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Section 1: 10-Q (10-Q)

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
x
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the Quarter Ended March 31, 2017
OR
¨
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period to
Commission File Number: 814-01025
2000510361_acsflogoa01a01a08.jpg
AMERICAN CAPITAL SENIOR FLOATING, LTD.
(Exact name of registrant as specified in its charter) 
Maryland
 
46-1996220
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer
Identification No.)
 
 245 Park Avenue, 42nd Floor,New York, NY 10167
 
 
 (Address of principal executive offices) (Zip Code)
 
 
(212) 750-7300
 
 
(Registrant’s telephone number, including area code)
 
N/A
(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  ¨
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  ¨    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer
¨
 
Accelerated filer
x
Non-accelerated filer
¨
(Do not check if a smaller reporting company)
Smaller reporting company
¨
Emerging growth company
x
 
 
 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ¨    No  x
Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.
Class
 
Outstanding at May 9, 2017
Common stock, $0.01 par value
 
10,000,100
 
 
 






AMERICAN CAPITAL SENIOR FLOATING, LTD.
FORM 10-Q FOR THE QUARTER ENDED March 31, 2017
TABLE OF CONTENTS

 
 
 
 
PAGE
PART I. FINANCIAL INFORMATION
 
 
 
 
Item 1.
Financial Statements
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Item 2.
 
 
 
Item 3.
 
 
 
Item 4.
 
 
PART II. OTHER INFORMATION
 
 
 
 
Item 1.
 
 
 
Item 1A.
 
 
 
Item 2.
 
 
 
Item 3.
 
 
 
Item 4.
 
 
 
Item 5.
 
 
 
Item 6.
 
 
 
 
 
 
 




2



PART I. FINANCIAL INFORMATION



Item 1. Financial Statements

AMERICAN CAPITAL SENIOR FLOATING, LTD.
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
(in thousands, except share and per share data)
 
 
March 31, 2017 (unaudited)
 
December 31, 2016
Assets:
 
 
 
 
Investments, fair value (cost of $261,183 and $257,965, respectively)
 
$
247,327

 
$
244,872

Cash and cash equivalents
 
5,355

 
8,795

Receivable for investments sold
 
6,596

 
2,272

Deferred financing costs
 
158

 
181

Interest receivable
 
521

 
779

Prepaid expenses and other assets
 
868

 
143

Receivable from affiliate (Notes 3 and 4)
 
437

 
298

Total assets
 
$
261,262

 
$
257,340

Liabilities:
 
 
 
 
Secured revolving credit facility payable (Note 7)
 
$
103,400

 
$
104,900

Payable for investments purchased
 
18,244

 
12,202

Management fee payable (Note 3)
 
2,577

 
2,046

Interest payable (Note 7)
 
31

 
34

Taxes payable (Note 8)
 
19

 
117

Payable to affiliate (Note 4)
 
27

 
156

Other liabilities and accrued expenses
 
333

 
126

Distributions to stockholders payable (Note 10)
 

 
970

Total liabilities
 
124,631

 
120,551

Commitments and contingencies (Note 11)
 
 
 
 
Net Assets:
 
 
 
 
Common stock, par value $0.01 per share; 10,000,100 issued and outstanding; 300,000,000 authorized
 
100

 
100

Paid-in capital in excess of par
 
150,949

 
150,949

Accumulated undistributed net investment income
 
2,276

 
2,133

Accumulated net realized loss from investments
 
(2,838
)
 
(3,300
)
Net unrealized depreciation on investments
 
(13,856
)
 
(13,093
)
Total net assets
 
136,631

 
136,789

Total liabilities and net assets
 
$
261,262

 
$
257,340

Net asset value per share outstanding
 
$
13.66

 
$
13.68














See notes to consolidated financial statements.
3




AMERICAN CAPITAL SENIOR FLOATING, LTD.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(in thousands, except per share data)



 
 
Three Months Ended March 31,
 
 
2017
 
2016
Investment Income:
 
 
 
 
Interest
 
$
4,612

 
$
4,345

Total investment income
 
4,612

 
4,345

Expenses:
 

 
 
Interest and commitment fee (Note 7)
 
710

 
641

Management fee (Note 3)
 
531

 
497

Professional fees
 
343

 
53

Insurance
 
148

 
111

Amortization of deferred financing costs
 
23

 
23

Other general and administrative expenses (Note 4)
 
222

 
353

Total expenses
 
1,977

 
1,678

Expense reimbursement (Notes 3 and 4)
 
(437
)
 
(238
)
Net expenses
 
1,540

 
1,440

Net investment income before taxes
 
3,072

 
2,905

Income tax provision (Note 8)
 
(19
)
 
(27
)
Net investment income
 
3,053

 
2,878

Net loss on investments:
 
 
 
 
Net realized gain (loss) on investments
 
462

 
(890
)
Net unrealized (depreciation) appreciation on investments
 
(763
)
 
180

Net loss on investments
 
(301
)
 
(710
)
Net increase in net assets resulting from operations (“Net Earnings”)
 
