10-Q
Table of Contents

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

 

FORM 10-Q

 

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the quarterly period ended June 30, 2020

OR

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the transition period from                          to                     

Commission file number 814-01132

 

 

Crescent Capital BDC, Inc.

(Exact Name of Registrant as Specified in Its Charter)

 

 

 

Maryland   47-3162282

(State or Other Jurisdiction of

Incorporation or Organization)

 

(I.R.S. Employer

Identification No.)

11100 Santa Monica Blvd., Suite 2000, Los Angeles, CA   90025
(Address of Principal Executive Offices)   (Zip Code)

Registrant’s Telephone Number, Including Area Code: (310) 235-5900

Not applicable

Former Name, Former Address and Former Fiscal Year, If Changed Since Last Report.

 

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

  

Trading

Symbol

  

Name of each exchange on which registered

Common Stock, $0.001 par value per share    CCAP    The Nasdaq Stock Market LLC

Securities registered pursuant to Section 12(g) of the Act:

Common Stock, par value $0.001 per share

(Title of class)

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.    Yes  ☐    No  ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.    Yes  ☐    No  ☒

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 (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit files).    Yes  ☐    No  ☐

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

  

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 any 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 Securities Exchange Act of 1934).    Yes  ☐    No  ☒

The number of shares of the Registrant’s common stock, $.001 par value per share, outstanding at August 10, 2020 was 28,167,360.

 

 

 


Table of Contents

CRESCENT CAPITAL BDC, INC.

FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 2020

Table of Contents

 

   

INDEX

   PAGE
NO.
 
PART I.   FINANCIAL INFORMATION      2  
  Item 1.   Financial Statements      2  
  Consolidated Statements of Assets and Liabilities as of June 30, 2020 (Unaudited) and December 31, 2019      2  
  Consolidated Statements of Operations for the three and six months ended June 30, 2020 and 2019 (Unaudited)      3  
  Consolidated Statements of Changes in Net Assets for the three and six months ended June 30, 2020 and 2019 (Unaudited)      4  
  Consolidated Statements of Cash Flows for the six months ended June 30, 2020 and 2019 (Unaudited)      6  
  Consolidated Schedule of Investments as of June 30, 2020 (Unaudited)      7  
  Consolidated Schedule of Investments as of December 31, 2019      20  
  Notes to Consolidated Financial Statements (Unaudited)      32  
  Item 2.   Management’s Discussion and Analysis of Financial Condition and Results of Operations      57  
  Item 3.   Quantitative and Qualitative Disclosures About Market Risk      75  
  Item 4.   Controls and Procedures      76  
PART II.   OTHER INFORMATION      76  
  Item 1.   Legal Proceedings      76  
  Item 1A   Risk Factors      77  
  Item 2.   Unregistered Sales of Equity Securities and Use of Proceeds      79  
  Item 3.   Defaults Upon Senior Securities      79  
  Item 4.   Other Information      79  
  Item 5.   Exhibits      80  


Table of Contents

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This report contains forward-looking statements that involve substantial risks and uncertainties. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about us, our current or prospective portfolio investments, our industry, our beliefs, and our assumptions. We believe that it is important to communicate our future expectations to our investors. Words such as “anticipates,” “expects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “would,” “will,” “should,” “targets,” “projects,” and variations of these words and similar expressions identify forward-looking statements, although not all forward-looking statements include these words. These statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors, some of which are beyond our control and are difficult to predict, that could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements.

The following factors and factors listed under “Risk Factors” in this report and other documents Crescent Capital BDC, Inc. has filed with the Securities and Exchange Commission, or SEC, provide examples of risks, uncertainties and events that may cause our actual results to differ materially from the expectations we describe in our forward-looking statements. The occurrence of the events described in these risk factors and elsewhere in this report could have a material adverse effect on our business, results of operation and financial position. The following factors are among those that may cause actual results to differ materially from our forward-looking statements:

 

   

uncertainty surrounding the financial stability of the United States, Europe and China;

 

   

the ability of our investment adviser to locate suitable investments for us and to monitor and administer our investments;

 

   

potential fluctuation in quarterly operating results;

 

   

potential impact of economic recessions or downturns;

 

   

adverse developments in the credit markets;

 

   

regulations governing our operation as a business development company;

 

   

operation in a highly competitive market for investment opportunities;

 

   

changes in interest rates may affect our cost of capital and net investment income;

 

   

financing investments with borrowed money;

 

   

potential adverse effects of price declines and illiquidity in the corporate debt markets;

 

   

the impact of COVID-19 on our portfolio companies and the markets in which they operate, interest rates and the economy in general;

 

   

lack of liquidity in investments;

 

   

the outcome and impact of any litigation;

 

   

the timing, form and amount of any dividend distributions;

 

   

risks regarding distributions;

 

   

potential adverse effects of new or modified laws and regulations;

 

   

the social, geopolitical, financial, trade and legal implications of Brexit;

 

   

potential resignation of the Advisor and or the Administrator;

 

   

uncertainty as to the value of certain portfolio investments;

 

   

defaults by portfolio companies;

 

   

our ability to successfully complete and integrate any acquisitions;

 

   

risks associated with original issue discount (“OID”) and payment-in-kind (“PIK”) interest income; and

 

   

the market price of our common stock may fluctuate significantly.

Although we believe that the assumptions on which these forward-looking statements are based upon are reasonable, some of those assumptions are based on the work of third parties and any of those assumptions could prove to be inaccurate; as a result, forward-looking statements based on those assumptions also could prove to be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this report should not be regarded as a representation by us that our plans and objectives will be achieved. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this report. We do not undertake any obligation to update or revise any forward-looking statements or any other information contained herein, except as required by applicable law. You are advised to consult any additional disclosures that we may make directly to you or through reports that we in the future may file with the SEC, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. The safe harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which preclude civil liability for certain forward-looking statements, do not apply to the forward-looking statements in this report because we are an investment company.

 

1


Table of Contents

Crescent Capital BDC, Inc.

Consolidated Statements of Assets and Liabilities

(in thousands except share and per share data)

 

     As of
    June 30, 2020    
(Unaudited)
    As of
    December 31,    
2019
 

Assets

    

Investments, at fair value

    

Non-controlled non-affiliated (cost of $864,843 and $675,329, respectively)

     $ 821,831       $ 671,582  

Non-controlled affiliated (cost of $33,782 and $19,766, respectively)

     42,890       20,507  

Controlled (cost of $39,000 and $34,000, respectively)

     30,513       34,442  

Cash and cash equivalents

     3,514       4,576  

Restricted cash and cash equivalents

     8,043       8,851  

Receivable for investments sold

     11,393       160  

Interest receivable

     3,980       2,832  

Unrealized appreciation on foreign currency forward contracts

     2,672       758  

Deferred tax assets

     762       421  

Other assets

     712       3,046  
  

 

 

   

 

 

 

Total assets

     $ 926,310       $ 747,175  
  

 

 

   

 

 

 

Liabilities

    

Debt (net of deferred financing costs of $4,504 and $3,431, respectively)

     $ 395,829       $ 322,010  

Distributions payable

     11,548       8,554  

Interest and other debt financing costs payable

     3,345       3,545  

Accrued expenses and other liabilities

     2,553       3,788  

Management fees payable

     1,660       1,343  

Deferred tax liabilities

     959       879  

Directors’ fees payable

     110       74  

Unrealized depreciation on foreign currency forward contracts

     8       65  
  

 

 

   

 

 

 

Total liabilities

     $ 416,012       $ 340,258  
  

 

 

   

 

 

 

Commitments and Contingencies (Note 8)

    

Net Assets

    
Preferred stock, par value $0.001 per share (10,000 shares authorized, zero outstanding, respectively)    $     $  
Common stock, par value $0.001 per share (200,000,000 shares authorized, 28,167,360 and 20,862,314 shares issued and outstanding, respectively)      28       21  

Paid-in capital in excess of par value

     558,913       414,293  

Accumulated loss

     (48,643     (7,397
  

 

 

   

 

 

 

Total Net Assets

     $ 510,298       $ 406,917  
  

 

 

   

 

 

 

Total Liabilities and Net Assets

     $     926,310       $     747,175  
  

 

 

   

 

 

 

Net asset value per share

     $ 18.12       $ 19.50  

 

See accompanying notes

 

2


Table of Contents

Crescent Capital BDC, Inc.

Consolidated Statements of Operations

(in thousands except share and per share data)

(Unaudited)

 

    For the three
months ended
June 30,
  For the six
months ended
June 30,
    2020   2019   2020   2019

Investment Income:

 

From non-controlled non-affiliated investments:

 

Interest income

  $ 15,689     $ 10,523     $ 32,292     $ 20,875  

Paid-in-kind interest

    697       172       1,246       337  

Dividend income

    712       508       1,604       931  

Other income

    620       500       1,060       744  

From non-controlled affiliated investments:

 

Interest income

    328       265       671       537  

Paid-in-kind interest

    481             485        

From controlled investments:

 

Dividend income

    800       550       800       550  
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total investment income

    19,327       12,518       38,158       23,974  
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses:

 

Interest and other debt financing costs

    3,631       3,173       7,980       5,982  

Management fees

    2,767       2,160       5,418       4,050  

Incentive fees

    2,267       1,107       4,199       2,131  

Professional fees

    364       192       706       384  

Directors’ fees

    110       72       239       145  

Organization expenses

          49             91  

Other general and administrative expenses

    495       537       1,221       1,058  
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total expenses

    9,634       7,290       19,763       13,841  

Management fee waiver

    (1,107     (1,044     (2,264     (1,947

Incentive fee waiver

    (2,267     (1,107     (4,199     (2,131
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net expenses

    6,260       5,139       13,300       9,763  
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income before taxes

    13,067       7,379       24,858       14,211  

Income and excise taxes

    111       3       349       6  
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

    12,956       7,376       24,509       14,205  
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized and unrealized gains (losses) on investments:

 

Net realized gain (loss) on:

 

Non-controlled non-affiliated investments

    (1,136     (660     (1,023     (921

Foreign currency transactions

    76       476       (161     489  

Net change in unrealized appreciation (depreciation) on:

 

Non-controlled non-affiliated investments and foreign currency translation

    25,140       1,434       (39,300     3,894  

Non-controlled affiliated investments

    11,878       80       8,367       616  

Controlled investments

    7,914       (472     (8,929     (713

Foreign currency forward contracts

    (218     309       1,972       282  
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized and unrealized gains (losses) on investments

    43,654       1,167       (39,074     3,647  
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Realized loss on asset acquisition

                (3,825      
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized and unrealized gains (losses) on investments and asset acquisition

    43,654       1,167       (42,899     3,647  

Benefit (provision) for taxes on unrealized appreciation (depreciation) on investments

    (193     (31     262       (480
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net increase (decrease) in net assets resulting from operations

  $ 56,417     $ 8,512     $ (18,128   $ 17,372  
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Per Common Share Data:

 

Net increase (decrease) in net assets resulting from operations per share (basic and diluted):

  $ 2.00     $ 0.54     $ (0.67   $ 1.15  

Net investment income per share (basic and diluted):

  $ 0.46     $ 0.47     $ 0.90     $ 0.94  

Weighted average shares outstanding (basic and diluted):

      28,168,643           15,703,473           27,190,817           15,087,362     

 

See accompanying notes

 

3


Table of Contents

Crescent Capital BDC, Inc.

