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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 September 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
391010487_acsflogoa01a01a10.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 13(a) of the Exchange 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 November 6, 2017
Common stock, $0.01 par value
 
10,000,100
 
 
 






AMERICAN CAPITAL SENIOR FLOATING, LTD.
FORM 10-Q FOR THE QUARTER ENDED September 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)
 
 
September 30, 2017
 
December 31, 2016
 
 
(unaudited)
 
 
Assets:
 
 
 
 
Investments, fair value (cost of $239,810 and $257,965, respectively)
 
$
227,796

 
$
244,872

Cash and cash equivalents
 
2,902

 
8,795

Receivable for investments sold
 
5,224

 
2,272

Deferred financing costs
 
112

 
181

Interest receivable
 
485

 
779

Prepaid expenses and other assets
 
643

 
143

Receivable from affiliate (Notes 3 and 4)
 
58

 
298

Total assets
 
$
237,220

 
$
257,340

Liabilities:
 
 
 
 
Secured revolving credit facility payable (Note 7)
 
$
96,800

 
$
104,900

Payable for investments purchased
 
7,396

 
12,202

Management fee payable (Note 3)
 
497

 
2,046

Interest payable (Note 7)
 
28

 
34

Taxes payable (Note 8)
 
33

 
117

Payable to affiliate (Note 4)
 
31

 
156

Other liabilities and accrued expenses
 
240

 
126

Distributions to stockholders payable (Note 10)
 
970

 
970

Total liabilities
 
105,995

 
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
 
1,548

 
2,133

Accumulated net realized loss from investments
 
(9,358
)
 
(3,300
)
Net unrealized loss on investments
 
(12,014
)
 
(13,093
)
Total net assets
 
131,225

 
136,789

Total liabilities and net assets
 
$
237,220

 
$
257,340

Net asset value per share outstanding
 
$
13.12

 
$
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 September 30,
 
Nine Months Ended September 30,
 
 
2017
 
2016
 
2017
 
2016
Investment Income:
 
 
 
 
 
 
 
 
Interest
 
$
4,400

 
$
4,589

 
$
13,131

 
$
13,206

Total investment income
 
4,400

 
4,589

 
13,131

 
13,206

Expenses:
 

 
 
 
 
 
 
Interest and commitment fee (Note 7)
 
868

 
642

 
2,324

 
1,900

Management fee (Note 3)
 
497

 
512

 
1,561

 
1,520

Professional fees
 
231

 
95

 
834

 
329

Insurance
 
113

 
111

 
352

 
331

Amortization of deferred financing costs
 
23

 
23

 
69

 
69

Other general and administrative expenses (Note 4)
 
73

 
358

 
486

 
1,154

Total expenses
 
1,805

 
1,741

 
5,626

 
5,303

Expense reimbursement (Note 3)
 
(59
)
 
(283
)
 
(673
)
 
(976
)
Net expenses
 
1,746

 
1,458

 
4,953

 
4,327

Net investment income before taxes
 
2,654

 
3,131

 
8,178

 
8,879

Income tax (provision) benefit (Note 8)
 
(5
)
 
(23
)
 
(33
)
 
75

Net investment income
 
2,649

 
3,108

 
8,145

 
8,954

Net realized and unrealized gain (loss) on investments:
 
 
 
 
 
 
 
 
Net realized loss on investments
 
(2,785
)
 
(154
)
 
(6,058
)
 
(1,453
)
Net unrealized gain on investments
 
157

 
7,395

 
1,079

 
15,284

Net gain (loss) on investments
 
(2,628
)
 
7,241

 
(4,979
)
 
13,831

Net increase in net assets resulting from operations (“Net Earnings”)
 
$
21

 
$
10,349

 
$
3,166

 
$
22,785

 
 
 
 
 
 
 
 
 
Net investment income per share
 
$
0.26

 
$
0.31

 
$
0.81

 
$
0.90

Net Earnings per share (Note 5)
 
$

 
$
1.03

 
$
0.32

 
$
2.28

Distributions to stockholders declared per share
 
$
0.29

 
$
0.29

 
$
0.87

 
$
0.87

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)
 
 
 
Nine Months Ended September 30,
 
 
2017
 
2016
Operations:
 
 
 
 
Net investment income
 
$
8,145

 
$
8,954

Net realized loss on investments
 
(6,058
)
 
