UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
|
Investment Company Act file number |
811-08985 | |||||||
|
| ||||||||
|
LMP Corporate Loan Fund Inc. | ||||||||
|
(Exact name of registrant as specified in charter) | ||||||||
|
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620 Eighth Avenue, 49th Floor, New York, N.Y. |
|
10018 | ||||||
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(Address of principal executive offices) |
|
(Zip code) | ||||||
|
| ||||||||
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Robert I. Frenkel, Esq. | ||||||||
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(Name and address of agent for service) | ||||||||
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| ||||||||
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Registrant’s telephone number, including area code: |
(888) 777-0102 |
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Date of fiscal year end: |
September 30 |
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Date of reporting period: |
December 31, 2012 |
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ITEM 1. SCHEDULE OF INVESTMENTS.
LMP CORPORATE LOAN FUND INC.
FORM N-Q
DECEMBER 31, 2012
LMP CORPORATE LOAN FUND INC.
Schedule of investments (unaudited)
December 31, 2012
|
SECURITY |
|
RATE |
|
MATURITY |
|
FACE |
|
VALUE |
| ||
|
COLLATERALIZED SENIOR LOANS (a) — 137.3% |
|
|
|
|
|
|
|
|
| ||
|
Banking — 0.9% |
|
|
|
|
|
|
|
|
| ||
|
Ameristar Casinos Inc., Term Loan B |
|
4.000% |
|
4/16/18 |
|
$ |
1,108,155 |
|
$ |
1,117,678 |
|
|
Basic Industry — 8.7% |
|
|
|
|
|
|
|
|
| ||
|
Atlas Iron Ltd., Term Loan B |
|
8.750% |
|
12/7/17 |
|
1,500,000 |
|
1,486,875 |
| ||
|
FMG America Finance Inc., Term Loan |
|
5.250% |
|
10/18/17 |
|
1,206,975 |
|
1,219,139 |
| ||
|
Ineos US Finance LLC, 6 Year Term Loan |
|
6.500% |
|
5/4/18 |
|
1,191,000 |
|
1,205,702 |
| ||
|
Metals USA Inc., Term Loan |
|
6.250% |
|
11/15/19 |
|
1,000,000 |
|
995,000 |
| ||
|
Momentive Specialty Chemicals Inc., Extended Term Loan C-4B |
|
4.125% |
|
5/5/15 |
|
766,551 |
|
764,954 |
| ||
|
Novelis Inc., Term Loan |
|
4.000% |
|
3/10/17 |
|
994,926 |
|
1,004,627 |
| ||
|
Omnova Solutions Inc., Extended Term Loan |
|
5.500% |
|
5/31/17 |
|
661,206 |
|
669,471 |
| ||
|
SunCoke Energy Inc., Term Loan B |
|
4.000% |
|
7/26/18 |
|
1,116,431 |
|
1,119,222 |
| ||
|
Tube City IMS Corp., Term Loan |
|
5.750% |
|
3/20/19 |
|
471,836 |
|
477,733 |
| ||
|
Univar Inc., Term Loan B |
|
5.000% |
|
6/30/17 |
|
1,496,183 |
|
1,495,767 |
| ||
|
Walter Energy Inc., Term Loan B |
|
5.750% |
|
4/2/18 |
|
668,117 |
|
674,380 |
| ||
|
Total Basic Industry |
|
|
|
|
|
|
|
11,112,870 |
| ||
|
Capital Goods — 10.6% |
|
|
|
|
|
|
|
|
| ||
|
ADS Waste Holdings, Term Loan B |
|
5.250% |
|
10/9/19 |
|
1,100,000 |
|
1,115,125 |
| ||
|
Altegrity Inc., Term Loan |
|
2.961% |
|
2/21/15 |
|
776,528 |
|
723,142 |
| ||
|
Belfor USA Group Inc., Term Loan B |
|
4.500% |
|
4/7/17 |
|
1,750,750 |
|
1,759,504 |
| ||
|
Berry Plastics Holding Corp., Term Loan C |
|
2.212% |
|
4/3/15 |
|
644,316 |
|
642,141 |
| ||
|
Consolidated Precision Products Corp., First Lien Term Loan |
|
— |
|
12/20/19 |
|
740,750 |
|
744,454 |
(b) | ||
|
Consolidated Precision Products Corp., Second Lien Term Loan |
|
— |
|
6/19/20 |
|
750,000 |
|
757,500 |
(b) | ||
|
Hamilton Sundstrand Industrial, First Lien Term Loan |
|
5.000% |
|
12/13/19 |
|
1,200,000 |
|
1,212,107 |
| ||
|
Mirror Bidco Ltd., Term Loan B |
|
5.250% |
|
12/18/19 |
|
1,750,000 |
|
1,756,562 |
| ||
|
Progressive Waste Solutions Ltd., Term Loan B |
|
3.500% |
|