Consolidated Statements of Changes in Net Assets

(in thousands except share and per share data)

(Unaudited)

 

     Common Stock            
     Shares   Par Amount   Paid in Capital
in
Excess of Par
Value
  Accumulated
Loss
  Total
Net Assets
Balance at March 31, 2020      28,200,547     $ 28     $ 559,239     $ (93,512   $ 465,755  
Net increase (decrease) in net assets resulting from operations:

 

Net investment income                        12,956       12,956  
Net realized gain (loss) on investments and foreign currency transactions                        (1,060     (1,060
Net change in unrealized appreciation (depreciation) on investments, foreign currency forward contracts and foreign currency translation                        44,714       44,714  
Benefit/(Provision) for taxes on unrealized appreciation/(depreciation) on investments                        (193     (193
Stockholder distributions:

 

Repurchase of common stock      (33,187           (326           (326
Distributions to stockholders                        (11,548     (11,548
  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total increase (decrease) for the three months ended June 30, 2020      (33,187           (326     44,869       44,543  
  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at June 30, 2020      28,167,360     $ 28     $ 558,913     $ (48,643   $ 510,298  
  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distributions declared            $ 0.41  
Balance at December 31, 2019      20,862,314     $ 21     $ 414,293     $ (7,397   $ 406,917  
Net increase (decrease) in net assets resulting from operations:

 

Net investment income                        24,509       24,509  
Net realized gain (loss) on investments and foreign currency transactions                        (1,184     (1,184
Net change in unrealized appreciation (depreciation) on investments, foreign currency forward contracts and foreign currency translation                        (37,890     (37,890
Realized loss on asset acquisition                        (3,825     (3,825
Benefit/(Provision) for taxes on unrealized appreciation/(depreciation) on investments                        262       262  
Stockholder distributions:

 

Issuance of common stock      2,265,021       2       44,295             44,297  
Issuance in connection with asset acquisition (Note 13)      5,202,312       5       101,944             101,949  
Issuance of common shares pursuant to dividend reinvestment plan      30,128             589             589  
Repurchase of common stock      (192,415           (2,208           (2,208
Distributions to stockholders                        (23,118     (23,118
  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total increase (decrease) for the six months ended June 30, 2020      7,305,046       7       144,620       (41,246     103,381  
  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at June 30, 2020      28,167,360        $     28        $     558,913        $     (48,643 )      $     510,298     
  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distributions declared            $ 0.82  

 

See accompanying notes

 

4


Table of Contents

Crescent Capital BDC, Inc.

Consolidated Statements of Changes in Net Assets

(in thousands except share and per share data)

(Unaudited)

 

     Common Stock            
     Shares   Par Amount   Paid in Capital
in
Excess of Par
Value
  Accumulated
Loss
  Total
Net Assets
Balance at March 31, 2019      14,703,566     $ 15     $ 292,260     $ (3,627   $ 288,648  
Net increase (decrease) in net assets resulting from operations:

 

Net investment income                        7,376       7,376  
Net realized gain (loss) on investments and foreign currency transactions                        (184     (184
Net change in unrealized appreciation (depreciation) on investments, foreign currency forward contracts and foreign currency translation                        1,351       1,351  
Benefit/(Provision) for taxes on unrealized appreciation/(depreciation) on investments                        (31     (31
Stockholder distributions:

 

Issuance of common stock      1,524,312       1       29,998             29,999  
Issuance of common shares pursuant to dividend reinvestment plan      17,918             353             353  
Equity offering costs                  (68           (68
Distributions to stockholders                        (6,660     (6,660
  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total increase (decrease) for the three months ended June 30, 2019      1,542,230       1       30,283       1,852       32,136  
  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at June 30, 2019      16,245,796     $ 16     $ 322,543     $ (1,775   $ 320,784  
  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distributions declared            $ 0.41  
Balance at December 31, 2018      13,358,289     $ 13     $ 266,024     $ (6,458   $ 259,579  
Net increase (decrease) in net assets resulting from operations:

 

Net investment income                        14,205       14,205  
Net realized gain (loss) on investments and foreign currency transactions                        (432     (432
Net change in unrealized appreciation (depreciation) on investments, foreign currency forward contracts and foreign currency translation                        4,079       4,079  
Benefit/(Provision) for taxes on unrealized appreciation/(depreciation) on investments                        (480     (480
Stockholder distributions:

 

Issuance of common stock      2,854,440       3       55,997             56,000  
Issuance of common shares pursuant to dividend reinvestment plan      33,067             649             649  
Equity offering costs                  (127           (127
Distributions to stockholders                        (12,689     (12,689
  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total increase (decrease) for the six months ended June 30, 2019      2,887,507       3       56,519       4,683       61,205  
  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at June 30, 2019      16,245,796        $     16       $     322,543        $     (1,775 )      $     320,784     
  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distributions declared            $ 0.82  

 

See accompanying notes

5


Table of Contents

Crescent Capital BDC, Inc.

Consolidated Statements of Cash Flows

(in thousands except share and per share data)

(Unaudited)

 

     For the six
months ended

  June 30, 2020  
    For the six
months ended

  June 30, 2019  
 

Cash flows from operating activities:

 

Net increase (decrease) in net assets resulting from operations

    $ (18,128    $ 17,373  

Adjustments to reconcile net increase (decrease) in net assets resulting from

operations to net cash provided by (used for) operating activities:

 

 

Purchases of investments

     (143,856     (185,173

Paid-in-kind interest income

     (1,731     (337

Proceeds from sales of investments and principal repayments

     134,110       58,636  

Net realized (gain) loss on investments and foreign currency transactions

     1,376       921  

Realized loss on asset acquisition(2)

     3,825        

Acquisition of Alcentra Capital Corporation, net of cash acquired(2)

     (12,884      

Net change in unrealized (appreciation) depreciation on investments and foreign currency translation

     39,862       (3,798

Net change in unrealized (appreciation) depreciation on foreign currency forward contracts

     (1,972     (282

Amortization of premium and accretion of discount, net

     (2,761     (1,291

Amortization of deferred financing costs

     615       414  

Change in operating assets and liabilities:

 

(Increase) decrease in receivable for investments sold

     (10,838     37  

(Increase) decrease in interest receivable

     (146     (1,518

(Increase) decrease in deferred tax asset

     (341      

(Increase) decrease in other assets

     2,339       (85

Increase (decrease) in payable for investments purchased

           37,525  

Increase (decrease) in management fees payable

     317       153  

Increase (decrease) in directors’ fees payable

     36       79  

Increase (decrease) in interest and credit facility fees and expenses payable

     (1,034     498  

Increase (decrease) in deferred tax liability

     80       480  

Increase (decrease) in accrued expenses and other liabilities

     (1,630     (64
  

 

 

   

 

 

 

Net cash provided by (used for) operating activities

     (12,761     (76,432
  

 

 

   

 

 

 

Cash flows from financing activities:

 

Issuance of common stock

     44,297       56,000  

Repurchase of common stock

     (2,208      

Financing costs paid related to revolving credit facilities

     (1,688     (642

Distributions paid

     (19,535     (10,723

Equity offering costs

           (127

Borrowings on debt

     169,843       108,496  

Repayments on debt

     (145,927     (77,925

Repayments on InterNotes ®

     (33,853      
  

 

 

   

 

 

 

Net cash provided by (used for) financing activities

     10,929       75,079  
  

 

 

   

 

 

 

Effect of exchange rate changes on cash denominated in foreign currency

     (38     25  

Net increase (decrease) in cash, cash equivalents, restricted cash and foreign currency

     (1,870     (1,328

Cash, cash equivalents, restricted cash and foreign currency, beginning of period

     13,427       10,369  
  

 

 

   

 

 

 

Cash, cash equivalents, restricted cash and foreign currency, end of period(1)

    $       11,557      $       9,041  
  

 

 

   

 

 

 

Supplemental and non-cash financing activities:

 

Cash paid during the period for interest

    $ 7,990      $ 5,071  

Issuance of common stock pursuant to dividend reinvestment plan

    $ 589      $ 649  

Accrued but unpaid equity offering costs

    $      $ 68  

Accrued but unpaid distributions

    $ 11,548      $ 6,661  

Issuance of shares in connection with asset acquisition (Note 13)(2)

    $ 101,949      $  

 

(1)

As of June 30, 2020, the balance included cash and cash equivalents of $3,514 (including cash denominated in foreign currency of $391) and restricted cash and cash equivalents of $8,043, respectively. As of June 30, 2019, the balance included cash and cash equivalents of $9,041 (including cash denominated in foreign currency of $319) and restricted cash and cash equivalents of $0, respectively.

(2)

After the close of business on January 31, 2020, in connection with the Alcentra Acquisition (as defined in Note 1 and further discussed in Note 13), the Company acquired net assets of $114,431 which included $195,682 investment portfolio, $3,409 cash and cash equivalents and $1,398 other assets, net of $86,058 of assumed liabilities for the total cash and stock consideration of $118,256, inclusive of $7,250 of asset acquisition costs.

 

See accompanying notes

 

6


Table of Contents

CRESCENT CAPITAL BDC, INC.

Consolidated Schedule of Investments (Unaudited)

June 30, 2020

(in thousands, except share and per share data)

 

 

Company/Security/Country

 

Investment Type

   Interest
Term *
    Interest
Rate
    Maturity /
Dissolution
Date
     Principal
Amount,
Par
Value or
Shares
     Cost     Percentage
of Net
Assets **
    Fair
Value
 

Investments(1) (2)

 

United States

 

Debt Investments

 

Automobiles & Components

 

Auto-Vehicle Parts, LLC(3) (4) (5) (6)

 

Senior Secured First Lien Revolver

         01/2023      $      $ (4       $ (28

Auto-Vehicle Parts, LLC(3)

 

Senior Secured First Lien Term Loan

    
L + 450
(100 Floor)
 
(7) 
    5.50     01/2023        4,590        4,552       0.9       4,377  

Continental Battery Company(3)

 

Senior Secured First Lien Delayed Draw Term Loan

    
L + 550
(100 Floor)
 
(7) 
    6.50     12/2022        6,612        6,540       1.3       6,544  

Continental Battery Company(3) (5)

 

Senior Secured First Lien Delayed Draw Term Loan

    
L + 550
(100 Floor)
 
(7) 
    6.50     12/2022        3,483        3,456       0.7       3,447  

Continental Battery Company(3) (4) (5) (6)

 

Senior Secured First Lien Revolver

         12/2022               (7           (9

Continental Battery Company(3)

 

Senior Secured First Lien Term Loan

    
L + 550
(100 Floor)
 
(7) 
    6.50     12/2022        3,953        3,915       0.8       3,912  

Empire Auto Parts, LLC(3) (4) (5) (6)

 

Unitranche First Lien Revolver

         09/2024               (6           (20

Empire Auto Parts, LLC(3)

 

Unitranche First Lien Term Loan

    
L + 550
(100 Floor)
 
(8) 
    6.50     09/2024        2,456        2,420       0.4       2,332  

Empire Auto Parts, LLC(3)

 

Unitranche First Lien Term Loan

    
L + 550
(100 Floor)
 
(8) 
    6.50     09/2024        2,382        2,341       0.4       2,261  

POC Investors, LLC(3) (4) (5) (6)

 

Senior Secured First Lien Revolver

         11/2021               (5           (11

POC Investors, LLC(3)

 

Senior Secured First Lien Term Loan

    
L + 550
(100 Floor)
 
(8) 
    6.50     11/2021        13,593        13,503       2.6       13,445  
           

 

 

    

 

 

   

 

 

   

 

 

 
                  37,069            36,705       7.1           36,250  
           

 

 

    

 

 

   

 

 

   

 

 

 

Capital Goods

 

Alion Science and Technology Corporation(3) (9)

 

Unsecured Debt

       11.00     08/2022        6,543        6,457       1.3       6,543  

Envocore Holding, LLC(3)

 

Senior Secured First Lien Term Loan

    


L + 900
(200 Floor)
(including
500 PIK)
 
 
 
(8) 
    11.00     06/2022        18,144        15,437       2.6       13,531  

Potter Electric Signal Company(3) (4) (6) (10)

 

Senior Secured First Lien Delayed Draw Term Loan

         12/2025               (18           (39

Potter Electric Signal Company(3) (6)

 

Senior Secured First Lien Revolver

     P + 325 (11)      6.50     12/2024        546        541       0.1       526  

Potter Electric Signal Company(3)

 

Senior Secured First Lien Term Loan

    
L + 450
(100 Floor)
 
(12) 
    5.50     12/2025        2,493        2,472       0.5       2,406  

Potter Electric Signal Company(3)