(1,453
)
Net unrealized gain on investments
 
1,079

 
15,284

Net Earnings
 
3,166

 
22,785

 
 
 
 
 
Distributions to stockholders:
 
 
 
 
From net investment income
 
(8,730
)
 
(8,730
)
 
 
 
 
 
Net increase (decrease) in net assets
 
(5,564
)
 
14,055

 
 
 
 
 
Net assets, beginning of period
 
136,789

 
117,929

Net assets, end of period
 
$
131,225

 
$
131,984

 
 
 
 
 
Undistributed net investment income included in net assets
 
$
1,548

 
$
1,784

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)
 
 
Nine Months Ended September 30,
 
 
2017
 
2016
Cash Flows from Operating Activities:
 
 
 
 
Net Earnings
 
$
3,166

 
$
22,785

Adjustments to reconcile net increase in net assets resulting from operations:
 
 
 
 
Net realized loss on investments
 
6,058

 
1,453

Net unrealized gain on investments
 
(1,079
)
 
(15,284
)
Accretion of CLO interest income
 
(4,772
)
 
(5,215
)
Net amortization of discount on loans
 
(191
)
 
(205
)
Amortization of deferred financing costs
 
69

 
69

Purchase of investments, net
 
(117,466
)
 
(57,743
)
Proceeds from disposition of investments, net
 
126,768

 
74,771

Changes in operating assets and liabilities:
 
 
 
 
Interest receivable
 
294

 
38

Prepaid expenses and other assets
 
(500
)
 
(154
)
Receivable from affiliate
 
240

 
(49
)
Management fee payable
 
(1,549
)
 
984

Interest payable
 
(6
)
 
(26
)
Taxes payable
 
(84
)
 
(191
)
Payable to affiliate
 
(125
)
 
(50
)
Other liabilities and accrued expenses
 
114

 
(3
)
Net cash provided by operating activities
 
10,937

 
21,180

Cash Flows from Financing Activities:
 
 
 
 
Distributions to stockholders paid
 
(8,730
)
 
(8,730
)
Payments on revolving credit facility, net
 
(8,100
)
 
(10,200
)
Net cash used in financing activities
 
(16,830
)
 
(18,930
)
Net change in cash and cash equivalents
 
(5,893
)
 
2,250

Cash and cash equivalents at beginning of period
 
8,795

 
2,474

Cash and cash equivalents at end of period
 
$
2,902

 
$
4,724

Supplemental disclosure of cash flow information:
 
 
 
 
Cash paid for interest and commitment fees
 
$
2,330

 
$
1,927

Cash paid for income taxes
 
$
130

 
$
240

Cash received for income tax benefit
 
$
(126
)
 
$

Distributions to stockholders declared and payable during the period
 
$
8,730

 
$
8,730



See notes to consolidated financial statements.
6



AMERICAN CAPITAL SENIOR FLOATING, LTD.
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2017
(unaudited, in thousands)


Description (5), (12)

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 —133.6% of Net Assets
 
 
 
 
 







24 Hour Fitness Worldwide, Inc.
 
05/30/2021
 
5.05
%
 
L+ 3.75
 
1.00
%
 
Leisure Goods/Activities/Movies
 
$
1,937

 
$
1,933

 
$
1,934

Academy, Ltd.
 
07/01/2022
 
5.24
%
 
L+ 4.00
 
1.00
%
 
Retailers (except food and drug)
 
898

 
805

 
613

Acosta, Inc.
 
09/26/2021
 
4.49
%
 
L+ 3.25
 
1.00
%
 
Business Equipment and Services
 
2,425

 
2,400

 
2,155

Advanced Integration Technology LP (6)
 
04/03/2023
 
5.99
%
 
L+ 4.75
 
1.00
%
 
Industrial Equipment
 
1,990

 
1,990

 
1,985

Aegis Toxicology Sciences Corporation
 
02/24/2021
 
5.83
%
 
L+ 4.50
 
1.00
%
 
Health Care
 
1,612

 
1,607

 
1,610

Air Medical Group Holdings, Inc.
 
04/28/2022
 
5.24
%
 
L+ 4.00
 
1.00
%
 
Health Care
 
497

 
495

 
497

Air Medical Group Holdings, Inc.
 
