Quarterly Report


 UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
______________________

FORM 10-Q

Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
 
 
For the Quarter Ended September 30, 2017
 
 
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
Commission File Number: 814-00899
______________________
 
TCP CAPITAL CORP.
(Exact Name of Registrant as Specified in Charter)
______________________
 
Delaware
56-2594706
(State or Other Jurisdiction of Incorporation)
(IRS Employer Identification No.)
 
 
2951 28 th  Street, Suite 1000
 
Santa Monica, California
90405
(Address of Principal Executive Offices)
(Zip Code)
Registrant’s telephone number, including area code (310) 566-1000

Securities registered pursuant to Section 12(b) of the Act:
 
Common Stock, par value $0.001 per share
NASDAQ Global Select Market
(Title of each class)
(Name of each exchange where registered)
 
Securities registered pursuant to Section 12(g) of the Act: None
______________________
 

 
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, or a non-accelerated filer. See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act. (Check one):
 
Large accelerated filer x
Accelerated filer ¨
Non-accelerated filer ¨
Smaller Reporting company ¨
Emerging growth company ¨
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with a 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

The number of shares of the Registrant’s common stock, $0.001 par value, outstanding as of November 6, 2017 was 58,792,364.



TCP CAPITAL CORP.

FORM 10-Q

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2017

TABLE OF CONTENTS
Part I.
Financial Information
 
 
 
 
Item 1.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Item 2.
 
 
 
Item 3.
 
 
 
Item 4.
 
 
 
Part II.
Other Information
 
 
 
 
Item 1.
 
 
 
Item 1A.
 
 
 
Item 2.
 
 
 
Item 3.
 
 
 
Item 4.
 
 
 
Item 5.
 
 
 
Item 6.

1


TCP Capital Corp.

Consolidated Statements of Assets and Liabilities 
 
September 30, 2017
 
December 31, 2016
 
(unaudited)
 
 
Assets
 
 
 
Investments, at fair value:
 
 
 
Companies less than 5% owned (cost of $1,378,833,997 and $1,174,421,611, respectively)
$
1,389,967,667

 
$
1,175,097,468

Companies 5% to 25% owned (cost of $86,080,592 and $75,508,585, respectively)
74,735,725

 
69,355,808

Companies more than 25% owned (cost of $95,435,060 and $96,135,623, respectively)
64,047,095

 
70,516,594

Total investments (cost of $1,560,349,649 and $1,346,065,819, respectively)
1,528,750,487

 
1,314,969,870

 
 
 
 
Cash and cash equivalents
71,929,885

 
53,579,868

Accrued interest income:
 
 
 
Companies less than 5% owned
17,600,493

 
12,713,025

Companies 5% to 25% owned
2,237,834

 
953,561

Companies more than 25% owned
11,763

 
25,608

Receivable for investments sold
13,414,257

 

Deferred debt issuance costs
3,664,315

 
3,828,784

Prepaid expenses and other assets
4,506,089

 
1,527,745

Total assets
1,642,115,123

 
1,387,598,461

 
 
 
 
Liabilities
 
 
 
Debt, net of unamortized issuance costs of $8,417,444 and $8,247,426, respectively
665,378,107

 
571,658,862

Payable for investments purchased
85,545,089

 
12,348,925

Incentive allocation payable
5,513,546

 
4,716,834

Interest payable
4,526,655

 
5,013,713

Payable to the Advisor
1,094,249

 
325,790

Unrealized depreciation on swaps
470,202

 

Accrued expenses and other liabilities
2,190,308

 
2,598,346

Total liabilities
764,718,156

 
596,662,470

 
 
 
 
Commitments and contingencies (Note 5)
 
 
 
 
 
 
 
Net assets applicable to common shareholders
$
877,396,967

 
$
790,935,991

 
 
 
 
Composition of net assets applicable to common shareholders
 
 
 
Common stock, $0.001 par value; 200,000,000 shares authorized, 58,792,364 and 53,041,900 shares issued and outstanding as of September 30, 2017 and December 31, 2016, respectively
$
58,792

 
$
53,042

Paid-in capital in excess of par
1,038,026,254

 
944,426,650

Accumulated net investment income
17,896,625

 
12,533,289

Accumulated net realized losses
(146,500,724
)
 
(134,960,267
)
Accumulated net unrealized depreciation
(32,083,980
)
 
(31,116,723
)
Net assets applicable to common shareholders
$
877,396,967

 
$
790,935,991

 
 
 
 
Net assets per share
$
14.92

 
$
14.91


See accompanying notes to the consolidated financial statements.