 

Senior Secured First Lien Term Loan

    
L + 450
(100 Floor)
 
(8) 
    5.50     12/2025        472        469       0.1       456  
           

 

 

    

 

 

   

 

 

   

 

 

 
              28,198        25,358       4.6       23,423  
           

 

 

    

 

 

   

 

 

   

 

 

 

Commercial & Professional Services

 

ASP MCS Acquisition Corp.(13)

 

Senior Secured First Lien Term Loan

         05/2024        5,227        5,210       0.5       2,650  

Battery Solutions, Inc.(3) (14)

 

Unsecured Debt

    
1200 + 200
PIK
 
(9) 
    14.00     11/2021        1,250        1,228       0.2       1,192  

BFC Solmetex LLC & Bonded Filter Co.
LLC(3) (5)

 

Unitranche First Lien Revolver

    
L + 850
(100 Floor)
 
(8) 
    9.50     09/2023        750        740       0.1       695  

BFC Solmetex LLC & Bonded Filter Co.
LLC(3) (5)

 

Unitranche First Lien Revolver

    
L + 850
(100 Floor)
 
(8) 
    9.50     09/2023        300        295       0.1       278  

BFC Solmetex LLC & Bonded Filter Co.
LLC(3)

 

Unitranche First Lien Term Loan

    
L + 850
(100 Floor)
 
(8) 
    9.50     09/2023        5,950        5,866       1.1       5,511  

BFC Solmetex LLC & Bonded Filter Co.
LLC(3)

 

Unitranche First Lien Term Loan

    
L + 850
(100 Floor)
 
(8) 
    9.50     09/2023        621        612       0.1       575  

CHA Holdings, Inc.(3)

 

Senior Secured First Lien Delayed Draw Term Loan

    
L + 450
(100 Floor)
 
(8) 
    5.57     04/2025        1,018        1,015       0.2       942  

CHA Holdings, Inc.(3)

 

Senior Secured First Lien Term Loan

    
L + 450
(100 Floor)
 
(8) 
    5.57     04/2025        4,830        4,812       0.9       4,468  

 

See accompanying notes

 

7


Table of Contents

CRESCENT CAPITAL BDC, INC.

Consolidated Schedule of Investments (Unaudited)

June 30, 2020

(in thousands, except share and per share data)

 

Company/Security/Country

 

Investment Type

   Interest
Term *
    Interest
Rate
    Maturity /
Dissolution
Date
     Principal
Amount,
Par
Value or
Shares
     Cost     Percentage
of Net
Assets **
    Fair
Value
 

DFS Intermediate Holdings, LLC(3) (5) (6)

 

Senior Secured First Lien Delayed Draw Term Loan

    
L + 525
(100 Floor)
 
(7) 
    6.25     03/2022      $ 3,455      $ 3,423       0.7   $ 3,389  

DFS Intermediate Holdings, LLC(3) (5) (6)

 

Senior Secured First Lien Revolver

    
L + 525
(100 Floor)
 
(7) 
    6.25     03/2022        218        199             183  

DFS Intermediate Holdings, LLC(3)

 

Senior Secured First Lien Term Loan

    
L + 525
(100 Floor)
 
(7) 
    6.25     03/2022        8,748        8,681       1.7       8,595  

Digital Room Holdings, Inc.

 

Senior Secured First Lien Term Loan

     L + 500 (15)      6.07     05/2026        6,930        6,613       1.1       5,544  

GH Holding Company(3)

 

Senior Secured First Lien Term Loan

     L + 450 (7)      4.68     02/2023        1,466        1,462       0.3       1,425  

GI Revelation Acquisition, LLC

 

Senior Secured First Lien Term Loan

     L + 500 (7)      5.18     04/2025        7,359        7,331       1.3       6,739  

Hepaco, LLC(3) (6) (10)

 

Senior Secured First Lien Delayed Draw Term Loan

    
L + 500
(100 Floor)
 
(7) 
    6.00     08/2024        4,177        4,148       0.8       3,988  

Hepaco, LLC(3) (5) (6)

 

Senior Secured First Lien Revolver

    
L + 500
(100 Floor)
 
(7) 
    6.00     08/2024        138        136             97  

Hepaco, LLC(3)

 

Senior Secured First Lien Term Loan

    
L + 500
(100 Floor)
 
(7) 
    6.00     08/2024        5,125            5,089       1.0           4,899  

Hsid Acquisition, LLC(3) (4) (6) (10)

 

Senior Secured First Lien Delayed Draw Term Loan

         01/2026               (54           (119

Hsid Acquisition, LLC(3) (5) (6)

 

Senior Secured First Lien Revolver

    
L + 450
(100 Floor)
 
(8) 
    5.50     01/2026        525        511       0.1       494  

Hsid Acquisition, LLC(3)

 

Senior Secured First Lien Term Loan

    
L + 450
(100 Floor)
 
(8) 
    5.50     01/2026        4,339        4,257       0.8       4,161  

Impact Group, LLC(3)

 

Senior Secured First Lien Term Loan

    
L + 737
(100 Floor)
 
(7) 
    8.37     06/2023        7,078        5,484       1.1       5,559  

Impact Sales, LLC(3)

 

Senior Secured First Lien Delayed Draw Term Loan

    
L + 738
(100 Floor)
 
(7) 
    8.38     06/2023        6,680        5,177       1.0       5,247  

Institutional Shareholder Services, Inc.(3)

 

Senior Secured First Lien Term Loan

     L + 450 (15)      5.57     03/2026        2,963        2,921       0.5       2,767  

Institutional Shareholder Services, Inc.(3)

 

Senior Secured Second Lien Term Loan

     L + 850 (15)      8.81     03/2027        2,000        1,923       0.3       1,750  

ISS Compressors Industries, Inc.(3) (5) (6)

 

Senior Secured First Lien Revolver

    
L + 550
(100 Floor)
 
(15) 
    6.70     02/2026        812        805       0.2       785  

ISS Compressors Industries, Inc.(3)

 

Senior Secured First Lien Term Loan

    
L + 550
(100 Floor)
 
(8) 
    6.76     02/2026        9,144        9,058       1.7       8,836  

Jordan Healthcare, Inc.(3)

 

Senior Secured First Lien Delayed Draw Term Loan

    
L + 600
(100 Floor)
 
(8) 
    7.00     07/2022        695        691       0.1       682  

Jordan Healthcare, Inc.(3) (5)

 

Senior Secured First Lien Revolver

    
L + 600
(100 Floor)
 
(8) 
    7.00     07/2022        450        448       0.1       442  

Jordan Healthcare, Inc.(3)

 

Senior Secured First Lien Term Loan

    
L + 600
(100 Floor)
 
(8) 
    7.00     07/2022        4,001        3,982       0.8       3,931  

MHS Acquisition Holdings, LLC(3)

 

Senior Secured Second Lien Delayed Draw Term Loan

    
L + 875
(100 Floor)
 
(15) 
    9.82     03/2025        467        461       0.1       442  

MHS Acquisition Holdings, LLC(3)

 

Senior Secured Second Lien Term Loan

    
L + 875
(100 Floor)
 
(15) 
    9.82     03/2025        8,102        7,942       1.5       7,677  

MHS Acquisition Holdings, LLC(3)

 

Unsecured Debt

     1350 PIK (9)      13.50     03/2026        254        252             240  

MHS Acquisition Holdings, LLC(3)

 

Unsecured Debt

     1350 PIK (9)      13.50     03/2026        764        756       0.1       719  

Pinstripe Holdings, LLC(3)

 

Unitranche First Lien Term Loan

    
L + 600
(100 Floor)
 
(7) 
    7.08     01/2025        9,875        9,646       1.9       9,508  

Pye-Barker Fire & Safety, LLC(3) (6) (16)

 

Unitranche First Lien Delayed Draw Term Loan

    
L + 575
(100 Floor)
 
(8) (11) 
    6.75     11/2025        1,496        1,430       0.3       1,394  

Pye-Barker Fire & Safety, LLC(3)

 

Unitranche First Lien Term Loan

    
L + 575
(100 Floor)
 
(8) 
    6.75     11/2025            10,074        9,820       1.9       9,800  

Receivable Solutions, Inc.(3) (5) (6)

 

Senior Secured First Lien Revolver

    
L + 500
(100 Floor)
 
(15) 
    6.00     10/2024        120        116             111  

 

See accompanying notes

 

8


Table of Contents

CRESCENT CAPITAL BDC, INC.

Consolidated Schedule of Investments (Unaudited)

June 30, 2020

(in thousands, except share and per share data)

 

Company/Security/Country

 

Investment Type

   Interest
Term *
    Interest
Rate
    Maturity /
Dissolution
Date
     Principal
Amount,
Par
Value or
Shares
     Cost     Percentage
of Net
Assets **
    Fair
Value
 

Receivable Solutions, Inc.(3)

 

Senior Secured First Lien Term Loan

    
L + 500
(100 Floor)
 
(15) 
    6.07     10/2024      $ 2,184      $ 2,150       0.4   $ 2,120  

SavATree, LLC(3) (6) (10)

 

Senior Secured First Lien Delayed Draw Term Loan

    
L + 525
(100 Floor)
 
(8) 
    6.25     06/2022        711        703       0.1       692  

SavATree, LLC(3) (5) (6)

 

Senior Secured First Lien Revolver

    
L + 525
(100 Floor)
 
(8) 
    6.25     06/2022        361        357       0.1       350  

SavATree, LLC(3)

 

Senior Secured First Lien Term Loan

    
L + 525
(100 Floor)
 
(8) 
    6.25     06/2022        3,928        3,896       0.8       3,845  

Spear Education(3) (4) (6) (10)

 

Senior Secured First Lien Delayed Draw Term Loan

         02/2025               (29           (48

Spear Education(3)

 

Senior Secured First Lien Term Loan

    
L + 500
(100 Floor)
 
(8) 
    6.00     02/2025        6,858        6,793       1.3       6,753  

TecoStar Holdings, Inc.(3)

 

Senior Secured Second Lien Term Loan

    
L + 850
(100 Floor)
 
(8) 
    9.68     11/2024        5,000        4,917       1.0       4,849  

UP Acquisition Corp.(3)

 

Unitranche First Lien Delayed Draw Term Loan

    
L + 625
(100 Floor)
 
(7) 
    7.25     05/2024        1,194        1,173       0.2       1,129  

UP Acquisition Corp.(3) (5) (6)

 

Unitranche First Lien Revolver

    
L + 625
(100 Floor)
 
(7) 
    7.25     05/2024        391        371       0.1       322  

UP Acquisition Corp.(3)

 

Unitranche First Lien Term Loan

    
L + 625
(100 Floor)
 
(7) 
    7.25     05/2024        4,356        4,285       0.8       4,116  

Valet Waste Holdings, Inc.

