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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)
Keypath Education, Inc. (4)
 
 Advertising
 
First Lien Term Loan
 
4/3/2022
 
LIBOR+7% (1.00% floor) cash
 
9.39
%
 
$
1,855

 
$
1,853

 
$
1,854

 
 
 
 
927 shares Common Stock
 
 
 
 
 
 
 
 
 
1,088

 
816

 Total Keypath Education, Inc.
 
 
 
 
 
 
 
 
 
 
 
1,855

 
2,941

 
2,670

 KIK Custom Products Inc.
 
Household products
 
First Lien Term Loan B
 
5/15/2023
 
LIBOR+4% (1% floor) cash
 
6.24
%
 
8,000

 
7,965

 
7,975

 McDermott Technology (Americas) Inc. (4)
 
 Oil & gas equipment & services
 
First Lien Term Loan B
 
5/12/2025
 
LIBOR+5% (1% floor) cash
 
7.24
%
 
9,950

 
9,760

 
10,097

Morphe LLC (4)
 
Personal products
 
First Lien Term Loan
 
2/10/2023
 
LIBOR+6% (1% floor) cash
 
8.40
%
 
4,388

 
4,348

 
4,388

New IPT, Inc. (4)
 
 Oil & gas equipment & services
 
First Lien Term Loan
 
3/17/2021
 
LIBOR+5% (1% floor) cash
 
7.39
%
 
1,794

 
1,794

 
1,794

 
 
 
 
Second Lien Term Loan
 
9/17/2021
 
LIBOR+5.1% (1% floor) cash
 
7.49
%
 
634

 
634

 
634

 
 
 
 
21.876 Class A Common Units
 
 
 
 
 
 
 

 

 
1,001

Total New IPT, Inc.
 
 
 
 
 
 
 
 
 
 
 
2,428

 
2,428

 
3,429

Northern Star Industries Inc.
 
Electrical components & equipment
 
First Lien Term Loan B
 
3/31/2025
 
LIBOR+4.75% (1% floor) cash
 
7.08
%
 
6,965

 
6,933

 
6,974

Novetta Solutions, LLC
 
Application software
 
First Lien Term Loan B
 
10/17/2022
 
LIBOR+5% (1% floor) cash
 
7.25
%
 
6,055

 
6,012

 
5,881

OCI Beaumont LLC
 
Commodity chemicals
 
First Lien Term Loan B
 
3/13/2025
 
LIBOR+4% (1% floor) cash
 
6.39
%
 
7,960

 
7,951

 
8,089

Refac Optical Group (4)(5)
 
Specialty stores
 
First Lien Term Loan A
 
1/9/2019
 
LIBOR+8% cash
 
10.26
%
 
2,573

 
2,476

 
2,573

Salient CRGT, Inc. (4)
 
Aerospace & defense
 
First Lien Term Loan
 
2/28/2022
 
LIBOR+5.75% (1% floor) cash
 
7.99
%
 
2,267

 
2,235

 
2,301

Scientific Games International, Inc.
 
Casinos & gaming
 
First Lien Term Loan B-5
 
8/14/2024
 
LIBOR+2.75% (1% floor) cash
 
5.03
%
 
6,582

 
6,552

 
6,579

SHO Holding I Corporation
 
Footwear
 
First Lien Term Loan
 
11/18/2022
 
LIBOR+5% (1% floor) cash
 
7.34
%
 
8,507

 
8,484

 
8,082

 Sirva Worldwide, Inc.
 
Diversified support services
 
First Lien Term Loan
 
8/4/2025
 
LIBOR+5.5% cash
 
7.75
%
 
5,000

 
4,925

 
5,019

TravelCLICK, Inc. (4)
 
Data Processing & outsourced services
 
Second Lien Term Loan
 
11/6/2021
 
LIBOR+7.75% (1% floor) cash
 
9.99
%
 
2,871

 
2,871

 
2,871

TV Borrower US, LLC
 
Integrated telecommunications services
 
First Lien Term Loan
 
2/22/2024
 
LIBOR+4.75% (1% floor) cash
 
7.14
%
 
2,019

 
2,011

 
2,026

Uber Technologies Inc.
 
Application software
 
First Lien Term Loan
 
4/4/2025
 
LIBOR+4% (1% floor) cash
 
6.12
%
 
9,975

 
9,928

 
10,055

Uniti Group LP
 
Specialized REITs
 
First Lien Term Loan B
 
10/24/2022
 
LIBOR+3% (1% floor) cash
 
5.24
%
 
6,467

 
6,225

 
6,198

 Veritas US Inc.
 
Application software
 
First Lien Term Loan B-1
 
1/27/2023
 
LIBOR+4.5% (1% floor) cash
 
6.78
%
 
6,965

 
6,915

 
6,801

 Verra Mobility, Corp. (4)
 
Data processing & outsourced services
 
First Lien Term Loan B
 
2/28/2025
 
LIBOR+3.75% (1% floor) cash
 
5.99
%
 
10,945

 
10,961

 
11,013

 WP CPP Holdings, LLC
 
Aerospace & defense
 
Second Lien Term Loan
 
4/30/2026
 
LIBOR+7.75% cash
 
10.15
%
 
6,000

 
5,942

 
6,013

 
 
 
 
 
 
 
 
 
 
 
 
$
297,053

 
$
297,158

 
$
294,676

__________
(1) Represents the interest rate as of September 30, 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 September 30, 2018, the reference rates for SLF JV I's variable rate loans were the 30-day LIBOR at 2.24%, 60-day LIBOR at 2.29%, the 90-day LIBOR at 2.39%, the 180-day LIBOR at 2.59% and the PRIME at 5.25%.
(3) Represents the current determination of fair value as of September 30, 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 September 30, 2018.


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