$
2,752

 
$
2,168

 
 
 
 
 
Net investment income per share
 
$
0.31

 
$
0.29

Net Earnings per share (Note 5)
 
$
0.28

 
$
0.22

Distributions to stockholders declared per share
 
$
0.29

 
$
0.29

Weighted average shares outstanding
 
10,000

 
10,000

















See notes to consolidated financial statements.
4




AMERICAN CAPITAL SENIOR FLOATING, LTD.
CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS
(unaudited, in thousands)
 
 
 
Three Months Ended March 31,
 
 
2017
 
2016
Operations:
 
 
 
 
Net investment income
 
$
3,053

 
$
2,878

Net realized gain (loss) on investments
 
462

 
(890
)
Net unrealized (depreciation) appreciation on investments
 
(763
)
 
180

Net Earnings
 
2,752

 
2,168

 
 
 
 
 
Distributions to stockholders:
 
 
 
 
From net investment income
 
(2,910
)
 
(2,910
)
 
 
 
 
 
Net decrease in net assets
 
(158
)
 
(742
)
 
 
 
 
 
Net assets, beginning of period
 
136,789

 
117,929

Net assets, end of period
 
$
136,631

 
$
117,187

 
 
 
 
 
Undistributed net investment income included in net assets
 
$
2,276

 
$
1,528

Common shares outstanding
 
10,000

 
10,000


 































See notes to consolidated financial statements.
5



AMERICAN CAPITAL SENIOR FLOATING, LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, in thousands)
 
 
Three Months Ended March 31,
 
 
2017
 
2016
Cash Flows from Operating Activities:
 
 
 
 
Net Earnings
 
$
2,752

 
$
2,168

Adjustments to reconcile net increase in net assets resulting from operations:
 
 
 
 
Net realized (gain) loss on investments
 
(462
)
 
890

Net unrealized depreciation (appreciation) on investments
 
763

 
(180
)
Accretion of CLO interest income
 
(1,835
)
 
(1,657
)
Net amortization of discount on loans
 
(81
)
 
(58
)
Amortization of deferred financing costs
 
23

 
23

Purchase of investments, net
 
(57,730
)
 
(12,282
)
Proceeds from disposition of investments, net
 
58,608

 
26,134

Changes in operating assets and liabilities:
 
 
 
 
Interest receivable
 
258

 
37

Prepaid expenses and other assets
 
(725
)
 
(297
)
Receivable from affiliate
 
(139
)
 
(4
)
Management fee payable
 
531

 
(39
)
Interest payable
 
(3
)
 
(18
)
Taxes payable
 
(98
)
 
(213
)
Payable to affiliate
 
(129
)
 
(8
)
Other liabilities and accrued expenses
 
207

 
(53
)
Net cash provided by operating activities
 
1,940

 
14,443

Cash Flows from Financing Activities:
 
 
 
 
Distributions to stockholders paid
 
(3,880
)
 
(2,910
)
Payments on revolving credit facility, net
 
(1,500
)
 
(11,400
)
Net cash used in financing activities
 
(5,380
)
 
(14,310
)
Net change in cash and cash equivalents
 
(3,440
)
 
133

Cash and cash equivalents at beginning of period
 
8,795

 
2,474

Cash and cash equivalents at end of period
 
$
5,355

 
$
2,607

Supplemental disclosure of cash flow information:
 
 
 
 
Cash paid for interest and commitment fees
 
$
713

 
$
659

Cash paid for income taxes
 
$
130

 
$
240

Cash received for income tax benefit
 
$
(126
)
 
$

Distributions to stockholders declared and payable during the period
 
$
2,910

 
$
2,910

 







See notes to consolidated financial statements.
6



AMERICAN CAPITAL SENIOR FLOATING, LTD.
CONSOLIDATED SCHEDULE OF INVESTMENTS
MARCH 31, 2017
(unaudited, in thousands)


Description

Maturity

Interest
Rate (1)

Basis 
Point
Spread
Above
Index 
(2)

LIBOR
Interest Rate Floor
 
Industry

Par
Amount

Cost

Fair
Value
Non-Control/Non-Affiliate Investments
 
 
 
 
 
 
 
 
 
 
 
 
First Lien Floating Rate Loans —139.7% of Net Assets
 
 
 
 
 







24 Hour Fitness Worldwide, Inc. (5), (6)
 
05/30/2021
 
4.90
%
 
L+ 3.75
 
1.00
%
 
Leisure Goods/Activities/Movies
 
$
1,947

 
$
1,943

 
$
1,944

Academy, Ltd. (5)
 
07/01/2022
 
5.04
%
 
L+ 4.00
 
1.00
%
 
Retailers (except food and drug)
 
903

 
799

 
671

Acosta, Inc. (5)
 
09/26/2021
 
4.29
%
 
L+ 3.25
 
1.00
%
 
Business Equipment and Services
 
2,425

 
2,396

 
2,282

Advanced Integration Technology LP (5), (6), (7)
 