04/28/2022
 
4.49
%
 
L+ 3.25
 
1.00
%
 
Health Care
 
1,955

 
1,958

 
1,944

Albertson's LLC
 
12/21/2022
 
4.33
%
 
L+ 3.00
 
0.75
%
 
Food/Drug Retailers
 
983

 
963

 
949

American Residential Services, LLC
 
06/30/2022
 
5.24
%
 
L+ 4.00
 
1.00
%
 
Ecological Services and Equipment
 
1,985

 
1,980

 
1,992

American Tire Distributors, Inc.
 
09/01/2021
 
5.49
%
 
L+ 4.25
 
1.00
%
 
Retailers (except food and drug)
 
959

 
956

 
969

AqGen Ascensus, Inc.
 
12/05/2022
 
5.33
%
 
L+ 4.00
 
1.00
%
 
Financial Intermediaries
 
1,723

 
1,677

 
1,740

Aquilex LLC (6)
 
12/31/2020
 
5.24
%
 
L+ 4.00
 
1.00
%
 
Business Equipment and Services
 
905

 
904

 
901

Arctic Glacier U.S.A., Inc. (6)
 
03/20/2024
 
5.49
%
 
L+ 4.25
 
1.00
%
 
Food Products
 
995

 
990

 
1,002

Ardent Legacy Acquisitions, Inc.
 
08/04/2021
 
6.83
%
 
L+ 5.50
 
1.00
%
 
Health Care
 
323

 
321

 
325

AssuredPartners, Inc.
 
10/22/2024
 
4.59
%
 
L+ 3.35
 
%
 
Insurance
 
1,331

 
1,331

 
1,334

BCP Raptor, LLC (6)
 
06/24/2024
 
5.52
%
 
L+ 4.25
 
1.00
%
 
Energy
 
1,097

 
1,072

 
1,108

BCPE Eagle Buyer LLC
 
03/18/2024
 
5.49
%
 
L+ 4.25
 
1.00
%
 
Health Care
 
1,293

 
1,281

 
1,287

Big Jack Holdings LP (6)
 
04/05/2024
 
5.49
%
 
L+ 4.25
 
1.00
%
 
Food/Drug Retailers
 
1,944

 
1,935

 
1,956

BJ's Wholesale Club, Inc.
 
02/03/2024
 
4.98
%
 
L+ 3.75
 
1.00
%
 
Food/Drug Retailers
 
1,899

 
1,896

 
1,825

Blackboard, Inc.
 
06/30/2021
 
6.30
%
 
L+ 5.00
 
1.00
%
 
Electronics/Electric
 
2,393

 
2,393

 
2,308

Brand Energy & Infrastructure Services, Inc.
 
06/21/2024
 
5.51
%
 
L+ 4.25
 
1.00
%
 
Oil and Gas
 
2,489

 
2,465

 
2,505

Calceus Acquisition, Inc.
 
01/31/2020
 
5.24
%
 
L+ 4.00
 
1.00
%
 
Clothing/Textiles
 
2,292

 
2,296

 
2,130

Candy Intermediate Holdings, Inc.
 
06/15/2023
 
5.74
%
 
L+ 4.50
 
1.00
%
 
Food Products
 
1,777

 
1,776

 
1,745

Carecore National, LLC (6)
 
03/05/2021
 
5.24
%
 
L+ 4.00
 
1.00
%
 
Health Care
 
1,946

 
1,945

 
1,970

Catalina Marketing Corporation
 
04/09/2021
 
4.74
%
 
L+ 3.50
 
1.00
%
 
Business Equipment and Services
 
2,387

 
2,387

 
2,016

CB Poly Investments, LLC
 
08/16/2023
 
5.99
%
 
L+ 4.75
 
1.00
%
 
Clothing/Textiles
 
1,739

 
1,726

 
1,747

Charter NEX US, Inc.
 
05/16/2024
 
4.49
%
 
L+ 3.25
 
%
 
Manufacturing
 
598

 
596

 
601

CIBT Global, Inc.
 
06/01/2024
 
5.33
%
 
L+ 4.00
 
1.00
%
 
Service & Equipment
 
997

 
995

 
1,002

Comfort Holding, LLC
 
02/05/2024
 
5.98
%
 
L+ 4.75
 
1.00
%
 
Home Furnishings
 
2,258

 
2,246

 
2,040

CPI Holdco, LLC (6)
 
03/21/2024
 
5.34
%
 
L+ 4.00
 
1.00
%
 
Industrial Equipment
 
1,990

 
1,981

 
2,010

CT Technologies Intermediate Holdings, Inc.
 