2

TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited)

September 30, 2017

Issuer
 
Instrument
 
Ref
 
Floor
 
Spread
 
Total Coupon
 
Maturity
 
Principal
 
Cost
 
Fair
Value
 
% of Total
Cash and
Investments
 
Notes
Debt Investments       (A)                
 
 
 
 
 
 
 
 
 
 
Advertising, Public Relations and Marketing

 
 

 
 

 
 

 
  
Foursquare Labs, Inc.
 
First Lien Delayed Draw Term Loan (5.0% Exit Fee)
 
LIBOR (M)
 

 
8.81
%
 
10.19
%
 
6/1/2020
 
$
18,750,000

 
$
18,383,852

 
$
18,334,875

 
1.15
%
 
L/N
InMobi, Inc. (Singapore)
 
First Lien Delayed Draw Tranche 1 Term Loan (4.00% Exit Fee)
 
LIBOR (M)
 
1.37
%
 
8.13
%
 
9.50
%
 
12/31/2019
 
$
24,897,542

 
24,372,226

 
24,353,215

 
1.52
%
 
H/L/N
Videology Media Technologies, LLC
 
First Lien UK Revolver (2.0% Exit Fee)
 
LIBOR (M)
 
1.00
%
 
10.00
%
 
11.32
%
 
1/10/2020
 
$
8,170,996

 
8,170,996

 
8,170,996

 
0.51
%
 
L/N
Videology Media Technologies, LLC
 
First Lien US Revolver (2.0% Exit Fee)
 
LIBOR (M)
 
1.00
%
 
8.50
%
 
9.82
%
 
1/10/2020
 
$
2,647,385

 
2,647,385

 
2,647,385

 
0.17
%
 
L/N
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
53,574,459

 
53,506,471

 
3.35
%
 
 
Air Transportation                   
 
 

 
 

 
 

 
  
Mesa Air Group, Inc.
 
Acquisition Loan
 
LIBOR (M)
 

 
7.25
%
 
8.63
%
 
7/15/2022
 
$
12,478,783

 
12,326,601

 
12,728,359

 
0.80
%
 
N
Mesa Airlines, Inc.
 
Engine Acquisition Delayed Draw Term Loan A
 
LIBOR (M)
 

 
7.25
%
 
8.50
%
 
12/14/2021
 
$
15,025,436

 
14,800,541

 
15,029,944

 
0.94
%
 
N
Mesa Airlines, Inc.
 
Engine Acquisition Delayed Draw Term Loan B
 
LIBOR (M)
 

 
7.25
%
 
8.50
%
 
2/28/2022
 
$
8,723,671

 
8,589,297

 
8,680,488

 
0.54
%
 
N
Mesa Airlines, Inc.
 
Engine Acquisition Delayed Draw Term Loan C
 
LIBOR (M)
 

 
7.25
%
 
8.50
%
 
7/31/2022
 
$
3,621,731

 
3,566,306

 
3,578,814

 
0.22
%
 
N
Mesa Airlines, Inc.
 
Engine Acquisition Delayed Draw Term Loan C-1
 
LIBOR (M)
 

 
7.25
%
 
8.50
%
 
9/30/2022
 
$
5,560,909

 
5,463,631

 
5,466,652

 
0.34
%
 
N
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
44,746,376

 
45,484,257

 
2.84
%
 
  
Amusement and Recreation                    
 
 

 
 

 
 

 
  
VSS-Southern Holdings, LLC
 
First Lien Term Loan
 
LIBOR (Q)
 
1.00
%
 
6.50% Cash+2.00% PIK

 
9.83
%
 
11/3/2020
 
$
24,342,738

 
23,968,373

 
24,707,879

 
1.54
%
 
N
VSS-Southern Holdings, LLC
 
Sr Secured Revolver
 
LIBOR (Q)
 
1.00
%
 
6.50% Cash+2.00% PIK

 
N/A

 
11/3/2020
 
$

 
(13,214
)
 
12,842

 

 
K/N
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
23,955,159

 
24,720,721

 
1.54
%
 
  
Apparel Manufacturing                  
 
 

 
 

 
 

 
  
Broder Bros., Co.
 