04/03/2023
 
6.50
%
 
L+ 5.50
 
1.00
%
 
Industrial Equipment
 
2,000

 
2,000

 
2,013

Aegis Toxicology Sciences Corporation (5)
 
02/24/2021
 
5.66
%
 
L+ 4.50
 
1.00
%
 
Health Care
 
1,621

 
1,614

 
1,614

Affinion Group, Inc. (5)
 
04/30/2018
 
6.75
%
 
L+ 5.25
 
1.50
%
 
Business Equipment and Services
 
750

 
750

 
749

Air Medical Group Holdings, Inc. (5)
 
04/28/2022
 
4.25
%
 
L+ 3.25
 
1.00
%
 
Health Care
 
1,965

 
1,969

 
1,968

Albertson's LLC (5)
 
12/21/2022
 
4.40
%
 
L+ 3.25
 
1.00
%
 
Food/Drug Retailers
 
985

 
963

 
993

AlixPartners, LLP (5)
 
07/28/2022
 
4.00
%
 
L+ 3.00
 
1.00
%
 
Financial Intermediaries
 
972

 
970

 
977

Alliant Holdings Intermediate, LLC (5)
 
08/12/2022
 
4.39
%
 
L+ 3.25
 
1.00
%
 
Diversified Insurance
 
1,528

 
1,522

 
1,538

Allied Universal Holdco LLC (5)
 
07/28/2022
 
5.50
%
 
L+ 4.50
 
1.00
%
 
Diversified Insurance
 
101

 
101

 
102

Allied Universal Holdco LLC (5)
 
07/28/2022
 
5.50
%
 
L+ 4.50
 
1.00
%
 
Diversified Insurance
 
830

 
822

 
837

American Residential Services, LLC (5), (6), (7)
 
06/30/2021
 
5.50
%
 
L+ 4.50
 
1.00
%
 
Ecological Services and Equipment
 
1,995

 
1,990

 
2,000

American Tire Distributors, Inc. (5)
 
09/01/2021
 
5.25
%
 
L+ 4.25
 
1.00
%
 
Retailers (except food and drug)
 
963

 
960

 
967

Anchor Glass Container Corporation (5)
 
12/07/2023
 
4.25
%
 
L+ 3.25
 
1.00
%
 
Containers and Glass Products
 
1,717

 
1,709

 
1,731

APLP Holdings Limited Partnership (3), (5)
 
04/13/2023
 
6.00
%
 
L+ 5.00
 
1.00
%
 
Utilities
 
439

 
428

 
444

AqGen Ascensus, Inc. (5)
 
12/05/2022
 
5.02
%
 
L+ 4.00
 
1.00
%
 
Financial Intermediaries
 
1,482

 
1,432

 
1,494

Aquilex LLC (5), (6)
 
12/31/2020
 
5.00
%
 
L+ 4.00
 
1.00
%
 
Business Equipment and Services
 
905

 
904

 
882

Arctic Glacier U.S.A., Inc. (5)
 
03/20/2024
 
5.25
%
 
L+ 4.25
 
1.00
%
 
Food Products
 
1,000

 
995

 
1,011

Ardent Legacy Acquisitions, Inc. (5), (6)
 
08/04/2021
 
6.65
%
 
L+ 5.50
 
1.00
%
 
Health Care
 
328

 
326

 
329

Arnold and S. Bleichroeder Holdings,
Inc.
(5)
 
12/01/2022
 
5.15
%
 
L+ 4.00
 
0.75
%
 
Financial Intermediaries
 
705

 
694

 
708

Ascend Learning, LLC (5)
 
07/31/2019
 
5.52
%
 
L+ 4.50
 
1.00
%
 
Business Equipment and Services
 
580

 
578

 
584

AssuredPartners, Inc. (5), (7)
 
10/21/2022
 
5.25
%
 
L+ 4.25
 
1.00
%
 
Insurance
 
1,333

 
1,333

 
1,346

Asurion, LLC (5)
 
08/04/2022
 
4.25
%
 
L+ 3.25
 
1.00
%
 
Diversified Insurance
 
2,107

 
2,089

 
2,120

Bass Pro Group, LLC (5)
 
12/15/2023
 
6.15
%
 
L+ 5.00
 
0.75
%
 
Retailers (except food and drug)
 
1,000

 
990

 
966

BCPE Eagle Buyer LLC (5)
 
03/18/2024
 
5.25
%
 
L+ 4.25
 
1.00
%
 
Health Care
 
1,500

 
1,485

 
1,502

Big Jack Holdings LP (5), (6), (7)
 
04/05/2024
 
5.25
%
 
L+ 4.25
 
1.00
%
 
Food/Drug Retailers
 
2,000

 
1,990

 
2,013

BioScrip, Inc. (3), (5), (6), (7)
 
07/31/2020
 
9.25
%
 
L+ 8.00
 
1.25
%
 
Health Care
 
369

 
364

 
368

BioScrip, Inc. (3), 5), (6), (7)
 