10/24/19 |
|
997,500 |
|
1,007,475 |
| ||
|
Transdigm Inc., Add-On Term Loan B2 |
|
4.000% |
|
2/14/17 |
|
528,861 |
|
533,111 |
| ||
|
Transdigm Inc., New Term Loan B |
|
4.000% |
|
2/14/17 |
|
1,130,255 |
|
1,139,262 |
| ||
|
TricorBraun Inc., New Term Loan B |
|
5.500 - 6.500% |
|
5/3/18 |
|
548,625 |
|
552,968 |
| ||
|
Waste Industries U.S.A. Inc., Term Loan B |
|
4.750% |
|
3/17/17 |
|
1,573,664 |
|
1,581,532 |
| ||
|
Total Capital Goods |
|
|
|
|
|
|
|
13,524,883 |
| ||
|
Communications — 15.6% |
|
|
|
|
|
|
|
|
| ||
|
Alaska Communications Systems Holdings Inc., Term Loan B |
|
5.500% |
|
10/21/16 |
|
1,625,430 |
|
1,544,159 |
| ||
|
Ancestry.com Operations Inc., Term Loan |
|
7.000% |
|
12/18/19 |
|
900,000 |
|
871,500 |
| ||
|
Bragg Communications Inc., Term Loan B |
|
4.000% |
|
2/28/18 |
|
794,000 |
|
800,947 |
| ||
|
Crown Castle International Corp., Term Loan B |
|
4.000% |
|
1/31/19 |
|
994,975 |
|
1,001,940 |
| ||
|
DigitalGlobe Inc., Term Loan B |
|
5.750% |
|
10/7/18 |
|
1,188,000 |
|
1,193,445 |
| ||
|
EMI Music Publishing Ltd., Term Loan B |
|
5.500% |
|
6/29/18 |
|
946,048 |
|
958,583 |
| ||
|
Encompass Digital Media Inc., Term Loan B |
|
8.000% |
|
8/10/17 |
|
710,332 |
|
718,323 |
| ||
|
Entercom Radio LLC, Term Loan B |
|
5.000% |
|
11/23/18 |
|
743,846 |
|
752,680 |
| ||
|
Getty Images Inc., Term Loan B |
|
4.750% |
|
10/18/19 |
|
1,500,000 |
|
1,503,984 |
| ||
|
Intelsat Jackson Holdings Ltd., Term Loan B1 |
|
4.500% |
|
4/2/18 |
|
1,478,775 |
|
1,492,507 |
| ||
|
Kabel Deutschland GMBH, Term Loan F |
|
4.250% |
|
2/1/19 |
|
1,000,000 |
|
1,007,292 |
| ||
|
Lamar Media Corp., Term Loan B |
|
4.000% |
|
12/30/16 |
|
64,860 |
|
65,414 |
| ||
|
MetroPCS Wireless Inc., Tranche B2 |
|
4.071% |
|
11/3/16 |
|
1,708,714 |
|
1,717,970 |
| ||
|
NTELOS Inc., New Term Loan B |
|
5.750% |
|
11/7/19 |
|
1,550,000 |
|
1,493,812 |
| ||
|
Southern Graphics Inc., Term Loan |
|
5.000% |
|
10/17/19 |
|
1,401,905 |
|
1,405,409 |
| ||
|
Telesat LLC, Term Loan B |
|
4.250% |
|
3/28/19 |
|
1,351,498 |
|
1,363,323 |
| ||
|
Univision Communications Inc., Extended Term Loan |
|
4.462% |
|
3/31/17 |
|
542,668 |
|
534,825 |
| ||
See Notes to Schedule of Investments.
LMP CORPORATE LOAN FUND INC.
Schedule of investments (unaudited) (cont’d)
December 31, 2012
|
SECURITY |
|
RATE |
|
MATURITY |
|
FACE |
|
VALUE |
| ||
|
Communications — continued |
|
|
|
|
|
|
|
|
| ||
|
Weather Channel, New Term Loan B |
|
4.250% |
|
2/13/17 |
|
$ |
1,509,257 |
|
$ |
1,527,493 |
|
|
Total Communications |
|
|
|
|
|
|
|
19,953,606 |
| ||
|
Consumer Cyclical — 25.2% |
|
|
|
|
|
|
|
|
| ||
|
99 Cents Only Stores, Term Loan |
|
5.250% |
|
1/11/19 |
|
692,306 |
|
701,081 |
| ||
|
Autoparts Holdings Ltd., First Lien Term Loan |
|
6.500% |
|
7/28/17 |
|
197,500 |
|
198,117 |
| ||
|
Autoparts Holdings Ltd., Second Lien Term Loan |
|
10.500% |
|
1/29/18 |
|
900,000 |
|
859,500 |
| ||
|
Bass Pro Group LLC, New Term Loan |
|
4.000% |
|
11/30/19 |
|
1,500,000 |
|
1,503,124 |
| ||
|
Burger King Corp., New Term Loan B |
|
3.750% |
|
9/27/19 |
|
1,949,132 |
|
1,964,969 |
| ||
|
Caesars Entertainment Operating Co., Term Loan B3 |
|
3.210 - 3.311% |
|
1/28/15 |
|
995,006 |
|
981,187 |
| ||
|
Cannery Casino Resorts LLC, New Second Lien Term Loan |
|
10.000% |
|
10/2/19 |
|
500,000 |
|
477,500 |
| ||
|
Cannery Casino Resorts LLC, New Term Loan B |
|
6.000% |
|
10/2/18 |
|
249,375 |
|
249,375 |
| ||
|
Cedar Fair LP, New Term Loan B |
|
4.000% |
|
12/15/17 |
|
695,597 |
|
703,132 |
| ||
|
CKX Inc., Term Loan B |
|
9.000% |
|
6/21/17 |
|
300,000 |
|
262,500 |
| ||
|