 

Senior Secured First Lien Term Loan

     L + 375 (7)      3.93     09/2025        14,737        14,709       2.7       13,927  

Xcentric Mold and Engineering Acquisition Company, LLC(3)

 

Senior Secured First Lien Revolver

    


L + 700
(100 Floor)
(including
100 PIK)
 
 
 
(7) 
    8.00     01/2022        707        702       0.1       641  

Xcentric Mold and Engineering Acquisition Company, LLC(3)

 

Senior Secured First Lien Term Loan

    


L + 700
(100 Floor)
(including
100 PIK)
 
 
 
(7) 
    8.00     01/2022        4,418        4,389       0.8       4,007  
           

 

 

    

 

 

   

 

 

   

 

 

 
              172,246        166,902       31.0       158,299  
           

 

 

    

 

 

   

 

 

   

 

 

 

Consumer Durables & Apparel

 

EiKo Global, LLC(3) (5) (6)

 

Senior Secured First Lien Revolver

    
L + 600
(100 Floor)
 
(8) 
    7.00     06/2023        300        291       0.1       284  

EiKo Global, LLC(3)

 

Senior Secured First Lien Term Loan

    
L + 600
(100 Floor)
 
(8) 
    7.00     06/2023        3,240        3,197       0.6       3,170  
           

 

 

    

 

 

   

 

 

   

 

 

 
              3,540        3,488       0.7       3,454  
           

 

 

    

 

 

   

 

 

   

 

 

 

Consumer Services

 

BJH Holdings III Corp.(3)

 

Unitranche First Lien Term Loan

    
L + 575
(100 Floor)
 
(8) 
    6.75     08/2025        13,647        13,466       2.5       12,692  

Cambium Learning Group, Inc.(3)

 

Senior Secured Second Lien Term Loan

     L + 850 (8)      8.81     12/2026        5,000        4,857       0.9       4,475  

Colibri Group LLC(3) (10)

 

Unitranche First Lien Delayed Draw Term Loan

    
L + 575
(100 Floor)
 
(8) 
    6.75     05/2025        1,343        1,316       0.3       1,299  

Colibri Group LLC(3) (5)

 

Unitranche First Lien Revolver

    
L + 575
(100 Floor)
 
(7) 
    6.75     05/2025        1,000        980       0.2       967  

Colibri Group LLC(3)

 

Unitranche First Lien Term Loan

    
L + 575
(100 Floor)
 
(8) 
    6.75     05/2025        8,168        7,996       1.5       7,899  

COP Home Services Holdings, Inc.(3) (10)

 

Senior Secured First Lien Delayed Draw Term Loan

    
L + 450
(100 Floor)
 
(8) 
    5.50     05/2025        695        683       0.1       670  

COP Home Services Holdings, Inc.(3) (4) (5) (6)

 

Senior Secured First Lien Revolver

         05/2025               (8           (17

COP Home Services Holdings, Inc.(3)

 

Senior Secured First Lien Term Loan

    
L + 450
(100 Floor)
 
(8) 
    5.93     05/2025        3,457        3,399       0.7       3,332  

HGH Purchaser, Inc.(3) (4) (6) (10)

 

Unitranche First Lien Delayed Draw Term Loan

         11/2025               (38           (102

HGH Purchaser, Inc.(3) (5) (6)

 

Unitranche First Lien Revolver

    
L + 600
(100 Floor)
 
(8) 
    7.00     11/2025        355        332       0.1       324  

HGH Purchaser, Inc.(3)

 

Unitranche First Lien Term Loan

    
L + 600
(100 Floor)
 
(8) 
    7.44     11/2025        8,068        7,884       1.5       7,823  

 

See accompanying notes

 

9


Table of Contents

CRESCENT CAPITAL BDC, INC.

Consolidated Schedule of Investments (Unaudited)

June 30, 2020

(in thousands, except share and per share data)

 

Company/Security/Country

 

Investment Type

   Interest
Term *
    Interest
Rate
    Maturity /
Dissolution
Date
     Principal
Amount,
Par
Value or
Shares
     Cost     Percentage
of Net
Assets **
    Fair
Value
 

JLL XDD, Inc.(3)

 

Senior Secured First Lien Term Loan

    
L + 475
(100 Floor)
 
(15) 
    5.82     12/2023      $ 2,123      $ 2,081       0.4   $ 2,074  

Learn-It Systems, LLC(3) (6)

 

Senior Secured First Lien Delayed Draw Term Loan

    
L + 450
(50 Floor)
 
(8) 
    5.95     03/2025        647        586       0.1       497  

Learn-It Systems, LLC(3) (4) (5) (6)

 

Senior Secured First Lien Revolver

         03/2025               (14           (35

Learn-It Systems, LLC(3)

 

Senior Secured First Lien Term Loan

    
L + 450
(50 Floor)
 
(8) 
    5.00     03/2025        4,345        4,243       0.8       4,095  

New Mountain Learning(3)

 

Senior Secured First Lien Delayed Draw Term Loan

    


L + 800
(100 Floor)
(including
200 PIK)
 
 
 
(8) 
    7.00     03/2024        365        361       0.1       360  

New Mountain Learning(3) (5)

 

Senior Secured First Lien Delayed Draw Term Loan

    


L + 800
(100 Floor)
(including
200 PIK)
 
 
 
(8) 
    9.00     03/2024        302        302       0.1       297  

New Mountain Learning(3) (5) (6)

 

Senior Secured First Lien Revolver

    


L + 800
(100 Floor)
(including
200 PIK)
 
 
 
(8) 
    9.00     03/2024        76        75             74  

New Mountain Learning(3)

 

Senior Secured First Lien Term Loan

    


L + 800
(100 Floor)
(including
200 PIK)
 
 
 
(8) 
    9.00     03/2024        1,802        1,778       0.3       1,774  

Pre-Paid Legal Services, Inc.

 

Senior Secured Second Lien Term Loan

     L + 750 (7)      7.68     05/2026        9,333        9,254       1.7       8,843  

Southern Technical Institute, Inc.(3) (13) (14)

 

Senior Secured Second Lien Term Loan

         12/2021        3,985                     

Teaching Strategies LLC(3) (5) (6)

 

Unitranche First Lien Revolver

    
L + 600
(100 Floor)
 
(8) 
    7.00     05/2024        182        172             166  

Teaching Strategies LLC(3)

 

Unitranche First Lien Term Loan

    
L + 600
(100 Floor)
 
(8) 
    7.00     05/2024        9,187        9,027       1.7       8,941  

United Language Group, Inc.(3) (5)

 

Senior Secured First Lien Revolver

    
L + 675
(100 Floor)
 
(7) 
    7.75     12/2021        400        396       0.1       369  

United Language Group, Inc.(3)

 

Senior Secured First Lien Term Loan

    
L + 675
(100 Floor)
 
(7) 
    7.75     12/2021        4,665        4,627       0.8       4,306  

Vistage Worldwide, Inc.

 

Senior Secured First Lien Term Loan

    
L + 400
(100 Floor)
 
(8) 
    5.00     02/2025        6,440        6,450       1.2       5,909  

WeddingWire, Inc.(3)

 

Senior Secured Second Lien Term Loan

     L + 825 (8)      8.56     12/2026        5,000        4,952       0.9       4,775  

Wrench Group LLC(3)

 

Senior Secured Second Lien Term Loan

     L + 788 (8)      8.18     04/2027        2,500        2,433       0.5       2,374  
           

 

 

    

 

 

   

 

 

   

 

 

 
              93,085        87,590       16.5       84,181  
           

 

 

    

 

 

   

 

 

   

 

 

 

Diversified Financials

                  

CC SAG Acquisition Corp.(3) (6) (10)

 

Unitranche First Lien Delayed Draw Term Loan

    
L + 550
(100 Floor)
 
(17) 
    6.50     09/2025        401        370       0.1       376  

CC SAG Acquisition Corp.(3) (4) (5) (6)

 

Unitranche First Lien Revolver

         09/2025               (21           (12

CC SAG Acquisition Corp.(3)

 

Unitranche First Lien Term Loan

    
L + 550
(100 Floor)
 
(8) 
    6.50     09/2025        7,146        6,998       1.4       7,067  

GGC Aperio Holdings, L.P.(3)

 

Unitranche First Lien Term Loan

     L + 500 (8)      5.31     10/2024        8,405        8,392       1.5       7,878  

Goldentree Loan Management US CLO 2, Ltd.(3) (18)

 

CLO, Series 2017-2A, Class E

     L + 470       5.84     11/2030        2,000        1,897       0.3       1,656  
           

 

 

    

 

 

   

 

 

   

 

 

 
              17,952        17,636       3.3       16,965  
           

 

 

    

 

 

   

 

 

   

 

 

 

Energy

                  

BJ Services, LLC(3) (13) (19)

 

Unitranche First Lien - Last Out Term Loan

         01/2023        8,075        8,014       1.3       6,666  

BJ Services, LLC(3)

 

Unitranche First Lien Term Loan

    
L + 700
(150 Floor)
 
(8) 
    8.50     01/2023        4,750        4,718       0.9       4,475  

 

See accompanying notes

 

10


Table of Contents

CRESCENT CAPITAL BDC, INC.

Consolidated Schedule of Investments (Unaudited)

June 30, 2020

(in thousands, except share and per share data)

 

Company/Security/Country

 

Investment Type

   Interest
Term *
    Interest
Rate
    Maturity /
Dissolution
Date
     Principal
Amount,
Par
Value or
Shares
     Cost     Percentage
of Net
Assets **
    Fair
Value
 

Black Diamond Oilfield Rentals, LLC(3) (8)

 

Senior Secured First Lien Term Loan

    
L + 650
(100 Floor)
 
 
    7.50     12/2020      $ 10,386      $ 10,226       1.8   $ 9,184  
           

 

 

    

 

 

   

 

 

   

 

 

 
              23,211        22,958       4.0       20,325  
           

 

 

    

 

 

   

 

 

   

 

 

 

Food & Staples Retailing

                  

Isagenix International, LLC

 

Senior Secured First Lien Term Loan

    
L + 575
(100 Floor)
 
(8) 
    6.75     06/2025        6,291        6,266       0.5       2,507  

PetIQ, LLC(3) (18)

 

Senior Secured First Lien Term Loan

    
L + 500
(100 Floor)
 
(7) 
    6.00     07/2025        14,887        14,767       2.9       14,587  
           

 

 

    

 

 

   

 

 

   

 

 

 
              21,178        21,033       3.4       17,094  
           

 

 

    

 

 

   

 

 

   

 

 

 

Food, Beverage & Tobacco

                  

Mann Lake Ltd.(3) (5) (6)

 

Senior Secured First Lien Revolver

    
L + 750
(100 Floor)
 
(8) 
    8.50     10/2024        300        287             246  

Mann Lake Ltd.(3)

 

Senior Secured First Lien Term Loan

    
L + 750
(100 Floor)
 
(8) 
    8.50     10/2024        3,846        3,787       0.7       3,615  

Manna Pro Products, LLC(3) (6) (10)

 

Unitranche First Lien Delayed Draw Term Loan

    
L + 600
(100 Floor)
 
(7) 
    7.00     12/2023        1,018        1,013       0.2       941  

Manna Pro Products, LLC(3)

 

Unitranche First Lien Term Loan

    
L + 600
(100 floor)
 
(7) 
    7.00     12/2023        2,442        2,417       0.5       2,381  

Manna Pro Products, LLC(3)

 

Unitranche First Lien Term Loan

    
L + 600
(100 Floor)
 
(7) 
    7.00     12/2023        4,392        4,346       0.8       4,281  
           

 

 

    

 

 

   

 

 

   

 

 

 
              11,998        11,850       2.2       11,464  
           

 

 

    

 

 

   

 

 

   

 

 

 

Health Care Equipment & Services

                  

Abode Healthcare, Inc.(3) (5) (6)

 

Senior Secured First Lien Revolver

    
L + 525
(100 Floor)
 
(8) 
    6.25     08/2025        232        212             222  

Abode Healthcare, Inc.(3)

 

Senior Secured First Lien Term Loan

    
L + 525
(100 Floor)
 
(8) 
    6.25     08/2025        4,764        4,680       0.9       4,722  

Aegis Sciences Corporation

 

Senior Secured First Lien Term Loan

    
L + 550
(100 Floor)
 
(8) 
    6.50     05/2025        7,366        6,972       1.2       6,029  

Ameda, Inc.(3) (5) (6)

 

Senior Secured First Lien Revolver

    
L + 700
(100 Floor)
 
(7) 
    8.00     09/2022        188        185             162  

Ameda, Inc.(3)

 

Senior Secured First Lien Term Loan

    
L + 700
(100 Floor)
 
(7) 
    8.00     09/2022        2,266        2,245       0.4       2,072  

Avalign Technologies, Inc.(3)

 

Senior Secured First Lien Term Loan

     L + 450 (15)      5.57     12/2025        16,923        16,783       3.0       15,484  

BAART Programs, Inc.(3) (20)

 

Senior Secured Second Lien Delayed Draw Term Loan

    
L + 800
(100 Floor)
 
(12) 
    9.96     03/2025        1,000        957       0.2       937  

BAART Programs, Inc.(3)