12/01/2021
 
5.49
%
 
L+ 4.25
 
1.00
%
 
Electronics/Electric
 
489

 
487

 
490

DiversiTech Holdings, Inc.
 
06/03/2024
 
4.84
%
 
L+ 3.50
 
1.00
%
 
Industrials
 
1,995

 
1,990

 
2,003

DJO Finance LLC
 
06/08/2020
 
4.49
%
 
L+ 3.25
 
1.00
%
 
Health Care
 
995

 
977

 
996

DTI Holdco, Inc.
 
09/30/2023
 
6.56
%
 
L+ 5.25
 
1.00
%
 
Electronics/Electric
 
744

 
743

 
716

Duff & Phelps Corporation
 
04/23/2020
 
5.08
%
 
L+ 3.75
 
1.00
%
 
Financial Intermediaries
 
2,375

 
2,376

 
2,383

Dynacast International LLC
 
01/28/2022
 
4.58
%
 
L+ 3.25
 
1.00
%
 
Industrial Equipment
 
533

 
533

 
536


See notes to consolidated financial statements.
7



AMERICAN CAPITAL SENIOR FLOATING, LTD.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
SEPTEMBER 30, 2017
(unaudited, in thousands)


Description (5), (12)

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) —133.6% of Net Assets
 
 
 
 
 
 
 
 
 
 
Eastern Power, LLC
 
10/02/2023
 
4.99
%
 
L+ 3.75
 
1.00
%
 
Utilities
 
$
1,896

 
$
1,888

 
$
1,909

ECi Software Solutions, Inc. (7)
 
09/19/2024
 
5.25
%
 
L+ 4.25
 
1.00
%
 
Technology
 
1,500

 
1,485

 
1,507

EIG Investors Corp. (3)
 
02/09/2023
 
5.32
%
 
L+ 4.00
 
1.00
%
 
Electronics/Electric
 
2,334

 
2,328

 
2,363

Epicor Software Corporation
 
06/01/2022
 
4.99
%
 
L+ 3.75
 
1.00
%
 
Electronics/Electric
 
1,954

 
1,941

 
1,960

ExamWorks Group, Inc.
 
07/27/2023
 
4.49
%
 
L+ 3.25
 
1.00
%
 
Business Equipment and Services
 
990

 
993

 
997

Fairmount Minerals, Ltd. (3)
 
09/05/2019
 
4.74
%
 
L+ 3.50
 
1.00
%
 
Nonferrous Metals/Minerals
 
394

 
395

 
392

FHC Health Systems, Inc.
 
12/23/2021
 
5.24
%
 
L+ 4.00
 
1.00
%
 
Health Care
 
1,481

 
1,463

 
1,448

Flexera Software LLC
 
04/02/2020
 
4.83
%
 
L+ 3.50
 
1.00
%
 
Electronics/Electric
 
993

 
993

 
999

Gates Global LLC
 
04/01/2024
 
4.58
%
 
L+ 3.25
 
1.00
%
 
Automotive
 
1,050

 
1,049

 
1,056

Genesys Telecommunications Laboratories, Inc (7)
 
12/01/2023
 
5.01
%
 
L+ 3.75
 
%
 
Business Equipment and Services
 
497

 
491

 
502

Harland Clarke Holdings Corp.
 
12/31/2021
 
7.33
%
 
L+ 6.00
 
1.00
%
 
Publishing
 
669

 
670

 
674

Harland Clarke Holdings Corp. (7)
 
02/09/2022
 
6.83
%
 
L+ 5.50
 
1.00
%
 
Publishing
 
233

 
232

 
235

Helix Generation, LLC
 
06/03/2024
 
5.08
%
 
L+ 3.75
 
1.00
%
 
Utilities
 
422

 
420

 
427

HGIM Corp. (10)
 
06/18/2020
 
7.75
%
 
L+ 3.50
 
1.00
%
 
Surface Transport
 
1,444

 
1,449

 
493

Hummel Station LLC (6)
 
10/27/2022
 
7.24
%
 
L+ 6.00
 
1.00
%
 
Energy
 
2,000

 
1,877

 
1,850

Hyland Software, Inc.
 