Container Store Inc., New Term Loan B |
|
6.250% |
|
4/5/19 |
|
1,364,688 |
|
1,375,776 |
| ||
|
Deluxe Entertainment Services Group Inc., Term Loan |
|
8.000% |
|
7/3/17 |
|
921,053 |
|
803,618 |
| ||
|
Dunkin’ Brands Inc., New Term Loan B2 |
|
4.000% |
|
11/23/17 |
|
1,963,839 |
|
1,980,608 |
| ||
|
Equinox Fitness Clubs, First Lien Term Loan |
|
— |
|
11/16/19 |
|
1,000,000 |
|
1,010,000 |
(b) | ||
|
General Nutrition Centers Inc., New Term Loan |
|
3.750% |
|
3/2/18 |
|
1,125,712 |
|
1,130,637 |
| ||
|
HHI Holdings LLC, First Lien Term Loan |
|
6.000% |
|
10/3/18 |
|
875,000 |
|
888,125 |
| ||
|
Jacobs Entertainment Inc., First Lien Term Loan |
|
6.250% |
|
9/19/18 |
|
850,000 |
|
845,750 |
| ||
|
KAR Auction Services Inc., Term Loan B |
|
5.000% |
|
5/19/17 |
|
992,671 |
|
1,003,218 |
| ||
|
Lodgenet Entertainment Corp., Term Loan |
|
8.500% |
|
4/4/14 |
|
1,079,973 |
|
770,380 |
| ||
|
MGM Resorts International, Term Loan B |
|
4.250% |
|
12/20/19 |
|
1,000,000 |
|
1,012,188 |
| ||
|
Michaels Stores Inc., Extended Term Loan B3 |
|
4.813% |
|
7/29/16 |
|
1,519,350 |
|
1,529,083 |
| ||
|
Milk Specialties Co., New Term Loan B |
|
7.000% |
|
11/7/18 |
|
525,000 |
|
525,000 |
| ||
|
Neiman Marcus Group Inc., Extended Term Loan |
|
4.750% |
|
5/16/18 |
|
1,570,000 |
|
1,575,015 |
| ||
|
Peninsula Gaming LLC, Term Loan |
|
5.750% |
|
11/14/17 |
|
935,000 |
|
951,363 |
| ||
|
Peppermill Casinos Inc., Term Loan B |
|
7.250% |
|
10/17/19 |
|
1,000,000 |
|
977,500 |
| ||
|
Petco Animal Supplies Inc., New Term Loan |
|
4.500% |
|
11/24/17 |
|
1,470,000 |
|
1,482,732 |
| ||
|
Pilot Travel Centers LLC, Term Loan B2 |
|
4.250% |
|
8/7/19 |
|
997,500 |
|
1,006,436 |
| ||
|
Pinnacle Entertainment Inc., Series A Incremental Term Loan |
|
4.000% |
|
3/19/19 |
|
992,500 |
|
1,001,184 |
| ||
|
Regent Seven Seas Cruises Inc., Term Loan B |
|
6.250% |
|
12/21/18 |
|
1,000,000 |
|
1,015,000 |
| ||
|
Schaeffler AG, USD Term Loan C2 |
|
6.000% |
|
1/27/17 |
|
880,000 |
|
891,000 |
| ||
|
Smart & Final Stores LLC, New First Lien Term Loan |
|
5.750% |
|
11/15/19 |
|
525,000 |
|
525,656 |
| ||
|
Village Roadshow Films (BVI) Ltd., Term Loan B |
|
4.750% |
|
11/21/17 |
|
180,000 |
|
181,800 |
| ||
|
Zuffa LLC, Incremental Term Loan |
|
9.250% |
|
6/19/15 |
|
364,398 |
|
368,042 |
| ||
|
Zuffa LLC, Term Loan B |
|
2.250% |
|
6/19/15 |
|
1,475,921 |
|
1,463,622 |
| ||
|
Total Consumer Cyclical |
|
|
|
|
|
|
|
32,214,218 |
| ||
|
Consumer Non-Cyclical — 40.0% |
|
|
|
|
|
|
|
|
| ||
|
AdvancePierre Foods Inc., Second Lien Term Loan |
|
9.500% |
|
10/10/17 |
|
1,000,000 |
|
1,025,000 |
| ||
|
AMN Healthcare Inc., New Term Loan B |
|
5.750% |
|
4/5/18 |
|
598,575 |
|
606,431 |
| ||
|
Aptalis Pharma Inc., Term Loan B |
|
5.500% |
|
2/10/17 |
|
973,913 |
|
980,406 |
| ||
|
Ardent Medical Services Inc., First Lien Term Loan |
|
7.250% |
|
9/15/15 |
|
1,554,245 |
|
1,558,130 |
| ||
|
Biomet Inc., Extended Term Loan B |
|
3.960 - 4.060% |
|
7/25/17 |
|
1,813,025 |
|
1,826,616 |
| ||
|
Bright Horizons Family Solutions Inc., Term Loan B |
|
6.250% |
|
5/28/15 |
|
1,454,404 |
|
1,458,040 |
| ||
|
Capsugel Holdings U.S. Inc., New Term Loan B |
|
4.750% |
|
8/1/18 |
|
1,192,060 |
|
1,206,961 |
| ||
|
Catalent Pharma Solutions Inc., Extended Term Loan B |
|
4.209% |
|
9/15/16 |
|
679,938 |
|
684,826 |
| ||
|
Catalent Pharma Solutions Inc., Incremental Term Loan |
|
5.250% |
|
9/15/17 |
|
198,500 |
|
200,981 |
| ||
|
CNO Financial Group Inc., Term Loan B2 |
|
5.000% |
|
9/20/18 |
|
957,969 |
|
966,543 |
| ||
See Notes to Schedule of Investments.
LMP CORPORATE LOAN FUND INC.
