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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 June 30, 2017
OR
¨
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from _____ to ______
Commission File Number: 814-01025
389815275_acsflogoa01a01a09.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 August 7, 2017
Common stock, $0.01 par value
 
10,000,100
 
 
 






AMERICAN CAPITAL SENIOR FLOATING, LTD.
FORM 10-Q FOR THE QUARTER ENDED June 30, 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 per share data)
 
 
June 30, 2017 (unaudited)
 
December 31, 2016
Assets:
 
 
 
 
Investments, fair value (cost of $264,203 and $257,965, respectively)
 
$
252,032

 
$
244,872

Cash and cash equivalents
 
1,247

 
8,795

Receivable for investments sold
 
1,824

 
2,272

Deferred financing costs
 
135

 
181

Interest receivable
 
417

 
779

Prepaid expenses and other assets
 
756

 
143

Receivable from affiliate (Notes 3 and 4)
 
176

 
298

Total assets
 
$
256,587

 
$
257,340

Liabilities:
 
 
 
 
Secured revolving credit facility payable (Note 7)
 
$
98,200

 
$
104,900

Payable for investments purchased
 
22,407

 
12,202

Management fee payable (Note 3)
 
533

 
2,046

Interest payable (Note 7)
 
24

 
34

Taxes payable (Note 8)
 
28

 
117

Payable to affiliate (Note 4)
 
13

 
156

Other liabilities and accrued expenses
 
298

 
126

Distributions to stockholders payable (Note 10)
 
970

 
970

Total liabilities
 
122,473

 
120,551

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

 
100

Paid-in capital in excess of par
 
150,949

 
150,949

Accumulated undistributed net investment income
 
1,809

 
2,133

Accumulated net realized loss from investments
 
(6,573
)
 
(3,300
)
Net unrealized depreciation on investments
 
(12,171
)
 
(13,093
)
Total net assets
 
134,114

 
136,789

Total liabilities and net assets
 
$
256,587

 
$
257,340

Net asset value per share outstanding
 
$
13.41

 
$
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 June 30,
 
Six Months Ended June 30,
 
 
2017
 
2016
 
2017
 
2016
Investment Income:
 
 
 
 
 
 
 
 
Interest
 
$
4,119

 
$
4,272

 
$
8,731

 
$
8,617

Total investment income
 
4,119

 
4,272

 
8,731

 
8,617

Expenses:
 

 
 
 
 
 
 
Interest and commitment fee (Note 7)
 
746

 
617

 
1,456

 
1,258

Management fee (Note 3)
 
533

 
511

 
1,064

 
1,008

Professional fees
 
260

 
181

 
603

 
234

Insurance
 
91

 
109

 
239

 
220

Amortization of deferred financing costs
 
23

 
23

 
46

 
46

Other general and administrative expenses (Note 4)
 
190

 
443

 
413

 
796

Total expenses
 
1,843

 
1,884

 
3,821

 
3,562

Expense reimbursement (Note 3)
 
(176
)
 
(455
)
 
(614
)
 
(693
)
Net expenses
 
1,667

 
1,429

 
3,207

 
2,869

Net investment income before taxes
 
2,452

 
2,843

 
5,524

 
5,748

Income tax (provision) benefit (Note 8)
 
(9
)
 
125

 
(28
)
 
98

Net investment income
 
2,443

 
2,968

 
5,496

 
5,846

Net realized and unrealized gain (loss) on investments:
 
 
 
 
 
 
 
 
Net realized loss on investments
 
(3,735
)
 
(409
)
 
(3,273
)
 
(1,299
)
Net unrealized appreciation on investments
 
1,685

 
7,709

 
922

 
7,889

Net gain (loss) on investments
 
(2,050
)
 
7,300

 
(2,351
)
 
6,590

Net increase in net assets resulting from operations (“Net Earnings”)
 
$
393

 
$
10,268

 
$
3,145

 
$
12,436

 
 
 
 
 
 
 
 
 
Net investment income per share
 
$
0.24

 
$
0.30

 
$
0.55

 
$
0.58

Net Earnings per share (Note 5)
 
$
0.04

 
$
1.03

 
$
0.31

 
$
1.24

Distributions to stockholders declared per share
 
$
0.29

 
$
0.29

 
$
0.58

 
$
0.58

Weighted average shares outstanding
 
10,000

 
10,000

 
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)
 
 
 
Six Months Ended June 30,
 
 
2017
 
2016
Operations:
 
 
 