07/01/2022
 
4.49
%
 
L+ 3.25
 
0.75
%
 
Electronics/Electric
 
2,446

 
2,431

 
2,473

Hyperion Insurance Group Limited (3)
 
04/29/2022
 
5.25
%
 
L+ 4.00
 
1.00
%
 
Diversified Insurance
 
704

 
705

 
714

IBC Capital Limited (3)
 
09/09/2021
 
5.07
%
 
L+ 3.75
 
1.00
%
 
Business Equipment and Services
 
990

 
982

 
984

Immucor, Inc.
 
06/15/2021
 
6.24
%
 
L+ 5.00
 
1.00
%
 
Conglomerates
 
2,494

 
2,470

 
2,534

Indra Holdings Corp.
 
05/03/2021
 
5.56
%
 
L+ 4.25
 
1.00
%
 
Clothing/Textiles
 
1,185

 
1,179

 
713

Infoblox Inc.
 
11/07/2023
 
6.24
%
 
L+ 5.00
 
1.00
%
 
Electronics/Electric
 
1,425

 
1,400

 
1,437

Informatica Corporation
 
08/05/2022
 
4.83
%
 
L+ 3.50
 
1.00
%
 
Electronics/Electric
 
1,933

 
1,929

 
1,937

Information Resources, Inc.
 
01/18/2024
 
5.49
%
 
L+ 4.25
 
1.00
%
 
Business Equipment and Services
 
2,419

 
2,408

 
2,446

IPC Corp.
 
08/06/2021
 
5.82
%
 
L+ 4.50
 
1.00
%
 
Telecommunications
 
1,462

 
1,458

 
1,399

Jazz Acquisition, Inc.
 
06/21/2021
 
4.83
%
 
L+ 3.50
 
1.00
%
 
Aerospace and Defense
 
1,937

 
1,940

 
1,892

JC Penney Co Inc (3)
 
06/23/2023
 
5.57
%
 
L+ 4.25
 
1.00
%
 
Retailers (except food and drug)
 
736

 
739

 
717

Jo-Ann Stores, Inc.
 
10/20/2023
 
6.39
%
 
L+ 5.00
 
1.00
%
 
Retailers (except food and drug)
 
565

 
556

 
542

KEMET Corporation (3), (6)
 
04/26/2024
 
7.24
%
 
L+ 6.00
 
1.00
%
 
Electronics
 
2,413

 
2,373

 
2,428

Kingpin Intermediate Holdings LLC
 
07/03/2024
 
5.57
%
 
L+ 4.25
 
1.00
%
 
Service & Equipment
 
873

 
869

 
878

Kronos Acquisition Intermediate Inc. (3)
 
08/26/2022
 
5.74
%
 
L+ 4.50
 
%
 
Cosmetics/Toiletries
 
711

 
698

 
719

Kronos Incorporated
 
11/01/2023
 
4.81
%
 
L+ 3.50
 
1.00
%
 
Electronics/Electric
 
2,283

 
2,275

 
2,298

LANDesk Software Group, Inc.
 
01/20/2024
 
5.49
%
 
L+ 4.25
 
1.00
%
 
Electronics/Electric
 
2,589

 
2,572

 
2,529

Learning Care Group (US) No. 2 Inc. (6)
 
05/05/2021
 
5.28
%
 
L+ 4.00
 
1.00
%
 
Business Equipment and Services
 
987

 
987

 
998

Liberty Cablevision of Puerto Rico LLC (6)
 
01/07/2022
 
4.80
%
 
L+ 3.50
 
1.00
%
 
Cable and Satellite Television
 
1,000

 
994

 
930

LSF9 Atlantis Holdings LLC
 
05/01/2023
 
7.24
%
 
L+ 6.00
 
1.00
%
 
Telecommunications/Cellular Communications
 
1,108

 
1,099

 
1,115

Marine Acquisition Corp.
 
01/30/2021
 
4.99
%
 
L+ 3.75
 
1.00
%
 
Manufacturing
 
986

 
986

 
993


See notes to consolidated financial statements.
8



AMERICAN CAPITAL SENIOR FLOATING, LTD.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
SEPTEMBER 30, 2017
(unaudited, in thousands)


Description (5), (12)

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) —133.6% of Net Assets
 
 
 
 
 
 
 
 
 
 
McGraw-Hill Global Education Holdings, LLC
 
05/04/2022
 
5.24
%
 
L+ 4.00
 
1.00
%
 
Publishing
 
$
1,982

 
$
1,970

 
$
1,951

Meter Readings Holdings, LLC (6)
 
08/29/2023
 
7.07
%
 
L+ 5.75
 
1.00
%
 
Electronics/Electric
 
660

 
652

 
673

Mirion Technologies, Inc.
 