 

Senior Secured Second Lien Term Loan

    
L + 825
(100 Floor)
 
(12) 
    10.21     03/2025        7,000        6,700       1.3       6,559  

Centria Subsidiary Holdings, LLC(3) (5) (6)

 

Unitranche First Lien Revolver

     P + 500 (11)      8.25     12/2025        947        894       0.2       909  

Centria Subsidiary Holdings, LLC(3)

 

Unitranche First Lien Term Loan

    
L + 600
(100 Floor)
 
(8) 
    7.00     12/2025        11,812        11,485       2.3       11,581  

CRA MSO, LLC(3) (5) (6)

 

Senior Secured First Lien Revolver

    
L + 550
(100 Floor)
 
(7) 
    6.50     12/2023        140        137             135  

CRA MSO, LLC(3)

 

Senior Secured First Lien Term Loan

    
L +
550(100 Floor)
 
(7) 
    6.50     12/2023        1,231        1,214       0.2       1,198  

ExamWorks Group, Inc.(3)

 

Senior Secured Second Lien Term Loan

    
L + 725
(100 Floor)
 
(15) 
    7.61     07/2024        5,735        5,631       1.1       5,533  

GrapeTree Medical Staffing, LLC(3) (4) (5) (6)

 

Senior Secured First Lien Revolver

         10/2022               (4           (6

GrapeTree Medical Staffing, LLC(3)

 

Senior Secured First Lien Term Loan

    
L + 525
(100 Floor)
 
(7) 
    6.25     10/2022        1,653        1,639       0.3       1,631  

GrapeTree Medical Staffing, LLC(3)

 

Senior Secured First Lien Term Loan

    
L + 525
(100 Floor)
 
(7) 
    6.25     10/2022        1,390        1,370       0.3       1,370  

HCAT Acquisition, Inc.(3)

 

Unitranche First Lien Delayed Draw Term Loan

    


L + 825
(100 Floor)
(including
325 PIK)
 
 
 
(8) 
    9.25     11/2022        2,357        2,242       0.4       2,197  

HCAT Acquisition, Inc.(3) (21)

 

Unitranche First Lien Revolver

    


L + 825
(100 Floor)
(including
325 PIK)
 
 
 
(8) 
    9.25     11/2022        3,856        3,668       0.7       3,593  

 

See accompanying notes

 

11


Table of Contents

CRESCENT CAPITAL BDC, INC.

Consolidated Schedule of Investments (Unaudited)

June 30, 2020

(in thousands, except share and per share data)

 

Company/Security/Country

 

Investment Type

   Interest
Term *
    Interest
Rate
    Maturity /
Dissolution
Date
     Principal
Amount,
Par
Value or
Shares
     Cost     Percentage
of Net
Assets **
    Fair
Value
 
                  

HCAT Acquisition, Inc.(3)

 

Unitranche First Lien Term Loan

    


L + 825
(100 Floor)
(including
325 PIK)
 
 
 
(8) 
    9.25     11/2022      $ 14,983      $ 14,253       2.7   $ 13,963  

Lightspeed Buyer, Inc.(3) (4) (6) (10)

 

Unitranche First Lien Delayed Draw Term Loan

         02/2026               (17           (44

Lightspeed Buyer, Inc.(3) (5)

 

Unitranche First Lien Revolver

    
L + 575
(100 Floor)
 
(7) 
    6.75     02/2026        1,050        1,030       0.2       1,024  

Lightspeed Buyer, Inc.(3)

 

Unitranche First Lien Term Loan

    
L + 575
(100 Floor)
 
(7) 
    6.75     02/2026        9,975        9,787       1.9       9,731  

MDVIP, Inc.(3)

 

Senior Secured First Lien Term Loan

    
L + 425
(100 Floor)
 
(7) 
    5.25     11/2024        9,610        9,610       1.8       9,033  

Medsurant Holdings, LLC(3) (9)

 

Senior Secured Second Lien Term Loan

     1225 + 75 PIK       13.00     03/2022        7,945        7,892       1.5       7,611  

NMN Holdings III Corp.(3) (22)

 

Senior Secured Second Lien Delayed Draw Term Loan

     L + 775 (7)      7.93     11/2026        1,667        1,622       0.3       1,587  

NMN Holdings III Corp.(3)

 

Senior Secured Second Lien Term Loan

     L + 775 (7)      7.93     11/2026        7,222        7,038       1.3       6,879  

NMSC Holdings, Inc.(3)

 

Senior Secured Second Lien Term Loan

     1200 PIK (17)      12.00     10/2023        4,307        4,213       0.8       3,880  

Omni Ophthalmic Management Consultants, LLC(3) (4) (6) (10)

 

Senior Secured First Lien Delayed Draw Term Loan

         05/2023               (4           (41

Omni Ophthalmic Management Consultants, LLC(3) (5)

 

Senior Secured First Lien Revolver

    
L + 750
(100 Floor)
 
(7) 
    8.50     05/2023        850        842       0.2       794  

Omni Ophthalmic Management Consultants, LLC(3)

 

Senior Secured First Lien Term Loan

    
L + 750 (100
Floor)
 
(7) 
    8.50     05/2023        6,912        6,844       1.3       6,460  

Pinnacle Treatment Centers, Inc.(3) (5) (6)

 

Unitranche First Lien Revolver

     P + 500 (11)      8.25     12/2022        200        195             191  

Pinnacle Treatment Centers, Inc.(3) (4) (6) (10)

 

Unitranche First Lien Term Loan

         12/2022               (7           (18

Pinnacle Treatment Centers, Inc.(3)

 

Unitranche First Lien Term Loan

    
L + 625
(100 Floor)
 
(8) 
    7.25     12/2022        8,265        8,194       1.6       8,133  

Professional Physical Therapy(3)

 

Senior Secured First Lien Term Loan

    


L + 675
(100 Floor)
(including
75 PIK)
 
 
 
(8) 
    7.84     12/2022        8,957        8,681       1.2       6,113  

PT Network, LLC(3) (4) (5) (6)

 

Senior Secured First Lien Revolver

         11/2023               (1           (30

PT Network, LLC(3)

 

Senior Secured First Lien Term Loan

    


L + 750
(100 Floor)
(including
200 PIK)
 
 
 
(15) 
    8.73     11/2023        4,764        4,755       0.9       4,403  

Safco Dental Supply, LLC(3) (5) (6)

 

Unitranche First Lien Revolver

    
L + 500
(100 Floor)
 
(8) 
    6.00     06/2025        300        291       0.1       272  

Safco Dental Supply, LLC(3)

 

Unitranche First Lien Term Loan

    
L + 500
(100 Floor)
 
(8) 
    6.00     06/2025        4,484        4,417       0.8       4,272  

Smile Brands, Inc.(3) (6) (10)

 

Senior Secured First Lien Delayed Draw Term Loan

     L + 450 (15)      6.28     10/2024        604        598       0.1       563  

Smile Brands, Inc.(3) (4) (5) (6)

 

Senior Secured First Lien Revolver

         10/2023               (2           (16

Smile Brands, Inc.(3)

 

Senior Secured First Lien Term Loan

     L + 450 (15)      6.28     10/2024        2,069        2,053       0.4       1,961  

Smile Doctors LLC(3) (6) (10)

 

Senior Secured First Lien Delayed Draw Term Loan

    
L + 600
(100 Floor)
 
(8) 
    7.00     10/2022        3,773        3,773       0.7       3,459  

Smile Doctors LLC(3) (5)

 

Senior Secured First Lien Revolver

    
L + 600
(100 Floor)
 
(8) 
    7.00     10/2022        1,070        1,070       0.2       1,040  

 

See accompanying notes

 

12


Table of Contents

CRESCENT CAPITAL BDC, INC.

Consolidated Schedule of Investments (Unaudited)

June 30, 2020

(in thousands, except share and per share data)

 

Company/Security/Country

 

Investment Type

   Interest
Term *
    Interest
Rate
    Maturity /
Dissolution
Date
     Principal
Amount,
Par
Value or
Shares
     Cost     Percentage
of Net
Assets **
    Fair
Value
 

Smile Doctors LLC(3)

 

Senior Secured First Lien Term Loan

    
L + 600
(100 Floor)
 
(8) 
    7.00     10/2022      $ 5,481      $ 5,456       1.0   $ 5,330  

Unifeye Vision Partners(3) (4) (6) (23)

 

Senior Secured First Lien Delayed Draw Term Loan

         09/2025               (26           (102

Unifeye Vision Partners(3) (5)

 

Senior Secured First Lien Revolver

     P + 375 (11)      7.00     09/2025        1,700        1,670       0.3       1,643  

Unifeye Vision Partners(3)

 

Senior Secured First Lien Term Loan

    
L + 475
(100 Floor)
 
(8) 
    5.75     09/2025        5,373        5,278       1.0       5,194  

Zest Acquisition Corp.(3)

 

Senior Secured First Lien Term Loan

     L + 350 (15)      4.73     03/2025        8,603        8,604       1.5       7,528  
           

 

 

    

 

 

   

 

 

   

 

 

 
              189,024        185,119       34.3       175,141  
           

 

 

    

 

 

   

 

 

   

 

 

 

Household & Personal Products

                  

Tranzonic(3) (4) (5) (6)

 

Senior Secured First Lien Revolver

         03/2023               (3           (10

Tranzonic(3)

 

Senior Secured First Lien Term Loan

    
L + 475
(100 Floor)
 
(7) 
    5.75     03/2023        3,833        3,810       0.7       3,762  
           

 

 

    

 

 

   

 

 

   

 

 

 
              3,833        3,807       0.7       3,752  
           

 

 

    

 

 

   

 

 

   

 

 

 

Insurance

                  

Comet Acquisition, Inc.(3)

 

Senior Secured Second Lien Term Loan

     L + 750 (8)      7.81     10/2026        4,632        4,622       0.8       3,937  

Integrity Marketing Acquisition, LLC(3)

 

Unitranche First Lien Delayed Draw Term Loan

    
L + 575
(100 Floor)
 
(8) 
    6.97     08/2025        5,094        4,973       1.0       4,938  

Integrity Marketing Acquisition, LLC(3) (10)

 

Unitranche First Lien Delayed Draw Term Loan

    
L + 575
(100 Floor)
 
(8) 
    6.75     08/2025        3,080        3,005       0.6       2,986  

Integrity Marketing Acquisition, LLC(3) (4) (5) (6)

 

Unitranche First Lien Revolver

         08/2025               (43           (43

Integrity Marketing Acquisition, LLC(3)

 

Unitranche First Lien Term Loan

    
L + 575
(100 Floor)
 
(8) 
    6.75     08/2025        12,944        12,657       2.5       12,548  

Integro Parent, Inc.(3) (18)

 

Senior Secured First Lien Term Loan

    
L + 575
(100 Floor)
 
(7) 
    6.75     10/2022        476        473       0.1       458  

Integro Parent, Inc.(3) (18)

 

Senior Secured Second Lien Delayed Draw Term Loan

    
L + 925
(100 Floor)
 
(7) 
    10.25     10/2023        380        377       0.1       370  

Integro Parent, Inc.(3) (18)

 

Senior Secured Second Lien Term Loan

    
L + 925
(100 Floor)
 
(7) 
    10.25     10/2023        2,916        2,885       0.5       2,834  

The Hilb Group, LLC(3) (6) (10)

 

Unitranche First Lien Delayed Draw Term Loan

    
L + 575
(100 Floor)
 
(8) 
    6.75     12/2026        188        174             188  

The Hilb Group, LLC(3) (5) (6)

 

Unitranche First Lien Revolver

    
L + 575
(100 Floor)
 
(8) 
    6.75     12/2025        231        224             231  

The Hilb Group, LLC(3)

 

Unitranche First Lien Term Loan

    
L + 575
(100 Floor)
 
(8) 
    6.75     12/2026        3,621        3,537       0.7       3,621  
           

 

 

    

 

 

   

 

 

   

 

 

 
              33,562        32,884       6.3       32,068  
           

 

 

    

 

 

   

 

 

   

 

 

 

Materials

                  

Kestrel Parent, LLC(3) (4) (6) (21)

 

Unitranche First Lien Revolver

         11/2023               (15           (11

Kestrel Parent, LLC(3)

 

Unitranche First Lien Term Loan

    
L + 575
(100 Floor)
 
(8) 
    6.75     11/2025        6,706        6,570       1.3       6,622  

Maroon Group, LLC (3) (10)

 

Unitranche First Lien Delayed Draw Term Loan

    
L + 675
(100 Floor)
 
(8) 
    7.75     08/2022        1,250        1,244       0.2       1,229  

Maroon Group, LLC (3) (5) (6)

 

Unitranche First Lien Revolver

    
L + 675
(100 Floor)
 
(7) 
    7.75     08/2022        349        347       0.1       343  

Maroon Group, LLC (3)

 

Unitranche First Lien Term Loan

    
L + 675
(100 Floor)
 
(8) 
    7.75     08/2022        2,698        2,683       0.5       2,654  
           

 

 

    

 

 

   

 

 

   

 

 

 
              11,003        10,829       2.1       10,837  
           

 

 

    

 

 

   

 

 

   

 

 

 

 

See accompanying notes

 

13


Table of Contents

CRESCENT CAPITAL BDC, INC.