 
Net investment income
 
$
5,496

 
$
5,846

Net realized loss on investments
 
(3,273
)
 
(1,299
)
Net unrealized appreciation on investments
 
922

 
7,889

Net Earnings
 
3,145

 
12,436

 
 
 
 
 
Distributions to stockholders:
 
 
 
 
From net investment income
 
(5,820
)
 
(5,820
)
 
 
 
 
 
Net increase (decrease) in net assets
 
(2,675
)
 
6,616

 
 
 
 
 
Net assets, beginning of period
 
136,789

 
117,929

Net assets, end of period
 
$
134,114

 
$
124,545

 
 
 
 
 
Undistributed net investment income included in net assets
 
$
1,809

 
$
1,586

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)
 
 
Six Months Ended June 30,
 
 
2017
 
2016
Cash Flows from Operating Activities:
 
 
 
 
Net Earnings
 
$
3,145

 
$
12,436

Adjustments to reconcile net increase in net assets resulting from operations:
 
 
 
 
Net realized loss on investments
 
3,273

 
1,299

Net unrealized appreciation on investments
 
(922
)
 
(7,889
)
Accretion of CLO interest income
 
(3,263
)
 
(3,306
)
Net amortization of discount on loans
 
(127
)
 
(133
)
Amortization of deferred financing costs
 
46

 
46

Purchase of investments, net
 
(111,685
)
 
(34,698
)
Proceeds from disposition of investments, net
 
116,217

 
52,222

Changes in operating assets and liabilities:
 
 
 
 
Interest receivable
 
362

 
7

Prepaid expenses and other assets
 
(613
)
 
(258
)
Receivable from affiliate
 
122

 
(221
)
Management fee payable
 
(1,513
)
 
472

Interest payable
 
(10
)
 
(26
)
Taxes payable
 
(89
)
 
(209
)
Payable to affiliate
 
(143
)
 
(56
)
Other liabilities and accrued expenses
 
172

 
(59
)
Net cash provided by operating activities
 
4,972

 
19,627

Cash Flows from Financing Activities:
 
 
 
 
Distributions to stockholders paid
 
(5,820
)
 
(5,820
)
Payments on revolving credit facility, net
 
(6,700
)
 
(13,100
)
Net cash used in financing activities
 
(12,520
)
 
(18,920
)
Net change in cash and cash equivalents
 
(7,548
)
 
707

Cash and cash equivalents at beginning of period
 
8,795

 
2,474

Cash and cash equivalents at end of period
 
$
1,247

 
$
3,181

Supplemental disclosure of cash flow information:
 
 
 
 
Cash paid for interest and commitment fees
 
$
1,466

 
$
1,284

Cash paid for income taxes
 
$
130

 
$
240

Cash received for income tax benefit
 
$
(126
)
 
$

Distributions to stockholders declared and payable during the period
 
$
5,820

 
$
5,820

 







See notes to consolidated financial statements.
6



AMERICAN CAPITAL SENIOR FLOATING, LTD.
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 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 —144.0% of Net Assets
 
 
 
 
 







24 Hour Fitness Worldwide, Inc. (5)
 
05/30/2021
 
5.05
%
 
L+ 3.75
 
1.00
%
 
Leisure Goods/Activities/Movies
 
$
1,942

 
$
1,938

 
$
1,934

Academy, Ltd. (5)
 
07/01/2022
 
5.17
%
 
L+ 4.00
 
1.00
%
 
Retailers (except food and drug)
 
900

 
802

 
696

Acosta, Inc. (5)
 
09/26/2021
 
4.48
%
 
L+ 3.25
 
1.00
%
 
Business Equipment and Services
 
2,425

 
2,398

 
2,185

Advanced Integration Technology LP (5), (6), (7)
 
04/03/2023
 
6.73
%
 
L+ 5.50
 
1.00
%
 
Industrial Equipment
 
1,995

 
1,995

 
2,007

Aegis Toxicology Sciences Corporation (5)
 
02/24/2021
 
5.79
%
 
L+ 4.50
 
1.00
%
 
Health Care
 
1,617

 
1,611

 
1,615

Air Medical Group Holdings, Inc. (5)
 
04/28/2022
 
4.47
%
 
L+ 3.25
 
1.00
%
 
Health Care
 
1,960

 
1,963

 
1,927

Air Medical Group Holdings, Inc. (5)
 
04/28/2022
 
5.00
%
 
L+ 4.00
 
1.00
%
 
Health Care
 
498

 
496

 
497

Albertson's LLC (5)
 
