Form 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 September 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 November 4, 2020 was 28,167,360.

 

 

 


Table of Contents

CRESCENT CAPITAL BDC, INC.

FORM 10-Q FOR THE QUARTER ENDED SEPTEMBER 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 September 30, 2020 (Unaudited) and December 31, 2019      2  
  Consolidated Statements of Operations for the three and nine months ended September 30, 2020 and 2019 (Unaudited)      3  
  Consolidated Statements of Changes in Net Assets for the three and nine months ended September 30, 2020 and 2019 (Unaudited)      4  
  Consolidated Statements of Cash Flows for the nine months ended September 30, 2020 and 2019 (Unaudited)      6  
  Consolidated Schedule of Investments as of September 30, 2020 (Unaudited)      7  
  Consolidated Schedule of Investments as of December 31, 2019      21  
  Notes to Consolidated Financial Statements (Unaudited)      33  
  Item 2.   Management’s Discussion and Analysis of Financial Condition and Results of Operations      60  
  Item 3.   Quantitative and Qualitative Disclosures About Market Risk      78  
  Item 4.   Controls and Procedures      80  
PART II.   OTHER INFORMATION      80  
  Item 1.   Legal Proceedings      80  
  Item 1A   Risk Factors      81  
  Item 2.   Unregistered Sales of Equity Securities and Use of Proceeds      83  
  Item 3.   Defaults Upon Senior Securities      84  
  Item 4.   Other Information      84  
  Item 5.   Exhibits      85  


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 Adviser 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
September 30, 2020
(Unaudited)
    As of
    December 31,    
2019
 

Assets

    

Investments, at fair value

    

Non-controlled non-affiliated (cost of $904,002 and $675,329, respectively)

     $ 879,491       $ 671,582  

Non-controlled affiliated (cost of $32,308 and $19,766, respectively)

     47,631       20,507  

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

     33,929       34,442  

Cash and cash equivalents

     3,047       4,576  

Restricted cash and cash equivalents

     8,522       8,851  

Interest receivable

     3,602       2,832  

Unrealized appreciation on foreign currency forward contracts

     1,835       758  

Receivable for investments sold

     1,070       160  

Deferred tax assets

     776       421  

Other assets

     632       3,046  
  

 

 

   

 

 

 

Total assets

     $ 980,535       $ 747,175  
  

 

 

   

 

 

 

Liabilities

    

Debt (net of deferred financing costs of $4,645 and $3,431, respectively)

   $ 422,237     $ 322,010  

Distributions payable

     11,549       8,554  

Interest and other debt financing costs payable

     3,093       3,545  

Accrued expenses and other liabilities

     3,067       3,788  

Management fees payable

     1,746       1,343  

Deferred tax liabilities

     1,133       879  

Unrealized depreciation on foreign currency forward contracts

     520       65  

Directors’ fees payable

     100       74  
  

 

 

   

 

 

 

Total liabilities

     $ 443,445       $ 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

     (21,851     (7,397
  

 

 

   

 

 

 

Total Net Assets

     $ 537,090       $ 406,917  
  

 

 

   

 

 

 

Total Liabilities and Net Assets

     $     980,535       $     747,175  
  

 

 

   

 

 

 

Net asset value per share

     $ 19.07       $ 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
September 30,
  For the nine
months ended
September 30,
    2020   2019   2020   2019

Investment Income:

 

From non-controlled non-affiliated investments:

       

Interest income

  $ 16,132     $ 12,385     $ 48,424     $ 33,402  

Paid-in-kind interest

    501       112       1,747       449  

Dividend income

    518       705       2,122       1,636  

Other income

          87       1,060       686  

From non-controlled affiliated investments:

       

Interest income

    338       337       1,009       877  

Paid-in-kind interest

    485             970        

Dividend Income

          310             310  

From controlled investments:

       

Dividend income

    700       900       1,500       1,450  
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total investment income

    18,674       14,836       56,832       38,810  
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses:

 

Interest and other debt financing costs

    3,504       3,524       11,484       9,506  

Management fees

    2,909       2,517       8,327       6,567  

Incentive fees

    2,136       1,375       6,335       3,506  

Professional fees

    354       202       1,060       587  

Directors’ fees

    100       73       339       218  

Organization expenses

          45             136  

Other general and administrative expenses

    631       567       1,852       1,624  
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total expenses

    9,634       8,303       29,397       22,144  

Management fee waiver

    (1,163     (1,268     (3,427     (3,215

Incentive fee waiver

    (2,136     (1,375     (6,335     (3,506
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net expenses

    6,335       5,660       19,635       15,423  
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income before taxes

    12,339       9,176       37,197       23,387  

Income and excise taxes

    131       8       480       14  
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

    12,208       9,168       36,717       23,373  
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized and unrealized gains (losses) on investments:

 

Net realized gain (loss) on:

 

Non-controlled non-affiliated investments

    2       (66     (1,021     (987

Non-controlled affiliated investments

    (526           (526      

Foreign currency transactions

    6       42       (155     531  

Net change in unrealized appreciation (depreciation) on:

 

Non-controlled non-affiliated investments and foreign currency translation

    18,530       (7,617     (20,770     (3,731

Non-controlled affiliated investments

    6,215       (24     14,582       600  

Controlled investments

    3,416       45       (5,513     (667

Foreign currency forward contracts

    (1,349     1,205       623       1,487  
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized and unrealized gains (losses) on investments

    26,294       (6,415     (12,780     (2,767
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Realized loss on asset acquisition

                (3,825      
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

    26,294       (6,415     (16,605     (2,767

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

    (161     (25     101       (505
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net increase (decrease) in net assets resulting from operations

  $ 38,341     $ 2,728     $ 20,213     $ 20,101  
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Per Common Share Data:

 

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

  $ 1.36     $ 0.15     $ 0.73     $ 1.23  

Net investment income per share (basic and diluted):

  $ 0.43     $ 0.49     $ 1.33     $ 1.43  

Weighted average shares outstanding (basic and diluted):

      28,167,360         18,810,099         27,518,708         16,341,911  

 

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 June 30, 2020      28,167,360     $ 28      $ 558,913     $ (48,643   $ 510,298  
Net increase (decrease) in net assets resulting from operations:

 

Net investment income                         12,208       12,208  
Net realized gain (loss) on investments and foreign currency transactions                         (518     (518
Net change in unrealized appreciation (depreciation) on investments, foreign currency forward contracts and foreign currency translation                         26,812       26,812  
Benefit/(Provision) for taxes on unrealized appreciation/(depreciation) on investments                         (161     (161
Stockholder distributions:

 

Distributions to stockholders                         (11,549     (11,549
  

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

Total increase (decrease) for the three months ended September 30, 2020                         26,792       26,792  
  

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

Balance at September 30, 2020      28,167,360     $ 28      $ 558,913     $ (21,851   $ 537,090  
  

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

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                         36,717       36,717  
Net realized gain (loss) on investments and foreign currency transactions                         (1,702     (1,702
Net change in unrealized appreciation (depreciation) on investments, foreign currency forward contracts and foreign currency translation                         (11,078     (11,078
Realized loss on asset acquisition                         (3,825     (3,825
Benefit/(Provision) for taxes on unrealized appreciation/(depreciation) on investments                         101       101  
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                         (34,667     (34,667
  

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

Total increase (decrease) for the nine months ended September 30, 2020      7,305,046       7        144,620       (14,454     130,173  
  

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

Balance at September 30, 2020      28,167,360     $ 28      $ 558,913     $ (21,851)     $ 537,090  
  

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

Distributions declared             $ 1.23  

 

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 June 30, 2019      16,245,796      $ 16      $ 322,543     $ (1,775   $ 320,784  
Net increase (decrease) in net assets resulting from operations:

 

Net investment income                          9,168       9,168  
Net realized gain (loss) on investments and foreign currency transactions                          (24     (24
Net change in unrealized appreciation (depreciation) on investments, foreign currency forward contracts and foreign currency translation                          (6,391     (6,391
Benefit/(Provision) for taxes on unrealized appreciation/(depreciation) on investments                          (25     (25
Stockholder distributions:

 

Issuance of common stock      3,284,155        3        64,997             65,000  
Issuance of common shares pursuant to dividend reinvestment plan      19,710        0        390             390  
Equity offering costs                    (64           (64
Distributions to stockholders                          (8,015     (8,015
  

 

 

 

  

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

Total increase (decrease) for the three months ended September 30, 2019      3,303,865        3        65,323       (5,287     60,039  
  

 

 

 

  

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

Balance at September 30, 2019      19,549,661      $ 19      $ 387,866     $ (7,062   $ 380,823  
  

 

 

 

  

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

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                          23,373       23,373  
Net realized gain (loss) on investments and foreign currency transactions                          (456     (456
Net change in unrealized appreciation (depreciation) on investments, foreign currency forward contracts and foreign currency translation                          (2,311     (2,311
Benefit/(Provision) for taxes on unrealized appreciation/(depreciation) on investments                          (505     (505
Stockholder distributions:

