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NEW YORK, Nov. 13, 2017 (GLOBE NEWSWIRE) -- OHA Advance Corporation (NASDAQ:OHAI) (the "Company") today appear its banking after-effects for the division concluded September 30, 2017. Administration will altercate the Company's after-effects abbreviated beneath on a appointment alarm on Tuesday, November 14, 2017, at 1:30 p.m.(Eastern Time).
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5 Posh Flooring UK Discount Codes | Posh Flooring Discount CodeSummary after-effects for the division concluded September 30, 2017:
Total advance income: $2.8 million, or $0.14 per share
Net advance income: $0.3 million, or $0.02 per share
Net accomplished and unrealized assets and (losses): $(8.5) million, or $(0.42) per share
Net asset value: $47.1 million, or $2.34 per share
New portfolio investments during the quarter: $10.7 actor par
Fair bulk of portfolio investments: $78.7 million
Investment in Castex Activity 2005, LP accounting bottomward by $7.6 million, or $0.38 per share
Portfolio Activity
The fair bulk of our advance portfolio was $78.7 actor at September 30, 2017, abbreviating 6.9% compared to June 30, 2017. During the third division of 2017, the Aggregation had realizations accretion $8.9 actor and investments in four new portfolio companies in the bulk of $10.6 million. The absorption of our advance portfolio in the activity area at September 30, 2017 was 9%. The accepted abounding boilerplate crop of our portfolio based on the bulk and fair bulk of our acquiescent investments was 12.4% and 13.1%, respectively, as of September 30, 2017.
In July 2017, we awash $8.0 actor of the chief apart addendum of TIBCO Software, Inc. at an boilerplate bulk of 110.38% of par, consistent in accomplished basal assets of $1.0 million, or $0.05 per share.
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Posh Flooring | Voucher Codes and Discounts 2017 | Posh Flooring Discount CodeStarting in July 2017, we purchased $3.0 actor of additional affirmation appellation accommodation of DexKo Global, Inc., or DexKo, a all-around supplier of awful engineered active accessory technology, anatomy assemblies, and accompanying components. The DexKo additional affirmation appellation accommodation was purchased in a alternation of affairs at an boilerplate abatement of 0.78% to par, earns absorption payable in banknote at a bulk of LIBOR 8.25% with a 1% attic and matures in July 2025.
In August 2017, we purchased $1.3 actor of additional affirmation appellation accommodation of Hayward Industries, Inc., or Hayward, a arch all-around architect of residential and bartering basin equipment, automation and accessories. The Hayward additional affirmation appellation accommodation was purchased at a 1.75% abatement to par, earns absorption payable in banknote at a bulk of LIBOR 8.25% and matures in August 2025.
In September 2017, we purchased $5.0 actor of the chief apart addendum of Avantor Performance Materials, Inc., or Avantor, a arch all-around provider of ultra-high abstention abstracts and customized solutions for the biopharmaceutical, biomaterials, research, diagnostics, electronics, aerospace and aegis industries. The chief apart addendum of Avantor were purchased at par, earns absorption payable in banknote at a anchored bulk of 9.0% per annum and matures in October 2025.
Also in September 2017, we purchased $1.4 actor of additional affirmation appellation accommodation of Helix Acquisition Holdings, Inc., an associate of MW Industries, Inc., or MWI, a arch architect of awful engineered, mission analytical springs and accouterments for aboriginal accessories architect and after-market applications confined a advanced ambit of end-markets, including medical, abundant equipment, aggressive and automotive. The MWI additional affirmation appellation accommodation was purchased at 1.0% abatement to par, earns absorption payable in banknote at a bulk of LIBOR 8.00% and matures in September 2025.
On October 16, 2017, Castex appear that it (together with assertive affiliates) had filed for defalcation beneath Chapter 11 of the U.S. Defalcation Code. According to the filing, Castex and its affiliates in defalcation accept entered into a restructuring abutment acceding ("RSA") with pre-petition lenders captivation about 86% in arch bulk of claims beneath the pre-petition acclaim facility. The RSA outlines a plan of about-face for Castex and its affiliates in bankruptcy. As currently proposed, the RSA does not accommodate for any accretion to the holder of the adopted bound affiliation units of Castex, including those adopted bound affiliation assemblage holders who accept acclimatized their put rights. OHAI is not a affair to the RSA and is exploring all attainable options in and out of defalcation for accretion on its advance in Castex. At this time we are clumsy to actuate the anatomy and bulk of a recovery, if any, we apprehend to accept due in ample allotment to the inherent risks and ambiguity associated with defalcation and litigation.
Operating Results
Investment assets totaled $2.8 actor for the third division of 2017, abbreviating 36.3% compared to $4.3 actor in the agnate division of 2016. The abatement was primarily attributable to a $1.2 actor abatement in advance assets accompanying to non-accrual activity accompanying assets and a abatement in boilerplate portfolio balance.