12/21/2022
 
4.29
%
 
L+ 3.00
 
0.75
%
 
Food/Drug Retailers
 
985

 
964

 
976

Alliant Holdings Intermediate, LLC (5)
 
08/12/2022
 
4.42
%
 
L+ 3.25
 
1.00
%
 
Diversified Insurance
 
1,711

 
1,705

 
1,711

American Residential Services, LLC (5), (7)
 
06/30/2022
 
5.23
%
 
L+ 4.00
 
1.00
%
 
Ecological Services and Equipment
 
1,990

 
1,985

 
1,997

American Tire Distributors, Inc. (5)
 
09/01/2021
 
5.48
%
 
L+ 4.25
 
1.00
%
 
Retailers (except food and drug)
 
961

 
958

 
967

Anchor Glass Container Corporation (5)
 
12/07/2023
 
4.34
%
 
L+ 3.25
 
%
 
Containers and Glass Products
 
1,713

 
1,705

 
1,724

AqGen Ascensus, Inc. (5)
 
12/05/2022
 
5.30
%
 
L+ 4.00
 
1.00
%
 
Financial Intermediaries
 
1,728

 
1,679

 
1,749

Aquilex LLC (5), (6)
 
12/31/2020
 
5.12
%
 
L+ 4.00
 
1.00
%
 
Business Equipment and Services
 
905

 
904

 
891

Arctic Glacier U.S.A., Inc. (5)
 
03/20/2024
 
5.48
%
 
L+ 4.25
 
1.00
%
 
Food Products
 
997

 
993

 
1,010

Ardent Legacy Acquisitions, Inc. (5)
 
08/04/2021
 
6.80
%
 
L+ 5.50
 
1.00
%
 
Health Care
 
326

 
324

 
328

Ascend Learning, LLC (5)
 
07/31/2019
 
5.73
%
 
L+ 4.50
 
1.00
%
 
Business Equipment and Services
 
578

 
577

 
580

AssuredPartners, Inc. (5), (7)
 
10/21/2022
 
4.73
%
 
L+ 3.50
 
%
 
Insurance
 
1,331

 
1,331

 
1,333

Asurion, LLC (5)
 
08/04/2022
 
4.48
%
 
L+ 3.25
 
1.00
%
 
Diversified Insurance
 
2,102

 
2,084

 
2,114

BCP Raptor, LLC (5), (6)
 
06/24/2024
 
5.25
%
 
L+ 4.25
 
1.00
%
 
Energy
 
1,100

 
1,074

 
1,089

BCPE Eagle Buyer LLC (5)
 
03/18/2024
 
5.48
%
 
L+ 4.25
 
1.00
%
 
Health Care
 
1,496

 
1,482

 
1,504

Big Jack Holdings LP (5), (6), (7)
 
04/05/2024
 
5.48
%
 
L+ 4.25
 
1.00
%
 
Food/Drug Retailers
 
1,995

 
1,985

 
2,005

BJ's Wholesale Club, Inc. (5)
 
02/03/2024
 
4.97
%
 
L+ 3.75
 
1.00
%
 
Food/Drug Retailers
 
1,904

 
1,900

 
1,850

Blackboard, Inc. (5)
 
06/30/2021
 
6.16
%
 
L+ 5.00
 
1.00
%
 
Electronics/Electric
 
2,399

 
2,399

 
2,393

Brand Energy & Infrastructure Services, Inc. (5)
 
06/21/2024
 
5.25
%
 
L+ 4.25
 
1.00
%
 
Oil and Gas
 
2,495

 
2,470

 
2,496

BWAY Intermediate Company, Inc. (5), (7)
 
04/03/2024
 
4.33
%
 
L+ 3.25
 
%
 
Containers and Glass Products
 
806

 
803

 
807

Calceus Acquisition, Inc. (5)
 
01/31/2020
 
5.23
%
 
L+ 4.00
 
1.00
%
 
Clothing/Textiles
 
2,301

 
2,306

 
2,113

Candy Intermediate Holdings, Inc. (5),
 
06/15/2023
 
5.80
%
 
L+ 4.50
 
1.00
%
 
Food Products
 
1,782

 
1,780

 
1,714

Carecore National, LLC (5), (6)
 
03/05/2021
 
5.23
%
 
L+ 4.00
 
1.00
%
 
Health Care
 
1,951

 
1,951

 
1,975

Catalina Marketing Corporation (5)
 