Schedule of investments (unaudited) (cont’d)
December 31, 2012
|
SECURITY |
|
RATE |
|
MATURITY |
|
FACE |
|
VALUE |
| ||
|
Consumer Non-Cyclical — continued |
|
|
|
|
|
|
|
|
| ||
|
Community Health Systems Inc., Extended Term Loan |
|
3.811% |
|
1/25/17 |
|
$ |
739,118 |
|
$ |
744,601 |
|
|
Del Monte Foods Co., Term Loan |
|
4.500% |
|
3/8/18 |
|
1,057,511 |
|
1,061,257 |
| ||
|
DJO Finance LLC, Extended Term Loan B2 |
|
5.212% |
|
11/1/16 |
|
813,239 |
|
811,714 |
| ||
|
DJO Finance LLC, Term Loan B3 |
|
6.250% |
|
9/15/17 |
|
496,250 |
|
500,593 |
| ||
|
Emergency Medical Services Corp., Term Loan |
|
5.250% |
|
5/25/18 |
|
1,217,958 |
|
1,228,615 |
| ||
|
Fairway Group Acquisition Co., Term Loan |
|
8.250% |
|
8/17/18 |
|
997,500 |
|
1,007,475 |
| ||
|
Grifols Inc., New Term Loan B |
|
4.500% |
|
6/1/17 |
|
1,841,735 |
|
1,862,072 |
| ||
|
HCA Inc., Extended Term Loan B3 |
|
3.462% |
|
5/1/18 |
|
2,231,309 |
|
2,239,875 |
| ||
|
Health Management Associates Inc., New Term Loan B |
|
4.500% |
|
11/16/18 |
|
656,400 |
|
662,493 |
| ||
|
Huish Detergents Inc., Second Lien Term Loan |
|
4.470% |
|
10/26/14 |
|
1,675,000 |
|
1,564,730 |
| ||
|
Iasis Healthcare LLC, Term Loan |
|
5.000% |
|
5/3/18 |
|
1,477,444 |
|
1,484,831 |
| ||
|
Kalispel Tribal Economic Authority, Term Loan B |
|
7.500% |
|
2/24/17 |
|
731,731 |
|
724,414 |
| ||
|
Kik Custom Products Inc., Second Lien Term Loan |
|
5.313% |
|
11/28/14 |
|
1,583,334 |
|
1,266,667 |
| ||
|
Kinetic Concepts Inc., Term Loan C1 |
|
5.500% |
|
5/4/18 |
|
297,000 |
|
300,713 |
| ||
|
Kinetic Concepts Inc., Term Loan C2 |
|
5.000% |
|
11/2/16 |
|
693,000 |
|
697,331 |
| ||
|
Live Nation Entertainment Inc., Term Loan B |
|
4.500% |
|
11/7/16 |
|
994,898 |
|
1,001,108 |
| ||
|
Michael Foods Group Inc., Term Loan |
|
4.250% |
|
2/23/18 |
|
1,804,358 |
|
1,819,019 |
| ||
|
Onex Carestream Finance LP, Term Loan B |
|
5.000% |
|
2/25/17 |
|
2,307,613 |
|
2,306,171 |
| ||
|
Party City Holdings Inc., New Term Loan B |
|
5.750% |
|
7/26/19 |
|
758,740 |
|
767,988 |
| ||
|
QS0001 Corp., First Lien Term Loan |
|
5.250% |
|
11/1/18 |
|
1,225,000 |
|
1,237,250 |
| ||
|
Quintiles Transnational Corp., New Term Loan B |
|
4.500% |
|
6/8/18 |
|
1,290,000 |
|
1,302,362 |
| ||
|
Reynolds Group Holdings Inc., New Dollar Term Loan |
|
4.750% |
|
9/28/18 |
|
1,386,943 |
|
1,405,934 |
| ||
|
Select Medical Corp., New Term Loan B |
|
5.500 - 6.000% |
|
6/1/18 |
|
1,253,169 |
|
1,260,479 |
| ||
|
Sheridan Holdings Inc., New First Term Loan B |
|
6.000% |
|
6/29/18 |
|
497,500 |
|
504,652 |
| ||
|
Sheridan Holdings Inc., New Second Lien Term Loan |
|
9.000% |
|
7/1/19 |
|
1,000,000 |
|
1,015,625 |
| ||
|
Spectrum Brands Inc., Term Loan B |
|
4.500% |
|
6/17/16 |
|
1,000,000 |
|
1,009,922 |
| ||
|
SumTotal Systems Inc., First Lien Term Loan |
|
6.250% |
|
10/25/19 |
|
700,000 |
|
696,500 |
| ||
|
Supervalu Inc., New Term Loan B |
|
8.000% |
|
8/30/18 |
|
509,938 |
|
518,755 |
| ||
|
Tempur-Pedic International Inc., New Term Loan B |
|
— |
|
12/12/19 |
|
1,000,000 |
|
1,013,958 |
(b) | ||
|
Universal Health Services Inc., New Term Loan B |
|
3.750% |
|
11/15/16 |
|
862,447 |
|
867,406 |
| ||
|
Valeant Pharmaceuticals International Inc., Series C Tranche B |
|
4.250% |
|
12/11/19 |
|
1,325,000 |
|
1,335,600 |
| ||
|
Valeant Pharmaceuticals International Inc., Series D Tranche B |
|
4.250% |
|
2/13/19 |
|
1,194,000 |
|
1,202,457 |
| ||
|
Vanguard Health Holding Co. II LLC, Term Loan B |
|
5.000% |
|
1/29/16 |
|
376,214 |
|
379,976 |
| ||
|
VI-Jon, Term Loan B |
|
2.459 - 2.461% |
|
4/24/14 |
|
893,307 |
|
848,642 |
| ||
|
Warner Chilcott Co. LLC, New Term Loan B2 |
|
4.250% |
|
3/15/18 |
|
387,550 |
|
390,491 |
| ||
|
Warner Chilcott Corp., Incremental Term Loan B1 |
|
4.250% |
|
3/15/18 |
|
294,361 |
|
296,595 |
| ||
|
Warner Chilcott Corp., New Term Loan B1 |
|
4.250% |
|
3/15/18 |
|
775,100 |
|
780,982 |
| ||
|
WC Luxco S.a.r.l., New Term Loan B3 |
|
4.250% |
|
3/15/18 |
|
532,881 |
|
536,925 |
| ||
|
Wilton Brands LLC, Term Loan |
|
7.500% |
|
8/30/18 |
|
987,500 |
|
997,375 |
| ||
|
Wolverine Worldwide Inc., Term Loan B |
|
4.000% |
|
7/31/19 |
|
1,000,000 |
|
1,007,500 |
| ||
|
Total Consumer Non-Cyclical |
|
|
|
|
|
|
|
51,174,987 |
| ||
|
Electric — 2.8% |
|
|
|
|
|
|
|
|
| ||
|
Astoria Generating Co. Acquisitions LLC, New Term Loan |
|
8.500% |
|
10/26/17 |
|
1,000,000 |
|
1,005,000 |
| ||
|
Calpine Corp., Term Loan B3 |
|
4.500% |
|
10/9/19 |
|
1,945,125 |
|
1,966,786 |
| ||
|
TPF Generation Holdings LLC, Second Lien Term Loan C |
|
4.561% |
|
12/15/14 |
|
678,962 |
|
676,133 |
| ||
|
Total Electric |
|
|
|
|
|
|
|
3,647,919 |
| ||
|
Energy — 2.4% |
|
|
|
|
|
|
|
|
| ||
|
Frac Tech International LLC, Term Loan B |
|
8.500% |
|
5/6/16 |
|
1,000,000 |
|
834,375 |
| ||
See Notes to Schedule of Investments.
