Fitness Holdings, Inc.) Warrants(4) | N/A | N/A | 06/29/20 | 06/28/28 | 1 | 793 | 96 | 0.03 | |||||||||||
3 | 2,748 | 333 | 0.11 | ||||||||||||||||
Other Diversified Financial Services | |||||||||||||||||||
SFS Global Holding Company Warrants(4) | N/A | N/A | 06/28/18 | 12/28/25 | - | - | - | - | |||||||||||
Sigue Corporation Warrants(4) | N/A | N/A | 06/28/18 | 12/28/25 | 22 | 2,890 | 3,492 | 1.11 | |||||||||||
22 | 2,890 | 3,492 | 1.11 | ||||||||||||||||
Specialized Finance | |||||||||||||||||||
NMFC Senior Loan Program I LLC Units (4)(5)(6) | N/A | N/A | 08/13/14 | 08/31/22 | 10,000 | 10,029 | 9,570 | 3.04 | |||||||||||
WHF STRS Ohio Senior Loan Fund LLC Interests (4)(5)(7)(14) | N/A | N/A | 07/19/19 | N/A | 11,132 | 11,132 | 10,911 | 3.47 | |||||||||||
21,132 | 21,161 | 20,481 | 6.51 | ||||||||||||||||
Total Equity Investments | 24,606 | 37,589 | 34,811 | 11.07 | |||||||||||||||
Total Investments | 627,388 | $ | 629,210 | $ | 616,987 | 196.27 | % | ||||||||||||
WhiteHorse Finance, Inc. Consolidated Schedule of Investments (Unaudited) March 31, 2021 (in thousands) | |||||||||||||||||||
Forward Currency Contracts | |||||||||||||||||||
Currency to be | Currency to be | Unrealized | Unrealized | ||||||||||||||||
Counterparty | sold | purchased | Settlement date | appreciation ($) | depreciation ($) | ||||||||||||||
Morgan Stanley | C$ | 105 CAD | $ | 83 USD | 04/28/2021 | $ | - | $ | (1) | ||||||||||
$ | - | $ | (1) | ||||||||||||||||
(1) | Except as otherwise noted, all investments are non-controlled/non-affiliate investments as defined by the Investment Company Act of 1940, as amended (the "1940 Act"), and provide collateral for the Company's credit facility. | |
(2) | The investments bear interest at a rate that may be determined by reference to the London Interbank Offered Rate ("LIBOR" or "L"), which resets monthly, quarterly or semiannually, the Canadian Dollar Offered Rate ("CDOR" or "C") or the U.S. Prime Rate as published by the Wall Street Journal ("Prime" or "P"). The one, three and six-month LIBOR were 0.1%, 0.2% and 0.2%, respectively, as of March 31, 2021. The Prime was 3.25% as of March 31, 2021. The CDOR was 0.4% as of March 31, 2021. | |
(3) | The interest rate is the "all-in-rate" including the current index and spread, the fixed rate, and the payment-in-kind ("PIK") interest rate, as the case may be. | |
(4) | The investment or a portion of the investment does not provide collateral for the Company's credit facility. | |
(5) | Not a qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of total assets. Qualifying assets represented 86% of total assets as of the date of the consolidated schedule of investments. | |
(6) | Investment is a non-controlled/affiliate investment as defined by the 1940 Act. | |
(7) | The investment has an unfunded commitment in addition to any amounts presented in the consolidated schedule of investments as of March 31, 2021. | |
(8) | The investment is on non-accrual status. | |
(9) | Security is perpetual with no defined maturity date. | |
(10) | Except as otherwise noted, all of the Company's portfolio company investments, which as of the date of the consolidated schedule of investments represented 196% of the Company's net assets or 92% of the Company's total assets, are subject to legal restrictions on sales. | |
(11) | The fair value of each investment was determined using significant unobservable inputs. | |
(12) | The investment was comprised of two contracts, which were indexed to different base rates, L and P, respectively. The Spread Above Index and Interest Rate presented represent the weighted average of both contracts. | |
(13) | Principal amount is denominated in Canadian dollars. | |
(14) | Investment is a controlled affiliate investment as defined by the 1940 Act. On January 14, 2019, the Company entered into an agreement with State Teachers Retirement System of Ohio, a public pension fund established under Ohio law ("STRS Ohio"), to create STRS JV, a joint venture, which invests primarily in senior secured first and second lien term loans. | |
(15) | In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 2.75% on its "last out" tranche of the portfolio company's senior term debt, which was previously syndicated into "first out" and "last out" tranches, whereby the "first out" tranche will have priority as to the "last out" tranche with respect to payments of principal, interest and any other amounts due thereunder. | |
(16) | In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 3.50% on its "last out" tranche of the portfolio company's senior term debt, which was previously syndicated into "first out" and "last out" tranches, whereby the "first out" tranche will have priority as to the "last out" tranche with respect to payments of principal, interest and any other amounts due thereunder. | |
(17) | In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 3.00% on its "last out" tranche of the portfolio company's senior term debt, which was previously syndicated into "first out" and "last out" tranches, whereby the "first out" tranche will have priority as to the "last out" tranche with respect to payments of principal, interest and any other amounts due thereunder. | |
(18) | On October 1, 2020, as part of a restructuring agreement between the Company and Arcole Acquisition Corp, the Company's investments in first lien secured term loans to Arcole Acquisition Corp were converted into common shares of Arcole Holding Corp. | |
(19) | At the option of the issuer, interest can be paid in cash or cash and PIK. The issuer may elect to pay up to 2.00% PIK. |
Contacts
Stuart AronsonWhiteHorse Finance, Inc.212-506-0500saronson@higwhitehorse.com
or
Joyson ThomasWhiteHorse Finance, Inc.305-379-2322jthomas@higwhitehorse.com
or
Sean Silva Prosek Partners646-818-9122 ssilva@prosek.com
View original content:http://www.prnewswire.com/news-releases/whitehorse-finance-inc-announces-first-quarter-2021-earnings-results-and-declares-quarterly-distribution-of-0-355-per-share-301287178.html
SOURCE WhiteHorse Finance, Inc.