 

Issuance of common stock      6,138,595        6        120,994             121,000  
Issuance of common shares pursuant to dividend reinvestment plan      52,777        0        1,039             1,039  
Equity offering costs                    (191           (191
Distributions to stockholders                          (20,705     (20,705
  

 

 

 

  

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

Total increase (decrease) for the nine months ended September 30, 2019      6,191,372        6        121,842       (604     121,244  
  

 

 

 

  

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

Balance at September 30, 2019      19,549,661      $ 19      $ 387,866     $ (7,062)     $ 380,823  
  

 

 

 

  

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

Distributions declared              $ 1.23  

 

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 nine
months ended
September 30,
2020
    For the nine
months ended
September 30,
2019
 

Cash flows from operating activities:

 

Net increase (decrease) in net assets resulting from operations

   $ 20,213     $ 20,101  

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

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

 

 

Purchases of investments

     (228,280     (297,519

Paid-in-kind interest income

     (2,717     (449

Proceeds from sales of investments and principal repayments

     182,275       97,138  

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

     1,903       987  

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

     11,701       3,798  

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

     (623     (1,487

Amortization of premium and accretion of discount, net

     (3,714     (2,374

Amortization of deferred financing costs

     985       691  

Change in operating assets and liabilities:

 

(Increase) decrease in receivable for investments sold

     (515     (223

(Increase) decrease in interest receivable

     232       (2,280

(Increase) decrease in deferred tax asset

     (355      

(Increase) decrease in other assets

     2,421       (1,185

Increase (decrease) in payable for investments purchased

           (290

Increase (decrease) in management fees payable

     403       287  

Increase (decrease) in directors’ fees payable

     26       79  

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

     (1,286     1,136  

Increase (decrease) in deferred tax liability

     254       505  

Increase (decrease) in accrued expenses and other liabilities

     (1,116     2,418  
  

 

 

   

 

 

 

Net cash provided by (used for) operating activities

     (27,252     (178,667
  

 

 

   

 

 

 

Cash flows from financing activities:

 

Issuance of common stock

     44,297       121,000  

Repurchase of common stock

     (2,208      

Financing costs paid related to revolving credit facilities

     (2,199     (2,751

Distributions paid

     (31,083     (16,994

Equity offering costs

           (191

Borrowings on debt

     279,592       248,250  

Repayments on debt

     (229,127     (162,946

Repayments on InterNotes ®

     (33,853      
  

 

 

   

 

 

 

Net cash provided by (used for) financing activities

     25,419       186,368  
  

 

 

   

 

 

 

Effect of exchange rate changes on cash denominated in foreign currency

     (25     13  

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

     (1,858     7,714  

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)

   $ 11,569     $ 18,083  
  

 

 

   

 

 

 

Supplemental and non-cash financing activities:

 

Cash paid during the period for interest

   $ 11,407     $ 7,679  

Issuance of common stock pursuant to dividend reinvestment plan

   $ 589     $ 1,039  

Accrued but unpaid equity offering costs

   $     $ 64  

Accrued but unpaid distributions

   $ 11,549     $ 8,015  

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

   $ 101,949     $  

 

(1)

As of September 30, 2020, the balance included cash and cash equivalents of $3,047 (including cash denominated in foreign currency of $861) and restricted cash and cash equivalents of $8,522, respectively. As of September 30, 2019, the balance included cash and cash equivalents of $6,955 (including cash denominated in foreign currency of $503) and restricted cash and cash equivalents of $11,128, 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 of investments, $3,409 of cash and cash equivalents and $1,398 of other assets, net of $86,058 of assumed liabilities, for 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)

September 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       $ (16

Auto-Vehicle Parts, LLC(3)

 

Senior Secured First Lien Term Loan

    
L + 450
(100 Floor)
 
(7) 
    5.50     01/2023        4,578        4,544       0.8       4,459  

Continental Battery Company(3)

 

Senior Secured First Lien Delayed Draw Term Loan

    
L + 700
(100 Floor)
 
(7) 
    8.00     12/2022        6,595        6,531       1.2       6,595  

Continental Battery Company(3) (5)

 

Senior Secured First Lien Delayed Draw Term Loan

    
L + 700
(100 Floor)
 
(7) 
    8.00     12/2022        3,474        3,449       0.7       3,474  

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

 

Senior Secured First Lien Revolver

         12/2022               (7            

Continental Battery Company(3)

 

Senior Secured First Lien Term Loan

    
L + 700
(100 Floor)
 
(7) 
    8.00     12/2022        3,943        3,909       0.7       3,943  

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

 

Unitranche First Lien Revolver

         09/2024               (5           (15

Empire Auto Parts, LLC(3)

 

Unitranche First Lien Term Loan

    
L + 550
(100 Floor)
 
(8) 
    6.50     09/2024        2,450        2,415       0.5       2,361  

Empire Auto Parts, LLC(3)

 

Unitranche First Lien Term Loan

    
L + 550
(100 Floor)
 
(8) 
    6.50     09/2024        2,376        2,338       0.4       2,290  

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

 

Senior Secured First Lien Revolver

     P + 450 (9)      7.75     11/2021        375        371       0.1       375  

POC Investors, LLC(3)

 

Senior Secured First Lien Term Loan

    
L + 550
(100 Floor)
 
(8) 
    6.50     11/2021        11,466        11,400       2.1       11,466  
           

 

 

    

 

 

   

 

 

   

 

 

 
                  35,257            34,941       6.5           34,932  
           

 

 

    

 

 

   

 

 

   

 

 

 

Capital Goods

 

Envocore Holding, LLC(3)

 

Senior Secured First Lien Term Loan

    


L + 900
(200 Floor)
(including
425 PIK)
 
 
 
(8) 
    11.00     06/2022        18,342        15,635       2.7       14,517  

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

 

Senior Secured First Lien Delayed Draw Term Loan

         12/2025               (17           (28

Potter Electric Signal Company(3) (6) (11)

 

Senior Secured First Lien Revolver

     P + 325 (9)      6.50     12/2022        150        145             136  

Potter Electric Signal Company(3)

 

Senior Secured First Lien Term Loan

    
L + 450
(100 Floor)
 
(8) 
    5.50     12/2025        2,486        2,467       0.5       2,424  

Potter Electric Signal Company(3)

 

Senior Secured First Lien Term Loan

    
L + 450
(100 Floor)
 
(8) 
    5.50     12/2025        472        469       0.1       461  
           

 

 

    

 

 

   

 

 

   

 

 

 
              21,450        18,699       3.3       17,510  
           

 

 

    

 

 

   

 

 

   

 

 

 

Commercial & Professional Services

 

ASP MCS Acquisition Corp.(12)

 

Senior Secured First Lien Term Loan

         05/2024        5,227        5,210       0.3       1,457  

Battery Solutions, Inc.(3) (13)

 

Unsecured Debt

    
1200 + 200
PIK
 
(14) 
    14.00     11/2021        1,257        1,238       0.2       1,224  

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

 

Unitranche First Lien Revolver

    
L + 850
(100 Floor)
 
(8) 
    9.50     09/2023        750        741       0.1       723  

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       289  

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

 

Unitranche First Lien Term Loan

    
L + 850
(100 Floor)
 
(8) 
    9.50     09/2023        5,935        5,857       1.1       5,725  

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

 

Unitranche First Lien Term Loan

    
L + 850
(100 Floor)
 
(8) 
    9.50     09/2023        619        611       0.1       597  

CHA Holdings, Inc.(3)

 

Senior Secured First Lien Delayed Draw Term Loan

    
L + 450
(100 Floor)
 
(8) 
    5.50     04/2025        1,016        1,012       0.2       975  

CHA Holdings, Inc.(3)

 

Senior Secured First Lien Term Loan

    
L + 450
(100 Floor)
 
(8) 
    5.50     04/2025        4,818        4,801       0.9       4,626  

Consolidated Label Co., LLC(3) (4) (5) (6)

 

Senior Secured First Lien Revolver

         07/2026               (12            

Consolidated Label Co., LLC(3)

 

Senior Secured First Lien Term Loan

    
L + 625
(100 Floor)
 
(8) 
    7.25     07/2026        4,350        4,266       0.8       4,350  

 

See accompanying notes

 

7


Table of Contents

CRESCENT CAPITAL BDC, INC.

Consolidated Schedule of Investments (Unaudited)

September 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      $ 3,446      $ 3,419       0.6   $ 3,446  

DFS Intermediate Holdings, LLC(3) (4) (5) (6)

 

Senior Secured First Lien Revolver

         03/2022               (16            

DFS Intermediate Holdings, LLC(3)

 

Senior Secured First Lien Term Loan

    
L + 525
(100 Floor)
 
(7) 
    6.25     03/2022        8,725        8,667       1.6       8,725  

Digital Room Holdings, Inc.

