Board also appoints new Trustee and
reschedules Annual Shareholder Meeting
THL Credit Senior Loan Fund (the "Fund") (NYSE: TSLF)
today announced several actions relating to the management and
oversight of the Fund.
Transition in Advisory Relationship and
Reduction in Advisory Fee
The Fund's Board of Trustees (the "Board") has approved THL
Credit Advisors LLC ("THL Credit"), the Fund's current subadviser,
to serve as the sole investment adviser to the Fund. The Fund's
current advisory agreement with Four Wood Capital Advisors LLC
("FWCA") will terminate on June 21, 2018, along with the Fund's
investor support services agreement with FWCA's affiliate, Four
Wood Capital Partners LLC ("FWCP"). On June 22, 2018, THL Credit
will commence serving as the sole investment adviser to the Fund
pursuant to an interim advisory agreement that was approved by the
Fund's Board (the "Interim THL Agreement"). The Fund's Board also
approved a new, non-interim, advisory agreement between the Fund
and THL Credit (the "New THL Agreement"), which will be subject to
approval by the Fund's shareholders.
Under both the Interim THL Agreement and proposed New THL
Agreement, the annual fee rate payable by the Fund has been reduced
from 1.05% to 0.80% of the value of the Fund's average daily
Managed Assets. THL Credit will provide investor support as part of
its advisory relationship and the Fund will no longer bear the
annual fee of 0.05% of the average daily Managed Assets of the Fund
paid to FWCP for those services. In addition, THL Credit has agreed
to limit, indefinitely, certain non-management expenses borne by
the Fund to an amount not to exceed 0.25% per year of the Fund's
Managed Assets (pro-rated for the period in 2018 during which THL
Credit serves as the Fund's sole investment adviser). THL Credit
also has agreed to bear up to $500,000 of certain expenses in
connection with the transfer of the advisory relationship from FWCA
to THL Credit.
Addition of New Trustee; Rescheduling
of Annual Meeting
In connection with approving the expanded advisory relationship
with THL Credit, the Fund's Board has appointed Mr. Brian Good, a
Senior Managing Director of THL Credit and Co-Head of THL Credit's
Tradable Credit Platform, as a new interested Trustee. Mr. Good
serves on the Board of Directors of THL Credit and also is a member
of THL Credit's Global Investment Committee and Tradable Credit
Investment Committee. He also has served as one of the portfolio
managers of the Fund since its inception. Mr. Steven A. Baffico, a
Managing Partner and Chief Executive Officer of FWCP, and the
Fund's current interested Trustee, will remain on the Board.
The Fund's Board also approved a new record date of June 13,
2018, and a rescheduled meeting date of August 3, 2018, for its
2018 Annual Meeting of Shareholders, including any adjournments or
postponements thereof. At the rescheduled Annual Meeting, the
Fund's shareholders will vote to elect the Fund's previously
announced candidates, Messrs. Joseph L. Morea and Michael Perino,
as Class I Trustees, as well as Mr. Brian Good, as a Class III
Trustee. In addition, the Fund's shareholders will be asked to
approve the New THL Agreement.
THL Credit Senior Loan Fund
The Fund is a non-diversified, closed-end management investment
company that is advised by Four Wood Capital Advisors LLC, a
wholly-owned subsidiary of Four Wood Capital Partners LLC, and
subadvised by THL Credit Advisors LLC. The Fund's investment
objective is to provide current income and preservation of capital
primarily through investments in U.S. dollar denominated senior
secured corporate loans and notes. There can be no assurance that
the Fund will achieve its investment objective.
"Managed Assets" of the Fund means the total assets of the Fund
(including any assets attributable to borrowings for investment
purposes) minus the sum of the Fund's accrued liabilities (other
than liabilities representing borrowings for investment purposes).
Borrowings for investment purposes include any form or combination
of financial leverage instruments, such as borrowings from banks or
other financial institutions (i.e., a credit facility), margin
facilities, the issuance of preferred shares or notes and leverage
attributable to reverse repurchase agreements, dollar rolls or
similar transactions.
About Four Wood Capital Advisors LLC
Four Wood Capital Advisors LLC is the Fund’s investment adviser
and is registered with the U.S. Securities Exchange Commission as
an investment adviser. 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 alternative credit
investment manager for both direct lending and broadly syndicated
investments through public and private vehicles, collateralized
loan obligations, separately managed accounts and co-mingled funds.
As of April 30, 2018, THL Credit had $12.2 billion in assets under
management.1 THL Credit maintains a variety of advisory and
sub-advisory relationships across its investment platform,
including THL Credit, Inc. (Nasdaq: TCRD), a publicly traded
business development company, and THL Credit Senior Loan Fund.
Headquartered in Boston, THL Credit also has offices in Chicago,
Dallas, Los Angeles and New York. For more information, please
visit www.THLCredit.com.
Forward-Looking Statements
Statements included herein may constitute "forward-looking
statements", which relate to future events or our future
performance or financial condition. These statements are not
guarantees of future performance, condition or results and involve
a number of risks and uncertainties. Actual results may differ
materially from those in the forward-looking statements as a result
of a number of factors, including those described from time to time
in our fillings with the Securities and Exchange Commission
("SEC"). THL Credit Senior Loan Fund undertakes no duty to update
any forward-looking statements made herein.
Additional Information and Where to Find It
The Fund intends to file a preliminary proxy statement with the
SEC in the near future. The Fund also plans to file with the SEC
and mail to its shareholders a definitive proxy statement (the
"definitive proxy statement") and other relevant materials. THE
FUND'S SHAREHOLDERS ARE URGED TO READ THE DEFINITIVE PROXY
STATEMENT AND THE OTHER RELEVANT MATERIALS WHEN THEY BECOME
AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE
FUND AND THE PROPOSALS SET FORTH THEREIN, INCLUDING THE APPROVAL OF
AN ADVISORY AGREEMENT WITH THL CREDIT. Shareholders will be
able to obtain the definitive proxy statement and the other
relevant materials (when they become available), and any other
documents filed by the Fund with the SEC, free of charge, from the
SEC's website at www.sec.gov. Shareholders also may obtain free
copies of the definitive proxy statement, the other relevant
materials and other documents filed with the SEC from the Fund by
contacting Investor Relations at 212-829-3190.
Participants in the Solicitation
The Fund and its Trustees and officers and employees of THL
Credit may be deemed to be participants in the solicitation of
proxies of the Fund's shareholders in connection with the Annual
Meeting. Shareholders of the Fund may obtain information about the
Fund's Trustees and executive officers, including their beneficial
ownership of the Fund's shares, and information about THL Credit,
in Fund's annual report for the year ended December 31, 2017, filed
as part of Form N-CSR with the SEC on March 1, 2018. More detailed
information regarding the identity of potential participants, and
their direct or indirect interests, by security holdings or
otherwise, will be set forth in the Fund's definitive proxy
statement and other relevant materials when such documents become
available. These documents may be obtained free of charge from the
sources indicated above.
1 Includes assets under management of THL Credit
Advisors LLC and its consolidated subsidiary, THL Credit Senior
Loan Strategies LLC, as well as the assets under management of its
affiliate, THL Credit, Inc., and its related funds and separate
account. Assets under management of certain portfolios may be as of
March 31, 2018.
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version on businesswire.com: https://www.businesswire.com/news/home/20180524006432/en/
THL Credit Senior Loan Fund:Investor
Relations212-829-3190orMediaTHL Credit Advisors LLCSabrina
Rusnak-Carlson, 617-790-6044
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