First Lien Term Loan (First Out)
 
LIBOR (Q)
 
1.25
%
 
5.75
%
 
7.05
%
 
6/3/2021
 
$
8,957,976

 
8,836,152

 
9,047,555

 
0.57
%
 
N
Broder Bros., Co.
 
First Lien Term Loan B (Last Out)
 
LIBOR (Q)
 
1.25
%
 
12.25
%
 
13.55
%
 
6/3/2021
 
$
9,305,317

 
9,190,600

 
9,463,507

 
0.59
%
 
N
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
18,026,752

 
18,511,062

 
1.16
%
 
  
Building Equipment Contractors                  
 
 

 
 

 
 

 
  
Hylan Datacom & Electrical, LLC
 
First Lien Term Loan
 
LIBOR (Q)
 
1.00
%
 
7.50
%
 
8.74
%
 
7/25/2021
 
$
13,805,441

 
13,635,230

 
13,915,884

 
0.87
%
 
N
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Business Support Services                    
 
 

 
 

 
 

 
  
Enerwise Global Technologies, Inc.
 
Sr Secured Revolving Loan
 
LIBOR (Q)
 
0.23
%
 
8.52
%
 
N/A

 
11/30/2018
 
$

 
(3,251
)
 
(18,600
)
 

 
K/N
Enerwise Global Technologies, Inc.
 
Sr Secured Term Loan (3.77% Exit Fee)
 
LIBOR (Q)
 
0.23
%
 
9.27
%
 
10.57
%
 
11/30/2019
 
$
23,000,000

 
22,776,712

 
22,893,050

 
1.43
%
 
L/N
STG-Fairway Acquisitions, Inc. (First Advantage)
 
Second Lien Term Loan
 
LIBOR (Q)
 
1.00
%
 
9.25
%
 
10.57
%
 
6/30/2023
 
$
31,000,000

 
30,624,810

 
29,267,100

 
1.83
%
 
N
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
53,398,271

 
52,141,550

 
3.26
%
 
  
Chemicals                 
 
 

 
 

 
 

 
 

 
  
Anuvia Plant Nutrients Holdings, LLC
 
Sr Secured Term Loan (8.0% Exit Fee)
 
LIBOR (M)
 

 
10.63
%
 
12.00
%
 
2/1/2018
 
$
2,824,919

 
2,829,948

 
2,824,919

 
0.18
%
 
L/N
Green Biologics, Inc.
 
Convertible Note
 
Fixed
 

 
10.00% PIK

 
10.00
%
 
6/30/2019
 
$
7,500,000

 
7,355,902

 
5,853,750

 
0.37
%
 
E/N
Green Biologics, Inc.
 
Sr Secured Term Loan (12.4 % Exit Fee)
 
Fixed
 

 
10.00% PIK

 
10.00
%
 
12/31/2020
 
$
8,106,004

 
7,940,893

 
6,376,993

 
0.40
%
 
L/N
iGM RFE1 B.V. (Netherlands)
 
First Lien Delayed Draw Term Loan
 
LIBOR (Q)
 

 
8.00
%
 
9.33
%
 
10/12/2021
 
$
877,431

 
872,110

 
927,444

 
0.06
%
 
H/N
iGM RFE1 B.V. (Netherlands)
 
First Lien Term Loan
 
LIBOR (Q)
 

 
8.00
%
 
9.33
%
 
10/12/2021
 
$
3,792,122

 
3,768,558

 
4,008,273

 
0.25
%
 
H/N
iGM RFE1 B.V. (Netherlands)
 
First Lien Term Loan
 
EURIBOR (Q)
 

 
8.00
%
 
8.00
%
 
10/12/2021
 
6,418,239

 
7,011,284

 
8,014,710

 
0.50
%
 
D/H/N
Nanosys, Inc.
 