04/09/2021
 
4.73
%
 
L+ 3.50
 
1.00
%
 
Business Equipment and Services
 
2,387

 
2,387

 
2,004

CB Poly Investments, LLC (5), (6)
 
08/16/2023
 
6.48
%
 
L+ 5.25
 
1.00
%
 
Clothing/Textiles
 
1,489

 
1,476

 
1,492

CCM Merger, Inc. (5)
 
08/06/2021
 
3.98
%
 
L+ 2.75
 
0.75
%
 
Lodging and Casinos
 
724

 
721

 
728

Charter NEX US, Inc. (5)
 
05/16/2024
 
4.48
%
 
L+ 3.25
 
1.00
%
 
Manufacturing
 
600

 
597

 
601

CIBT Global, Inc.(5), (6)
 
06/01/2024
 
5.20
%
 
L+ 4.00
 
1.00
%
 
Service & Equipment
 
1,000

 
997

 
1,005


See notes to consolidated financial statements.
7



AMERICAN CAPITAL SENIOR FLOATING, LTD.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
JUNE 30, 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 —144.0% of Net Assets
 
 
 
 
 
 
 
 
 
 
 
 
Comfort Holding, LLC (5)
 
02/05/2024
 
5.88
%
 
L+ 4.75
 
1.00
%
 
Home Furnishings
 
$
2,263

 
$
2,251

 
$
2,275

CPI Holdco, LLC (5)
 
03/21/2024
 
5.30
%
 
L+ 4.00
 
1.00
%
 
Industrial Equipment
 
1,995

 
1,985

 
2,007

CT Technologies Intermediate Holdings, Inc. (5), (6)
 
12/01/2021
 
5.48
%
 
L+ 4.25
 
1.00
%
 
Electronics/Electric
 
490

 
488

 
489

DiversiTech Holdings, Inc. (5)
 
06/03/2024
 
4.70
%
 
L+ 3.50
 
1.00
%
 
Industrials
 
2,000

 
1,995

 
2,005

DJO Finance LLC (5)
 
06/08/2020
 
4.30
%
 
L+ 3.25
 
1.00
%
 
Health Care
 
997

 
977

 
989

Dole Food Company, Inc. (5), (7)
 
04/06/2024
 
4.24
%
 
L+ 3.00
 
1.00
%
 
Food Products
 
857

 
853

 
860

DTI Holdco, Inc. (5)
 
09/30/2023
 
6.42
%
 
L+ 5.25
 
1.00
%
 
Electronics/Electric
 
746

 
744

 
730

Duff & Phelps Corporation (5)
 
04/23/2020
 
5.05
%
 
L+ 3.75
 
1.00
%
 
Financial Intermediaries
 
2,381

 
2,382

 
2,400

Dynacast International LLC (5), (7)
 
01/28/2022
 
4.55
%
 
L+ 3.25
 
1.00
%
 
Industrial Equipment
 
534

 
534

 
537

Eastern Power, LLC (5)
 
10/02/2023
 
5.23
%
 
L+ 4.00
 
1.00
%
 
Utilities
 
1,921

 
1,911

 
1,915

EIG Investors Corp. (3), (5) , (7)
 
02/09/2023
 
5.24
%
 
L+ 4.00
 
1.00
%
 
Electronics/Electric
 
2,360

 
2,354

 
2,370

Epicor Software Corporation (5)
 
06/01/2022
 
4.98
%
 
L+ 3.75
 
1.00
%
 
Electronics/Electric
 
1,954

 
1,940

 
1,956

Erie Acquisition Holdings, Inc. (5)
 
03/01/2023
 
6.05
%
 
L+ 4.75
 
1.00
%
 
Business Equipment and Services
 
490

 
482

 
492

ExamWorks Group, Inc. (5)
 
07/27/2023
 
4.48
%
 
L+ 3.25
 
1.00
%
 
Business Equipment and Services
 
993

 
996

 
998

Expro Finservices S.à r.l. (3), (5)
 
09/02/2021
 
5.96
%
 
L+ 4.75
 
1.00
%
 
Oil and Gas
 
1,945

 
1,927

 
1,339

Fairmount Minerals, Ltd. (3), (5)
 
09/05/2019
 
4.65
%
 
L+ 3.50
 
1.00
%
 
Nonferrous Metals/Minerals
 
396

 
397

 
375

FHC Health Systems, Inc. (5)
 
