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WhiteHorse Finance, Inc. Reports Fourth Quarter And Fiscal Year 2012 Earnings Results
NEW YORK, NY, March 5, 2013 WhiteHorse Finance, Inc. (WhiteHorse Finance or the Company) (NASDAQ: WHF) today reported its fourth quarter and year-end financial results for fiscal year ended December 31, 2012.
Full year 2012 net investment income of $42.2 million
Full year 2012 net increase in net assets of $39.6 million
Net asset value (NAV) per share was $15.30 as of December 31, 2012
Fourth quarter 2012 distribution of $0.108 per share
Successful completion of the Companys initial public offering (IPO), raising gross proceeds of $100 million
Jay Carvell, WhiteHorse Finances Chief Executive Officer commented, We were extremely pleased to have raised over $100 million in the Companys IPO in December 2012. Our investment objective is to generate attractive risk-adjusted returns, primarily by originating and investing in loans to performing small-cap companies across a broad range of industries. Since the IPO, the Company has been focused on sourcing and evaluating suitable investment opportunities for the Company from H.I.G. Capitals extensive deal sourcing network. We also continue to carefully monitor the performance of the existing loans in our portfolio.
For the year ended December 31, 2012, WhiteHorse Finance reported net investment income of $42.2 million and a net realized and unrealized loss on investments of $2.6 million, resulting in an increase in net assets from operations of $39.6 million.
For the quarter ended December 31, 2012, the Company reported net investment income of $13.7 million and a net realized and unrealized loss on investments of $5.8 million, resulting in an increase in net assets from operations of $8.0 million.
NAV was $229.0 million as of December 31, 2012, resulting in an NAV per share of $15.30.
Portfolio and Investment Activity
As of December 31, 2012, the fair value of WhiteHorse Finances investment portfolio was $180.5 million, principally invested in seven portfolio companies. The portfolio consisted of 100% senior secured term loans.
During the period from the IPO to December 31, 2012, one of the Companys investments was repaid in full.
As of December 31, 2012, the weighted average current cash yield of the portfolio was 14.2%.
Liquidity and Capital Resources
Primarily as a result of its IPO conducted in December 2012, WhiteHorse Finance had cash and cash equivalents of $187.8 million as of December 31, 2012. In addition, as of December 31, 2012, the Company had $51.3 million in outstanding borrowings under its $150.0 million revolving credit facility and $90.0 million outstanding under its unsecured term loan.
The following information was filed by Whitehorse Finance, Inc. (WHF) on Tuesday, March 5, 2013 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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