First Lien Delayed Draw Term Loan (3.5% Exit Fee)
 
LIBOR (Q)
 

 
9.81
%
 
11.19
%
 
4/1/2019
 
$
10,000,000

 
9,604,298

 
9,828,000

 
0.61
%
 
L/N
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
39,382,993

 
37,834,089

 
2.37
%
 
  
Communications Equipment Manufacturing                   
 
 

 
 

 
 

 
  
Globecomm Systems, Inc.
 
First Lien Term Loan
 
LIBOR (Q)
 
1.25
%
 
7.63
%
 
9.05
%
 
12/11/2018
 
$
14,442,682

 
14,298,255

 
13,409,308

 
0.84
%
 
B/N
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

3

TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

September 30, 2017


Issuer
 
Instrument
 
Ref
 
Floor
 
Spread
 
Total Coupon
 
Maturity
 
Principal
 
Cost
 
Fair
Value
 
% of Total
Cash and
Investments
 
Notes
Debt Investments (continued)
 
 
 
 
 
 
 
 
 
 
Credit (Nondepository)
 
 
 
 
 
 
 
 
Auto Trakk SPV, LLC
 
First Lien Delayed Draw Term Loan
 
LIBOR (M)
 
0.50
%
 
9.50
%
 
10.73
%
 
12/21/2021
 
$
32,392,942

 
$
31,954,106

 
$
32,602,257

 
2.04
%
 
N
Caliber Home Loans, Inc.
 
First Lien Delayed Draw Term Loan
 
LIBOR (M)
 
1.00
%
 
6.50
%
 
7.74
%
 
6/30/2020
 
$
15,555,556

 
15,399,451

 
15,735,556

 
0.98
%
 
N
Caribbean Financial Group (Cayman Islands)
 
Sr Secured Notes
 
Fixed
 

 
11.50
%
 
11.50
%
 
11/15/2019
 
$
28,678,000

 
28,593,384

 
29,538,340

 
1.85
%
 
E/G/H/N
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
75,946,941

 
77,876,153

 
4.87
%
 
 
Credit Related Activities
 
 
 
 
 
 
 
 
Pacific Union Financials, LLC
 
First Lien Term Loan
 
LIBOR (M)
 
1.00
%
 
7.50
%
 
8.74
%
 
4/21/2022
 
$
25,000,000

 
24,765,887

 
25,108,750

 
1.57
%
 
N
Pegasus Business Intelligence, LP (Onyx Centersource)
 
First Lien Term Loan
 
LIBOR (Q)
 
1.00
%
 
6.75
%
 
8.09
%
 
12/20/2021
 
$
14,659,047

 
14,532,703

 
14,644,388

 
0.91
%
 
N
Pegasus Business Intelligence, LP (Onyx Centersource)
 
Revolver
 
LIBOR (Q)
 
1.00
%
 
6.75
%
 
8.09
%
 
12/20/2021
 
$
89,514

 
83,765

 
88,843

 
0.01
%
 
N
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
39,382,355

 
39,841,981

 
2.49
%
 
 
Computer Systems Design and Related Services                   
 
 

 
 

 
 

 
  
Aptos Inc. (Canada)
 
First Lien Incremental Term Loan
 
LIBOR (Q)
 
1.00
%
 
6.75
%
 
8.08
%
 
9/1/2022
 
$
7,969,241

 
7,849,702

 
7,849,702

 
0.49
%
 
H/N
Aptos Inc. (Canada)
 
First Lien Term Loan
 
LIBOR (Q)
 
1.00
%
 
6.75
%
 
8.08
%
 
9/1/2022
 
$
9,900,000

 
9,731,240

 
9,751,500

 
0.61
%
 
H/N
Bracket Intermediate Holding Corp.
 
Second Lien Term Loan
 
LIBOR (Q)
 
1.00
%
 
9.00
%
 
10.32
%
 
3/14/2024
 
$
10,925,551

 
10,612,225

 
10,696,115

 
0.67
%
 
N
Dealersocket, Inc.
 