07/31/2020
 
9.25
%
 
L+ 8.00
 
1.25
%
 
Health Care
 
616

 
607

 
613

BJ's Wholesale Club, Inc. (5)
 
02/03/2024
 
4.75
%
 
L+ 3.75
 
1.00
%
 
Food/Drug Retailers
 
1,403

 
1,400

 
1,374

Blackboard, Inc. (5)
 
06/30/2021
 
6.02
%
 
L+ 5.00
 
1.00
%
 
Electronics/Electric
 
2,405

 
2,405

 
2,401

BWay Intermediate Company, Inc. (5)
 
08/14/2023
 
4.75
%
 
L+ 3.75
 
1.00
%
 
Containers and Glass Products
 
2,338

 
2,324

 
2,337

BWay Intermediate Company, Inc. (5), (7)
 
04/03/2024
 
4.65
%
 
L+ 3.50
 
1.00
%
 
Containers and Glass Products
 
806

 
802

 
805

Calceus Acquisition, Inc. (5)
 
01/31/2020
 
5.06
%
 
L+ 4.00
 
1.00
%
 
Clothing/Textiles
 
2,307

 
2,313

 
2,003


See notes to consolidated financial statements.
7



AMERICAN CAPITAL SENIOR FLOATING, LTD.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
MARCH 31, 2017
(unaudited, in thousands)


Description

Maturity

Interest
Rate (1)

Basis 
Point
Spread
Above
Index 
(2)

LIBOR
Interest Rate Floor
 
Industry

Par
Amount

Cost

Fair
Value
First Lien Floating Rate Loans (continued) —139.7% of Net Assets
 
 
 
 
 
 
 
 
 
 
Candy Intermediate Holdings, Inc. (5), (6)
 
06/15/2023
 
5.65
%
 
L+ 4.50
 
1.00
%
 
Food Products
 
$
1,787

 
$
1,785

 
$
1,751

Carecore National, LLC (5), (6)
 
03/05/2021
 
5.50
%
 
L+ 4.50
 
1.00
%
 
Health Care
 
1,958

 
1,958

 
1,968

Catalina Marketing Corporation (5), (6)
 
04/09/2021
 
4.50
%
 
L+ 3.50
 
1.00
%
 
Business Equipment and Services
 
2,388

 
2,386

 
2,161

CB Poly Investments, LLC (5), (6)
 
08/16/2023
 
6.25
%
 
L+ 5.25
 
1.00
%
 
Clothing/Textiles
 
1,493

 
1,479

 
1,506

CCM Merger, Inc. (5)
 
08/06/2021
 
4.23
%
 
L+ 3.25
 
0.75
%
 
Lodging and Casinos
 
767

 
764

 
773

CHG Healthcare Services, Inc. (5)
 
06/07/2023
 
4.75
%
 
L+ 3.75
 
1.00
%
 
Health Care
 
662

 
662

 
671

Comfort Holding, LLC (5)
 
02/05/2024
 
5.75
%
 
L+ 4.75
 
1.00
%
 
Home Furnishings
 
1,519

 
1,504

 
1,535

CPG International Inc. (5), (6)
 
09/30/2020
 
4.90
%
 
L+ 3.75
 
1.00
%
 
Building & Development
 
1,918

 
1,918

 
1,925

CPI Holdco, LLC (5)
 
03/21/2024
 
5.00
%
 
L+ 4.00
 
1.00
%
 
Industrial Equipment
 
2,000

 
1,990

 
2,016

CT Technologies Intermediate Holdings, Inc. (5)
 
12/01/2021
 
5.25
%
 
L+ 4.25
 
1.00
%
 
Electronics/Electric
 
491

 
489

 
466

DJO Finance LLC (5)
 
06/08/2020
 
4.25
%
 
L+ 3.25
 
1.00
%
 
Health Care
 
1,000

 
978

 
970

Dole Food Company, Inc. (5)
 
11/01/2018
 
4.50
%
 
L+ 3.50
 
1.00
%
 
Food Products
 
2,479

 
2,477

 
2,485

Dole Food Company, Inc. (5), (7)
 
04/06/2024
 
4.00
%
 
L+ 3.00
 
1.00
%
 
Food Products
 
857

 
853

 
863

DTI Holdco, Inc. (5)
 
09/30/2023
 
6.29
%
 
L+ 5.25
 
1.00
%
 
Electronics/Electric
 
748

 
746

 
740

Duff & Phelps Corporation (5)
 
04/23/2020
 
4.90
%
 
L+ 3.75
 
1.00
%
 
Financial Intermediaries
 
2,388

 
2,388

 
2,407

Dynacast International LLC (5), (7)
 
01/28/2022
 
4.50
%
 
L+ 3.50
 
1.00
%
 
Industrial Equipment
 
536

 
536

 
538

Eastern Power, LLC (5)
 
10/02/2021
 
5.00
%
 
L+ 4.00
 
1.00
%
 
Utilities
 
1,932

 
1,923

 
1,944

EIG Investors Corp. (3), (5) , (7)
 