03/31/2022
 
6.08
%
 
L+ 4.75
 
1.00
%
 
Utilities
 
1,990

 
1,992

 
1,990

Mister Car Wash Holdings, Inc.
 
08/20/2021
 
5.03
%
 
L+ 3.75
 
1.00
%
 
Business Equipment and Services
 
743

 
738

 
747

Mitchell International, Inc.
 
10/13/2020
 
4.81
%
 
L+ 3.50
 
1.00
%
 
Electronics/Electric
 
2,359

 
2,365

 
2,377

MND Holdings III Corp (6)
 
06/19/2024
 
5.83
%
 
L+ 4.50
 
1.00
%
 
Consumer Products
 
1,795

 
1,787

 
1,819

Mohegan Tribal Gaming Authority
 
10/13/2023
 
5.24
%
 
L+ 4.00
 
1.00
%
 
Lodging and Casinos
 
1,492

 
1,513

 
1,510

Murray Energy Corporation
 
04/16/2020
 
8.58
%
 
L+ 7.25
 
1.00
%
 
Nonferrous Metals/Minerals
 
989

 
953

 
910

NFP Corp
 
01/08/2024
 
4.74
%
 
L+ 3.50
 
1.00
%
 
Diversified Insurance
 
2,481

 
2,470

 
2,502

nThrive, Inc. (6)
 
10/20/2022
 
5.74
%
 
L+ 4.50
 
1.00
%
 
Health Care
 
1,985

 
1,985

 
1,994

Oak Parent, Inc. (6)
 
10/26/2023
 
5.74
%
 
L+ 4.50
 
1.00
%
 
Clothing/Textiles
 
1,338

 
1,329

 
1,318

Omnitracs, LLC
 
11/25/2020
 
5.09
%
 
L+ 3.75
 
1.00
%
 
Electronics/Electric
 
985

 
972

 
995

Onex Carestream Finance LP
 
06/07/2019
 
5.33
%
 
L+ 4.00
 
1.00
%
 
Electronics/Electric
 
889

 
891

 
892

Opal Acquisition, Inc.
 
11/27/2020
 
5.33
%
 
L+ 4.00
 
1.00
%
 
Health Care
 
2,883

 
2,872

 
2,724

Optiv Inc.
 
02/01/2024
 
4.56
%
 
L+ 3.25
 
1.00
%
 
Business Equipment and Services
 
1,037

 
1,034

 
977

PAE Holding Corporation
 
10/20/2022
 
6.74
%
 
L+ 5.50
 
1.00
%
 
Aerospace and Defense
 
550

 
541

 
554

Patterson Medical Supply, Inc.
 
08/28/2022
 
6.25
%
 
L+ 4.75
 
1.00
%
 
Health Care
 
2,000

 
1,975

 
1,944

PetSmart, Inc.
 
03/11/2022
 
4.24
%
 
L+ 3.00
 
1.00
%
 
Retailers (except food and drug)
 
484

 
482

 
411

Plaskolite, LLC
 
11/03/2022
 
5.33
%
 
L+ 4.00
 
1.00
%
 
Chemical/Plastics
 
1,397

 
1,392

 
1,399

Plaze, Inc.
 
07/31/2022
 
4.83
%
 
L+ 3.50
 
1.00
%
 
Chemical/Plastics
 
820

 
819

 
827

PODS, LLC
 
02/02/2022
 
4.49
%
 
L+ 3.25
 
1.00
%
 
Surface Transport
 
985

 
976

 
993

Pregis Holding I Corporation
 
05/20/2021
 
4.83
%
 
L+ 3.50
 
1.00
%
 
Chemical/Plastics
 
1,347

 
1,332

 
1,350

Presidio, Inc.
 
02/02/2022
 
4.55
%
 
L+ 3.25
 
1.00
%
 
Electronics/Electric
 
1,095

 
1,095

 
1,105

Press Ganey Holdings, Inc.
 
10/21/2023
 
4.49
%
 
L+ 3.25
 
1.00
%
 
Health Care
 
397

 
395

 
400

PrimeLine Utility Services LLC
 
11/14/2022
 
6.81
%
 
L+ 5.50
 
1.00
%
 
Utilities
 
1,098

 
1,091

 
1,098

ProAmpac PG Borrower LLC
 
11/20/2023
 
5.24
%
 
L+ 4.00
 
1.00
%
 
Containers and Glass Products
 
448

 
444

 
453

Project Alpha Intermediate Holding, Inc.
 
