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Exhibit 99.1
FOR IMMEDIATE RELEASE
THL Credit Reports Fourth Quarter 2017 Financial Results and Declares a Dividend of $0.27 Per Share
BOSTON – March 6, 2018 – THL Credit, Inc. (NASDAQ: TCRD) (“THL Credit” or the “Company”), a direct lender to lower middle market companies, today announced financial results for its fourth fiscal quarter ended December 31, 2017. Additionally, THL Credit announced that its Board of Directors has declared a first fiscal quarter 2018 dividend of $0.27 per share payable on March 30, 2018, to stockholders of record as of March 20, 2018.
“We are confident in the underlying value and future potential of the business, and we are proactively implementing strategies to achieve better alignment between the unrealized value in our portfolio and the market valuation of our company,” said Christopher Flynn, CEO of THL Credit. “To further demonstrate our commitment to TCRD, our Advisor has agreed to waive 100% of any earned incentive fees for 2018 and intends to purchase up to $10 million of TCRD stock under a prospective new 10b5-1 plan.”
HIGHLIGHTS
| ($ in millions, except per share amounts) |
||||||||
| As of Dec. 31, 2017 |
||||||||
| Portfolio results |
||||||||
| Total assets |
$ | 627.7 | ||||||
| Investment portfolio, at fair value |
$ | 608.7 | ||||||
| Net assets |
$ | 344.0 | ||||||
| Net asset value per share |
$ | 10.51 | ||||||
| Weighted average yield on investments |
10.7 | % | ||||||
| Year ended Dec. 31, 2017 |
Quarter ended Dec. 31, 2017 |
|||||||
| Portfolio activity |
|
|||||||
| Total portfolio investments made, at par |
$ | 141.8 | $ | 49.8 | ||||
| Total portfolio investments made, at cost |
$ | 113.1 | $ | 22.7 | ||||
| Number of new portfolio investments |
9 | 3 | ||||||
| Number of portfolio investments at end of period |
47 | 47 | ||||||
| Operating results |
||||||||
| Total investment income |
$ | 78.8 | $ | 18.6 | ||||
| Net investment income |
$ | 39.7 | $ | 8.7 | ||||
| Net decrease in net assets from operations |
($ | 7.9 | ) | ($ | 18.5 | ) | ||
| Net investment income per share |
$ | 1.21 | $ | 0.27 | ||||
| Dividends declared per share |
$ | 1.08 | $ | 0.27 | ||||
1
The following information was filed by Thl Credit, Inc. (TCRD) on Tuesday, March 6, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Ticker: TCRD
CIK: 1464963
Form Type: 10-K Annual Report
Accession Number: 0001564590-18-004570
Submitted to the SEC: Tue Mar 06 2018 5:26:30 PM EST
Accepted by the SEC: Tue Mar 06 2018
Period: Sunday, December 31, 2017
Industry: 1464963
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