First Lien Term Loan
 
LIBOR (M)
 
1.00
%
 
10.00
%
 
11.37
%
 
2/10/2021
 
$
15,750,000

 
15,285,565

 
15,750,000

 
0.98
%
 
N
Fidelis Acquisitionco, LLC
 
First Lien Bridge Term Loan
 
LIBOR (M)
 
1.00
%
 
6.00% Cash+2.00% PIK

 
9.38
%
 
10/13/2017
 
$
3,182,143

 
3,163,821

 
3,182,143

 
0.20
%
 
N
Fidelis Acquisitionco, LLC
 
First Lien Term Loan
 
LIBOR (Q)
 
1.00
%
 
6.00% Cash+2.00% PIK

 
9.32
%
 
11/4/2019
 
$
43,214,417

 
42,779,942

 
39,178,191

 
2.45
%
 
N
Fidelis Acquisitionco, LLC
 
Sr Secured Revolver
 
LIBOR (Q)
 
1.00
%
 
8.00
%
 
9.32
%
 
11/4/2019
 
$
3,182,143

 
3,182,143

 
2,884,931

 
0.18
%
 
N
Marketo, Inc.
 
First Lien Term Loan
 
LIBOR (Q)
 
1.00
%
 
9.50
%
 
10.83
%
 
8/16/2021
 
$
23,295,455

 
22,722,018

 
23,295,455

 
1.46
%
 
N
Marketo, Inc.
 
Senior Secured Revolver
 
LIBOR (Q)
 
1.00
%
 
9.50
%
 
N/A

 
8/16/2021
 
$

 
(39,766
)
 

 

 
K/N
OnX Enterprise Solutions, Ltd. (Canada)
 
First Lien Term Loan B
 
LIBOR (Q)
 

 
8.00
%
 
9.32
%
 
9/3/2018
 
$
2,296,200

 
2,296,200

 
2,296,200

 
0.14
%
 
H/N
OnX Enterprise Solutions, Ltd. (Canada)
 
First Lien Term Loan
 
LIBOR (Q)
 

 
8.00
%
 
9.32
%
 
9/3/2018
 
$
10,240,000

 
10,210,950

 
10,240,000

 
0.64
%
 
H/N
OnX USA, LLC
 
First Lien Term Loan B
 
LIBOR (Q)
 

 
8.00
%
 
9.32
%
 
9/3/2018
 
$
3,702,400

 
3,702,400

 
3,702,400

 
0.23
%
 
N
OnX USA, LLC
 
First Lien Term Loan
 
LIBOR (Q)
 

 
8.00
%
 
9.32
%
 
9/3/2018
 
$
3,120,000

 
3,121,990

 
3,120,000

 
0.19
%
 
N
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
134,618,430

 
131,946,637

 
8.24
%
 
  
Data Processing and Hosting Services                   
 
 

 
 

 
 

 
  
Applause App Quality, Inc.
 
First Lien Term Loan
 
LIBOR (M)
 
1.00
%
 
6.50
%
 
7.74
%
 
9/20/2022
 
$
22,647,306

 
22,197,368

 
22,194,361

 
1.39
%
 
N
Applause App Quality, Inc.
 
First Revolver
 
LIBOR (M)
 
1.00
%
 
6.50
%
 
N/A

 
9/20/2022
 
$

 
(30,014
)
 

 

 
K/N
DigiCert Holdings, Inc.
 
Second Lien Term Loan
 
LIBOR (Q)
 
1.00
%
 
8.00
%
 
9.00
%
 
9/20/2025
 
$
10,578,112

 
10,525,221

 
10,694,947

 
0.67
%
 
 
Internap Corporation
 
First Lien Term Loan
 
LIBOR (M)
 
1.00
%
 
7.00
%
 
8.24
%
 
4/3/2022
 
$
8,184,324

 
8,069,799

 
8,286,628

 
0.52
%
 
J
IO Data Centers, USA, LLC
 
First Lien Term Loan
 
Fixed
 

 
9.00
%
 
9.00
%
 
1/15/2020
 
$
15,000,000

 
15,000,000

 
15,000,000

 
0.94
%
 
N
Pulse Secure, LLC
 
First Lien Term Loan
 
LIBOR (Q)
 