Consolidated Schedule of Investments (Unaudited)

June 30, 2020

(in thousands, except share and per share data)

 

Company/Security/Country

 

Investment Type

   Interest
Term *
    Interest
Rate
    Maturity /
Dissolution
Date
     Principal
Amount,
Par
Value or
Shares
     Cost     Percentage
of Net
Assets **
    Fair
Value
 

Pharmaceuticals, Biotechnology & Life Sciences

 

Pharmalogic Holdings Corp.(3)

 

Senior Secured Second Lien Delayed Draw Term Loan

     L + 800 (7)      8.18     12/2023      $ 4,760      $ 4,728       0.9   $ 4,583  

Pharmalogic Holdings Corp.(3)

 

Senior Secured Second Lien Term Loan

     L + 800 (7)      8.18     12/2023        5,880        5,840       1.1       5,661  

Pharmalogic Holdings Corp.(3)

 

Senior Secured Second Lien Term Loan

     L + 800 (7)      8.18     12/2023        5,460        5,423       1.0       5,256  

Trinity Partners, LLC(3) (5) (6)

 

Senior Secured First Lien Revolver

     P + 400 (11)      7.25     02/2023        225        220       0.1       215  

Trinity Partners, LLC(3)

 

Senior Secured First Lien Term Loan

    
L + 500
(100 Floor)
 
(7) 
    6.00     02/2023        3,724        3,692       0.7       3,639  
           

 

 

    

 

 

   

 

 

   

 

 

 
              20,049        19,903       3.8       19,354  
           

 

 

    

 

 

   

 

 

   

 

 

 

Retailing

                  

Palmetto Moon LLC,(3)

 

Senior Secured First Lien Term Loan

     1150 + 250 PIK (9)      14.00     10/2021        4,240        3,457       0.7       3,674  

Slickdeals Holdings, LLC(3) (4) (6) (14) (21)

 

Unitranche First Lien Revolver

         06/2023               (12           (7

Slickdeals Holdings, LLC(3) (14)

 

Unitranche First Lien Term Loan

    
L + 625
(100 Floor)
 
(8) 
    7.25     06/2024        14,603        14,257       2.9       14,468  
           

 

 

    

 

 

   

 

 

   

 

 

 
              18,843        17,702       3.6       18,135  
           

 

 

    

 

 

   

 

 

   

 

 

 

Software & Services

                  

Affinitiv, Inc.(3) (5) (6)

 

Unitranche First Lien Revolver

    
L + 525
(100 Floor)
 
(8) 
    6.25     08/2024        283        271       0.1       238  

Affinitiv, Inc.(3)

 

Unitranche First Lien Term Loan

    
L + 525
(100 Floor)
 
(8) 
    6.25     08/2024        6,468        6,371       1.2       6,120  

Ansira Partners, Inc.(3) (13)

 

Unitranche First Lien Delayed Draw Term Loan

         12/2024        947        931       0.1       634  

Ansira Partners, Inc.(3) (13)

 

Unitranche First Lien Term Loan

         12/2024        6,855        6,687       0.9       4,585  

Avaap USA LLC(3)

 

Senior Secured First Lien Delayed Draw Term Loan

    
L + 525
(100 Floor)
 
(7) 
    6.25     03/2023        346        341       0.1       339  

Avaap USA LLC(3) (5) (6)

 

Senior Secured First Lien Revolver

    
L + 525
(100 Floor)
 
(7) 
    6.25     03/2023        130        121             118  

Avaap USA LLC(3)

 

Senior Secured First Lien Term Loan

    
L + 525
(100 Floor)
 
(7) 
    6.25     03/2023        3,788        3,737       0.7       3,718  

Benesys, Inc.(3) (5) (6)

 

Senior Secured First Lien Revolver

    
L + 425
(100 Floor)
 
(7) 
    5.25     10/2024        90        88             82  

Benesys, Inc.(3)

 

Senior Secured First Lien Term Loan

    
L + 425
(100 Floor)
 
(7) 
    5.25     10/2024        1,421        1,405       0.3       1,342  

C-4 Analytics, LLC(3) (4) (5) (6)

 

Senior Secured First Lien Revolver

         08/2023               (5           (11

C-4 Analytics, LLC(3)

 

Senior Secured First Lien Term Loan

    
L + 475
(100 Floor)
 
(7) 
    5.75     08/2023        9,969        9,869       1.9       9,790  

CAT Buyer, LLC(3) (4) (5) (6)

 

Unitranche First Lien Revolver

         04/2024               (10           (14

CAT Buyer, LLC(3)

 

Unitranche First Lien Term Loan

    
L + 550
(100 Floor)
 
(7) 
    6.50     04/2024        6,271        6,174       1.2       6,111  

Claritas, LLC(3) (5) (6)

 

Senior Secured First Lien Revolver

    
L + 600
(100 Floor)
 
(7) 
    7.00     12/2023        218        215             215  

Claritas, LLC(3)

 

Senior Secured First Lien Term Loan

    
L + 600
(100 Floor)
 
(8) 
    7.00     12/2023        1,107        1,098       0.2       1,099  

List Partners, Inc.(3) (4) (5) (6)

 

Senior Secured First Lien Revolver

         01/2023               (4           (8

List Partners, Inc.(3)

 

Senior Secured First Lien Term Loan

    
L + 500
(100 Floor)
 
(7) 
    6.00     01/2023        4,519        4,469       0.9       4,438  

MRI Software LLC(4) (5) (6)

 

Unitranche First Lien Delayed Draw Term Loan

         02/2026               (12           (49

MRI Software LLC(3) (4) (5) (6)

 

Unitranche First Lien Revolver

         02/2026               (18           (48

MRI Software LLC

 

Unitranche First Lien Term Loan

    
L + 550
(100 Floor)
 
(15) 
    6.57     02/2026        17,390        17,143       3.3       16,738  

 

See accompanying notes

 

14


Table of Contents

CRESCENT CAPITAL BDC, INC.

Consolidated Schedule of Investments (Unaudited)

June 30, 2020

(in thousands, except share and per share data)

 

Company/Security/Country

 

Investment Type

   Interest
Term *
    Interest
Rate
    Maturity /
Dissolution
Date
     Principal
Amount,
Par
Value or
Shares
     Cost     Percentage
of Net
Assets **
    Fair
Value
 

Ontario Systems, LLC(3) (4) (6) (10)

 

Unitranche First Lien Delayed Draw Term Loan

         08/2025      $      $ (5       $ (25

Ontario Systems, LLC(3) (5) (6)

 

Unitranche First Lien Revolver

     P + 450 (11)      7.75     08/2025        100        96             89  

Ontario Systems, LLC(3)

 

Unitranche First Lien Term Loan

    
L + 550
(100 Floor)
 
(7) 
    6.50     08/2025        3,226        3,197       0.6       3,154  

Perforce Software, Inc.(3)

 

Senior Secured Second Lien Term Loan

     L + 800 (7)      8.18     07/2027        5,000        4,976       1.0       5,000  

Prism Bidco, Inc.(3) (4) (5) (6)

 

Unitranche First Lien Revolver

         06/2026               (25            

Prism Bidco, Inc.(3)

 

Unitranche First Lien Term Loan

    
L + 700
(100 Floor)
 
(8) 
    8.00     06/2026        7,500        7,276       1.5       7,500  

Right Networks, LLC(3) (4) (5) (6)

 

Unitranche First Lien Revolver

         11/2024               (5           (2

Right Networks, LLC(3)

 

Unitranche First Lien Term Loan

    
L + 600
(100 Floor)
 
(7) 
    7.00     11/2024        9,694        9,501       1.9       9,595  

Ruffalo Noel Levitz, LLC(3) (5) (6)

 

Unitranche First Lien Revolver

    
L + 600
(100 Floor)
 
(8) 
    7.00     05/2022        240        238             231  

Ruffalo Noel Levitz, LLC(3)

 

Unitranche First Lien Term Loan

    
L + 600
(100 Floor)
 
(8) 
    7.00     05/2022        2,518        2,496       0.5       2,445  

SMS Systems Maintenance Services, Inc.(3) (13)

 

Senior Secured Second Lien Term Loan

         10/2024        6,172        4,287       0.2       1,088  

SMS Systems Maintenance Services, Inc.(3) (13)

 

Senior Secured Second Lien Term Loan

         10/2024        2,859        2,634       0.4       2,127  

SMS Systems Maintenance Services, Inc.(3) (13)

 

Senior Secured Second Lien Term Loan

         10/2024        8,078        5,619       0.3       1,424  

Transportation Insight, LLC(3) (10)

 

Senior Secured First Lien Delayed Draw Term Loan

     L + 450 (8)      4.81     12/2024        1,285        1,276       0.2       1,206  

Transportation Insight, LLC(3) (5) (6)

 

Senior Secured First Lien Revolver

     L + 450 (7)      4.68     12/2024        638        632       0.1       591  

Transportation Insight, LLC(3)

 

Senior Secured First Lien Term Loan

     L + 450 (8)      4.81     12/2024        5,168        5,129       1.0       4,848  

Trident Technologies, LLC(3)

 

Senior Secured First Lien Term Loan

    
L + 600
(150 Floor)
 
(8) 
    7.50     12/2025        14,925        14,717       2.9       14,626  

Winxnet Holdings LLC(3)

 

Unitranche First Lien Delayed Draw Term Loan

    
L + 550
(100 Floor)
 
(7) 
    6.50     06/2023        644        634       0.1       628  

Winxnet Holdings LLC(3) (5) (6)

 

Unitranche First Lien Revolver

    
L + 550
(100 Floor)
 
(7) 
    6.50     06/2023        240        235             230  

Winxnet Holdings LLC(3)

 

Unitranche First Lien Term Loan

    
L + 550
(100 Floor)(7)
 
 
    6.50     06/2023        1,960        1,935       0.4       1,912  
           

 

 

    

 

 

   

 

 

   

 

 

 
                  130,049            123,714           22.0           112,104  
           

 

 

    

 

 

   

 

 

   

 

 

 

Technology Hardware & Equipment

 

Onvoy, LLC(3)

 

Senior Secured Second Lien Term Loan

    
L + 1050
(100 Floor)
 
(7) 
    11.50     02/2025        2,635        2,547       0.5       2,497  
           

 

 

    

 

 

   

 

 

   

 

 

 

Transportation

 

Pilot Air Freight, LLC(3)

 

Senior Secured First Lien Delayed Draw Term Loan

    
L + 500
(100 Floor)
 
(8) 
    6.00     07/2024        1,202        1,202       0.2       1,166  

Pilot Air Freight, LLC(3) (6) (24)

 

Senior Secured First Lien Delayed Draw Term Loan

    
L + 500
(100 Floor)
 
(8) 
    6.00     07/2024        775        771       0.2       739  

Pilot Air Freight, LLC(3) (6) (10)

 

Senior Secured First Lien Revolver

    
L + 500
(100 Floor)
 
(7) 
    6.00     07/2024        98        98             95  

Pilot Air Freight, LLC(3)

 

Senior Secured First Lien Term Loan

    
L + 500
(100 Floor)
 
(8) 
    6.00     07/2024        5,390        5,368       1.0       5,229  
           

 

 

    

 

 

   

 

 

   

 

 

 
              7,465        7,439       1.4       7,229  
           

 

 

    

 

 

   

 

 

   

 

 

 

Total Debt Investments
United States

            $ 824,940      $ 797,464       147.5   $ 752,572  
           

 

 

    

 

 

   

 

 

   

 

 

 

 

See accompanying notes

 

15


Table of Contents

CRESCENT CAPITAL BDC, INC.