 

Senior Secured First Lien Term Loan

     L + 500 (15)      5.27     05/2026        6,912        6,607       1.2           6,204  

GH Holding Company(3)

 

Senior Secured First Lien Term Loan

     L + 450 (7)      4.65     02/2023        1,463        1,459       0.3       1,403  

GI Revelation Acquisition, LLC

 

Senior Secured First Lien Term Loan

     L + 500 (7)      5.15     04/2025        7,340            7,313       1.3       7,101  

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

 

Senior Secured First Lien Delayed Draw Term Loan

    
L + 500
(100 Floor)
 
(7) 
    6.00     08/2024        4,167        4,139       0.7       3,975  

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

 

Senior Secured First Lien Revolver

    
L + 500
(100 Floor)
 
(7) 
    6.00     08/2024        287        286       0.1       246  

Hepaco, LLC(3)

 

Senior Secured First Lien Term Loan

    
L + 500
(100 Floor)
 
(7) 
    6.00     08/2024        5,111        5,078       0.9       4,883  

Hsid Acquisition, LLC(3) (10)

 

Senior Secured First Lien Delayed Draw Term Loan

    
L + 500
(100 Floor)
 
(8) 
    6.00     01/2026        2,900        2,848       0.5       2,900  

Hsid Acquisition, LLC(3) (4) (5) (6)

 

Senior Secured First Lien Revolver

         01/2026               (13            

Hsid Acquisition, LLC(3)

 

Senior Secured First Lien Term Loan

    
L + 500
(100 Floor)
 
(7) 
    6.00     01/2026        4,328        4,250       0.8       4,328  

Impact Group, LLC(3)

 

Senior Secured First Lien Term Loan

    
L + 737
(100 Floor)
 
(7) 
    8.37     06/2023        7,059        5,470       1.2       6,259  

Impact Sales, LLC(3)

 

Senior Secured First Lien Delayed Draw Term Loan

    
L + 737
(100 Floor)
 
(7) 
    8.37     06/2023        6,663        5,163       1.1       5,908  

Institutional Shareholder Services, Inc.(3)

 

Senior Secured First Lien Term Loan

     L + 450 (8)      4.72     03/2026        2,955        2,915       0.5       2,811  

Institutional Shareholder Services, Inc.(3)

 

Senior Secured Second Lien Term Loan

     L + 850 (8)      8.72     03/2027        2,000        1,925       0.4       1,925  

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

 

Senior Secured First Lien Revolver

    
L + 550
(100 Floor)
 
(8) 
    6.50     02/2026        812        805       0.2       803  

ISS Compressors Industries, Inc.(3)

 

Senior Secured First Lien Term Loan

    
L + 550
(100 Floor)
 
(8) 
    6.50     02/2026        9,121        9,038       1.7       9,016  

Jordan Healthcare, Inc.(3)

 

Senior Secured First Lien Delayed Draw Term Loan

    
L + 600
(100 Floor)
 
(8) 
    7.00     07/2022        693        690       0.1       693  

Jordan Healthcare, Inc.(3)

 

Senior Secured First Lien Revolver

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

Jordan Healthcare, Inc.(3)

 

Senior Secured First Lien Term Loan

    
L + 600
(100 Floor)
 
(8) 
    7.00     07/2022        3,990        3,974       0.7       3,990  

MHS Acquisition Holdings, LLC(3)

 

Senior Secured Second Lien Delayed Draw Term Loan

    
L + 875
(100 Floor)
 
(8) 
    9.75     03/2025        467        461       0.1       442  

MHS Acquisition Holdings, LLC(3)

 

Senior Secured Second Lien Term Loan

    
L + 875
(100 Floor)
 
(8) 
    9.75     03/2025        8,102        7,948       1.4       7,677  

MHS Acquisition Holdings, LLC(3)

 

Unsecured Debt

    
1350
PIK
 
(8) 
    13.50     03/2026        263        261       0.1       248  

MHS Acquisition Holdings, LLC(3)

 

Unsecured Debt

    
1350
PIK
 
(14) 
    13.50     03/2026        790        783       0.1       743  

Pinstripe Holdings, LLC(3)

 

Unitranche First Lien Term Loan

    
L + 600
(100 Floor)
 
(7) 
    7.00     01/2025        9,850        9,632       1.8       9,706  

Pye-Barker Fire & Safety, LLC(3) (16)

 

Unitranche First Lien Delayed Draw Term Loan

    
L + 575
(100 Floor)
 
(8) 
    6.75     11/2025        3,743        3,649       0.7       3,655  

Pye-Barker Fire & Safety, LLC(3)

 

Unitranche First Lien Term Loan

    
L + 575
(100 Floor)
 
(8) 
    6.75     11/2025            10,049        9,805       1.8       9,814  

Receivable Solutions, Inc.(3) (4) (5) (6)

 

Senior Secured First Lien Revolver

         10/2024               (4           (6

 

See accompanying notes

 

8


Table of Contents

CRESCENT CAPITAL BDC, INC.

Consolidated Schedule of Investments (Unaudited)

September 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)
 
(7) 
    6.00     10/2024      $ 2,152      $ 2,121       0.4   $ 2,108  

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

 

Senior Secured First Lien Delayed Draw Term Loan

    
L + 525
(100 Floor)
 
(8) 
    6.25     06/2022        742        735       0.1       742  

SavATree, LLC(3) (4) (5) (6)

 

Senior Secured First Lien Revolver

         06/2022               (4            

SavATree, LLC(3)

 

Senior Secured First Lien Term Loan

    
L + 525
(100 Floor)
 
(8) 
    6.25     06/2022        3,918        3,890       0.7       3,918  

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

 

Senior Secured First Lien Delayed Draw Term Loan

         02/2025               (27           (113

Spear Education(3)

 

Senior Secured First Lien Term Loan

    
L + 550
(100 Floor)
 
(8) 
    6.50     02/2025        6,841        6,779       1.2       6,593  

TecoStar Holdings, Inc.(3)

 

Senior Secured Second Lien Term Loan

    
L + 850
(100 Floor)
 
(8) 
    9.50     11/2024        5,000        4,921       0.9       4,997  

UP Acquisition Corp.(3)

 

Unitranche First Lien Delayed Draw Term Loan

    
L + 625
(100 Floor)
 
(7) 
    7.25     05/2024        1,191        1,171       0.2       1,156  

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

 

Unitranche First Lien Revolver

    
L + 625
(100 Floor)
 
(7) 
    7.25     05/2024        391        372       0.1       353  

UP Acquisition Corp.(3)

 

Unitranche First Lien Term Loan

    
L + 625
(100 Floor)
 
(7) 
    7.25     05/2024        4,345        4,279       0.8       4,215  

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        708        705       0.1       617  

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        4,417        4,392       0.7       3,846  
           

 

 

    

 

 

   

 

 

   

 

 

 
              165,663        160,353       29.0       155,743  
           

 

 

    

 

 

   

 

 

   

 

 

 

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       300  

EiKo Global, LLC(3)

 

Senior Secured First Lien Term Loan

    
L + 600
(100 Floor)
 
(8) 
    7.00     06/2023        3,232        3,193       0.6       3,232  
           

 

 

    

 

 

   

 

 

   

 

 

 
              3,532        3,484       0.7       3,532  
           

 

 

    

 

 

   

 

 

   

 

 

 

Consumer Services

 

BJH Holdings III Corp.(3)

 

Unitranche First Lien Term Loan

    
L + 550
(100 Floor)
 
(8) 
    6.50     08/2025        13,613        13,440       2.4       13,136  

Cambium Learning Group, Inc.(3)

 

Senior Secured Second Lien Term Loan

     L + 850 (8)      8.72     12/2026        5,000        4,861       0.9       4,773  

Colibri Group LLC(3) (10)

 

Unitranche First Lien Delayed Draw Term Loan

    
L + 575
(100 Floor)
 
(8) 
    6.75     05/2025        1,340        1,314       0.3       1,334  

Colibri Group LLC(3) (4) (5) (6)

 

Unitranche First Lien Revolver

         05/2025               (19           (4

Colibri Group LLC(3)

 

Unitranche First Lien Term Loan

    
L + 575
(100 Floor)
 
(8) 
    6.75     05/2025        8,147        7,983       1.5       8,114  

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

 

Senior Secured First Lien Delayed Draw Term Loan

    
L + 450
(100 Floor)
 
(8) 
    5.50     05/2025        693        682       0.1       683  

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

 

Senior Secured First Lien Revolver

         05/2025               (7           (7

COP Home Services Holdings, Inc.(3)

 

Senior Secured First Lien Term Loan

    
L + 450
(100 Floor)
 
(8) 
    5.50     05/2025        3,448        3,393       0.6       3,396  

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

 

Unitranche First Lien Delayed Draw Term Loan

    
L + 675
(100 Floor)
 
(8) 
    7.75     11/2025        1,534        1,464       0.3       1,534  

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

 

Unitranche First Lien Revolver

    
L + 675
(100 Floor)
 
(8) 
    7.75     11/2025        186        164             186  

HGH Purchaser, Inc.(3)

 

Unitranche First Lien Term Loan

    
L + 675
(100 Floor)
 
(8) 
    7.75     11/2025        8,047        7,871       1.5       8,047  

JLL XDD, Inc.(3)

 

Senior Secured First Lien Term Loan

    
L + 600
(100 Floor)
 
(8) 
    7.00%      12/2023        5,985        5,827       1.1       5,985  

 

See accompanying notes

 

9


Table of Contents

CRESCENT CAPITAL BDC, INC.