LMP CORPORATE LOAN FUND INC.
Schedule of investments (unaudited) (cont’d)
December 31, 2012
|
SECURITY |
|
RATE |
|
MATURITY |
|
FACE |
|
VALUE |
| ||
|
Energy — continued |
|
|
|
|
|
|
|
|
| ||
|
Gibson Energy ULC, New Term Loan B |
|
4.750% |
|
6/15/18 |
|
$ |
1,214,533 |
|
$ |
1,229,904 |
|
|
Samson Investment Co., Second Lien Term Loan |
|
6.000% |
|
9/25/18 |
|
1,000,000 |
|
1,010,625 |
| ||
|
Total Energy |
|
|
|
|
|
|
|
3,074,904 |
| ||
|
Finance Companies — 0.5% |
|
|
|
|
|
|
|
|
| ||
|
Istar Financial Inc., Term Loan |
|
5.750% |
|
9/28/17 |
|
620,333 |
|
628,079 |
| ||
|
Financial Other — 5.6% |
|
|
|
|
|
|
|
|
| ||
|
AlixPartners LLP, Second Lien Term Loan |
|
10.750% |
|
12/27/19 |
|
1,500,000 |
|
1,519,687 |
| ||
|
Cunningham Lindsey U.S. Inc., First Lien Term Loan |
|
5.000% |
|
10/29/19 |
|
1,105,000 |
|
1,116,050 |
| ||
|
Cunningham Lindsey U.S. Inc., Second Lien Term Loan |
|
9.250% |
|
6/10/20 |
|
1,000,000 |
|
1,025,000 |
| ||
|
Flying Fortress Inc., First Lien Term Loan |
|
5.000% |
|
6/30/17 |
|
715,000 |
|
720,363 |
| ||
|
Vantiv LLC, Term Loan B |
|
3.750% |
|
3/27/19 |
|
829,620 |
|
831,175 |
| ||
|
Wall Street Systems Inc., New Second Lien Term Loan |
|
9.250% |
|
4/24/20 |
|
2,000,000 |
|
2,010,000 |
| ||
|
Total Financial Other |
|
|
|
|
|
|
|
7,222,275 |
| ||
|
Industrial Other — 4.7% |
|
|
|
|
|
|
|
|
| ||
|
Colfax Corp., Term Loan B |
|
4.500% |
|
1/11/19 |
|
810,453 |
|
818,937 |
| ||
|
Covanta Energy Corp., New Term Loan |
|
4.000% |
|
3/28/19 |
|
471,836 |
|
478,323 |
| ||
|
JMC Steel Group Inc., Term Loan |
|
4.750% |
|
4/3/17 |
|
1,595,542 |
|
1,615,486 |
| ||
|
Rexnord Corp., REFI Term Loan B |
|
4.500% |
|
4/2/18 |
|
1,761,361 |
|
1,779,526 |
| ||
|
Trinseo Materials Operating S.C.A., New Term Loan B |
|
8.000% |
|
8/2/17 |
|
1,356,957 |
|
1,330,243 |
| ||
|
Total Industrial Other |
|
|
|
|
|
|
|
6,022,515 |
| ||
|
Insurance — 0.9% |
|
|
|
|
|
|
|
|
| ||
|
Multiplan Inc., New Term Loan B |
|
4.750% |
|
8/26/17 |
|
1,197,172 |
|
1,206,151 |
| ||
|
Natural Gas — 1.4% |
|
|
|
|
|
|
|
|
| ||
|
Energy Transfer Equity LP, New Term Loan B |
|
3.750% |
|
3/24/17 |
|
1,812,406 |
|
1,829,256 |
| ||
|
Technology — 16.4% |
|
|
|
|
|
|
|
|
| ||
|
Attachmate Corp., New First Lien Term Loan |
|
7.250% |
|
11/22/17 |
|
654,500 |
|
661,746 |
| ||
|
CDW LLC, Non-Extended Term Loan |
|
3.711% |
|
10/10/14 |
|
1,273,483 |
|
1,281,641 |
| ||
|
CompuCom Systems Inc., Second Lien Term Loan |
|
10.250% |
|
10/2/19 |
|
750,000 |
|
748,125 |
| ||
|
Dealer Computer Services Inc., New Term Loan B |
|
3.750% |
|
4/20/18 |
|
809,898 |
|
815,466 |
| ||
|
Eagle Parent Inc., New Term Loan |
|
5.000% |
|
5/16/18 |
|
1,044,080 |
|
1,053,215 |
| ||
|
Expert Global Solutions Inc., Term Loan B |
|
8.000% |
|
4/3/18 |
|
891,315 |
|
896,328 |
| ||
|
First Data Corp., Extended Term Loan B |
|
4.211% |
|
3/23/18 |
|
1,000,000 |
|
954,653 |
| ||
|
First Data Corp., Non-Extended Term Loan B1 |
|
2.961% |
|
9/24/14 |
|
89,779 |
|
89,872 |
| ||
|
InfoGroup Inc., New Term Loan |
|
5.750% |
|
5/25/18 |
|
1,046,986 |
|
951,448 |
| ||
|
Infor (U.S.) Inc., Term Loan B2 |
|
5.250% |
|
4/5/18 |
|
1,343,757 |
|
1,358,665 |
| ||
|
Intralinks Inc., Term Loan |
|
5.750% |
|
6/15/14 |
|
600,892 |
|
601,267 |
| ||
|
Kronos Inc., New First Lien Term Loan |
|
5.500% |
|
10/25/19 |
|
1,000,000 |
|
1,011,875 |
| ||
|
Magic Newco LLC, First Lien Term Loan |
|
7.250% |
|
12/12/18 |
|
902,738 |
|
911,314 |
| ||
|
NXP B.V., Term Loan A2 |
|
5.500% |
|
3/3/17 |
|
1,407,005 |
|
1,437,564 |
| ||
|
NXP B.V., Term Loan C |
|
4.750% |
|
1/11/20 |
|
500,000 |
|
510,860 |
| ||
|
SS&C Technologies Inc., Term Loan B-1 |
|
5.000% |
|
6/7/19 |
|
748,685 |
|
757,342 |
| ||
|
SS&C Technologies Inc., Term Loan B-2 |
|
5.000% |
|
6/7/19 |
|
77,450 |
|
78,031 |
| ||
|
SunGard Data Systems Inc., Term Loan D |
|
4.500% |
|
12/11/19 |
|
1,000,000 |
|
1,011,250 |
| ||
|
Syniverse Holdings Inc., New Term Loan |
|
5.000% |
|
4/23/19 |
|
1,218,875 |
|
1,229,540 |
| ||
|
US FT Holdco Inc., Term Loan B |
|
6.000% |
|
11/30/17 |
|
997,313 |
|
1,006,040 |
| ||
|
Vertafore Inc., Second Lien Term Loan |
|
9.750% |
|
10/27/17 |
|
800,000 |