12/23/2021
 
5.23
%
 
L+ 4.00
 
1.00
%
 
Health Care
 
1,485

 
1,466

 
1,390

Filtration Group Corporation (5)
 
11/23/2020
 
4.48
%
 
L+ 3.25
 
1.00
%
 
Industrial Equipment
 
983

 
983

 
986

Flexera Software LLC (5)
 
04/02/2020
 
4.80
%
 
L+ 3.50
 
1.00
%
 
Electronics/Electric
 
993

 
993

 
1,001

Gates Global LLC (5)
 
04/01/2024
 
4.55
%
 
L+ 3.25
 
1.00
%
 
Automotive
 
1,052

 
1,051

 
1,054

Genesys Telecommunications Laboratories, Inc (5)
 
12/01/2023
 
5.30
%
 
L+ 4.00
 
1.00
%
 
Business Equipment and Services
 
497

 
491

 
500

GTCR Valor Companies, Inc. (5), (7)
 
06/16/2023
 
7.23
%
 
L+ 6.00
 
1.00
%
 
Business Equipment and Services
 
1,846

 
1,850

 
1,859

Harland Clarke Holdings Corp. (5)
 
12/31/2021
 
7.30
%
 
L+ 6.00
 
1.00
%
 
Publishing
 
696

 
698

 
701

Harland Clarke Holdings Corp. (5)
 
02/09/2022
 
6.80
%
 
L+ 5.50
 
1.00
%
 
Publishing
 
144

 
143

 
145

Helix Generation, LLC (5). (7)
 
06/03/2024
 
4.96
%
 
L+ 3.75
 
1.00
%
 
Utilities
 
425

 
423

 
428

HGIM Corp. (5)
 
06/18/2020
 
5.75
%
 
L+ 4.50
 
1.00
%
 
Surface Transport
 
1,444

 
1,446

 
632

Hummel Station LLC (5), (6)
 
10/27/2022
 
7.23
%
 
L+ 6.00
 
1.00
%
 
Energy
 
2,000

 
1,871

 
1,860

Hyland Software, Inc. (5)
 
07/01/2022
 
4.48
%
 
L+ 3.25
 
0.75
%
 
Electronics/Electric
 
2,452

 
2,436

 
2,471

Hyperion Insurance Group Limited (3), (5)
 
04/29/2022
 
5.25
%
 
L+ 4.00
 
1.00
%
 
Diversified Insurance
 
706

 
707

 
712

IBC Capital Limited (3), (5)
 
09/09/2021
 
4.98
%
 
L+ 3.75
 
1.00
%
 
Business Equipment and Services
 
992

 
984

 
979

Immucor, Inc. (5)
 
08/17/2018
 
5.00
%
 
L+ 3.75
 
1.25
%
 
Conglomerates
 
970

 
972

 
972

Immucor, Inc. (5)
 
06/27/2021
 
6.25
%
 
L+ 5.25
 
1.00
%
 
Conglomerates
 
2,500

 
2,475

 
2,526

Indra Holdings Corp. (5)
 
05/03/2021
 
5.42
%
 
L+ 4.25
 
1.00
%
 
Clothing/Textiles
 
1,185

 
1,179

 
715

Infoblox Inc. (5)
 
11/07/2023
 
6.23
%
 
L+ 5.00
 
1.00
%
 
Electronics/Electric
 
1,429

 
1,403

 
1,440

Informatica Corporation (5)
 
08/05/2022
 
4.80
%
 
L+ 3.50
 
1.00
%
 
Electronics/Electric
 
1,938

 
1,934

 
1,939

Information Resources, Inc. (5)
 
01/18/2024
 
5.47
%
 
L+ 4.25
 
1.00
%
 
Business Equipment and Services
 
2,425

 
2,414

 
2,438

IPC Corp. (5)
 
08/06/2021
 
5.67
%
 
L+ 4.50
 
1.00
%
 
Telecommunications
 
1,466

 
1,461

 
1,395

Jazz Acquisition, Inc. (5)
 
06/21/2021
 
4.80
%
 
L+ 3.50
 
1.00
%
 
Aerospace and Defense
 
1,942

 
1,945

 
1,892

JC Penney Corp Inc (3), (5)
 
06/23/2023
 
5.45
%
 
L+ 4.25
 
1.00
%
 
Retailers (except food and drug)
 
741

 
744

 
732


See notes to consolidated financial statements.
8



AMERICAN CAPITAL SENIOR FLOATING, LTD.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
JUNE 30, 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 —144.0% of Net Assets
 
 
 
 
 
