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10-Q
OAKTREE SPECIALTY LENDING CORP filed this Form 10-Q on 02/07/2019
Entire Document
 
OAKTREE SPECIALTY LENDING CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts, percentages and as otherwise indicated)





Portfolio Company
 
Industry
 
Investment Type
 
Maturity Date
 
Current Interest Rate(1)(2)
 
 Cash Interest Rate
 
Principal
 
Cost
 
Fair Value (3)
 KIK Custom Products Inc.
 
Household products
 
First Lien Term Loan B
 
5/15/2023
 
LIBOR+4% (1% floor) cash
 
6.52
%
 
$
8,000

 
$
7,966

 
$
7,570

 McDermott Technology (Americas), Inc. (4)
 
 Oil & gas equipment & services
 
First Lien Term Loan B
 
5/12/2025
 
LIBOR+5% (1% floor) cash
 
7.52
%
 
9,925

 
9,743

 
9,292

Morphe LLC (4)
 
Personal products
 
First Lien Term Loan
 
2/10/2023
 
LIBOR+6% (1% floor) cash
 
8.52
%
 
4,331

 
4,295

 
4,310

New IPT, Inc. (4)
 
 Oil & gas equipment & services
 
First Lien Term Loan
 
3/17/2021
 
LIBOR+5% (1% floor) cash
 
7.80
%
 
1,794

 
1,794

 
1,794

 
 
 
 
Second Lien Term Loan
 
9/17/2021
 
LIBOR+5.1% (1% floor) cash
 
7.90
%
 
394

 
394

 
394

 
 
 
 
21.876 Class A Common Units
 
 
 
 
 
 
 

 

 
1,001

Total New IPT, Inc.
 
 
 
 
 
 
 
 
 
 
 
2,188

 
2,188

 
3,189

Northern Star Industries Inc.
 
Electrical components & equipment
 
First Lien Term Loan B
 
3/31/2025
 
LIBOR+4.75% (1% floor) cash
 
7.55
%
 
6,948

 
6,916

 
6,939

Novetta Solutions, LLC
 
Application software
 
First Lien Term Loan
 
10/17/2022
 
LIBOR+5% (1% floor) cash
 
7.53
%
 
6,040

 
6,000

 
5,889

OCI Beaumont LLC
 
Commodity chemicals
 
First Lien Term Loan B
 
3/13/2025
 
LIBOR+4% (1% floor) cash
 
6.80
%
 
7,940

 
7,931

 
7,806

Refac Optical Group (4)(5)
 
Specialty stores
 
First Lien Term Loan A
 
1/9/2019
 
LIBOR+8% cash
 


 
2,123

 
1,940

 
2,123

Salient CRGT, Inc. (4)
 
Aerospace & defense
 
First Lien Term Loan
 
2/28/2022
 
LIBOR+5.75% (1% floor) cash
 
8.27
%
 
2,251

 
2,222

 
2,218

Scientific Games International, Inc.
 
Casinos & gaming
 
First Lien Term Loan B-5
 
8/14/2024
 
LIBOR+2.75% (1% floor) cash
 
5.25
%
 
6,565

 
6,537

 
6,183

Sequa Corp.
 
Aerospace & defense
 
First Lien Term Loan B
 
11/28/2021
 
LIBOR+5% (1% floor) cash
 
7.41
%
 
4,987

 
4,813

 
4,782

SHO Holding I Corporation
 
Footwear
 
First Lien Term Loan
 
11/18/2022
 
LIBOR+5% (1% floor) cash
 
7.53
%
 
8,485

 
8,464

 
8,050

Signify Health, LLC
 
 Healthcare services
 
First Lien Term Loan
 
12/23/2024
 
LIBOR+4.5% (1% floor) cash
 
7.30
%
 
9,925

 
9,838

 
9,975

Sirva Worldwide, Inc.
 
Diversified support services
 
First Lien Term Loan
 
8/4/2025
 
LIBOR+5.5% cash
 
8.06
%
 
5,000

 
4,925

 
4,913

Triple Royalty Sub LLC
 
 Pharmaceuticals
 
 Fixed Rate Bond 144A
 
4/15/2033
 
9% PIK
 


 
5,000

 
5,000

 
5,000

TV Borrower US, LLC
 
Integrated telecommunications services
 
First Lien Term Loan
 
2/22/2024
 
LIBOR+4.75% (1% floor) cash
 
7.55
%
 
2,013

 
2,006

 
2,003

Uber Technologies, Inc.
 
Application software
 
First Lien Term Loan
 
4/4/2025
 
LIBOR+4% (1% floor) cash
 
6.39
%
 
9,950

 
9,905

 
9,720

Uniti Group LP
 
Specialized REITs
 
First Lien Term Loan B
 
10/24/2022
 
LIBOR+3% (1% floor) cash
 
5.52
%
 
6,451

 
6,225

 
5,859

Veritas US Inc. (4)
 
Application software
 
First Lien Term Loan B-1
 
1/27/2023
 
LIBOR+4.5% (1% floor) cash
 
7.09
%
 
6,947

 
6,900

 
5,972

Verra Mobility, Corp.
 
Data processing & outsourced services
 
First Lien Term Loan B
 
2/28/2025
 
LIBOR+3.75% (1% floor) cash
 
6.27
%
 
10,917

 
10,933

 
10,672

WP CPP Holdings, LLC (4)
 
Aerospace & defense
 
Second Lien Term Loan
 
4/30/2026
 
LIBOR+7.75% (1% floor) cash
 
10.28
%
 
6,000

 
5,944

 
5,905

 
 
 
 
 
 
 
 
 
 
 
 
$
290,872


$
290,686

 
$
284,690

__________
(1) Represents the interest rate as of December 31, 2018. All interest rates are payable in cash, unless otherwise noted.
(2) The interest rate on the principal balance outstanding for all floating rate loans is indexed to LIBOR and/or an alternate base rate (e.g., prime rate), which typically resets semi-annually, quarterly, or monthly at the borrower's option. The borrower may also elect to have multiple interest reset periods for each loan. For each of these loans, the Company has provided the applicable margin over LIBOR or the alternate base rate based on each respective credit agreement and the cash interest rate as of period end. All LIBOR shown above is in U.S. dollars. As of December 31, 2018, the reference rates for SLF JV I's variable rate loans were the 30-day LIBOR at 2.52%, 60-day LIBOR at 2.62%, the 90-day LIBOR at 2.80%, the 180-day LIBOR at 2.88%, and the PRIME at 5.50%.
(3) Represents the current determination of fair value as of December 31, 2018 utilizing a similar technique as the Company in accordance with ASC 820. However, the determination of such fair value is not included in the Company's Board of Directors' valuation process described elsewhere herein.
(4) This investment is held by both the Company and SLF JV I as of December 31, 2018.


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