Consolidated Schedule of Investments (Unaudited)

June 30, 2020

(in thousands, except share and per share data)

 

Company/Security/Country

 

Investment Type

   Interest
Term *
     Interest
Rate
     Maturity /
Dissolution
Date
     Principal
Amount,
Par
Value or
Shares
     Cost      Percentage
of Net
Assets **
    Fair
Value
 

Equity Investments

 

Automobiles & Components

 

APC Auto Tech Holdings, LLC(3) (14) (25)

  Preferred Stock               2,403      $ 1,079          $  

APC Auto Tech Holdings, LLC(3) (14) (25)

  Common Stock               24        11               

APC Auto Technology Intermediate, LLC(3) (14) (25)

  Preferred Stock               757        757               
             

 

 

    

 

 

    

 

 

   

 

 

 
                3,184        1,847               
             

 

 

    

 

 

    

 

 

   

 

 

 

Capital Goods

 

Alion Science and Technology Corporation(3) (25)

  Common Stock               745,504        766        0.3       1,362  

Envocore Holding, LLC(3) (25)

  Preferred Stock               1,139,725                      
             

 

 

    

 

 

    

 

 

   

 

 

 
                1,885,229        766        0.3       1,362  
             

 

 

    

 

 

    

 

 

   

 

 

 

Commercial & Professional Services

 

Allied Universal holdings, LLC(3) (25)

  Common Stock, Class A               2,240,375        1,011        0.4       2,145  

Battery Solutions, Inc.(3) (14) (25)

  Preferred Stock, Class A               50,000                      

Battery Solutions, Inc.(3) (14) (25)

  Preferred Stock, Class F               3,333,333                      

Battery Solutions, Inc.(3) (14) (25)

  Preferred Stock, Class E               5,064,902        3,669        0.6       2,843  

IGT Holding LLC(3) (25)

  Common Stock               1,000,000                      

IGT Holding LLC(3) (25)

  Preferred Stock, Class F               730,266                      

MHS Acquisition Holdings, LLC(3) (25)

  Common Stock               10        10               

MHS Acquisition Holdings, LLC(3) (25)

  Preferred Stock               1,018        923        0.1       641  

MY Alarm Ce ,LLC(3) (25)

  Preferred Stock               2,420                      

MY Alarm Ce ALARM, LLC(3) (25)

  Common Stock               129,582                      

MY Alarm Ce SENIOR, LLC(3) (25)

  Preferred Stock               2,998                      

PB Parent, LP(3) (25)

  Common Stock               1,125,000        1,125        0.2       893  

RSI Acquisition, LLC(3) (25)

  Preferred Stock, Class A               137,000        137              196  

TecoStar Holdings, Inc.(3) (25)

  Common Stock               500,000        500        0.2       970  
             

 

 

    

 

 

    

 

 

   

 

 

 
                    14,316,904            7,375        1.5           7,688  
             

 

 

    

 

 

    

 

 

   

 

 

 

Consumer Services

 

Green Wrench Acquisition, LLC(3) (25)

  Common Stock               4,082        410        0.1       483  

HGH Investment, LP(3) (25)

  Common Stock, Class A               4,171        417        0.1       320  

Legalshield(3) (25)

  Common Stock               372        372        0.1       556  

Southern Technical Institute, Inc.(3) (14) (25)

  Preferred Stock, Class A               3,164,063                      

Southern Technical Institute, Inc.(3) (14) (25)

  Preferred Stock, Class A1               6,000,000                      

Wrench Group Holdings, LLC(3) (25)

  Common Stock, Class A               1,143        115              135  
             

 

 

    

 

 

    

 

 

   

 

 

 
                9,173,831        1,314        0.3       1,494  
             

 

 

    

 

 

    

 

 

   

 

 

 

Diversified Financials

 

CBDC Senior Loan Fund LLC(6) (18) (26) (27)

  Partnership Interest               39,000,000        39,000        6.0       30,513  

GACP II LP(18) (27) (28)

  Partnership Interest               20,532,236        20,532        4.1       20,954  
             

 

 

    

 

 

    

 

 

   

 

 

 
                59,532,236        59,532        10.1       51,467  
             

 

 

    

 

 

    

 

 

   

 

 

 

Health Care Equipment & Services

 

ExamWorks Group, Inc.(3) (25)

  Common Stock               7,500        750        0.3       1,461  

MDVIP, Inc.(3) (25)

  Common Stock               46,807        667        0.2       931  

NMN Holdings LP(3) (25)

  Common Stock               11,111        1,111        0.2       1,349  

PT Network, LLC(3) (25)

  Common Stock, Class C               1                      

 

See accompanying notes

 

16


Table of Contents

CRESCENT CAPITAL BDC, INC.

Consolidated Schedule of Investments (Unaudited)

June 30, 2020

(in thousands, except share and per share data)

 

Company/Security/Country

 

Investment Type

   Interest
Term *
    Interest
Rate
    Maturity /
Dissolution
Date
     Principal
Amount,
Par
Value or
Shares
     Cost      Percentage
of Net
Assets **
    Fair
Value
 

Spartan Healthcare Holdings, LLC(3) (25)

  Common Stock             11,911      $ 1,191        0.2   $ 1,069  
           

 

 

    

 

 

    

 

 

   

 

 

 
              77,330        3,719        0.9       4,810  
           

 

 

    

 

 

    

 

 

   

 

 

 

Insurance

 

Integrity Marketing Acquisition, LLC(3) (25)

  Common Stock                 619,562        648        0.1       808  

Integrity Marketing Acquisition, LLC(3) (25)

  Preferred Stock             1,247        1,216        0.3       1,395  

Integro Parent, Inc.(3) (18) (25)

  Common Stock             4,468        454        0.2       860  
           

 

 

    

 

 

    

 

 

   

 

 

 
              625,277        2,318        0.6       3,063  
           

 

 

    

 

 

    

 

 

   

 

 

 

Materials

 

Kestrel Upperco, LLC(3) (25)

  Common Stock, Class A             41,791        209              210  
           

 

 

    

 

 

    

 

 

   

 

 

 

Media & Entertainment

 

Conisus, LLC.(3) (14) (25)

  Common Stock             4,914,556               0.3       1,611  

Conisus, LLC.(3) (14) (29)

  Preferred Stock, Series B      1500 PIK       15.00        17,585,717        9,202        3.5       17,586  
           

 

 

    

 

 

    

 

 

   

 

 

 
              22,500,273        9,202        3.8       19,197  
           

 

 

    

 

 

    

 

 

   

 

 

 

Retailing

 

Palmetto Moon, LLC(3) (25)

  Common Stock             61                      

Slickdeals Holdings, LLC(3) (14) (25)

  Common Stock             109        1,091        0.3       1,631  

Vivid Seats Ltd.(3) (14) (25)

  Common Stock             608,108        608        0.2       828  

Vivid Seats Ltd.(3) (14) (25)

  Preferred Stock             1,891,892        1,892        0.5       2,738  
           

 

 

    

 

 

    

 

 

   

 

 

 
              2,500,170        3,591        1.0       5,197  
           

 

 

    

 

 

    

 

 

   

 

 

 

Software & Services

 

SMS Systems Maintenance Services, Inc.(3) (25)

  Common Stock             1,142,789        1,144               
           

 

 

    

 

 

    

 

 

   

 

 

 

Technology Hardware & Equipment

 

Onvoy, LLC(3) (25)

  Common Stock, Class A             3,649        365        0.1       279  

Onvoy, LLC(3) (25)

  Common Stock, Class B             2,536                      
           

 

 

    

 

 

    

 

 

   

 

 

 
              6,185        365        0.1       279  
           

 

 

    

 

 

    

 

 

   

 

 

 

Transportation

 

Xpress Global Systems, LLC(3) (25)

  Common Stock             12,544                      
           

 

 

    

 

 

    

 

 

   

 

 

 
Total Equity Investments
United States
              111,817,743      $ 91,382        18.6   $ 94,767  
           

 

 

    

 

 

    

 

 

   

 

 

 

Total United States

               $     888,846        166.1   $     847,339  
              

 

 

    

 

 

   

 

 

 

Canada

 

Debt Investments

 

Telecommunication Services

 

Sandvine Corporation(3) (18)

  Senior Secured Second Lien Term Loan      L + 800 (7)      8.18     11/2026      $ 4,500        4,350        0.7       3,775  
           

 

 

    

 

 

    

 

 

   

 

 

 
Total Debt Investments
Canada
            $ 4,500      $ 4,350        0.7   $ 3,775  
           

 

 

    

 

 

    

 

 

   

 

 

 

Total Canada

               $ 4,350        0.7   $ 3,775  
              

 

 

    

 

 

   

 

 

 

United Kingdom

 

Debt Investments

 

Commercial & Professional Services

 

Crusoe Bidco Limited(3) (18)

  Unitranche First Lien Term Loan      L + 625 (30)      6.98     12/2025      £ 6,067        7,416        1.5       7,497  

Crusoe Bidco Limited(3) (6) (18) (31)

  Unitranche First Lien Delayed Draw Term Loan          12/2025                             

Crusoe Bidco Limited(3) (6) (18) (31)

  Unitranche First Lien Delayed Draw Term Loan          12/2025                             
           

 

 

    

 

 

    

 

 

   

 

 

 
              6,067        7,416        1.5       7,497  
           

 

 

    

 

 

    

 

 

   

 

 

 

 

See accompanying notes

 

17


Table of Contents

CRESCENT CAPITAL BDC, INC.