 
 
 
 
 
Jo-Ann Stores, Inc. (5)
 
10/20/2023
 
6.39
%
 
L+ 5.00
 
1.00
%
 
Retailers (except food and drug)
 
$
566

 
$
557

 
$
565

KEMET Corporation (5), (6)
 
04/26/2024
 
7.17
%
 
L+ 6.00
 
1.00
%
 
Electronics
 
2,444

 
2,401

 
2,456

Kingpin Intermediate Holdings LLC (5), (6)
 
06/29/2024
 
6.25
%
 
L+ 5.25
 
1.00
%
 
Service & Equipment
 
875

 
871

 
880

Kraton Polymers LLC (3), (5)
 
01/06/2022
 
5.23
%
 
L+ 4.00
 
1.00
%
 
Chemical/Plastics
 
1,040

 
1,055

 
1,051

Kronos Acquisition Intermediate Inc. (3), (5)
 
08/26/2022
 
5.79
%
 
L+ 4.50
 
1.00
%
 
Cosmetics/Toiletries
 
711

 
698

 
719

Kronos Incorporated (5)
 
11/01/2023
 
4.68
%
 
L+ 3.50
 
1.00
%
 
Electronics/Electric
 
2,288

 
2,281

 
2,307

LANDesk Software Group, Inc. (5)
 
01/20/2024
 
5.48
%
 
L+ 4.25
 
1.00
%
 
Electronics/Electric
 
2,595

 
2,577

 
2,586

Learning Care Group (US) No. 2 Inc. (5), (6)
 
05/05/2021
 
5.06
%
 
L+ 4.00
 
1.00
%
 
Business Equipment and Services
 
987

 
987

 
992

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

 
994

 
992

Life Time Fitness, Inc. (5)
 
06/10/2022
 
4.23
%
 
L+ 3.00
 
1.00
%
 
Leisure Goods/Activities/Movies
 
860

 
856

 
863

LSF9 Atlantis Holdings LLC (5)
 
05/01/2023
 
7.06
%
 
L+ 6.00
 
1.00
%
 
Telecommunications/Cellular Communications
 
1,000

 
990

 
1,011

Marine Acquisition Corp. (5)
 
01/30/2021
 
4.98
%
 
L+ 3.75
 
1.00
%
 
Manufacturing
 
993

 
993

 
1,000

McGraw-Hill Global Education Holdings, LLC (5)
 
05/04/2022
 
5.23
%
 
L+ 4.00
 
1.00
%
 
Publishing
 
1,987

 
1,975

 
1,959

Meter Readings Holdings, LLC (5). (6)
 
08/29/2023
 
6.95
%
 
L+ 5.75
 
1.00
%
 
Electronics/Electric
 
662

 
653

 
668

Mirion Technologies, Inc. (5)
 
03/31/2022
 
6.05
%
 
L+ 4.75
 
1.00
%
 
Utilities
 
1,995

 
1,997

 
1,996

Mister Car Wash Holdings, Inc. (5)
 
08/20/2021
 
5.00
%
 
L+ 3.75
 
1.00
%
 
Business Equipment and Services
 
745

 
739

 
748

Mitchell International, Inc. (5)
 
10/13/2020
 
4.54
%
 
L+ 3.50
 
1.00
%
 
Electronics/Electric
 
2,365

 
2,371

 
2,382

MND Holdings III Corp (5), (6)
 
06/19/2024
 
5.50
%
 
L+ 4.50
 
1.00
%
 
Consumer Products
 
1,800

 
1,791

 
1,816

Mohegan Tribal Gaming Authority (5)
 
10/13/2023
 
5.23
%
 
L+ 4.00
 
1.00
%
 
Lodging and Casinos
 
1,496

 
1,517

 
1,515

Murray Energy Corporation (5)
 
04/16/2020
 
8.55
%
 
L+ 7.25
 
1.00
%
 
Nonferrous Metals/Minerals
 
992

 
952

 
972

NFP Corp (5)
 
01/08/2024
 
4.80
%
 
L+ 3.50
 
1.00
%
 
Diversified Insurance
 
2,487

 
2,476

 
2,497

nThrive, Inc. (5), (7)
 
10/20/2022
 
5.73
%
 
L+ 4.50
 
1.00
%
 
Health Care
 
1,990

 
1,990

 
2,003

Oak Parent, Inc. (5), (6)
 
10/26/2023
 
5.73
%
 
L+ 4.50
 
1.00
%
 
Clothing/Textiles
 
1,342

 
1,332

 
1,342

Omnitracs, LLC (5)
 