Consolidated Schedule of Investments (Unaudited)

September 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 + 550
(100 Floor)
 
(15) 
    6.50     12/2023      $ 2,118      $ 2,078       0.4   $ 2,118  

Learn-It Systems, LLC(3) (6) (17)

 

Senior Secured First Lien Delayed Draw Term Loan

    


L + 450
(50 Floor)
(including
50 PIK)
 
 
 
(8) 
    5.50     03/2025        646        586       0.1       589  

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

 

Senior Secured First Lien Revolver

         03/2025               (14           (13

Learn-It Systems, LLC(3)

 

Senior Secured First Lien Term Loan

    


L + 450
(50 Floor)
(including
50 PIK)
 
 
 
(8) 
    5.50     03/2025        4,342        4,241       0.8       4,246  

Pre-Paid Legal Services, Inc.(3)

 

Senior Secured Second Lien Term Loan

     L + 750 (7)      7.65     05/2026        519        514       0.1       519  

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

 

Unitranche First Lien Revolver

    
L + 600
(100 Floor)
 
(8) 
    7.00     05/2024        182        173             181  

Teaching Strategies LLC(3)

 

Unitranche First Lien Term Loan

    
L + 600
(100 Floor)
 
(8) 
    7.00     05/2024        9,164        9,013       1.7       9,148  

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

 

Senior Secured First Lien Revolver

    
L + 675
(100 Floor)
 
(7) 
    7.75     12/2021        400        397       0.1       379  

United Language Group, Inc.(3)

 

Senior Secured First Lien Term Loan

    
L + 675
(100 Floor)
 
(7) 
    7.75     12/2021        4,653        4,622       0.8       4,415  

Vistage Worldwide, Inc.(3)

 

Senior Secured First Lien Term Loan

    
L + 400
(100 Floor)
 
(8) 
    5.00     02/2025        6,134        6,144       1.1       5,904  

WeddingWire, Inc.(3)

 

Senior Secured Second Lien Term Loan

     L + 825 (7)      8.40     12/2026        5,000        4,954       0.8       4,300  

Wrench Group LLC(3)

 

Senior Secured Second Lien Term Loan

     L + 788 (8)      8.10     04/2027        2,500        2,434       0.5       2,440  
           

 

 

    

 

 

   

 

 

   

 

 

 
              83,651        82,115       15.1       81,403  
           

 

 

    

 

 

   

 

 

   

 

 

 

Diversified Financials

                  

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

 

Unitranche First Lien Delayed Draw Term Loan

    
L + 550
(100 Floor)
 
(7) 
    6.50     09/2025        400        371       0.1       400  

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

 

Unitranche First Lien Revolver

         09/2025               (20            

CC SAG Acquisition Corp.(3)

 

Unitranche First Lien Term Loan

    
L + 550
(100 Floor)
 
(8) 
    6.50     09/2025        7,128        6,986       1.3       7,128  

GGC Aperio Holdings, L.P.(3)

 

Unitranche First Lien Term Loan

     L + 500 (8)      5.22     10/2024        8,405        8,393       1.5       8,141  

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

 

CLO, Series 2017-2A, Class E

     L + 470       4.97     11/2030        2,000        1,899       0.3       1,702  
           

 

 

    

 

 

   

 

 

   

 

 

 
              17,933        17,629       3.2       17,371  
           

 

 

    

 

 

   

 

 

   

 

 

 

Energy

                  

BJ Services, LLC(3) (12) (19)

 

Unitranche First Lien - Last Out Term Loan

         01/2023        8,075        8,014       1.3       6,911  

BJ Services, LLC(3)

 

Unitranche First Lien Term Loan

    
L + 700
(150 Floor)
 
(8) 
    8.50     01/2023        4,750        4,721       0.9       4,560  

Black Diamond Oilfield Rentals, LLC(3)

 

Senior Secured First Lien Term Loan

    
L + 650
(100 Floor)
 
(8) 
    7.50     12/2020        10,386        10,313       1.7       9,257  
           

 

 

    

 

 

   

 

 

   

 

 

 
              23,211        23,048       3.9       20,728  
           

 

 

    

 

 

   

 

 

   

 

 

 

Food & Staples Retailing

                  

Isagenix International, LLC

 

Senior Secured First Lien Term Loan

    
L + 575
(100 Floor)
 
(8) 
    6.75     06/2025        6,180        6,157       0.6       3,283  

PetIQ, LLC(3) (18)

 

Senior Secured First Lien Term Loan

    
L + 500
(100 Floor)
 
(7) 
    6.00     07/2025        14,850        14,735       2.8       14,813  
           

 

 

    

 

 

   

 

 

   

 

 

 
                  21,030            20,892       3.4           18,096  
           

 

 

    

 

 

   

 

 

   

 

 

 

Food, Beverage & Tobacco

                  

Mann Lake Ltd.(3) (5)

 

Senior Secured First Lien Revolver

    
L + 750
(100 Floor)
 
(8) 
    8.50     10/2024        900        888       0.1       837  

Mann Lake Ltd.(3)

 

Senior Secured First Lien Term Loan

    
L + 750
(100 Floor)
 
(8) 
    8.50     10/2024        3,836        3,780       0.7       3,566  

 

See accompanying notes

 

10


Table of Contents

CRESCENT CAPITAL BDC, INC.

Consolidated Schedule of Investments (Unaudited)

September 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
 

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

 

Unitranche First Lien Delayed Draw Term Loan

    
L + 600
(100 Floor)
 
(7) 
    7.00     12/2023      $ 2,571      $ 2,566       0.5   $ 2,554  

Manna Pro Products, LLC(3)

 

Unitranche First Lien Term Loan

    
L + 600
(100 floor)
 
(7) 
    7.00     12/2023        2,436        2,412       0.4       2,423  

Manna Pro Products, LLC(3)

 

Unitranche First Lien Term Loan

    
L + 600
(100 Floor)
 
(7) 
    7.00     12/2023        4,381        4,338       0.8       4,357  
           

 

 

    

 

 

   

 

 

   

 

 

 
                  14,124            13,984       2.5           13,737  
           

 

 

    

 

 

   

 

 

   

 

 

 

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        213             232  

Abode Healthcare, Inc.(3)

 

Senior Secured First Lien Term Loan

    
L + 525
(100 Floor)
 
(8) 
    6.25     08/2025        4,752        4,672       0.9       4,752  

Aegis Sciences Corporation

 

Senior Secured First Lien Term Loan

    
L + 550
(100 Floor)
 
(8) 
    6.50     05/2025        7,348        6,954       1.1       6,047  

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        2,259        2,241       0.4       2,064  

Avalign Technologies, Inc.(3)

 

Senior Secured First Lien Term Loan

     L + 450 (7)      4.65     12/2025        16,880        16,746       3.0       16,036  

BAART Programs, Inc.(3)

 

Senior Secured Second Lien Delayed Draw Term Loan

    
L + 800
(100 Floor)
 
(8) 
    9.00     03/2025        1,000        957       0.2       973  

BAART Programs, Inc.(3)

 

Senior Secured Second Lien Term Loan

    
L + 825
(100 Floor)
 
(20) 
    9.25     03/2025        7,000        6,700       1.3       6,814  

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

 

Unitranche First Lien Revolver

     P + 500 (9)      8.25     12/2025        395        344       0.1       364  

Centria Subsidiary Holdings, LLC(3)

 

Unitranche First Lien Term Loan

    
L + 600
(100 Floor)
 
(8) 
    7.00     12/2025        11,783        11,469       2.2       11,598  

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

 

Senior Secured First Lien Revolver

    
L + 700
(100 Floor)
 
(7) 
    8.00     12/2023        80        77             71  

CRA MSO, LLC(3)

 

Senior Secured First Lien Term Loan

    
L + 700
(100 Floor)
 
(7) 
    8.00     12/2023        1,228        1,212       0.2       1,173  

ExamWorks Group, Inc.(3)

 

Senior Secured Second Lien Term Loan

    
L + 725
(100 Floor)
 
(15) 
    8.25     07/2024        5,735        5,637       1.1       5,694  

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

 

Senior Secured First Lien Revolver

         10/2022               (3           (5

GrapeTree Medical Staffing, LLC(3)

 

Senior Secured First Lien Term Loan

    
L + 525
(100 Floor)
 