11/09/2019
 
6.53
%
 
L+ 5.48
 
1.00
%
 
Electronics/Electric
 
1,989

 
1,989

 
2,004

Emerald Expositions Holding, Inc. (5)
 
06/17/2020
 
4.90
%
 
L+ 3.75
 
1.00
%
 
Publishing
 
2,442

 
2,454

 
2,465

Epicor Software Corporation (5)
 
06/01/2022
 
4.75
%
 
L+ 3.75
 
1.00
%
 
Electronics/Electric
 
1,954

 
1,939

 
1,960

Erie Acquisition Holdings, Inc. (5)
 
03/01/2023
 
6.07
%
 
L+ 4.75
 
1.00
%
 
Business Equipment and Services
 
491

 
483

 
494

ExamWorks Group, Inc. (5)
 
07/27/2023
 
4.23
%
 
L+ 3.25
 
1.00
%
 
Business Equipment and Services
 
995

 
998

 
1,002

Expro Finservices S.à r.l. (3), (5)
 
09/02/2021
 
5.75
%
 
L+ 4.75
 
1.00
%
 
Oil and Gas
 
1,950

 
1,931

 
1,545

Fairmount Minerals, Ltd. (3), (5)
 
09/05/2019
 
4.50
%
 
L+ 3.50
 
1.00
%
 
Nonferrous Metals/Minerals
 
422

 
423

 
414

FHC Health Systems, Inc. (5)
 
12/23/2021
 
5.00
%
 
L+ 4.00
 
1.00
%
 
Health Care
 
1,489

 
1,469

 
1,405

Filtration Group Corporation (5)
 
11/23/2020
 
4.30
%
 
L+ 3.25
 
1.00
%
 
Industrial Equipment
 
985

 
985

 
994

Flexera Software LLC (5)
 
04/02/2020
 
4.50
%
 
L+ 3.50
 
1.00
%
 
Electronics/Electric
 
995

 
995

 
999

Gates Global LLC (5)
 
07/06/2021
 
4.40
%
 
L+ 3.25
 
1.00
%
 
Automotive
 
1,448

 
1,447

 
1,453

Genesys Telecommunications Laboratories, Inc (5)
 
12/01/2023
 
5.02
%
 
L+ 4.00
 
1.00
%
 
Business Equipment and Services
 
499

 
492

 
503

Gruden Acquisition, Inc. (5)
 
08/18/2022
 
5.90
%
 
L+ 4.75
 
1.00
%
 
Surface Transport
 
329

 
327

 
321

GTCR Valor Companies, Inc. (5), (7)
 
06/16/2023
 
7.15
%
 
L+ 6.00
 
1.00
%
 
Business Equipment and Services
 
1,851

 
1,855

 
1,863

Harland Clarke Holdings Corp. (5)
 
12/31/2019
 
7.15
%
 
L+ 6.00
 
1.00
%
 
Publishing
 
723

 
725

 
731

Helix Generation, LLC (5). (7)
 
03/10/2024
 
4.75
%
 
L+ 3.75
 
1.00
%
 
Utilities
 
443

 
441

 
450

HGIM Corp. (5)
 
06/18/2020
 
5.64
%
 
L+ 4.50
 
1.00
%
 
Surface Transport
 
1,448

 
1,450

 
1,033

Hyland Software, Inc. (5)
 
07/01/2022
 
4.23
%
 
L+ 3.25
 
0.75
%
 
Electronics/Electric
 
2,458

 
2,441

 
2,492

Hyperion Insurance Group Limited (3), (5)
 
04/29/2022
 
5.50
%
 
L+ 4.50
 
1.00
%
 
Diversified Insurance
 
748

 
750

 
752

IBC Capital Limited (3), (5)
 
09/09/2021
 
4.87
%
 
L+ 3.75
 
1.00
%
 
Business Equipment and Services
 
995

 
986

 
978

Immucor, Inc. (5)
 
08/17/2018
 
5.00
%
 
L+ 3.75
 
1.25
%
 
Conglomerates
 
972

 
975

 
963

Indra Holdings Corp. (5), (6)
 
05/03/2021
 
5.29
%
 
L+ 4.25
 
1.00
%
 
Clothing/Textiles
 
1,185

 
1,178

 
802


See notes to consolidated financial statements.
8



AMERICAN CAPITAL SENIOR FLOATING, LTD.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
MARCH 31, 2017
(unaudited, in thousands)


Description

Maturity

Interest
Rate (1)

Basis 
Point
Spread
Above
Index 
(2)

LIBOR
Interest Rate Floor
 
Industry

Par
Amount

Cost

Fair
Value
First Lien Floating Rate Loans (continued) —139.7% of Net Assets
 
 
 
 
 
 
 
 
 
 
Infoblox Inc. (5)
 
11/07/2023
 
6.00
%
 
L+ 5.00
 
1.00
%
 
Electronics/Electric
 
$
1,429

 
$
1,402

 
$
1,446

Informatica Corporation (5)
 
08/05/2022
 
4.65
%
 
L+ 3.50
 
1.00
%
 
Electronics/Electric
 
1,943

 
1,939

 
1,936

Information Resources, Inc. (5)
 