04/26/2024
 
4.81
%
 
L+ 3.50
 
1.00
%
 
Technology
 
1,760

 
1,752

 
1,723

Quorum Health Corporation (3)
 
04/29/2022
 
8.07
%
 
L+ 6.75
 
1.00
%
 
Health Care
 
978

 
971

 
993

Renaissance Learning, Inc.
 
04/09/2021
 
5.08
%
 
L+ 3.75
 
1.00
%
 
Electronics/Electric
 
1,913

 
1,913

 
1,929

Seahawk Holdings Limited
 
10/31/2022
 
7.24
%
 
L+ 6.00
 
1.00
%
 
Electronics/Electric
 
1,944

 
1,932

 
1,976

Sears Roebuck Acceptance Corp. (3)
 
06/30/2018
 
5.74
%
 
L+ 4.50
 
1.00
%
 
Retailers (except food and drug)
 
730

 
727

 
722

Securus Technologies Holdings, Inc. (6)
 
04/30/2020
 
4.75
%
 
L+ 3.50
 
1.25
%
 
Telecommunications
 
1,806

 
1,794

 
1,811

Serta Simmons Bedding, LLC
 
11/08/2023
 
4.80
%
 
L+ 3.50
 
1.00
%
 
Home Furnishings
 
1,990

 
1,981

 
1,937

SMS System Maintenance Services, Inc.
 
10/30/2023
 
6.24
%
 
L+ 5.00
 
1.00
%
 
Business Equipment and Services
 
1,985

 
1,976

 
1,940

Solera, LLC (3)
 
03/03/2023
 
4.49
%
 
L+ 3.25
 
1.00
%
 
Electronics/Electric
 
941

 
929

 
945

StandardAero Aviation Holdings, Inc.
 
07/07/2022
 
4.99
%
 
L+ 3.75
 
1.00
%
 
Aerospace and Defense
 
1,157

 
1,151

 
1,167

Sterigenics-Nordion Holdings, LLC (6)
 
05/15/2022
 
4.24
%
 
L+ 3.00
 
1.00
%
 
Health Care
 
889

 
882

 
891


See notes to consolidated financial statements.
9



AMERICAN CAPITAL SENIOR FLOATING, LTD.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
SEPTEMBER 30, 2017
(unaudited, in thousands)


Description (5), (12)

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) —133.6% of Net Assets
 
 
 
 
 
 
 
 
 
 
Strategic Partners Acquisition Corp. (6)
 
06/30/2023
 
5.74
%
 
L+ 4.50
 
1.00
%
 
Clothing/Textiles
 
$
1,915

 
$
1,915

 
$
1,936

STS Operating, Inc.
 
02/12/2021
 
4.98
%
 
L+ 3.75
 
1.00
%
 
Industrial Equipment
 
1,869

 
1,875

 
1,885

Summit Midstream Partners Holdings, LLC (3), (6)
 
05/13/2022
 
7.24
%
 
L+ 6.00
 
1.00
%
 
Oil and Gas
 
611

 
605

 
620

Syniverse Holdings, Inc
 
04/23/2019
 
4.33
%
 
L+ 3.00
 
1.00
%
 
Telecommunications
 
1,464

 
1,448

 
1,420

Syniverse Holdings, Inc.
 
04/23/2019
 
4.31
%
 
L+ 3.00
 
1.00
%
 
Telecommunications
 
749

 
702

 
727

TCH-2 Holdings, LLC
 
05/06/2021
 
5.24
%
 
L+ 4.00
 
1.00
%
 
Electronics/Electric
 
539

 
524

 
543

Thermasys Corp.
 
05/03/2019
 
5.31
%
 
L+ 4.00
 
1.25
%
 
Industrial Equipment
 
432

 
432

 
402

TIBCO Software Inc
 
12/04/2020
 
4.74
%
 
L+ 3.50
 
1.00
%
 
Business Equipment and Services
 
1,490

 
1,501

 
1,497

Traverse Midstream Partners LLC (7)
 
09/21/2024
 
6.00
%
 
L+ 5.00
 
1.00
%
 
Oil and Gas
 
1,495

 
1,488

 
1,516

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

 

 
1

Tricorbraun Holdings, Inc.
 
