First Lien Loan Program ("FLLP")

Business Overview

  • Strategic joint venture with VOYA Investment Management that enhances the core origination business’ suite of financing alternatives via the ability to increase its first lien loan hold size

  • Solar Senior Capital has committed $50.75 million of equity and VOYA Investment Management has committed $7.25 million of equity, resulting in approximately $170 million of capital, including expected leverage
  • Credit facility of $100 million; leverage expected to be 2:1 debt-to-equity once fully ramped
  • Established sourcing network for the product and increases in Solar Senior Capital's relevance to sponsors

  • Disciplined, patient approach to ramping the first lien loan portfolio, consistent with Solar Capital Partners’ investment philosophy

Borrower Profile Characteristics

  • Sponsor (or entrepreneur)-owned

  • Private or small public company

  • U.S. domiciled

  • $15 – $70 million of EBITDA

Typical Transaction Profile

  • First lien senior secured loans to middle-market, entrepreneur and sponsor-backed private companies continue to provide an attractive relative and absolute risk/return profile compared to larger syndicated bank loans

  • Covenant protection

  • First lien loans are secured by the issuing company’s assets

Financial & Portfolio Snapshot

As of March 31, 2018, Based on Fair Value
Structure: Portfolio Company 
(Pass-thru Entity)
Investment Portfolio: ~$115 million
# of Issuers:
 23 issuers
 Average Position Size: ~$5.0 million 
% of Investments First Lien Senior Secured:
% of Investments Floating Rate Coupon:
% of Investments Performing:
Weighted Average Portfolio Yield:

Portfolio Highlights
Portfolio Composition
Investment Strategies
     Cash Flow Lending
     Asset-Based Lending
          Healthcare Specialized ABL
          Traditional ABL