01/18/2024
 
5.25
%
 
L+ 4.25
 
1.00
%
 
Electronics/Electric
 
2,431

 
2,420

 
2,465

Intelsat Jackson Holdings S.A (3), (5)
 
06/30/2019
 
3.89
%
 
L+ 2.75
 
1.00
%
 
Telecommunications
 
1,000

 
988

 
981

Ion Media Networks, Inc. (5), (6)
 
12/18/2020
 
4.50
%
 
L+ 3.50
 
1.00
%
 
Broadcast Radio and Television
 
1,897

 
1,904

 
1,916

IPC Corp. (5), (6)
 
08/06/2021
 
5.50
%
 
L+ 4.50
 
1.00
%
 
Electronics/Electric
 
1,470

 
1,465

 
1,378

Jazz Acquisition, Inc. (5)
 
06/21/2021
 
4.65
%
 
L+ 3.50
 
1.00
%
 
Aerospace and Defense
 
1,947

 
1,950

 
1,902

JC Penney Corp Inc (3), (5)
 
06/23/2023
 
5.30
%
 
L+ 4.25
 
1.00
%
 
Retailers (except food and drug)
 
745

 
749

 
741

Jo-Ann Stores, Inc. (5)
 
10/21/2023
 
6.26
%
 
L+ 5.00
 
1.00
%
 
Retailers (except food and drug)
 
499

 
489

 
490

Kraton Polymers LLC (3), (5)
 
01/06/2022
 
5.00
%
 
L+ 4.00
 
1.00
%
 
Chemical/Plastics
 
1,040

 
1,056

 
1,051

Kronos Acquisition Intermediate Inc. (3), (5)
 
08/26/2022
 
5.65
%
 
L+ 4.50
 
%
 
Cosmetics/Toiletries
 
711

 
697

 
722

Kronos Incorporated (5)
 
11/01/2023
 
5.03
%
 
L+ 4.00
 
1.00
%
 
Electronics/Electric
 
2,294

 
2,286

 
2,310

LANDesk Software Group, Inc. (5)
 
01/20/2024
 
5.25
%
 
L+ 4.25
 
1.00
%
 
Electronics/Electric
 
1,097

 
1,095

 
1,105

Learning Care Group (US) No. 2 Inc. (5)
 
05/05/2021
 
5.06
%
 
L+ 4.00
 
1.00
%
 
Business Equipment and Services
 
987

 
987

 
1,002

Liberty Cablevision of Puerto Rico LLC (5)
 
01/07/2022
 
4.66
%
 
L+3.50
 
1.00
%
 
Cable and Satellite Television
 
1,000

 
994

 
999

Life Time Fitness, Inc. (5)
 
06/10/2022
 
4.00
%
 
L+ 3.00
 
1.00
%
 
Leisure Goods/Activities/Movies
 
863

 
857

 
866

Manitowoc Foodservice, Inc. (3), (5)
 
03/03/2023
 
4.00
%
 
L+ 3.00
 
1.00
%
 
Industrial Equipment
 
635

 
624

 
642

McGraw-Hill Global Education Holdings, LLC (5)
 
05/22/2022
 
5.00
%
 
L+ 4.00
 
1.00
%
 
Publishing
 
993

 
988

 
984

Meter Readings Holdings, LLC (5). (6)
 
08/29/2023
 
6.80
%
 
L+ 5.75
 
1.00
%
 
Electronics/Electric
 
663

 
654

 
677

Mister Car Wash Holdings, Inc. (5)
 
08/20/2021
 
5.25
%
 
L+ 4.25
 
1.00
%
 
Business Equipment and Services
 
125

 
124

 
126

Mister Car Wash Holdings, Inc. (5)
 
08/20/2021
 
5.25
%
 
L+ 4.25
 
1.00
%
 
Business Equipment and Services
 
622

 
617

 
628

Mitchell International, Inc. (5)
 
10/13/2020
 
4.54
%
 
L+ 3.50
 
1.00
%
 
Electronics/Electric
 
2,371

 
2,378

 
2,398

Mohegan Tribal Gaming Authority (5)
 
10/13/2023
 
5.50
%
 
L+ 4.50
 
1.00
%
 
Lodging and Casinos
 
1,500

 
1,522

 
1,507

MPH Acquisition Holdings LLC (5)
 
06/07/2023
 
4.90
%
 
L+ 3.75
 
1.00
%
 
Health Care
 
456

 
454

 
463

Murray Energy Corporation (5)
 
04/16/2020
 
8.40
%
 
L+ 7.25
 
1.00
%
 
Nonferrous metals/minerals
 
997

 
954

 
972

NFP Corp (5)
 
01/08/2024
 
4.65
%
 
L+ 3.50
 
1.00
%
 
Diversified Insurance
 
2,494

 
2,482

 
2,523

nThrive, Inc. (5), (7)
 