(7) 
    6.25     10/2022        1,649        1,636       0.3       1,630  

GrapeTree Medical Staffing, LLC(3)

 

Senior Secured First Lien Term Loan

    
L + 525
(100 Floor)
 
(7) 
    6.25     10/2022        1,386        1,368       0.3       1,370  

HCAT Acquisition, Inc.(3)

 

Unitranche First Lien Delayed Draw Term Loan

    
L + 925
(100 Floor)
 
(8) 
    10.25     11/2022        2,326        2,213       0.4       2,164  

HCAT Acquisition, Inc.(3) (21)

 

Unitranche First Lien Revolver

    
L + 925
(100 Floor)
 
(8) 
    10.25     11/2022        3,836        3,649       0.7       3,568  

HCAT Acquisition, Inc.(3)

 

Unitranche First Lien Term Loan

    
L + 925
(100 Floor)
 
(8) 
    10.25     11/2022        14,787        14,063       2.6       13,752  

HCOS Group Intermediate III LLC(3) (4) (5) (6)

 

Senior Secured First Lien Revolver

         09/2026               (18           (8

HCOS Group Intermediate III LLC(3)

 

Senior Secured First Lien Term Loan

    
L + 600
(100 Floor)
 
 
    7.00     09/2026        11,600        11,368       2.1       11,499  

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

 

Unitranche First Lien Delayed Draw Term Loan

    
L + 525
(100 Floor)
 
(7) 
    6.25 %     02/2026        1,149        1,122       0.2       1,139  

Lightspeed Buyer, Inc.(3) (5)

 

Unitranche First Lien Revolver

    
L + 525
(100 Floor)
 
(7) 
    6.25     02/2026        1,050        1,031       0.2       1,044  

Lightspeed Buyer, Inc.(3)

 

Unitranche First Lien Term Loan

    
L + 525
(100 Floor)
 
(7) 
    6.25     02/2026        9,950        9,769       1.8       9,897  

MDVIP, Inc.(3)

 

Senior Secured First Lien Term Loan

    
L + 425
(100 Floor)
 
(7) 
    5.25     11/2024        9,585        9,585       1.7       9,322  

Medsurant Holdings, LLC(3) (14)

 

Senior Secured Second Lien Term Loan

     1300       13.00     03/2022        7,945        7,899       1.5       7,823  

 

See accompanying notes

 

11


Table of Contents

CRESCENT CAPITAL BDC, INC.

Consolidated Schedule of Investments (Unaudited)

September 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
 

NMN Holdings III Corp.(3) (22)

 

Senior Secured Second Lien Delayed Draw Term Loan

     L + 775 (7)      7.90     11/2026      $ 1,667      $ 1,624       0.3   $ 1,618  

NMN Holdings III Corp.(3)

 

Senior Secured Second Lien Term Loan

     L + 775 (7)      7.90     11/2026        7,222        7,043       1.3       7,010  

NMSC Holdings, Inc.(3)

 

Senior Secured Second Lien Term Loan

     1200 PIK (8)      12.00     10/2023        4,440        4,351       0.7       3,995  

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

 

Senior Secured First Lien Delayed Draw Term Loan

         05/2023               (4           (42

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

 

Senior Secured First Lien Revolver

    
L + 750
(100 Floor)
 
(7) 
    8.50     05/2023        850        842       0.1       793  

Omni Ophthalmic Management Consultants, LLC(3)

 

Senior Secured First Lien Term Loan

    
L + 750
(100 Floor)
 
(7) 
    8.50     05/2023        6,895        6,832       1.2       6,431  

Pinnacle Treatment Centers, Inc.(3) (4) (5) (6)

 

Unitranche First Lien Revolver

         12/2022               (5           2  

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

 

Unitranche First Lien Term Loan

    
L + 625
(100 Floor)
 
(8) 
    7.25     12/2022        686        678       0.1       690  

Pinnacle Treatment Centers, Inc.(3)

 

Unitranche First Lien Term Loan

    
L + 625
(100 Floor)
 
(8) 
    7.25     12/2022        8,244        8,180       1.5       8,276  

Professional Physical Therapy(3)

 

Senior Secured First Lien Term Loan

    


L + 850
(100 Floor)
(including
250 PIK)
 
 
 
(15) 
    9.59     12/2022        8,954        8,706       1.1       5,999  

PT Network, LLC(3) (4) (5) (6)

 

Senior Secured First Lien Revolver

         11/2023               (1           (8

PT Network, LLC(3)

 

Senior Secured First Lien Term Loan

    


L + 750
(100 Floor)
(including
200 PIK)
 
 
 
(15) 
    8.73     11/2023        4,776        4,768       0.9       4,678  

Safco Dental Supply, LLC(3) (4) (5) (6)

 

Unitranche First Lien Revolver

         06/2025               (8            

Safco Dental Supply, LLC(3)

 

Unitranche First Lien Term Loan

    
L + 550
(100 Floor)
 
(8) 
    6.50     06/2025        4,380        4,318       0.8       4,380  

Seniorlink Incorporated(3) (5) (6)

 

Unitranche First Lien Revolver

     P + 600 (9)      9.25     07/2026        356        326       0.1       356  

Seniorlink Incorporated(3)

 

Unitranche First Lien Term Loan

    
L + 700
(100 Floor)
 
(8) 
    8.00     07/2026        6,818        6,619       1.3       6,818  

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

 

Senior Secured First Lien Delayed Draw Term Loan

     L + 450 (8)      4.82     10/2024        602        597       0.1       567  

Smile Brands, Inc.(3) (4) (5) (6)

 

Senior Secured First Lien Revolver

         10/2023               (2           (14

Smile Brands, Inc.(3)

 

Senior Secured First Lien Term Loan

     L + 450 (8)      4.82     10/2024        2,063        2,049       0.4       1,970  

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

 

Senior Secured First Lien Delayed Draw Term Loan

    
L + 600
(100 Floor)
 
(8) 
    7.00     10/2022        5,557        5,556       1.0       5,442  

Smile Doctors LLC(3) (5) (6)

 

Senior Secured First Lien Revolver

    
L + 600
(100 Floor)
 
(8) 
    7.00     10/2022        428        428       0.1       417  

Smile Doctors LLC(3)

 

Senior Secured First Lien Term Loan

    
L + 600
(100 Floor)
 
(8) 
    7.00     10/2022            5,468            5,446       1.0           5,412  

Unifeye Vision Partners(3) (6) (17)

 

Senior Secured First Lien Delayed Draw Term Loan

    
P + 375
(100 Floor)
 
(9) 
    7.00     09/2025        813        780       0.1       709  

Unifeye Vision Partners(3) (5) (6)

 

Senior Secured First Lien Revolver

    
L + 475
(100 Floor)
 
(8) 
    5.75     09/2025        453        425       0.1       395  

Unifeye Vision Partners(3)

 

Senior Secured First Lien Term Loan

    
L + 475
(100 Floor)
 
(8) 
    5.75     09/2025        5,359        5,268       1.0       5,177  

 

See accompanying notes

 

12


Table of Contents

CRESCENT CAPITAL BDC, INC.

Consolidated Schedule of Investments (Unaudited)

September 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
 

Zest Acquisition Corp.(3)

 

Senior Secured First Lien Term Loan

     L + 350 (15)      4.73     03/2025      $ 8,603      $ 8,604       1.4   $ 7,786  
           

 

 

    

 

 

   

 

 

   

 

 

 
                  208,777            204,509           36.9           198,032  
           

 

 

    

 

 

   

 

 

   

 

 

 

Household & Personal Products

                  

Tranzonic(3) (5) (6)

 

Senior Secured First Lien Revolver

    
L + 450
(100 Floor
 
)(7) 
    5.50     03/2023        403        401       0.1       403  

Tranzonic(3)

 

Senior Secured First Lien Term Loan

    
L + 450
(100 Floor
 
)(7) 
    5.50     03/2023        3,823        3,801       0.7       3,819  
           

 

 

    

 

 

   

 

 

   

 

 

 
              4,226        4,202       0.8       4,222  
           

 

 

    

 

 

   

 

 

   

 

 

 

Insurance

                  

Comet Acquisition, Inc.(3)

 

Senior Secured Second Lien Term Loan

     L + 750 (8)      7.72     10/2026        4,632        4,623       0.8       4,169  

Integrity Marketing Acquisition, LLC(3)

 

Unitranche First Lien Delayed Draw Term Loan

    
L + 550
(100 Floor
 
)(8) 
    6.50     08/2025        5,081        4,966       0.9       5,049  

Integrity Marketing Acquisition, LLC(3) (10)

 

Unitranche First Lien Delayed Draw Term Loan

    
L + 550
(100 Floor
 
)(8) 
    6.50     08/2025        3,072        3,001       0.6       3,053  

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

 

Unitranche First Lien Revolver

         08/2025               (41           (9

Integrity Marketing Acquisition, LLC(3)

 