Consolidated Schedule of Investments (Unaudited)

June 30, 2020

(in thousands, except share and per share data)

 

Company/Security/Country

 

Investment Type

   Interest
Term *
    Interest
Rate
    Maturity /
Dissolution
Date
     Principal
Amount,
Par
Value or
Shares
     Cost      Percentage
of Net
Assets **
    Fair
Value
 

Consumer Services

 

Auction Technology Group(3) (18)

 

Unitranche First Lien Term Loan

     L + 650 (32)      7.31     02/2027      £ $3,339      $ 4,233        0.8   $ 4,002  

Auction Technology Group(3) (6) (18) (33)

 

Unitranche First Lien Revolver

         08/2026                            (13

Auction Technology Group(3) (18)

 

Unitranche First Lien Term Loan

     L + 650 (32)      8.22     02/2027        10,687        10,380        2.0       10,366  
           

 

 

    

 

 

    

 

 

   

 

 

 
              14,026        14,613        2.8       14,355  
           

 

 

    

 

 

    

 

 

   

 

 

 
Total Debt Investments
United Kingdom
            £ 20,093      $ 22,029        4.3   $ 21,852  
           

 

 

    

 

 

    

 

 

   

 

 

 

Total United Kingdom

               $ 22,029        4.3   $ 21,852  
              

 

 

    

 

 

   

 

 

 

Netherlands

 

Debt Investments

 

Pharmaceuticals, Biotechnology & Life Sciences

 

PharComp Parent B.V.(3) (18) (19)

 

Unitranche First Lien - Last Out Term Loan

    
E + 625
(000 Floor)
 
(34) 
    6.25     02/2026      6,910        7,638        1.5       7,760  

PharComp Parent B.V.(3) (6) (18) (31)

 

Unitranche First Lien Term Loan

    
E + 625
(000 Floor)
 
(34) 
    6.25     02/2026        187        146              210  
           

 

 

    

 

 

    

 

 

   

 

 

 
              7,097        7,784        1.5       7,970  
           

 

 

    

 

 

    

 

 

   

 

 

 
Total Debt Investments
Netherlands
            7,097      $ 7,784        1.5   $ 7,970  
           

 

 

    

 

 

    

 

 

   

 

 

 

Total Netherlands

               $ 7,784        1.5   $ 7,970  
              

 

 

    

 

 

   

 

 

 

Belgium

 

Debt Investments

 

Commercial & Professional Services

 

MIR Bidco SA(3) (18)

 

Unitranche First Lien Term Loan

    
E + 625
(000 Floor)
 
(35) 
    6.25     04/2026      9,507        10,469        2.0       10,214  

Miraclon Corporation(3) (18)

 

Unitranche First Lien Term Loan

     L + 625 (15)      7.25     04/2026      $ 4,162        4,054        0.8       3,981  
           

 

 

    

 

 

    

 

 

   

 

 

 
              13,669        14,523        2.8       14,195  
           

 

 

    

 

 

    

 

 

   

 

 

 
Total Debt Investments
Belgium
              13,669      $ 14,523        2.8   $ 14,195  
           

 

 

    

 

 

    

 

 

   

 

 

 

Equity Investments

 

Commercial & Professional Services

 

MIR Bidco SA(3) (18) (25)

  Common Stock             1        1               

MIR Bidco SA(3) (18) (25)

  Preferred Stock             81        92              103  
           

 

 

    

 

 

    

 

 

   

 

 

 
              82        93              103  
           

 

 

    

 

 

    

 

 

   

 

 

 
Total Equity Investments
Belgium
              82      $ 93          $ 103  
           

 

 

    

 

 

    

 

 

   

 

 

 

Total Belgium

               $ 14,616        2.8   $ 14,298  
              

 

 

    

 

 

   

 

 

 

Total Investments

               $     937,625        175.4   $     895,234  
              

 

 

    

 

 

   

 

 

 

 

*

The majority of the investments bear interest at a rate that may be determined by reference to London Interbank Offered Rate (“LIBOR” or “L”), Prime (“P”) or EURIBOR (“E”) and which reset monthly, bi-monthly, quarterly, semiannually or annually. For each, the Company has provided the spread over LIBOR or Prime and the current interest rate in effect at June 30, 2020. Certain investments are subject to a LIBOR or Prime interest rate floor. For fixed rate loans, a spread above a reference rate is not applicable.

**

Percentage is based on net assets of $510,298 as of June 30, 2020.

(1)

All positions held are non-controlled/non-affiliated investments, unless otherwise noted, as defined by the Investment Company Act of 1940, as amended (“1940 Act”). Non-controlled/non-affiliated investments are investments that are neither controlled investments nor affiliated investments.

(2)

All debt investments are income-producing, unless otherwise noted. Equity and member interests are non-income-producing unless otherwise noted. The Company generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended, or the Securities Act. Its investments are therefore generally subject to certain limitations on resale, and may be deemed to be “restricted securities” under the Securities Act.

(3)

The fair value of the investment was determined using significant unobservable inputs. See Note 2 “Summary of Significant Accounting Policies”.

 

See accompanying notes

 

18


Table of Contents

CRESCENT CAPITAL BDC, INC.

Consolidated Schedule of Investments (Unaudited)

June 30, 2020

(in thousands, except share and per share data)

 

(4)

The negative cost, if applicable, is the result of the capitalized discount or unfunded commitment being greater than the principal amount outstanding on the loan. The negative fair value, if applicable, is the result of the capitalized discount or unfunded commitment on the loan.

(5)

Investment pays 0.50% unfunded commitment fee on delayed draw term loan and/or revolving credit facilities.

(6)

Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion. See Note 7 “Commitments and Contingencies”.

(7)

The interest rate on these loans is subject to the greater of a LIBOR floor or 1 month LIBOR plus a base rate. The 1 month LIBOR as of June 30, 2020 was 0.16%. For some of these loans, the interest rate is based on the last reset date.

(8)

The interest rate on these loans is subject to the greater of a LIBOR floor or 3 month LIBOR plus a base rate. The 3 month LIBOR as of June 30, 2020 was 0.30%. For some of these loans, the interest rate is based on the last reset date.

(9)

Fixed rate investment.

(10)

Investment pays 1.00% unfunded commitment fee on delayed draw term loan and/or revolving credit facilities.

(11)

The interest rate on these loans is subject to the U.S. Prime rate, which as of June 30, 2020 was 3.25%.

(12)

The interest rate on these loans is subject to the greater of a LIBOR floor or 12 month LIBOR plus a base rate. The 12 month LIBOR as of June 30, 2020 was 0.55%. For some of these loans, the interest rate is based on the last reset date.

(13)

The investment is on non-accrual status as of June 30, 2020.

(14)

As defined in the 1940 Act, the portfolio company is deemed to be a “non-controlled affiliated person” of the Company because the Company owns, either directly or indirectly, 5% or more of the portfolio company’s outstanding voting securities. See Note 3 “Agreements and Related Party Transactions”.

(15)

The interest rate on these loans is subject to the greater of a LIBOR floor or 6 month LIBOR plus a base rate. The 6 month LIBOR as of June 30, 2020 was 0.37%. For some of these loans, the interest rate is based on the last reset date.

(16)

Investment pays 2.88% unfunded commitment fee on delayed draw term loan and/or revolving credit facilities.

(17)

The interest rate on these loans is subject to the greater of a LIBOR floor or 2 month LIBOR plus a base rate. The 2 month LIBOR as of June 30, 2020 was 0.23%. For some of these loans, the interest rate is based on the last reset date.

(18)

Investment is not a qualifying investment as defined under section 55 (a) of the Investment Company Act of 1940. Qualifying assets must represent at least 70% of total assets at the time of acquisition. The Company’s percentage of non-qualifying assets based on fair value was 13.42% as of June 30, 2020.

(19)

These loans are unitranche first lien/last-out term loans. In addition to the interest earned based on the effective interest rate of this loan, which is the amount reflected in this schedule, the Company is entitled to receive additional interest as a result of an agreement among lenders whereby the loan has been allocated to “first-out” and “last-out” tranches, whereby the “first-out” tranche will have priority as to the “last-out” tranche with respect to payments of principal, interest and any amounts due thereunder. The Company holds the “last-out” tranche.

(20)

Investment pays 6.88% unfunded commitment fee on delayed draw term loan and/or revolving credit facilities.

(21)

Investment pays 0.38% unfunded commitment fee on delayed draw term loan and/or revolving credit facilities.

(22)

Investment pays 3.88% unfunded commitment fee on delayed draw term loan and/or revolving credit facilities.

(23)

Investment pays 0.75% unfunded commitment fee on delayed draw term loan and/or revolving credit facilities.

(24)

Investment pays 1.25% unfunded commitment fee on delayed draw term loan and/or revolving credit facilities.

(25)

Non-income producing security.

(26)

As defined in the 1940 Act, the portfolio company is deemed to be a “controlled affiliated person” of the Company because the Company owns, either directly or indirectly, 25% or more of the portfolio company’s outstanding voting securities or has the power to exercise control over management or policies of such portfolio company. See Note 3 “Agreements and Related Party Transactions”.

(27)

This investment was valued using net asset value as a practical expedient for fair value. Consistent with FASB guidance under ASC 820, these investments are excluded from the hierarchical levels.

(28)

Investment is not redeemable.

(29)

Income producing equity security.

(30)

The interest rate on these loans is subject to the greater of a GBP LIBOR floor or 3 month GBP LIBOR plus a base rate. The 3 month GBP LIBOR as of June 30, 2020 was 0.14%. For some of these loans, the interest rate is based on the last reset date.

(31)

Investment pays 2.19% unfunded commitment fee on delayed draw term loan and/or revolving credit facilities.

(32)

The interest rate on these loans is subject to the greater of a GBP LIBOR floor or 6 month GBP LIBOR plus a base rate. The 6 month GBP LIBOR as of June 30, 2020 was 0.29%. For some of these loans, the interest rate is based on the last reset date.

(33)

Investment pays 1.23% unfunded commitment fee on delayed draw term loan and/or revolving credit facilities.

 

(34)

The interest rate on these loans is subject to the greater of a EURIBOR floor or 3 month EURIBOR plus a base rate. The 3 month EURIBOR as of June 30, 2020 was (0.42)%. For some of these loans, the interest rate is based on the last reset date.

(35)

The interest rate on these loans is subject to the greater of a EURIBOR floor or 6 month EURIBOR plus a base rate. The 6 month EURIBOR as of June 30, 2020 was (0.31)%. For some of these loans, the interest rate is based on the last reset date.

 

EUR

Euro

GBP

Great British Pound

PIK

Payment In-Kind

USD

United States Dollar

 

See accompanying notes

 

19


Table of Contents

CRESCENT CAPITAL BDC, INC.

Consolidated Schedule of Investments

December 31, 2019

(in thousands except share and per share data)

 

Company/Security/Country †‡

 

Investment Type

  Interest
Term *
    Interest
Rate
    Maturity /
Dissolution
Date
    Principal
Amount,
Par
Value or
Shares
    Cost     Percentage
of Net
Assets **
    Fair
Value
 

United States

               

Debt Investments

               

Automobiles & Components

               

Auto-Vehicle Parts, LLC(1)

 

Senior Secured First Lien Term Loan

   
L + 450
(100 Floor
 
)(2) 
    6.30     01/2023     $ 4,720     $ 4,674       1.2   $ 4,702  

Auto-Vehicle Parts, LLC(1) (3) (4) (20)

 

Senior Secured First Lien Revolver

        01/2023             (5           (2

Continental Battery Company(1) (3) (20)

 

Senior Secured First Lien Delayed Draw Term Loan

   
L + 525
(100 Floor
 
)(2) 
    7.05     01/2020       1,689       1,683       0.4       1,689  

Continental Battery Company(1)

 

Senior Secured First Lien Term Loan

   
L + 525
(100 Floor)
 
(2) 
    7.05     12/2022       3,973       3,928       1.0       3,973  

Continental Battery Company(1) (3) (20)

 

Senior Secured First Lien Revolver

   
L + 525
(100 Floor)
 
(2) 
    7.05     12/2022       680       671       0.2       680  

Continental Battery Company(1)

 

Senior Secured First Lien Delayed Draw Term Loan

   
L + 525
(100 Floor)
 
(2) 
    7.05     12/2022       6,645       6,559       1.6       6,645  

Empire Auto Parts, LLC(1)

 

Unitranche First Lien Term Loan

   
L + 550
(100 Floor)
 
(5) 
    7.39     09/2024       2,469       2,429       0.6       2,493  

Empire Auto Parts, LLC(1) (3) (4) (20)

 

Unitranche First Lien Revolver

        09/2024             (6           4  

Empire Auto Parts, LLC(1)

 

Unitranche First Lien Term Loan

   
L + 550
(100 Floor)
 
(5) 
    7.39     09/2024       2,394       2,349       0.6       2,418  

POC Investors, LLC(1)

 

Senior Secured First Lien Term Loan

   
L + 550
(100 Floor)
 
(5) 
    7.44     11/2021       9,448       9,371       2.3       9,448  

POC Investors, LLC(1) (3) (4) (20)

 

Senior Secured First Lien Revolver

        11/2021             (7            
         

 

 

   

 

 

   

 

 

   

 

 

 
                32,018           31,646       7.9       32,050  
         

 

 

   

 

 

   

 

 

   

 

 

 

Capital Goods

 

Alion Science and Technology Corporation

 

Senior Secured First Lien Term Loan

   
L + 450
(100 Floor)
 
(2) 
    6.30     08/2021       2,968       2,968       0.7       2,977