BDC Quick Recap: Capital Southwest Corporation (CSWC)
BDC Quick Recap: Capital Southwest Corporation (CSWC) as of Dec 31st, 2022
BDC filing season is upon us. Capital Southwest (CSWC) filed its earnings on Tuesday and data was available in SOLVE’s BDC workstation within minutes. Here is a quick recap of the credit stats for Capital Southwest for the three-month period ended Dec. 31st, 2022.
Portfolio Stats
| FMV | $1.15B |
| # of Investments | 219 |
| Total unused commitments to extend financing | $159.7M |
| Portfolio Companies | 81 |
| Portfolio Composition | |
|---|---|
| First Lien | 82.7% |
| Second Lien | 3.10% |
| Equity and Other | 14.20% |
Source: SOLVE & Capital Southwest
New Investment Stats
| New Volume | $164.0M |
| Exits and Sales | $12.4M |
| Net New Volume | $151.6M |
| # of New Commitments | 5 |
Source: SOLVE & Capital Southwest
Portfolio Credit Quality
| Non-Accrual Cost | $15.9M |
| # of Non- Accruals | 6 |
| % of Portfolio at Cost | 1.37% |
| New Non- Accrual | Delphi Behavioral Health Group Inc. |
Source: SOLVE & Capital Southwest
Select New Originations
| Company | Investment Type | Industry | Cost | Maturity | Coupon |
|---|---|---|---|---|---|
| Acacia Buyerco V LLC | First Lien-Term Loan A | Prepackaged software | $4.9M | 11/26/2027 | S+650 |
| Acacia Buyerco V LLC | Class B-Units | Prepackaged software | $1.0M | – | – |
| Exact Borrower LLC | First Lien-Term Loan A | Advertising agencies | $9.3M | 8/6/2027 | S+800 |
| Exact Borrower LLC | First Lien-Term Loan B | Advertising agencies | $9.3M | 8/6/2027 | S+800 |
| Exact Borrower LLC | Promissory Note | Advertising agencies | $0.4M | 12/6/2028 | |
| Exact Borrower LLC | Common Units | Advertising agencies | $0.6M | – | – |
| FM Sylvan Inc. | First Lien | Plumbing, heating and air-conditioning | $14.7M | 11/8/2027 | S+800 |
| Gains Intermediate LLC | First Lien-Term Loan A | Business services, not elsewhere classified | $7.4M | 12/15/2027 | S+650 |
| Gains Intermediate LLC | First Lien-Term Loan B | Business services, not elsewhere classified | $7.4M | 12/15/2027 | S+850 |
| NEW Skinny Mixes LLC | First Lien | Beverages | $12.7M | 12/21/2027 | S+800 |
Source: SOLVE & Capital Southwest
Exits & Sales
| Company | Investment Type | Industry | Net Proceeds |
|---|---|---|---|
| California Pizza Kitchen Inc. | Common Stock | Eating Places | $0.9M |
| Blaschak Coal Corp. | Second Lien-Term Loan | Coal Mining | $11.5M |
Source: SOLVE & Capital Southwest
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