Unitranche First Lien Term Loan

    
L + 550
(100 Floor
 
)(8) 
    6.50     08/2025        12,911        12,638       2.4       12,831  

Integro Parent, Inc.(3) (18)

 

Senior Secured First Lien Term Loan

    
L + 575
(100 Floor
 
)(7) 
    6.75     10/2022        475        471       0.1       471  

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       380  

Integro Parent, Inc.(3) (18)

 

Senior Secured Second Lien Term Loan

    
L + 925
(100 Floor
 
)(7) 
    10.25     10/2023        2,916        2,887       0.5       2,916  

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

 

Unitranche First Lien Delayed Draw Term Loan

    
L + 575
(100 Floor
 
)(8) 
    6.75     12/2026        258        244             252  

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

 

Unitranche First Lien Revolver

    
L + 575
(100 Floor
 
)(8) 
    6.75     12/2025        231        224             230  

The Hilb Group, LLC(3)

 

Unitranche First Lien Term Loan

    
L + 575
(100 Floor
 
)(8) 
    6.75     12/2026        3,612        3,530       0.7       3,594  
           

 

 

    

 

 

   

 

 

   

 

 

 
              33,568        32,920       6.1       32,936  
           

 

 

    

 

 

   

 

 

   

 

 

 

Materials

                  

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

 

Unitranche First Lien Revolver

         11/2023               (14           (11

Kestrel Parent, LLC(3)

 

Unitranche First Lien Term Loan

    
L + 575
(100 Floor
 
)(8) 
    6.75     11/2025        6,689        6,559       1.2       6,605  

Maroon Group, LLC (3) (10)

 

Unitranche First Lien Delayed Draw Term Loan

    
L + 600
(100 Floor
 
)(8) 
    7.00     08/2022        1,247        1,241       0.2       1,235  

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

 

Unitranche First Lien Revolver

    
L + 600
(100 Floor
 
)(7) 
    7.00     08/2022        349        347       0.1       346  

Maroon Group, LLC (3)

 

Unitranche First Lien Term Loan

    
L + 600
(100 Floor
 
)(8) 
    7.00     08/2022        2,691        2,678       0.5       2,666  
           

 

 

    

 

 

   

 

 

   

 

 

 
              10,976        10,811       2.0       10,841  
           

 

 

    

 

 

   

 

 

   

 

 

 

Pharmaceuticals, Biotechnology & Life Sciences

                  

Pharmalogic Holdings Corp.(3)

 

Senior Secured Second Lien Delayed Draw Term Loan

     L + 800 (7)      8.15     12/2023        4,760        4,731       0.9       4,618  

Pharmalogic Holdings Corp.(3)

 

Senior Secured Second Lien Term Loan

     L + 800 (7)      8.15     12/2023        5,880        5,843       1.1       5,704  

Pharmalogic Holdings Corp.(3)

 

Senior Secured Second Lien Term Loan

     L + 800 (7)      8.15     12/2023        5,460        5,425       1.0       5,297  

 

See accompanying notes

 

13


Table of Contents

CRESCENT CAPITAL BDC, INC.

Consolidated Schedule of Investments (Unaudited)

September 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
 

Teal Acquisition Co., Inc(3) (4) (5) (6)

 

Unitranche First Lien Delayed Draw Term Loan

         09/2026      $      $ (25       $ (49

Teal Acquisition Co., Inc(3) (5) (6)

 

Unitranche First Lien Revolver

    
L + 625
(100 Floor
 
)(8) 
    7.25     09/2026        304        265             265  

Teal Acquisition Co., Inc(3) (8)

 

Unitranche First Lien Term Loan

    
L + 625
(100 Floor
 
    7.25     09/2026        9,124        8,851       1.6       8,850  

Trinity Partners, LLC(3) (4) (5) (6)

 

Senior Secured First Lien Revolver

         02/2023               (4           (2

Trinity Partners, LLC(3)

 

Senior Secured First Lien Term Loan

    
L + 500
(100 Floor
 
)(7) 
    6.00     02/2023        3,714        3,685       0.7       3,695  
           

 

 

    

 

 

   

 

 

   

 

 

 
                    29,242              28,771             5.3             28,378  
           

 

 

    

 

 

   

 

 

   

 

 

 

Retailing

                  

Palmetto Moon LLC,(3)

 

Senior Secured First Lien Term Loan

     1150 + 250 PIK (14)      14.00     10/2021        4,198        3,427       0.6       3,553  

Slickdeals Holdings, LLC(3) (4) (6) (13) (21)

 

Unitranche First Lien Revolver

         06/2023               (11           (5

Slickdeals Holdings, LLC(3) (13)

 

Unitranche First Lien Term Loan

    
L + 625
(100 Floor
 
)(15) 
    7.25     06/2024        14,565        14,240       2.7       14,470  
           

 

 

    

 

 

   

 

 

   

 

 

 
              18,763        17,656       3.3       18,018  
           

 

 

    

 

 

   

 

 

   

 

 

 

Software & Services

                  

Affinitiv, Inc.(3) (4) (5) (6)

 

Unitranche First Lien Revolver

         08/2024               (8           (10

Affinitiv, Inc.(3)

 

Unitranche First Lien Term Loan

    
L + 700
(100 Floor
 
)(8) 
    8.00     08/2024        6,451        6,360       1.2       6,338  

Ansira Partners, Inc.(3) (12)

 

Unitranche First Lien Delayed Draw Term Loan

         12/2024        952        931       0.1       689  

Ansira Partners, Inc.(3) (12)

 

Unitranche First Lien Term Loan

         12/2024        6,985        6,687       0.9       5,055  

Avaap USA LLC(3)

 

Senior Secured First Lien Delayed Draw Term Loan

    
L + 525
(100 Floor
 
)(7) 
    6.25     03/2023        345        341       0.1       338  

Avaap USA LLC(3) (5)

 

Senior Secured First Lien Revolver

    
L + 525
(100 Floor
 
)(7) 
    6.25     03/2023        650        642       0.1       638  

Avaap USA LLC(3)

 

Senior Secured First Lien Term Loan

    
L + 525
(100 Floor
 
)(7) 
    6.25     03/2023        3,779        3,732       0.7       3,708  

Benesys, Inc.(3) (4) (5) (6)

 

Senior Secured First Lien Revolver

         10/2024               (2           (7

Benesys, Inc.(3)

 

Senior Secured First Lien Term Loan

    
L + 425
(100 Floor
 
)(7) 
    5.25     10/2024        1,418        1,403       0.3       1,352  

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

 

Senior Secured First Lien Revolver

         08/2023               (5           (4

C-4 Analytics, LLC(3)

 

Senior Secured First Lien Term Loan

    
L + 475
(100 Floor
 
)(7) 
    5.75     08/2023        9,943        9,850       1.8       9,880  

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

 

Unitranche First Lien Revolver

         04/2024               (9           (16

CAT Buyer, LLC(3)

 

Unitranche First Lien Term Loan

    
L + 550
(100 Floor
 
)(7) 
    6.50     04/2024        6,255        6,164       1.1       6,074  

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

 

Senior Secured First Lien Revolver

    
L + 600
(100 Floor
 
)(8) 
    7.00     12/2023        113        110             113  

Claritas, LLC(3)

 

Senior Secured First Lien Term Loan

    
L + 600
(100 Floor
 
)(8) 
    7.00     12/2023        1,100        1,092       0.2       1,100  

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        4,507        4,462       0.8       4,426  

MRI Software LLC(3) (4) (6) (10)

 

Unitranche First Lien Delayed Draw Term Loan

         02/2026               (26           (32

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

 

Unitranche First Lien Delayed Draw Term Loan

         02/2026               (6           (17

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

 

Unitranche First Lien Revolver

         02/2026               (17           (31

MRI Software LLC(3)

 

Unitranche First Lien Term Loan

    
L + 550
(100 Floor
 
)(8) 
    6.50     02/2026        17,922        17,677       3.3       17,489  

 

See accompanying notes

 

14


Table of Contents

CRESCENT CAPITAL BDC, INC.

