BOSTON, Oct. 19, 2010 (GLOBE NEWSWIRE) -- THL Credit, Inc. (Nasdaq:TCRD) ("THL Credit" or the "Company") today announced that it has participated in three financing transactions: the recapitalization of OEM Group, Inc., the refinancing of MedQuist Inc. (Nasdaq:MEDQ) and T&D Solutions, LLC's acquisition of E&R, Inc.
"These transactions are representative of the fact that we are investing to plan and deploying capital in strong companies with reliable returns. Each of these investments matched our disciplined underwriting and credit selection process," said James K. Hunt, chief executive officer of THL Credit. "We remain focused on identifying and closing investments in top-tier companies and with strong lending partners."
RECAPITALIZATION OF OEM GROUP
THL Credit led the senior debt recapitalization of OEM Group, Inc., a global provider of capital equipment solutions to worldwide makers of silicon devices, as well as other emerging applications. Headquartered in Gilbert, AZ, the company is also the market leader in supporting legacy process equipment.
"We are impressed with OEM Group's value proposition and believe that its comprehensive product lines and focus on legacy process equipment will allow the company to profit from favorable industry trends," said Hunter Stropp, co-president of THL Credit.
"OEM has a proven track record of capitalizing on legacy system trends. In addition to providing financing for the recapitalization, we are excited to partner with OEM Group in this transaction and look forward to its continued growth within the industry," added Kunal Soni, managing director of THL Credit Advisors LLC.
PARTICIPATION IN REFINANCING OF MEDQUIST
THL Credit has provided capital in order to refinance the debt incurred by MedQuist Inc. in connection with its April 2010 acquisition of the assets of Spheris, Inc., and to pay a one-time cash dividend to all MedQuist shareholders as of the October 11, 2010 record date. The Company partnered with BlackRock Kelso Capital Corporation, PennantPark Investment Corporation and Citibank, N.A to issue $85 million of senior subordinated notes.
MedQuist is a leading provider of integrated clinical documentation solutions for the United States healthcare industry. Headquartered in Mount Laurel, NJ, MedQuist's services aim to reduce costs and improve access to patient information through speech recognition-enabled technology.
"We are pleased to join the lending team to support MedQuist's continued growth and to contribute to a transaction that will create value for MedQuist and its shareholders," said Chris Flynn, managing director of THL Credit Advisors LLC.
T&D SOLUTIONS ACQUIRES E&R
THL Credit has also provided financing to T&D Solutions, LLC, a leading provider of maintenance and construction services for electric transmission and distribution lines throughout the Gulf States region, in its acquisition of E&R, Inc. E&R Inc., based in Kinston, NC, provides construction and maintenance services within the electric utility industry.
Headquartered in Alexandria, Louisiana, T&D Solutions is a portfolio company of Huntsman Gay Global Capital LLC. THL Credit participated in this transaction with Cyan Partners, LP ("Cyan") and D.E. Shaw Direct Capital Portfolios, L.L.C. ("D.E. Shaw"), and their affiliates. Both Cyan and D.E. Shaw are existing lenders to T&D Solutions.
"Our participation in this transaction will help combine two geographically complementary companies to better serve the infrastructure needs of the electric utility industry in the Gulf States and Southeastern regions of the U.S. The combined company provides a critical service to the regions it serves and we're happy that we can play a financing role in this important transaction," said Sam Tillinghast, co-president of THL Credit.
About THL Credit
THL Credit is an externally-managed, non-diversified closed-end management investment company that has elected to be regulated as a business development company (BDC) under the Investment Company Act of 1940. THL Credit's investment objective is to generate both current income and capital appreciation, primarily through investments in privately negotiated debt and equity securities of middle market companies. THL Credit invests primarily in private subordinated debt, or mezzanine debt, in middle market companies with annual revenues of between $25 million and $500 million that require capital for growth and acquisitions. Such investments in many cases include an associated equity component such as warrants, preferred stock or other similar securities. THL Credit's investment activities are managed by THL Credit Advisors LLC, an investment adviser registered under the Investment Advisers Act of 1940.
THL CREDIT-F
CONTACT: THL Credit, Inc. Investor Contact: Terrence W. Olson, COO & CFO 617-946-2682 Sard Verbinnen & Co. Media Contact: Michael Henson 212-687-8080