|
804,000 |
| ||
|
Vertafore Inc., Term Loan |
|
5.250% |
|
7/29/16 |
|
1,813,017 |
|
1,835,680 |
| ||
|
Web.com Group Inc., First Term Loan |
|
5.500% |
|
10/27/17 |
|
2,875 |
|
2,846 |
| ||
See Notes to Schedule of Investments.
LMP CORPORATE LOAN FUND INC.
Schedule of investments (unaudited) (cont’d)
December 31, 2012
|
SECURITY |
|
RATE |
|
MATURITY |
|
FACE |
|
VALUE |
| ||
|
Technology — continued |
|
|
|
|
|
|
|
|
| ||
|
West Corp., Term Loan B6 |
|
5.750% |
|
6/29/18 |
|
$ |
995,000 |
|
$ |
1,009,303 |
|
|
Total Technology |
|
|
|
|
|
|
|
21,018,071 |
| ||
|
Transportation — 1.6% |
|
|
|
|
|
|
|
|
| ||
|
AWAS Finance Luxembourg 2012 SA, New Term Loan |
|
4.750% |
|
7/16/18 |
|
754,536 |
|
760,195 |
| ||
|
United Airlines Inc., Term Loan B |
|
2.250% |
|
2/3/14 |
|
1,273,984 |
|
1,272,791 |
| ||
|
Total Transportation |
|
|
|
|
|
|
|
2,032,986 |
| ||
|
TOTAL COLLATERALIZED SENIOR LOANS (Cost — $173,770,339) |
|
|
|
175,780,398 |
| ||||||
|
CORPORATE BONDS & NOTES — 6.6% |
|
|
|
|
|
|
|
|
| ||
|
CONSUMER DISCRETIONARY — 1.3% |
|
|
|
|
|
|
|
|
| ||
|
Media — 1.3% |
|
|
|
|
|
|
|
|
| ||
|
Carmike Cinemas Inc., Secured Notes |
|
7.375% |
|
5/15/19 |
|
500,000 |
|
542,500 |
| ||
|
National CineMedia LLC, Senior Notes |
|
7.875% |
|
7/15/21 |
|
1,000,000 |
|
1,112,500 |
| ||
|
TOTAL CONSUMER DISCRETIONARY |
|
|
|
|
|
|
|
1,655,000 |
| ||
|
ENERGY — 0.6% |
|
|
|
|
|
|
|
|
| ||
|
Oil, Gas & Consumable Fuels — 0.6% |
|
|
|
|
|
|
|
|
| ||
|
Stallion Oilfield Holdings Ltd., Senior Secured Notes |
|
10.500% |
|
2/15/15 |
|
684,000 |
|
730,170 |
| ||
|
HEALTH CARE — 1.2% |
|
|
|
|
|
|
|
|
| ||
|
Health Care Providers & Services — 0.8% |
|
|
|
|
|
|
|
|
| ||
|
Select Medical Holdings Corp., Senior Notes |
|
6.429% |
|
9/15/15 |
|
1,000,000 |
|
1,001,250 |
(c) | ||
|
Pharmaceuticals — 0.4% |
|
|
|
|
|
|
|
|
| ||
|
Catalent Pharma Solutions Inc., Senior Notes |
|
9.500% |
|
4/15/15 |
|
465,720 |
|
477,456 |
| ||
|
TOTAL HEALTH CARE |
|
|
|
|
|
|
|
1,478,706 |
| ||
|
INDUSTRIALS — 0.9% |
|
|
|
|
|
|
|
|
| ||
|
Machinery — 0.9% |
|
|
|
|
|
|
|
|
| ||
|
Briggs & Stratton Corp. |
|
6.875% |
|
12/15/20 |
|
1,050,000 |
|
1,193,063 |
| ||
|
MATERIALS — 0.9% |
|
|
|
|
|
|
|
|
| ||
|
Chemicals — 0.1% |
|
|
|
|
|
|
|
|
| ||
|
Omnova Solutions Inc., Senior Notes |
|
7.875% |
|
11/1/18 |
|
188,000 |
|
194,815 |
| ||
|
Containers & Packaging — 0.8% |
|
|
|
|
|
|
|
|
| ||
|
Berry Plastics Corp. |
|
4.183% |
|
9/15/14 |
|
1,000,000 |
|
1,005,000 |
(c) | ||
|
TOTAL MATERIALS |
|
|
|
|
|
|
|
1,199,815 |
| ||
|
TELECOMMUNICATION SERVICES — 0.4% |
|
|
|
|
|
|
|
|
| ||
|
Diversified Telecommunication Services — 0.4% |
|
|
|
|
|
|
|
|
| ||
|
Intelsat Jackson Holdings SA, Senior Notes |
|
7.250% |
|
10/15/20 |
|
500,000 |
|
545,625 |
| ||
|
UTILITIES — 1.3% |
|
|
|
|
|
|
|
|
| ||
|
Independent Power Producers & Energy Traders— 1.3% |
|
|
|
|
|
|
| ||||
|
NRG Energy Inc., Senior Notes |
|
7.625% |
|
1/15/18 |
|
1,500,000 |
|
1,672,500 |
| ||
|
TOTAL CORPORATE BONDS & NOTES (Cost — $7,844,964) |
|
|
|
|
|
8,474,879 |
| ||||
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
SHARES |
|
|
| ||
|
COMMON STOCKS — 0.9% |
|
|
|
|
|
|
|
|
| ||
|
CONSUMER DISCRETIONARY — 0.1% |
|
|
|
|
|
|
|
|
| ||
|
Automobiles — 0.1% |
|
|
|
|
|
|
|
|
| ||
|
Mark IV LLC - Class A Shares |
|
|
|
|
|
4,912 |
|
128,326 |
*(d) | ||
|
ENERGY — 0.8% |
|
|
|
|
|
|
|
|
| ||
|
Oil, Gas & Consumable Fuels — 0.8% |
|
|
|
|
|
|
|
|
| ||
|
SemGroup Corp., Class A Shares |
|
|
|
|
|
24,938 |
|
974,577 |
* | ||
|
TOTAL COMMON STOCKS (Cost — $687,306) |
|
|
|
1,102,903 |
| ||||||
|
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost — $182,302,609) |
|
185,358,180 |
| ||||||||
See Notes to Schedule of Investments.
LMP CORPORATE LOAN FUND INC.
Schedule of investments (unaudited) (cont’d)
December 31, 2012
|
SECURITY |
|
RATE |
|
MATURITY |
|
FACE |
|
VALUE |
| ||
|
SHORT-TERM INVESTMENTS — 10.1% |
|
|
|
|
|
|
|
|
| ||
|
Repurchase Agreements — 10.1% |
|
|
|
|
|
|
|
|
| ||
|
Barclays Capital Inc. repurchase agreement dated 12/31/12; Proceeds at maturity - $10,000,089; (Fully collateralized by U.S. government obligations, 0.250% due 9/15/15; Market Value - $10,199,667) |
