NEW YORK, Sept. 23, 2013 (GLOBE NEWSWIRE) -- Four Wood Capital Partners LLC ("FWCP") today announced that their first listed closed-end fund, THL Credit Senior Loan Fund (the "Fund"), has successfully priced its initial public offering and began trading on the New York Stock Exchange on September 20th, 2013 under the symbol "TSLF."
The Fund raised $132 million in its common share offering, excluding any exercise of the underwriters' option to purchase additional shares. If the underwriters exercise that option in full, which may or may not occur, the Fund will have raised approximately $151.8 million.
"In the current environment, we believe that bank loans should continue to deliver attractive performance. Technicals generally appear solid to us as demand from institutional and retail investors continues to increase, rapidly absorbing the market supply. We believe we are witnessing a transformation in which investors who have not participated in bank loans are making dedicated allocations to the asset class for the first time. As such, we strongly believe in our partnership with THL Credit, an elite institutional manager in the bank loan space, and their abilities as the Fund's subadviser," said Steven A. Baffico, Managing Partner & CEO of Four Wood Capital.
THL Credit Senior Loan Fund ("the Fund") is a newly organized, non-diversified, closed-end management investment company. The Fund's investment objective is to provide current income and preservation of capital primarily thorough investment in U.S dollar-denominated senior secured corporate loans and notes ("Bank Loans"). The Bank Loans in which the Fund expects to invest substantially all of its assets are fully-collateralized, first lien corporate loans and notes
Lead managers of the underwriting syndicate were Raymond James, RBC Capital Markets, Stifel and Oppenheimer and Co.
Investors should consider the Fund's investment objectives, risks, charges and expenses carefully before investing.
The investment return, price, yields, market value and net asset value (NAV) of a fund's shares will fluctuate with market conditions. Closed-end funds frequently trade at a discount to their NAV, which may increase an investor's risk of loss. At the time of sale, your shares may have a market price that is above or below NAV, and may be worth more or less than your original investment. There is no assurance that the Fund will meet its investment objective.
An investment in the Fund is not appropriate for all investors and is not intended to be a complete investment program. The Fund is designed as a long-term investment and not as a trading vehicle. Investors should carefully review and consider the Fund's investment objective, risk, charges and expenses before investing.
About Four Wood Capital Partners LLC
Four Wood Capital Partners LLC ("FWCP") was founded in November 2011, with the goal of being one of the industry's premier independent investment management and advisory services platforms with domain expertise across strategic advisory, product assembly and distribution services in working with sub advisors across a variety of investment strategies. FWCP offers a turnkey assembly and distribution platform for those seeking access to the permanent capital and registered fund space.
About Four Wood Capital Advisors LLC
Four Wood Capital Advisors, LLC ("FWCA") is the Fund's investment advisor and is registered with the U.S. Securities Exchange Commission as an investment advisor. FWCA is a New York Limited Liability Company formed in June 2012 to provide investment management and advisory services to registered investment companies and institutional investors. FWCA is a wholly owned subsidiary of Four Wood Capital Partners, LLC.
About THL Credit Advisors LLC
THL Credit Advisors LLC (THL Credit) is an investment manager specializing in high yielding credit. THL Credit Senior Loan Strategies LLC (THL Credit SLS) is a subsidiary of THL Credit.
THL Credit is the external investment manager of THL Credit, Inc. (TCRD), a business development company that, as a direct lender, makes investments in privately negotiated debt and equity securities of middle market companies, providing capital for growth, recapitalizations, leveraged buyouts and acquisitions. THL Credit is the subadviser investment manager of THL Credit Senior Loan Fund (TSLF). Additionally, THL Credit SLS manages CLOs and separate accounts. Headquartered in Boston, THL Credit has additional investment teams in Chicago, New York, Houston and Los Angeles. Total assets under management at June 30, 2013 were $2.9 billion.
- Investment & Company Information