11/25/2020
 
5.05
%
 
L+ 3.75
 
1.00
%
 
Electronics/Electric
 
987

 
974

 
992

Onex Carestream Finance LP (5)
 
06/07/2019
 
5.25
%
 
L+ 4.00
 
1.00
%
 
Electronics/Electric
 
1,561

 
1,564

 
1,555

Opal Acquisition, Inc. (5)
 
11/27/2020
 
5.30
%
 
L+ 4.00
 
1.00
%
 
Health Care
 
2,891

 
2,879

 
2,690

Optiv Inc. (5)
 
02/01/2024
 
4.44
%
 
L+ 3.25
 
1.00
%
 
Business Equipment and Services
 
1,039

 
1,037

 
1,022

PAE Holding Corporation (5)
 
10/20/2022
 
6.73
%
 
L+ 5.50
 
1.00
%
 
Aerospace and Defense
 
558

 
548

 
563

Patterson Medical Supply, Inc. (5), (6)
 
08/28/2022
 
5.98
%
 
L+ 4.75
 
1.00
%
 
Health Care
 
2,000

 
1,975

 
1,960

PetSmart, Inc. (5)
 
03/11/2022
 
4.22
%
 
L+ 3.00
 
1.00
%
 
Retailers (except food and drug)
 
485

 
483

 
453

Plaskolite, LLC (5)
 
11/03/2022
 
5.30
%
 
L+ 4.00
 
1.00
%
 
Chemical/Plastics
 
1,397

 
1,392

 
1,407

Plaze, Inc. (5)
 
07/31/2022
 
4.80
%
 
L+ 3.50
 
1.00
%
 
Chemical/Plastics
 
820

 
819

 
826

PODS, LLC (5)
 
02/02/2022
 
4.34
%
 
L+ 3.25
 
1.00
%
 
Surface Transport
 
987

 
978

 
994

Pregis Holding I Corporation (5)
 
05/20/2021
 
4.80
%
 
L+ 3.50
 
1.00
%
 
Chemical/Plastics
 
1,350

 
1,334

 
1,355

Presidio, Inc. (5)
 
02/02/2022
 
4.40
%
 
L+ 3.25
 
1.00
%
 
Electronics/Electric
 
1,141

 
1,141

 
1,147

Press Ganey Holdings, Inc. (5)
 
10/21/2023
 
4.48
%
 
L+ 3.25
 
1.00
%
 
Health Care
 
398

 
396

 
400

PrimeLine Utility Services LLC (5)
 
11/14/2022
 
6.62
%
 
L+ 5.50
 
1.00
%
 
Utilities
 
1,101

 
1,093

 
1,094


See notes to consolidated financial statements.
9



AMERICAN CAPITAL SENIOR FLOATING, LTD.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
JUNE 30, 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 —144.0% of Net Assets
 
 
 
 
 
 
 
 
 
 
 
 
ProAmpac PG Borrower LLC (5)
 
11/20/2023
 
5.21
%
 
L+ 4.00
 
1.00
%
 
Containers and Glass Products
 
$
448

 
$
444

 
$
454

Project Alpha Intermediate Holding, Inc. (5)
 
04/26/2024
 
4.67
%
 
L+ 3.50
 
1.00
%
 
Technology
 
1,765

 
1,756

 
1,756

Quorum Health Corporation (3), (5)
 
04/29/2022
 
7.98
%
 
L+ 6.75
 
1.00
%
 
Health Care
 
995

 
988

 
1,002

Renaissance Learning, Inc. (5)
 
04/09/2021
 
5.05
%
 
L+ 3.75
 
1.00
%
 
Electronics/Electric
 
1,913

 
1,912

 
1,923

Russell Investments US Institutional Holdco, Inc. (3), (5)
 
06/01/2023
 
6.98
%
 
L+ 5.75
 
1.00
%
 
Financial Intermediaries
 
249

 
253

 
253

Seahawk Holdings Limited (5)
 
10/31/2022
 
7.23
%
 
L+ 6.00
 
1.00
%
 
Electronics/Electric
 
1,949

 
1,936

 
1,982

Sears Roebuck Acceptance Corp. (3), (5)
 
06/30/2018
 
5.72
%
 
L+ 4.50
 
1.00
%
 
Retailers (except food and drug)
 
732

 
729

 
723

Securus Technologies Holdings, Inc. (5)
 