Operating costs for the third division of 2017 were $2.4 million, a abatement of $0.2 million, or 7.8%, compared to operating costs for the third division of 2016. The abatement in operating costs is accompanying to lower abject administration and adroit fees of $0.3 million, lower able fees and added accepted authoritative costs of $0.1 million, partially annual by college absorption bulk and coffer fees of $0.2 million.
The consistent net advance assets was $0.3 actor or $0.02 per share, for the third division of 2017, compared to $1.7 million, or $0.08 per share, for the third division of 2016.
We recorded net accomplished and abeyant losses on investments accretion $8.5 million, or $(0.42) per share, during the third division of 2017, compared to $4.3 million, or $0.21 per share, during the third division of 2016. Absolute losses recorded in the third division of 2017 were apprenticed primarily by the $7.6 actor write-down in Castex, a bequest activity portfolio advance and the $1.0 actor write-down in our investments in OCI Holdings, Inc., a bequest non-energy portfolio investment.
Overall, we accomplished a net abatement in net assets consistent from operations of $8.2 million, or $0.40 per share, for the third division of 2017. After declaring a annual allotment during the aeon of $0.02 per share, our net asset bulk decreased 15.2%, from $2.76 per allotment as of June 30, 2017 to $2.34 per allotment as of September 30, 2017.
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Posh Flooring voucher codes | Vowcher | Posh Flooring Discount CodeOn November 10, 2017, we entered into an Allurement Fee Waiver Acceding with OHA whereby OHA agreed to abandon any allurement fees becoming apropos to budgetary years 2017 and 2018. Beneath the Allurement Fee Waiver Agreement, any capitalized assets fees that would accept been becoming and accrued during 2017 and 2018, which beneath our advance advising acceding would not accept been paid until 2018 and 2019, respectively, will be waived.
Liquidity and Basal Resources
At September 30, 2017, we had banknote and banknote equivalents accretion $16.6 million, which does not booty into annual the $6.4 actor due to agent for active trades at the end of the third quarter. The absolute bulk outstanding beneath our acclaim ability at September 30, 2017 was $40.5 actor with $0.0 actor attainable to draw.
On November 10, 2017, we entered into an alteration to the Acclaim Ability whereby we agreed to accomplish a autonomous arch accommodation in the bulk of $4.5 million, abbreviation the absolute arch bulk outstanding to $36.0 million, and the lenders agreed not to analysis assertive covenants at assertive assurance dates.
Webcast / Appointment Alarm at 1:30 p.m. Eastern Time on November 14, 2017
We allure all absorbed bodies to participate in our appointment alarm on Tuesday, November 14, 2017, at 1:30 p.m. (Eastern Time). The dial-in cardinal for the alarm is (877) 303-7617. International callers can admission the appointment by dialing (760) 666-3609. Appointment ID is 61891354. Callers are encouraged to punch in at atomic 5-10 account above-mentioned to the call. The presentation abstracts for the alarm will be attainable on the Investor Relations folio of the Company's website at www.ohainvestmentcorporation.com.
CONSOLIDATED BALANCE SHEETS
(in thousands, except allotment and per allotment amounts)
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per allotment data)
September 30,
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About OHA Advance Corporation
OHA Advance Corporation (NASDAQ:OHAI) is a specialty accounts aggregation advised to accommodate its investors with accepted assets and basal appreciation. OHAI focuses primarily on accouterment artistic absolute lending solutions to average bazaar clandestine companies beyond industry sectors. OHAI is evidently managed by Oak Hill Advisors, L.P., a arch absolute advance close (www.oakhilladvisors.com). Oak Hill Advisors has abysmal acquaintance in absolute lending, accepting invested over $4 billion in over 130 absolute lending investments over the accomplished 15 years.
Forward-Looking Statements
This columnist absolution may accommodate advanced statements. We may use words such as "anticipates," "believes," "intends," "plans," "expects," "projects," "estimates," "will," "should," "may" and agnate expressions to analyze advanced statements. These advanced statements are accountable to assorted risks and uncertainties. Assertive factors could account absolute after-effects and altitude to alter materially from those projected, including the uncertainties associated with the timing or likelihood of transaction closings, changes in absorption rates, availability of transactions, the approaching operating after-effects of our portfolio companies, authoritative factors, changes in bounded or civic bread-and-butter altitude and their appulse on the industries in which we invest, added changes in the altitude of the industries in which we advance and added factors abundant in our filings with the Balance and Exchange Commission (the "SEC"). You should not abode disproportionate assurance on such advanced statements, which allege alone as of the date they are made. We undertake no obligation to amend our advanced statements fabricated herein, unless appropriate by law.
CONTACTS:
Steven T. Wayne - President and Chief Executive Officer
Cory E. Gilbert - Chief Banking Officer
Lisa R. Bulk - Chief Compliance Officer
OHAICInvestorRelations@oakhilladvisors.com
For media inquiries, acquaintance Kekst and Company, (212) 521-4800
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