1.00
%
 
7.00
%
 
8.30
%
 
5/1/2022
 
$
12,022,227

 
11,852,990

 
11,895,993

 
0.74
%
 
N
Pulse Secure, LLC
 
Revolver
 
LIBOR (Q)
 
1.00
%
 
7.00
%
 
N/A

 
5/1/2022
 
$

 
(18,491
)
 
(14,096
)
 

 
K/N
TierPoint, LLC
 
Second Lien Term Loan
 
LIBOR (M)
 
1.00
%
 
7.25
%
 
8.49
%
 
5/5/2025
 
$
9,675,000

 
9,608,020

 
9,872,564

 
0.62
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
77,204,893

 
77,930,397

 
4.88
%
 
 
Educational Support Services                   
 
 

 
 

 
 

 
  
Edmentum, Inc.
 
Jr Revolving Facility
 
Fixed
 

 
5.00
%
 
5.00
%
 
6/9/2020
 
$

 

 

 

 
B/N
Edmentum Ultimate Holdings, LLC
 
Sr PIK Notes
 
Fixed
 

 
8.50
%
 
8.50
%
 
6/9/2020
 
$
3,033,675

 
3,033,675

 
3,033,675

 
0.19
%
 
B/N
Edmentum Ultimate Holdings, LLC
 
Jr PIK Notes
 
Fixed
 

 
10.00
%
 
10.00
%
 
6/9/2020
 
$
14,054,482

 
13,646,311

 
11,173,317

 
0.70
%
 
B/N
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
16,679,986

 
14,206,992

 
0.89
%
 
  
Electronic Component Manufacturing                    
 
 

 
 

 
 

 
  
Soraa, Inc.
 
Tranche A Term Loan (3.0% Exit Fee)
 
LIBOR (M)
 
0.44
%
 
9.33
%
 
10.71
%
 
3/1/2018
 
$
7,570,571

 
7,488,052

 
7,394,555

 
0.46
%
 
L/N
Soraa, Inc.
 
Tranche B Term Loan
 
LIBOR (M)
 
0.44
%
 
9.33
%
 
10.71
%
 
3/1/2018
 
$
1,603,779

 
1,579,327

 
1,567,373

 
0.10
%
 
N
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
9,067,379

 
8,961,928

 
0.56
%
 
  
Equipment Leasing                    
 
 

 
 

 
 

 
  
36th Street Capital Partners Holdings, LLC
 
Senior Note
 
Fixed
 

 
12.00
%
 
12.00
%
 
11/1/2020
 
$
21,696,871

 
21,696,871

 
21,696,871

 
1.36
%
 
E/F/N
Essex Ocean, LLC (Solexel)
 
Sr Secured Term Loan
 
Fixed
 

 
8.00
%
 
8.00
%
 
8/15/2018
 
$
1,696,898

 
1,696,898

 

 

 
C/N
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
23,393,769

 
21,696,871

 
1.36
%
 
  

4

TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

September 30, 2017


Issuer
 
Instrument
 
Ref
 
Floor
 
Spread
 
Total Coupon
 
Maturity
 
Principal
 
Cost
 
Fair
Value
 
% of Total
Cash and
Investments
 
Notes
Debt Investments (continued)                     
 
 
 
 
 
 
Facilities Support Services
 
 
 
 
 
 
 
 
NANA Development Corp.
 
First Lien Term Loan B
 
LIBOR (Q)
 
1.25
%
 
6.75
%
 
8.08
%
 
3/15/2018
 
$
233,324

 
$
230,588

 
$
230,990

 
0.01
%
 
N
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Grocery Stores
 
 
 
 
 
 

 
 

 
 

 
 
 
 

 
 

 
 

 
 

 
  
Bashas, Inc.
 
First Lien FILO Term Loan
 
LIBOR (M)
 
1.50
%
 
8.80
%
 
10.30
%
 
10/8/2019
 
$
5,727,386

 
5,705,475

 
5,727,386

 
0.36
%
 
N
 
 
 
 
 
 
 
 
 
Hospitals
 
 
 
 
 
 
 
 
KPC Healthcare, Inc.
 