Consolidated Schedule of Investments (Unaudited)

September 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       $ (38

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

 

Unitranche First Lien Revolver

    
L + 550
(100 Floor
 
)(8) 
    6.50     08/2025        100        96             83  

Ontario Systems, LLC(3)

 

Unitranche First Lien Term Loan

    
L + 550
(100 Floor
 
)(7) 
    6.50     08/2025        3,217        3,190       0.6       3,107  

Perforce Software, Inc.(3)

 

Senior Secured Second Lien Term Loan

     L + 800 (7)      8.15     07/2027        5,000        4,977       0.9       5,013  

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

 

Unitranche First Lien Revolver

         06/2026               (24            

Prism Bidco, Inc.(3)

 

Unitranche First Lien Term Loan

    
L + 700
(100 Floor
 
)(8) 
    8.00     06/2026        7,481        7,265       1.4       7,481  

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

 

Unitranche First Lien Revolver

         11/2024               (4            

Right Networks, LLC(3)

 

Unitranche First Lien Term Loan

    
L + 600
(100 Floor
 
)(7) 
    7.00     11/2024        9,670        9,486       1.8       9,670  

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

 

Unitranche First Lien Revolver

    
L + 600
(100 Floor
 
)(8) 
    7.00     05/2022        240        238       0.1       236  

Ruffalo Noel Levitz, LLC(3)

 

Unitranche First Lien Term Loan

    
L + 600
(100 Floor
 
)(8) 
    7.00     05/2022        2,512        2,492       0.5       2,474  

Saturn Borrower Inc(3) (4) (5) (6)

 

Unitranche First Lien Revolver

         09/2026               (45           (45

Saturn Borrower Inc(3)

 

Unitranche First Lien Term Loan

    
L + 650
(100 Floor
 
)(8) 
    7.50     09/2026        20,576        19,959       3.7       19,958  

SMS Systems Maintenance Services, Inc.(3) (12)

 

Senior Secured Second Lien Term Loan

         10/2024        8,442        5,619       0.1       438  

SMS Systems Maintenance Services, Inc.(3) (12)

 

Senior Secured Second Lien Term Loan

         10/2024        6,450        4,287       0.1       335  

SMS Systems Maintenance Services, Inc.(3) (12)

 

Senior Secured Second Lien Term Loan

         10/2024        2,859        2,634       0.5       2,859  

Transportation Insight, LLC(3) (10)

 

Senior Secured First Lien Delayed Draw Term Loan

     L + 450 (8)      4.65     12/2024        1,283        1,275       0.2       1,228  

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

 

Senior Secured First Lien Revolver

     L + 450 (7)      4.65     12/2024        637        632       0.1       605  

Transportation Insight, LLC(3)

 

Senior Secured First Lien Term Loan

     L + 450 (7)      4.65     12/2024        5,155        5,118       0.9       4,935  

Trident Technologies, LLC(3)

 

Senior Secured First Lien Term Loan

    
L + 600
(150 Floor
 
)(8) 
    7.50     12/2025        14,887        14,687       2.8       14,864  

Winxnet Holdings LLC(3)

 

Unitranche First Lien Delayed Draw Term Loan

    
L + 600
(100 Floor
 
)(7) 
    7.00     06/2023        642        633       0.1       629  

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

 

Unitranche First Lien Revolver

    
L + 600
(100 Floor
 
)(7) 
    7.00     06/2023        240        236             231  

Winxnet Holdings LLC(3)

 

Unitranche First Lien Term Loan

    
L + 600
(100 Floor
 
)(7) 
    7.00     06/2023        1,955        1,932       0.4       1,913  
           

 

 

    

 

 

   

 

 

   

 

 

 
                  151,766            144,052           24.8           133,051  
           

 

 

    

 

 

   

 

 

   

 

 

 

Technology Hardware & Equipment

                  

Onvoy, LLC(3)

 

Senior Secured Second Lien Term Loan

    
L + 1050
(100 Floor
 
)(7) 
    11.50     02/2025        2,635        2,552       0.5       2,556  
           

 

 

    

 

 

   

 

 

   

 

 

 

Transportation

                  

Pilot Air Freight, LLC(3)

 

Senior Secured First Lien Delayed Draw Term Loan

    
L + 475
(100 Floor
 
)(8) 
    5.75     07/2024        1,199        1,199       0.2       1,180  

Pilot Air Freight, LLC(3) (6) (23)

 

Senior Secured First Lien Delayed Draw Term Loan

    
L + 475
(100 Floor
 
)(8) 
    5.75     07/2024        773        770       0.1       753  

Pilot Air Freight, LLC(3) (4) (6) (10)

 

Senior Secured First Lien Revolver

         07/2024                           (2

 

See accompanying notes

 

15


Table of Contents

CRESCENT CAPITAL BDC, INC.

Consolidated Schedule of Investments (Unaudited)

September 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
 

Pilot Air Freight, LLC(3)

 

Senior Secured First Lien Term Loan

    
L + 475
(100 Floor
 
)(8) 
    5.75     07/2024      $ 5,376      $ 5,355        1.0   $ 5,288  
           

 

 

    

 

 

    

 

 

   

 

 

 
              7,348        7,324        1.3       7,219  
           

 

 

    

 

 

    

 

 

   

 

 

 
Total Debt Investments
United States
            $     853,152      $     827,942        148.6%     $     798,305  
           

 

 

    

 

 

    

 

 

   

 

 

 

Equity Investments

                   

Capital Goods

                   

Alion Science and Technology Corporation(3) (24)

  Common Stock             745        766        0.2       1,321  

Envocore Holding, LLC(3) (24)

  Preferred Stock             1,140                      
           

 

 

    

 

 

    

 

 

   

 

 

 
              1,885        766        0.2       1,321  
           

 

 

    

 

 

    

 

 

   

 

 

 

Commercial & Professional Services

                   

Allied Universal holdings, LLC(3) (24)

  Common Stock, Class A             2,240        1,011        0.5       2,459  

Battery Solutions, Inc.(3) (13) (24)

  Preferred Stock, Class A             50                      

Battery Solutions, Inc.(3) (13) (24)

  Preferred Stock, Class F             3,333                      

Battery Solutions, Inc.(3) (13) (24)

  Preferred Stock, Class E             5,169        3,669        0.4       2,322  

IGT Holding LLC(3) (24)

  Preferred Stock             751                      

IGT Holding LLC(3) (24)

  Common Stock             1,000                      

MHS Acquisition Holdings, LLC(3) (24)

  Common Stock                    10               

MHS Acquisition Holdings, LLC(3) (24)

  Preferred Stock             1        923        0.1       707  

My Alarm Center, LLC(3) (24)

  Common Stock             130                      

My Alarm Center, LLC(3) (24)

  Junior Preferred Stock             2                      

My Alarm Center, LLC(3) (24)

  Senior Preferred Stock             3                      

PB Parent, LP(3) (24)

  Common Stock             1,125        1,125        0.2       1,038  

RSI Acquisition, LLC(3) (24)

  Preferred Stock, Class A             137        137              189  

TecoStar Holdings, Inc.(3) (24)

  Common Stock             500        500        0.2       979  
           

 

 

    

 

 

    

 

 

   

 

 

 
              14,441        7,375        1.4       7,694  
           

 

 

    

 

 

    

 

 

   

 

 

 

Consumer Services

                   

Green Wrench Acquisition, LLC(3) (24)

  Common Stock             4        410        0.1       511  

HGH Investment, LP(3) (24)

  Common Stock, Class A             4        417        0.1       476  

Legalshield(3) (24)

  Common Stock             1        372        0.1       528  

Southern Technical Institute, Inc.(3) (13) (24)

  Common Stock, Class A             3,164                     137  

Southern Technical Institute, Inc.(3) (13) (24)

  Common Stock, Class A1             6,000               0.7       3,616  

Wrench Group Holdings, LLC(3) (24)

  Common Stock, Class A             1        115              143  
           

 

 

    

 

 

    

 

 

   

 

 

 
              9,174        1,314        1.0       5,411  
           

 

 

    

 

 

    

 

 

   

 

 

 

Diversified Financials

                   

CBDC Senior Loan Fund LLC(6) (18) (25) (26)

  Partnership Interest             39,000        39,000        6.3       33,929  

GACP II LP(18) (26) (27)

  Partnership Interest             19,710        19,710        3.7       19,611  
           

 

 

    

 

 

    

 

 

   

 

 

 
              58,710        58,710        10.0       53,540  
           

 

 

    

 

 

    

 

 

   

 

 

 

Health Care Equipment & Services

                   

ExamWorks Group, Inc.(3) (24)

  Common Stock             8        750        0.3       1,608  

MDVIP, Inc.(3) (24)

  Common Stock             47        667        0.2       1,169  

NMN Holdings LP(3) (24)

  Common Stock             11        1,111        0.3       1,559  

PT Network, LLC(3) (24)

  Common Stock, Class C                                  

SL Topco Holdings, Inc.(3) (24)

  Common Stock             68        682        0.1       682  

 

See accompanying notes

 

16


Table of Contents

CRESCENT CAPITAL BDC, INC.