11/30/2023
 
5.08
%
 
L+ 3.75
 
%
 
Containers and Glass Products
 
902

 
919

 
910

Truck Hero, Inc.
 
04/22/2024
 
5.33
%
 
L+ 4.00
 
1.00
%
 
Automotive
 
1,995

 
1,976

 
1,999

Turbocombustor Technology, Inc. (6)
 
12/02/2020
 
5.83
%
 
L+ 4.50
 
1.00
%
 
Aerospace and Defense
 
3,369

 
3,353

 
3,268

U.S. Renal Care, Inc.
 
12/30/2022
 
5.58
%
 
L+ 4.25
 
1.00
%
 
Health Care
 
491

 
488

 
477

Unifrax I LLC (3)
 
04/04/2024
 
5.08
%
 
L+ 3.75
 
1.00
%
 
Industrial Equipment
 
740

 
738

 
746

University Support Services LLC
 
07/06/2022
 
5.49
%
 
L+ 4.25
 
1.00
%
 
Health Care
 
1,166

 
1,166

 
1,174

Veritas US Inc. (3)
 
01/27/2023
 
5.83
%
 
L+ 4.50
 
1.00
%
 
Electronics/Electric
 
1,987

 
1,947

 
2,010

VF Holding Corp.
 
06/30/2023
 
4.49
%
 
L+ 3.25
 
1.00
%
 
Insurance
 
1,041

 
1,037

 
1,046

WP CPP Holdings, LLC
 
12/28/2019
 
4.81
%
 
L+ 3.50
 
1.00
%
 
Aerospace and Defense
 
2,391

 
2,388

 
2,338

Total First Lien Floating Rate Loans
 
 
 
 
 
 
 
 
 
$
178,910

 
$
177,705

 
$
175,274

Second Lien Floating Rate Loans —10.1% of Net Assets
 
 
 
 
 
 
 
 
 
 
 
 
Advantage Sales & Marketing Inc.
 
07/25/2022
 
7.74
%
 
L+ 6.50
 
1.00
%
 
Business Equipment and Services
 
$
1,000

 
$
995

 
$
906

Albany Molecular Research, Inc. (7)
 
08/30/2025
 
8.33
%
 
L+ 7.00
 
1.00
%
 
 Health Care
 
1,500

 
1,534

 
1,524

Almonde Inc (3)
 
06/13/2025
 
8.57
%
 
L+ 7.25
 
1.00
%
 
 Technology
 
609

 
603

 
621

Anchor Glass Container Corporation
 
12/07/2024
 
9.07
%
 
L+ 7.75
 
1.00
%
 
 Containers and Glass Products
 
500

 
496

 
507

Applied Systems, Inc. (7)
 
09/19/2025
 
8.00
%
 
L+ 7.00
 
1.00
%
 
 Technology
 
344

 
344

 
356

Asurion, LLC
 
08/04/2025
 
7.24
%
 
L+ 6.00
 
%
 
 Diversified Insurance
 
567

 
567

 
581

BJ's Wholesale Club, Inc.
 
02/03/2025
 
8.73
%
 
L+ 7.50
 
1.00
%
 
 Food/Drug Retailers
 
845

 
824

 
810

CH Hold Corp.
 
02/01/2025
 
8.48
%
 
L+ 7.25
 
1.00
%
 
 Automotive
 
149

 
148

 
152

Checkout Holding Corp.
 
04/11/2022
 
7.99
%
 
L+ 6.75
 
1.00
%
 
 Business Equipment and Services
 
1,000

 
1,002

 
576

Del Monte Foods, Inc. (3)
 
08/18/2021
 
8.69
%
 
L+ 7.25
 
1.00
%
 
 Food Products
 
1,500

 
1,499

 
743

Hyland Software Inc.
 
07/07/2025
 
8.23
%
 
L+ 7.00
 
0.75
%
 
 Electronics/Electric
 
298

 
297

 
305

Jazz Acquisition, Inc.
 
06/19/2022
 
8.08
%
 
L+ 6.75
 
1.00
%
 
 Aerospace and Defense
 
1,250

 
1,254

 
1,191

Mitchell International, Inc.
 
10/11/2021
 
8.81
%
 
L+ 7.50
 
1.00
%
 
 Electronics/Electric
 
750

 
716

 
758

NVA Holdings, Inc.
 
08/14/2022
 
8.33
%
 
L+ 7.00
 
1.00
%
&#