First Lien Term Loan
 
LIBOR (Q)
 
1.00
%
 
9.00
%
 
10.45
%
 
2/6/2020
 
$
14,792,003

 
14,707,122

 
14,939,923

 
0.93
%
 
N
Pacific Coast Holdings Investment, LLC (KPC Healthcare)
 
First Lien Term Loan
 
LIBOR (M)
 
1.00
%
 
7.50
%
 
8.74
%
 
2/14/2021
 
$
29,288,064

 
28,909,527

 
29,280,742

 
1.83
%
 
N
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
43,616,649

 
44,220,665

 
2.76
%
 
 
Insurance                    
 
 

 
 

 
 

 
  
Alera Group Intermediate Holdings, Inc.
 
First Lien Delayed Draw Term Loan
 
LIBOR (Q)
 
1.00
%
 
5.50
%
 
6.74
%
 
12/30/2022
 
$
124,583

 
116,283

 
126,249

 
0.01
%
 
N
Alera Group Intermediate Holdings, Inc.
 
First Lien Revolver
 
LIBOR (Q)
 
1.00
%
 
5.50
%
 
N/A

 
12/30/2021
 
$

 
(7,558
)
 

 

 
K/N
Alera Group Intermediate Holdings, Inc.
 
First Lien Term Loan
 
LIBOR (Q)
 
1.00
%
 
5.50
%
 
6.74
%
 
12/30/2022
 
$
3,390,085

 
3,360,563

 
3,396,866

 
0.21
%
 
N
Association Member Benefits Advisors, LLC
 
Second Lien Term Loan
 
LIBOR (M)
 
1.00
%
 
8.75
%
 
9.99
%
 
6/8/2023
 
$
8,277,983

 
8,130,115

 
8,257,288

 
0.52
%
 
N
US Apple Holdco, LLC (Ventiv Technology)
 
First Lien FILO Term Loan
 
LIBOR (Q)
 
0.50
%
 
13.62
%
 
14.91
%
 
8/29/2019
 
$
20,060,606

 
19,698,428

 
20,060,606

 
1.25
%
 
N
US Apple Holdco, LLC (Ventiv Technology)
 
First Lien Incremental Tranche B FILO Term Loan
 
LIBOR (Q)
 
0.50
%
 
13.62
%
 
14.97
%
 
8/29/2019
 
$
4,320,000

 
4,245,257

 
4,320,000

 
0.27
%
 
N
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
35,543,088

 
36,161,009

 
2.26
%
 
  
Lessors of Nonfinancial Licenses                    
 
 

 
 

 
 

 
  
ABG Intermediate Holdings 2, LLC
 
Second Lien Term Loan
 
LIBOR (M)
 
1.00
%
 
7.75
%
 
8.99
%
 
9/29/2025
 
$
15,000,000

 
14,887,500

 
15,150,000

 
0.95
%
 
 
Kenneth Cole Productions, Inc.
 
First Lien FILO Term Loan
 
LIBOR (M)
 
1.00
%
 
9.65
%
 
10.90
%
 
3/21/2022
 
$
33,544,709

 
33,232,910

 
33,199,199

 
2.07
%
 
N
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
48,120,410

 
48,349,199

 
3.02
%
 
  
Management, Scientific, and Technical Consulting Services                   
 
 

 
 

 
 

 
  
Asentinel, LLC (Tangoe)
 
First Lien Last Out Term Loan
 
LIBOR (M)
 
1.00
%
 
10.77%Cash +0.50%PIK

 
12.60
%
 
6/16/2022
 
$
24,259,932

 
23,339,619

 
23,495,744

 
1.47
%
 
N
Dodge Data & Analytics, LLC
 
First Lien Term Loan
 
LIBOR (Q)
 
1.00
%
 
8.75
%
 
10.06
%
 
10/31/2019
 
$
23,297,434

 
23,037,915

 
23,297,434

 
1.45
%
 
N
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
46,377,534

 
46,793,178

 
2.92
%
 
 
Motion Picture and Video Industries                     
 
 

 
 

 
 

 
  
NEG Holdings, LLC (CORE Entertainment)
 
First Lien Term Loan
 
LIBOR (Q)
 
1.00
%
 
8.00% PIK

 
9.33
%
 
10/17/2022
 
$
1,548,210

 
1,548,210

 
1,548,210

 
0.10
%
 
N
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other Information Services                    
 
 

 
 

 
 

 
  
Asset International, Inc.
 