10/20/2022
 
5.50
%
 
L+ 4.50
 
1.00
%
 
Health Care
 
1,995

 
1,995

 
2,001

Numericable US LLC (3), (5)
 
01/15/2024
 
5.29
%
 
L+ 4.25
 
0.75
%
 
Cable and Satellite Television
 
1,489

 
1,476

 
1,495

Oak Parent, Inc. (5)
 
10/26/2023
 
5.50
%
 
L+ 4.50
 
1.00
%
 
Clothing/Textiles
 
1,353

 
1,343

 
1,359

Omnitracs, LLC (5)
 
11/25/2020
 
4.90
%
 
L+ 3.75
 
1.00
%
 
Electronics/Electric
 
990

 
976

 
1,002

Onex Carestream Finance LP (5)
 
06/07/2019
 
5.15
%
 
L+ 4.00
 
1.00
%
 
Electronics/Electric
 
1,586

 
1,589

 
1,535

Opal Acquisition, Inc. (5)
 
11/27/2020
 
5.15
%
 
L+ 4.00
 
1.00
%
 
Health Care
 
2,898

 
2,885

 
2,727

Optiv Inc. (5)
 
02/01/2024
 
4.25
%
 
L+ 3.25
 
1.00
%
 
Business Equipment and Services
 
1,075

 
1,073

 
1,083

PAE Holding Corporation (5)
 
10/20/2022
 
6.50
%
 
L+ 5.50
 
1.00
%
 
Aerospace and Defense
 
564

 
554

 
570

PetSmart, Inc. (5)
 
03/11/2022
 
4.02
%
 
L+ 3.00
 
1.00
%
 
Retailers (except food and drug)
 
486

 
484

 
466


See notes to consolidated financial statements.
9



AMERICAN CAPITAL SENIOR FLOATING, LTD.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
MARCH 31, 2017
(unaudited, in thousands)


Description

Maturity

Interest
Rate (1)

Basis 
Point
Spread
Above
Index 
(2)

LIBOR
Interest Rate Floor
 
Industry

Par
Amount

Cost

Fair
Value
First Lien Floating Rate Loans (continued) —139.7% of Net Assets
 
 
 
 
 
 
 
 
 
 
Pharmaceutical Product Development,
Inc.
 (5)
 
08/18/2022
 
4.40
%
 
L+ 3.25
 
1.00
%
 
Drugs
 
$
1,474

 
$
1,468

 
$
1,480

Plaskolite, LLC (5)
 
11/03/2022
 
5.15
%
 
L+ 4.00
 
1.00
%
 
Chemical/Plastics
 
1,414

 
1,408

 
1,427

Plaze, Inc. (5)
 
07/31/2022
 
4.65
%
 
L+ 3.50
 
1.00
%
 
Chemical/Plastics
 
822

 
821

 
829

PODS, LLC (5), (6)
 
02/02/2022
 
4.25
%
 
L+ 3.25
 
1.00
%
 
Surface Transport
 
990

 
980

 
1,000

Presidio, Inc. (5)
 
02/02/2022
 
4.25
%
 
L+ 3.25
 
1.00
%
 
Electronics/Electric
 
1,187

 
1,187

 
1,201

Press Ganey Holdings, Inc. (5)
 
10/21/2023
 
4.25
%
 
L+ 3.25
 
1.00
%
 
Health Care
 
399

 
397

 
401

PrimeLine Utility Services LLC (5)
 
11/14/2022
 
6.52
%
 
L+ 5.50
 
1.00
%
 
Utilities
 
1,104

 
1,095

 
1,117

ProAmpac PG Borrower LLC (5)
 
11/20/2023
 
5.06
%
 
L+ 4.00
 
1.00
%
 
Containers and Glass Products
 
449

 
445

 
454

Quikrete Holdings, Inc. (5)
 
11/15/2023
 
4.23
%
 
L+ 3.25
 
0.75
%
 
Building & Development
 
998

 
993

 
1,008

Quorum Health Corporation (3), (5)
 
04/29/2022
 
6.79
%
 
L+ 5.75
 
1.00
%
 
Health Care
 
1,000

 
993

 
979

Rackspace Hosting, Inc. (5)
 
11/03/2023
 
4.53
%
 
L+ 3.50
 
1.00
%
 
Electronics/Electric
 
499

 
499

 
503

Renaissance Learning, Inc. (5)
 
04/09/2021
 
4.90
%
 
L+ 3.75
 
1.00
%
 
Electronics/Electric
 
1,940

 
1,939

 
1,951

Riverbed Technology, Inc. (5)
 
04/25/2022
 
4.25
%
 
L+ 3.25
 
1.00
%
 
Electronics/Electric
 
1,956

 
1,956

 
1,957

Russell Investments US Institutional Holdco, Inc. (3), (5)
 
06/01/2023
 
6.75
%
 
L+ 5.75
 
1.00
%
 
Financial Intermediaries
 
249

 
254

 
253

Seahawk Holdings Limited (5)
 
10/31/2022
 
7.00
%
 
L+ 6.00
 
1.00
%
 
Electronics/Electric
 
1,954

 
1,940

 
1,986

Sears Roebuck Acceptance Corp. (3), (5)
 