|
0.160% |
|
1/2/13 |
|
$ |
10,000,000 |
|
$ |
10,000,000 |
|
|
State Street Bank & Trust Co. repurchase agreement dated 12/31/12; Proceeds at maturity - $2,899,002; (Fully collateralized by U.S. government agency obligations, 2.000% due 1/30/23; Market value - $2,961,324) |
|
0.010% |
|
1/2/13 |
|
2,899,000 |
|
2,899,000 |
| ||
|
TOTAL SHORT-TERM INVESTMENTS (Cost — $12,899,000) |
|
|
|
|
|
12,899,000 |
| ||||
|
TOTAL INVESTMENTS — 154.9% (Cost — $195,201,609#) |
|
|
|
|
|
198,257,180 |
| ||||
|
Auction Rate Cumulative Preferred Stock, at Liquidation Value — (27.3)% |
|
|
|
|
|
|
|
(35,000,000 |
) | ||
|
Liabilities in Excess of Other Assets — (27.5)% |
|
|
|
|
|
|
|
(35,253,284 |
) | ||
|
TOTAL NET ASSETS — 100.0% |
|
|
|
|
|
|
|
$ |
128,003,896 |
| |
|
* |
Non-income producing security. | |
|
(a) |
Interest rates disclosed represent the effective rates on collateralized and uncollateralized senior loans. Ranges in interest rates are attributable to multiple contracts under the same loan. | |
|
(b) |
All or a portion of this loan is unfunded as of December 31, 2012. The interest rate for fully unfunded term loans is to be determined. | |
|
(c) |
Variable rate security. Interest rate disclosed is as of the most recent information available. | |
|
(d) |
Security is valued in good faith in accordance with procedures approved by the Board of Directors (See Note 1). | |
|
# |
Aggregate cost for federal income tax purposes is substantially the same. | |
|
|
| |
|
|
Abbreviations used in this schedule: | |
|
|
Second Lien |
- Subordinate Lien to First Lien |
|
|
Term |
- Term loan typically with a First Lien on specified assets |
See Notes to Schedule of Investments.
Notes to schedule of investments (unaudited)
1. Organization and significant accounting policies
LMP Corporate Loan Fund Inc. (the “Fund”) was incorporated in Maryland and is registered as a non-diversified, closed-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). The Fund’s investment objective is to maximize current income consistent with prudent efforts to preserve capital.
The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles (“GAAP”).
(a) Investment valuation. The valuations for fixed income securities are typically the prices supplied by independent third party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third party pricing services use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. Short-term fixed income securities that will mature in 60 days or less are valued at amortized cost, unless it is determined that using this method would not reflect an investment’s fair value. Equity securities for which market quotations are available are valued at the last reported sales price or official closing price on the primary market or exchange on which they trade. If independent third party pricing services are unable to supply prices for a portfolio investment, or if the prices supplied are deemed by the manager to be unreliable, the market price may be determined by the manager using quotations from one or more broker/dealers or at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. When reliable prices are not readily available, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the Fund calculates its net asset value, the Fund values these securities as determined in accordance with procedures approved by the Fund’s Board of Directors.
The Board of Directors is responsible for the valuation process and has delegated the supervision of the daily valuation process to the Legg Mason North American Fund Valuation Committee (the “Valuation Committee”). The Valuation Committee, pursuant to the policies adopted by the Board of Directors, is responsible for making fair value determinations, evaluating the effectiveness of the Fund’s pricing policies, and reporting to the Board of Directors. When determining the reliability of third party pricing information for investments owned by the Fund, the Valuation Committee, among other things, conducts due diligence reviews of pricing vendors, monitors the daily change in prices and reviews transactions among market participants.