Delayed Draw Term Loan
 
LIBOR (Q)
 
1.00
%
 
8.50
%
 
9.84
%
 
7/31/2020
 
$
1,251,626

 
1,231,645

 
1,246,933

 
0.08
%
 
N
Asset International, Inc.
 
Revolver Loan
 
LIBOR (Q)
 
1.00
%
 
8.50
%
 
9.84
%
 
7/31/2020
 
$
491,303

 
482,070

 
489,092

 
0.03
%
 
N
Asset International, Inc.
 
First Lien Term Loan
 
LIBOR (Q)
 
1.00
%
 
8.50
%
 
9.83
%
 
7/31/2020
 
$
15,213,518

 
15,042,452

 
15,179,287

 
0.95
%
 
N
Discoverorg, LLC
 
Second Lien Term Loan
 
LIBOR (M)
 
1.00
%
 
8.50
%
 
9.74
%
 
2/26/2024
 
$
12,839,252

 
12,712,038

 
12,710,859

 
0.79
%
 
N
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
29,468,205

 
29,626,171

 
1.85
%
 
 
Other Manufacturing                    
 
 

 
 

 
 

 
  
AGY Holding Corp.
 
Sr Secured Term Loan
 
Fixed
 

 
12.00
%
 
12.00
%
 
9/15/2018
 
$
4,869,577

 
4,869,577

 
4,869,577

 
0.30
%
 
B/N
AGY Holding Corp.
 
Second Lien Notes
 
Fixed
 

 
11.00
%
 
11.00
%
 
11/15/2018
 
$
9,268,000

 
7,586,317

 
9,268,000

 
0.58
%
 
B/E/N
AGY Holding Corp.
 
Delayed Draw Term Loan
 
Fixed
 

 
12.00
%
 
12.00
%
 
9/15/2018
 
$
1,049,146

 
1,049,146

 
1,049,146

 
0.06
%
 
B/N
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
13,505,040

 
15,186,723

 
0.94
%
 
  
Other Publishing                    
 
 

 
 

 
 

 
  
Bisnow, LLC
 
First Lien Revolver
 
LIBOR (Q)
 

 
9.00
%
 
N/A

 
4/29/2021
 
$

 
(24,000
)
 

 

 
K/N
Bisnow, LLC
 
First Lien Term Loan
 
LIBOR (Q)
 

 
9.00
%
 
10.31
%
 
4/29/2021
 
$
8,247,890

 
8,121,791

 
8,313,875

 
0.52
%
 
N
Contextmedia Health, LLC
 
First Lien Term Loan B
 
LIBOR (M)
 
1.00
%
 
6.50
%
 
7.75
%
 
12/23/2021
 
$
13,125,000

 
11,957,589

 
13,075,781

 
0.82
%
 
 
Patient Point Network Solutions, LLC
 
First Lien Second Out Term Loan
 
LIBOR (M)
 
1.00
%
 
7.50
%
 
8.74
%
 
6/26/2022
 
$
7,003,544

 
6,916,582

 
6,916,000

 
0.43
%
 
N
Patient Point Network Solutions, LLC
 
Revolver
 
LIBOR (M)
 
1.00
%
 
7.50
%
 
N/A

 
6/26/2022
 
$

 
(5,366
)
 
(5,506
)
 

 
K/N
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
26,966,596

 
28,300,150

 
1.77
%
 
  

5

TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

September 30, 2017


Issuer
 
Instrument
 
Ref
 
Floor
 
Spread
 
Total Coupon
 
Maturity
 
Principal
 
Cost
 
Fair
Value
 
% of Total
Cash and
Investments
 
Notes
Debt Investments (continued)
 
 
 
 
 
 
Pharmaceuticals
 
 
 
 
 
 
 
 
Nephron Pharmaceuticals Corporation
 
First Lien FILO Term Loan
 
LIBOR (M)
 
1.00
%
 
8.75
%
 
9.99
%
 
8/7/2019
 
$
44,047,447

 
$
42,913,836

 
$
43,122,451

 
2.69
%
 
N