UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 21, 2014
Corporate Capital Trust, Inc.
(Exact name of registrant as specified in its charter)
Commission file number: 814-00827
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| Maryland | | 27-2857503 |
(State or other jurisdiction of incorporation or organization) | | (I.R.S. Employer Identification No.) |
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CNL Center at City Commons 450 South Orange Avenue Orlando, Florida | | 32801 |
| (Address of principal executive offices) | | (Zip Code) |
Registrant’s telephone number, including area code: (866) 745-3797
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 7.01. Regulation FD Disclosure.
As previously disclosed in financial statements filed with the Securities and Exchange Commission (“SEC”)”, Corporate Capital Trust, Inc. (the “Company”) may further increase its borrowing commitments with current lenders and it may pursue the addition of new credit facilities. In connection with upcoming discussions with lenders, the Company expects to make presentations to lenders and prospective lenders.
The following information is furnished pursuant to Item 7.01 Regulation FD Disclosure. This information shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing. All information is presented as of March 31, 2014 or for the period ended March 31, 2014, unless otherwise noted.
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Total investments, including money market investment, as of March 31, 2014 | | $ | 1.95 billion | |
Portfolio investments at fair value, as of March 31, 2014 | | $ | 1.85 billion | |
Portfolio investments at cost, as of March 31, 2014 | | $ | 1.79 billion | |
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Loan Portfolio, weighted average yield, Q1 2014 | | | 10.5 | % |
Fixed Rate Loan Portfolio, weighted average yield, Q1 2014 | | | 11.8 | % |
Floating Rate Loan Portfolio, weighted average yield, Q1 2014 | | | 9.3 | % |
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Investment portfolio segmentation as of March 31, 2014: | | | | |
Senior First Lien | | | 42.2 | % |
Senior Second Lien | | | 35.3 | % |
Senior Unsecured | | | 8.9 | % |
Subordinated Debt | | | 9.6 | % |
Equity Investments | | | 4.0 | % |
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Funding of Direct Lending and other originated investments, Q1 2014 | | $ | 150 million | |
% of Company’s portfolio represented by Direct Lending, Q1 2014 | | | 35 | % |
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Borrowing Balances, as of March 31, 2014 | | | | |
Senior Secured Revolving Credit Facility | | $ | 119.7 million | |
Deutsche Bank Credit Facility | | | 231.4 million | |
BNP Paribas Credit Facility | | | 81.0 million | |
ScotiaBank TRS Facility deemed borrowing | | | 3.9 million | |
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TOTAL Borrowing Balances | | $ | 436.0 million | |
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Book Value of Equity (Net Asset Value), as of March 31, 2014 | | $ | 1,576.5 million | |
Net Asset Value Per Share, as of March 31, 2014 | | $ | 10.12 | |
Asset Coverage Ratio, as of March 31, 2014 | | | 4.6x | |
Equity Capital Raise, Q1 2014 | | $ | 111 million | |
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Top 10 Portfolio Companies as of March 31, 2014: | | | | | | | | | | |
Company | | Industry | | Debt Type | | Fair Value
($mm) | | | % | |
Hilding Anders | | Home Furnishings | | Subordinated Debt/ Equity Options | | $ | 115.6 | | | | 6.2 | % |
Excelitas Technologies Corp. | | Electronic Equipment & Instruments | | Loan | | | 115.1 | | | | 6.2 | % |
New Enterprise Stone & Lime Co, Inc. | | Building Products | | Loan | | | 68.8 | | | | 3.7 | % |
Sportsman���s Warehouse Inc. | | Specialty Stores | | Loan | | | 64.3 | | | | 3.5 | % |
Football Association of Ireland | | Leisure Products | | Loan | | | 60.7 | | | | 3.3 | % |
Louisiana Public Facilities Authority | | Coal & Consumable Fuels | | Loan | | | 50.5 | | | | 2.7 | % |
Angelica Corp. | | Health Care Supplies | | Loan | | | 50.3 | | | | 2.7 | % |
Distribution International Inc. | | Distributors | | Loan | | | 48.4 | | | | 2.6 | % |
Polyconcept Finance BV | | Consumer Electronics | | Loan | | | 45.8 | | | | 2.5 | % |
Jacuzzi Brands Inc. | | Building Products | | Loan | | | 41.6 | | | | 2.2 | % |
TOTAL | | | | | | $ | 661.2 | | | | 35.7 | % |
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this report are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These statements generally are characterized by the use of terms such as “may,” “will,” “should,” “plan,” “anticipate,” “estimate,” “predict,” “believe” and “expect” or the negative of these terms or other comparable terminology. Although we believe that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, actual results could differ materially from those set forth in the forward-looking statements. Given these uncertainties, we caution investors and potential investors not to place undue reliance on such statements. We undertake no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect future events or circumstances or to reflect the occurrence of unanticipated events, except as otherwise required by law. The forward-looking statements should be read in light of the risk factors identified in the “Risk Factors” section of our annual report on Form 10-K as filed with the SEC on March 20, 2014.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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| April 21, 2014 | | | | CORPORATE CAPITAL TRUST, INC. |
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| | | | By: | | /s/ Paul S. Saint-Pierre |
| | | | Name: | | Paul S. Saint-Pierre |
| | | | Title: | | Chief Financial Officer |