The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the issuer’s financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts’ research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.
For each portfolio security that has been fair valued pursuant to the policies adopted by the Board of Directors, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such back testing monthly and fair valuation occurrences are reported to the Board of Directors quarterly.
The Fund uses valuation techniques to measure fair value that are consistent with the market approach and/or income approach, depending on the type of security and the particular circumstance. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable securities. The income approach uses valuation techniques to discount estimated future cash flows to present value.
GAAP establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below:
· Level 1—quoted prices in active markets for identical investments
Notes to schedule of investments (unaudited) (continued)
· Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
· Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used in valuing the Fund’s assets carried at fair value:
|
ASSETS | |||||||||||||
|
|
|
QUOTED |
|
OTHER |
|
SIGNIFICANT |
|
|
| ||||
|
DESCRIPTION |
|
(LEVEL 1) |
|
(LEVEL 2) |
|
(LEVEL 3) |
|
TOTAL |
| ||||
|
Long-term investments†: |
|
|
|
|
|
|
|
|
| ||||
|
Collateralized senior loans |
|
— |
|
$ |
175,780,398 |
|
— |
|
$ |
175,780,398 |
| ||
|
Corporate bonds & notes |
|
— |
|
8,474,879 |
|
— |
|
8,474,879 |
| ||||
|
Common stocks: |
|
|
|
|
|
|
|
|
| ||||
|
Consumer discretionary |
|
— |
|
— |
|
$ |
128,326 |
|
128,326 |
| |||
|
Energy |
|
$ |
974,577 |
|
— |
|
— |
|
974,577 |
| |||
|
Total long-term investments |
|
$ |
974,577 |
|
$ |
184,255,277 |
|
$ |
128,326 |
|
$ |
185,358,180 |
|
|
Short-term investments† |
|
|
|
12,899,000 |
|
— |
|
12,899,000 |
| ||||
|
Total investments |
|
$ |
974,577 |
|
$ |
197,154,277 |
|
$ |
128,326 |
|
$ |
198,257,180 |
|
†See Schedule of Investments for additional detailed categorizations.
(b) Repurchase agreements. The Fund may enter into repurchase agreements with institutions that its investment adviser has determined are creditworthy. Each repurchase agreement is recorded at cost. Under the terms of a typical repurchase agreement, the Fund acquires a debt security subject to an obligation of the seller to repurchase, and of the Fund to resell, the security at an agreed-upon price and time, thereby determining the yield during the Fund’s holding period. When entering into repurchase agreements, it is the Fund’s policy that its custodian or a third party custodian, acting on the Fund’s behalf, take possession of the underlying collateral securities, the market value of which, at all times, at least equals the principal amount of the repurchase transaction, including accrued interest. To the extent that any repurchase transaction maturity exceeds one business day, the value of the collateral is marked-to-market and measured against the value of the agreement in an effort to ensure the adequacy of the collateral. If the counterparty defaults, the Fund generally has the right to use the collateral to satisfy the terms of the repurchase transaction. However, if the market value of the collateral declines during the period in which the Fund seeks to assert its rights or if bankruptcy proceedings are commenced with respect to the seller of the security, realization of the collateral by the Fund may be delayed or limited.
(c) Senior loans. Senior Loans generally are arranged through private negotiations between a borrower and several financial institutions (“Lenders”) represented in each case by one or more such Lenders acting as agent of the Lenders. On behalf of the Lenders, the agent will be primarily responsible for negotiating the loan agreement that establishes the relative terms and conditions of the Senior Loan and rights of the borrower and the Lenders. Also, an agent typically administers the terms of the loan agreement and is responsible for the monitoring of collateral and collection of principal and interest and fee payments from the borrower and the apportionment of these payments to the credit of all investors which are parties to the loan agreement. The Fund may act as one of the group of Lenders in a Senior Loan, and purchase assignments and participations in Senior Loans from third parties. Senior Loans are subject to credit risks, including the risk of nonpayment of scheduled interest or loan payments.
The Fund assumes the credit risk of the borrower, the lender that is selling the participation and any other persons interpositioned between the Fund and the borrower. In the event of the insolvency of the lender selling the participation, the Fund may be treated as a general creditor of the lender and may not benefit from any off-set between the lender and the borrower.
(d) Security transactions. Security transactions are accounted for on a trade date basis.
Notes to schedule of investments (unaudited) (continued)
2. Investments
At December 31, 2012, the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were substantially as follows:
|
Gross unrealized appreciation |
|
$ |
3,862,983 |
|
|
Gross unrealized depreciation |
|
(807,412 |
) | |
|
Net unrealized appreciation |
|
$ |
3,055,571 |
|
3. Derivative instruments and hedging activities
GAAP requires enhanced disclosure about an entity’s derivative and hedging activities.
During the period ended December 31, 2012, the Fund did not invest in any derivative instruments.
ITEM 2. CONTROLS AND PROCEDURES.
(a) The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a- 3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s last fiscal quarter that have materially affected, or are likely to materially affect the registrant’s internal control over financial reporting.
ITEM 3. EXHIBITS.
Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940, as amended, are attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
|
LMP Corporate Loan Fund Inc. |
| |
|
|
| |
|
|
| |
|
By |
/s/ R. Jay Gerken |
|
|
|
R. Jay Gerken |
|
|
|
Chief Executive Officer |
|
|
|
| |
|
Date: February 28, 2013 |
| |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
|
By |
/s/ R. Jay Gerken |
|
|
|
R. Jay Gerken |
|
|
|
Chief Executive Officer |
|
|
|
| |
|
Date: February 28, 2013 |
| |
|
By |
/s/ Richard F. Sennett |
|
|
|
Richard F. Sennett |
|
|
|
Principal Financial Officer |
|
|
|
| |
|
Date: February 28, 2013 |
| |