Consolidated Schedule of Investments (Unaudited)

September 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) (24)

  Common Stock             12      $ 1,191       0.2   $ 1,147  
           

 

 

    

 

 

   

 

 

   

 

 

 
              146        4,401       1.1       6,165  
           

 

 

    

 

 

   

 

 

   

 

 

 

Insurance

                  

Integrity Marketing Acquisition, LLC(3) (24)

  Common Stock             620        648       0.2       941  

Integrity Marketing Acquisition, LLC(3) (24)

  Preferred Stock             1        1,216       0.3       1,440  

Integro Parent, Inc.(3) (18) (24)

 

Common Stock

            4        454       0.1       863  
           

 

 

    

 

 

   

 

 

   

 

 

 
              625        2,318       0.6       3,244  
           

 

 

    

 

 

   

 

 

   

 

 

 

Materials

                  

Kestrel Upperco, LLC(3) (24)

  Common Stock, Class A             42        209             228  
           

 

 

    

 

 

   

 

 

   

 

 

 

Media & Entertainment

                  

Conisus, LLC(3) (13) (24)

  Common Stock             4,915              0.5       2,711  

Conisus, LLC(3) (13) (28)

  Preferred Stock, Series B      1500 PIK       15.00        18,065        9,681       3.4       18,065  
           

 

 

    

 

 

   

 

 

   

 

 

 
              22,980        9,681       3.9       20,776  
           

 

 

    

 

 

   

 

 

   

 

 

 

Pharmaceuticals, Biotechnology & Life Sciences

                  

Teal Parent Holdings, LP(3) (24)

  Common Stock             5        456       0.1       456  
           

 

 

    

 

 

   

 

 

   

 

 

 

Retailing

                  

Palmetto Moon, LLC(3) (24)

  Common Stock                                 

Slickdeals Holdings, LLC(3) (13) (24)

  Common Stock                    991       0.3       1,482  

Vivid Seats Ltd.(3) (13) (24)

  Common Stock             608        608       0.2       785  

Vivid Seats Ltd.(3) (13) (24)

  Preferred Stock             1,892        1,892       0.5       2,824  
           

 

 

    

 

 

   

 

 

   

 

 

 
              2,500        3,491       1.0       5,091  
           

 

 

    

 

 

   

 

 

   

 

 

 

Software & Services

                  

Saturn Topco LP(3) (24)

  Common Stock             411        411       0.1       411  

SMS Systems Maintenance Services, Inc.(3) (24)

  Common Stock             1,143        1,145              
           

 

 

    

 

 

   

 

 

   

 

 

 
              1,554        1,556       0.1       411  
           

 

 

    

 

 

   

 

 

   

 

 

 

Technology Hardware & Equipment

                  

Onvoy, LLC(3) (24)

  Common Stock, Class A             4        365       0.1       409  

Onvoy, LLC(3) (24)

  Common Stock, Class B             2                     
           

 

 

    

 

 

   

 

 

   

 

 

 
              6        365       0.1       409  
           

 

 

    

 

 

   

 

 

   

 

 

 

Transportation

                  

Xpress Global Systems, LLC(3) (24)

  Common Stock             13                     
           

 

 

    

 

 

   

 

 

   

 

 

 
Total Equity Investments
United States
              112,081      $ 90,642       19.5   $ 104,746  
           

 

 

    

 

 

   

 

 

   

 

 

 

Total United States

               $     918,584       168.1   $     903,051  
              

 

 

   

 

 

   

 

 

 

Canada

                  

Debt Investments

                  

Health Care Equipment & Services

                  

VetStrategy(3) (18)

 

Unitranche First Lien Term Loan

    

C + 700

(100 Floor

 

)(29) 

    8.00     07/2027      C$ 9,293        6,733       1.3       6,957  

VetStrategy(3) (4) (5) (6) (18)

 

Unitranche First Lien Delayed Draw Term Loan

         07/2027        438        (19           2  

VetStrategy(3) (5) (6) (18)

 

Unitranche First Lien Delayed Draw Term Loan

    

C + 700

(100 Floor

 

)(29) 

    8.00     07/2027        1,093        626       0.1       658  
           

 

 

    

 

 

   

 

 

   

 

 

 
              10,824        7,340       1.4       7,617  
           

 

 

    

 

 

   

 

 

   

 

 

 

Telecommunication Services

                  

Sandvine Corporation(3) (18)

 

Senior Secured Second Lien Term Loan

     L + 800 (7)      8.15     11/2026        4,500        4,354       0.8       4,014  
           

 

 

    

 

 

   

 

 

   

 

 

 

 

See accompanying notes

 

17


Table of Contents

CRESCENT CAPITAL BDC, INC.

Consolidated Schedule of Investments (Unaudited)

September 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
 
Total Debt Investments
Canada
            C$     15,324      $ 11,694        2.2   $ 11,631  
           

 

 

    

 

 

    

 

 

   

 

 

 

Equity Investments

                   

Health Care Equipment & Services

                 

VetStrategy(3) (18) (24)

  Common Stock             750      $ 560        0.1   $ 561  
           

 

 

    

 

 

    

 

 

   

 

 

 
              750        560        0.1       561  
           

 

 

    

 

 

    

 

 

   

 

 

 
Total Equity Investments
Canada
              750      $ 560        0.1   $ 561  
           

 

 

    

 

 

    

 

 

   

 

 

 

Total Canada

               $ 12,254        2.3   $ 12,192  
              

 

 

    

 

 

   

 

 

 

United Kingdom

                   

Debt Investments

                   

Commercial & Professional Services

                   

Crusoe Bidco Limited(3) (18)

 

Unitranche First Lien Term Loan

     L + 625 (30)      6.31     12/2025      £ 6,067        7,424        1.4       7,778  

Crusoe Bidco Limited(3) (6) (18) (31)

 

Unitranche First Lien Delayed Draw Term Loan

         12/2025                            16  

Crusoe Bidco Limited(3) (6) (18) (31)

 

Unitranche First Lien Delayed Draw Term Loan

         12/2025                            1  
           

 

 

    

 

 

    

 

 

   

 

 

 
              6,067        7,424        1.4       7,795  
           

 

 

    

 

 

    

 

 

   

 

 

 

Consumer Services

                   

Auction Technology Group(3) (18)

 

Unitranche First Lien Term Loan

     L + 650 (32)      6.62     02/2027        3,339        4,237        0.8       4,300  

Auction Technology Group(3) (18)

 

Unitranche First Lien Term Loan

     L + 650 (32)      6.84     02/2027        10,687        10,388        2.0       10,687  
           

 

 

    

 

 

    

 

 

   

 

 

 
              14,026        14,625        2.8       14,987  
           

 

 

    

 

 

    

 

 

   

 

 

 
Total Debt Investments
United Kingdom
            £ 20,093      $ 22,049        4.2   $ 22,782  
           

 

 

    

 

 

    

 

 

   

 

 

 

Total United Kingdom

               $ 22,049        4.2   $     22,782  
              

 

 

    

 

 

   

 

 

 
Netherlands                    

Debt Investments

                   

Pharmaceuticals, Biotechnology & Life Sciences

                 

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

 

Unitranche First Lien - Last Out Term Loan

     E + 625 (33) (34)      6.25     02/2026      6,910        7,646        1.5       8,103  

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

 

Unitranche First Lien Term Loan

     E + 625 (33) (34)      6.25     02/2026        187        148        0.1       285  
           

 

 

    

 

 

    

 

 

   

 

 

 
              7,097        7,794        1.6       8,388  
           

 

 

    

 

 

    

 

 

   

 

 

 
Total Debt Investments
Netherlands
            7,097      $ 7,794        1.6   $ 8,388  
           

 

 

    

 

 

    

 

 

   

 

 

 

Total Netherlands

               $ 7,794        1.6   $ 8,388  
              

 

 

    

 

 

   

 

 

 

Belgium

                   

Debt Investments

                   

Commercial & Professional Services

                   

MIR Bidco SA(3) (18)

 

Unitranche First Lien Term Loan

     E + 625 (34) (35)      6.25     04/2026      9,507        10,480        2.0       10,591  

Miraclon Corporation(3) (18)

 

Unitranche First Lien Term Loan

     L + 625 (15)      7.47     04/2026        4,162        4,057        0.7       3,933  
           

 

 

    

 

 

    

 

 

   

 

 

 
              13,669        14,537        2.7       14,524  
           

 

 

    

 

 

    

 

 

   

 

 

 
Total Debt Investments
Belgium
            13,669      $     14,537        2.7   $ 14,524  
           

 

 

    

 

 

    

 

 

   

 

 

 

Equity Investments

                   

Commercial & Professional Services

                   

MIR Bidco SA(3) (18) (24)

  Common Stock             1        1               

 

See accompanying notes

 

18


Table of Contents

CRESCENT CAPITAL BDC, INC.

Consolidated Schedule of Investments (Unaudited)

September 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
 

MIR Bidco SA(3) (18) (24)

  Preferred Stock               81      $ 91          $ 114  
             

 

 

    

 

 

    

 

 

   

 

 

 
                82        92              114  
             

 

 

    

 

 

    

 

 

   

 

 

 
Total Equity Investments Belgium                 82      $ 92          $ 114  
             

 

 

    

 

 

    

 

 

   

 

 

 

Total Belgium

                 $ 14,629        2.7   $ 14,638  
                

 

 

    

 

 

   

 

 

 

Total Investments

                 $ 975,310        178.9   $ 961,051  
                

 

 

    

 

 

   

 

 

 

 

* 

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”), CDOR (“C”) 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 September 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 $537,090 as of September 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 nor affiliated.

(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”.

(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 discou