06/30/2018
 
5.50
%
 
L+ 4.50
 
1.00
%
 
Retailers (except food and drug)
 
735

 
730

 
727

Securus Technologies Holdings, Inc. (5)
 
04/30/2020
 
4.75
%
 
L+ 3.50
 
1.25
%
 
Telecommunications
 
1,861

 
1,846

 
1,863

Serta Simmons Bedding, LLC (5)
 
11/08/2023
 
4.54
%
 
L+ 3.50
 
1.00
%
 
Home Furnishings
 
2,000

 
1,990

 
2,010

Shearer's Foods, LLC (5)
 
06/30/2021
 
5.40
%
 
L+ 4.25
 
1.00
%
 
Food Products
 
494

 
490

 
496

SMS System Maintenance Services, Inc. (5)
 
10/30/2023
 
6.00
%
 
L+ 5.00
 
1.00
%
 
Electronics/Electric
 
1,995

 
1,985

 
2,012

Solera, LLC (3), (5)
 
03/03/2023
 
4.25
%
 
L+ 3.25
 
1.00
%
 
Electronics/Electric
 
946

 
933

 
952

Sterigenics-Nordion Holdings, LLC (5)
 
05/16/2022
 
4.40
%
 
L+ 3.25
 
1.00
%
 
Health Care
 
893

 
886

 
896

Strategic Partners Acquisition Corp. (5), (6), (7)
 
06/30/2023
 
5.50
%
 
L+ 4.50
 
1.00
%
 
Clothing/Textiles
 
2,250

 
2,250

 
2,250

STS Operating, Inc. (5), (6)
 
02/12/2021
 
4.75
%
 
L+ 3.75
 
1.00
%
 
Industrial Equipment
 
1,906

 
1,913

 
1,878

Summit Midstream Partners Holdings, LLC (3), (5), (6)
 
05/13/2022
 
7.02
%
 
L+ 6.00
 
1.00
%
 
Oil and Gas
 
612

 
606

 
624

Surgery Center Holdings, Inc. (3), (5)
 
11/03/2020
 
4.75
%
 
L+ 3.75
 
1.00
%
 
Health Care
 
1,955

 
1,949

 
1,980

Syniverse Holdings, Inc (5)
 
04/23/2019
 
4.04
%
 
L+ 3.00
 
1.00
%
 
Telecommunications
 
749

 
687

 
693

Syniverse Holdings, Inc. (5)
 
04/23/2019
 
4.15
%
 
L+ 3.00
 
1.00
%
 
Telecommunications
 
1,464

 
1,444

 
1,350

TCH-2 Holdings, LLC (5), (6)
 
05/06/2021
 
5.50
%
 
L+ 4.50
 
1.00
%
 
Electronics/Electric
 
542

 
526

 
549

Thermasys Corp. (5)
 
05/03/2019
 
5.25
%
 
L+ 4.00
 
1.25
%
 
Industrial Equipment
 
438

 
438

 
397

TIBCO Software Inc (5)
 
12/04/2020
 
5.50
%
 
L+ 4.50
 
1.00
%
 
Business Equipment and Services
 
997

 
1,011

 
1,010

Travelport Finance S.à r.l. (3), (5)
 
09/02/2021
 
4.75
%
 
L+ 3.25
 
1.00
%
 
Business Equipment and Services
 
1,913

 
1,898

 
1,929

Tricorbraun Holdings, Inc. (5)
 
05/03/2019
 
6.75
%
 
L+ 2.75
 
1.00
%
 
Containers and Glass Products
 
907

 
925

 
917

Tricorbraun Holdings, Inc. (5), (9)
 
11/30/2023
 
4.75
%
 
L+ 2.75
 
1.00
%
 
Containers and Glass Products
 
91

 
1

 
1

Turbocombustor Technology, Inc. (5)
 
12/02/2020
 
5.65
%
 
L+ 4.50
 
1.00
%
 
Aerospace and Defense
 
3,386

 
3,368

 
3,166

U.S. Renal Care, Inc. (5)
 
12/30/2022
 
5.40
%
 
L+ 4.25
 
1.00
%
 
Health Care
 
494

 
490

 
465

Unifrax I LLC (3), (5), (6), (7)
 
03/31/2024
 
4.75
%
 
L+ 3.75
 
1.00
%
 
Industrial Equipment
 
742

 
740

 
748


See notes to consolidated financial statements.
10



AMERICAN CAPITAL SENIOR FLOATING, LTD.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
MARCH 31, 2017
(unaudited, in thousands)


Description

Maturity

Interest
Rate (1)

Basis 
Point
Spread
Above
Index 
(2)

LIBOR
Interest Rate Floor
 
Industry

Par
Amount

Cost

Fair
Value
First Lien Floating Rate Loans (continued) —139.7% of Net Assets
 
 
 
 
 
 
 
 
 
 
University Support Services LLC (5)
 
07/06/2022
 
6.25