04/30/2020
 
4.75
%
 
L+ 3.50
 
1.25
%
 
Telecommunications
 
1,806

 
1,793

 
1,808

Serta Simmons Bedding, LLC (5)
 
11/08/2023
 
4.56
%
 
L+ 3.50
 
1.00
%
 
Home Furnishings
 
1,995

 
1,986

 
1,996

SMS System Maintenance Services, Inc. (5)
 
10/30/2023
 
6.23
%
 
L+ 5.00
 
1.00
%
 
Business Equipment and Services
 
1,990

 
1,981

 
1,989

Solera, LLC (3), (5)
 
03/03/2023
 
4.48
%
 
L+ 3.25
 
1.00
%
 
Electronics/Electric
 
943

 
931

 
948

StandardAero Aviation Holdings, Inc. (5)
 
07/07/2022
 
4.98
%
 
L+ 3.75
 
1.00
%
 
Aerospace and Defense
 
1,160

 
1,154

 
1,171

Sterigenics-Nordion Holdings, LLC (5), (6)
 
05/15/2022
 
4.23
%
 
L+ 3.00
 
1.00
%
 
Health Care
 
891

 
884

 
889

Strategic Partners Acquisition Corp. (5), (6), (7)
 
06/30/2023
 
5.73
%
 
L+ 4.50
 
1.00
%
 
Clothing/Textiles
 
2,244

 
2,244

 
2,244

STS Operating, Inc. (5)
 
02/12/2021
 
4.96
%
 
L+ 3.75
 
1.00
%
 
Industrial Equipment
 
1,869

 
1,875

 
1,880

Summit Midstream Partners Holdings, LLC (3), (5), (6)
 
05/13/2022
 
7.23
%
 
L+ 6.00
 
1.00
%
 
Oil and Gas
 
612

 
606

 
621

Surgery Center Holdings, Inc. (3), (5)
 
11/03/2020
 
4.83
%
 
L+ 3.75
 
1.00
%
 
Health Care
 
1,950

 
1,945

 
1,962

Syniverse Holdings, Inc (5)
 
04/23/2019
 
4.17
%
 
L+ 3.00
 
1.00
%
 
Telecommunications
 
749

 
695

 
703

Syniverse Holdings, Inc. (5)
 
04/23/2019
 
4.30
%
 
L+ 3.00
 
1.00
%
 
Telecommunications
 
1,464

 
1,446

 
1,373

TCH-2 Holdings, LLC (5), (6)
 
05/06/2021
 
5.23
%
 
L+ 4.00
 
1.00
%
 
Electronics/Electric
 
541

 
526

 
544

Thermasys Corp. (5)
 
05/03/2019
 
5.31
%
 
L+ 4.00
 
1.25
%
 
Industrial Equipment
 
435

 
435

 
390

TIBCO Software Inc (5)
 
12/04/2020
 
5.73
%
 
L+ 4.50
 
1.00
%
 
Business Equipment and Services
 
1,494

 
1,506

 
1,504

Tricorbraun Holdings, Inc. (5)
 
11/30/2023
 
5.05
%
 
L+ 3.75
 
%
 
Containers and Glass Products
 
905

 
922

 
914

Tricorbraun Holdings, Inc. (5), (9)
 
11/30/2023
 
4.75
%
 
L+ 3.75
 
1.00
%
 
Containers and Glass Products
 
91

 
1

 
1

Truck Hero, Inc. (5)
 
04/22/2024
 
5.16
%
 
L+ 4.00
 
1.00
%
 
Automotive
 
2,000

 
1,980

 
1,988

Turbocombustor Technology, Inc. (5)
 
12/02/2020
 
5.80
%
 
L+ 4.50
 
1.00
%
 
Aerospace and Defense
 
3,377

 
3,361

 
3,175

U.S. Renal Care, Inc. (5)
 
12/30/2022
 
5.55
%
 
L+ 4.25
 
1.00
%
 
Health Care
 
493

 
489

 
478

Unifrax I LLC (3), (5), (7)
 
04/04/2024
 
5.05
%
 
L+ 3.75
 
1.00
%
 
Industrial Equipment
 
742

 
740

 
748

University Support Services LLC (5)
 
07/06/2022
 
6.48
%
 
L+ 5.25
 
1.00
%
 
Health Care
 
1,181

 
1,181

 
1,189

Veritas US Inc. (5)
 
01/27/2023
 
5.80
%
 
L+ 4.50
 
1.00
%
 
Electronics/Electric