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
Western Asset Corporate Loan Fund Inc.
(Exact name of registrant as specified in charter)
620 Eighth Avenue, 49th Floor, New York, NY 10018
(Address of principal executive offices) (Zip code)
Robert I. Frenkel, Esq.
Legg Mason & Co., LLC
100 First Stamford Place
Stamford, CT 06902
(Name and address of agent for service)
Registrants telephone number, including area code: (888)-777-0102
Date of fiscal year end: September 30
Date of reporting period: December 31, 2017
ITEM 1. | SCHEDULE OF INVESTMENTS. |
WESTERN ASSET CORPORATE LOAN FUND INC.
FORM N-Q
DECEMBER 31, 2017
WESTERN ASSET CORPORATE LOAN FUND INC.
Schedule of investments (unaudited) | December 31, 2017 |
SECURITY |
RATE | MATURITY DATE |
FACE AMOUNT |
VALUE | ||||||||||||
SENIOR LOANS - 133.8% | ||||||||||||||||
Basic Industry(a)(b) - 4.1% |
||||||||||||||||
Atlas Iron Ltd., Capex Term Loan B (1 mo. LIBOR + 4.330% Cash, + 3.000% PIK) |
8.899 | % | 5/6/21 | $ | 588,051 | $ | 558,648 | (c)(d)(e) | ||||||||
Foresight Energy LLC, 2017 First Lien Term Loan (3 mo. LIBOR + 5.750%) |
7.443 | % | 3/28/22 | 504,532 | 473,629 | (e) | ||||||||||
H.B. Fuller Co., 2017 Term Loan B (1 mo. LIBOR + 2.250%) |
3.751 | % | 10/20/24 | 877,800 | 881,945 | (e) | ||||||||||
Murray Energy Corp., Term Loan B2 (3 mo. LIBOR + 7.250%) |
8.943 | % | 4/16/20 | 599,106 | 531,582 | (e) | ||||||||||
PQ Corp., 2017 USD Term Loan (3 mo. LIBOR + 3.250%) |
4.630 | % | 11/4/22 | 894,253 | 902,776 | (e) | ||||||||||
Vantage Specialty Chemicals Inc., 2017 First Lien Term Loan (3 mo. LIBOR + 4.000%) |
5.371 | % | 10/5/24 | 1,250,000 | 1,260,677 | (e) | ||||||||||
|
|
|||||||||||||||
Total Basic Industry |
4,609,257 | |||||||||||||||
|
|
|||||||||||||||
Capital Goods(a)(b) - 14.1% |
||||||||||||||||
American Builders & Contractors Supply Co. Inc., 2017 Term Loan B (1 mo. LIBOR + 2.500%) |
4.069 | % | 10/31/23 | 381,698 | 383,864 | (e) | ||||||||||
Beacon Roofing Supply Inc., 2017 Term Loan B |
| 8/23/24 | 440,000 | 441,846 | (f) | |||||||||||
Berry Plastics Group Inc., Term Loan M (1 mo. LIBOR + 2.250%) |
3.682 - 3.819 | % | 10/1/22 | 651,386 | 654,643 | (e) | ||||||||||
Berry Plastics Group Inc., Term Loan N (1 mo. LIBOR + 2.250%) |
3.682 | % | 1/19/24 | 277,900 | 279,405 | (e) | ||||||||||
BWAY Holding Co., 2017 Term Loan B (3 mo. LIBOR + 3.250%) |
4.599 | % | 4/3/24 | 1,074,600 | 1,080,477 | (e) | ||||||||||
Casella Waste Systems Inc., 2017 Term Loan B (1 mo. LIBOR + 2.500%) |
3.991 | % | 10/17/23 | 762,300 | 766,588 | (e) | ||||||||||
Core & Main LP, 2017 Term Loan B (6 mo. LIBOR + 3.000%) |
4.455 | % | 8/1/24 | 740,000 | 745,550 | (e) | ||||||||||
Flex Acquisition Co. Inc., First Lien Term Loan (3 mo. LIBOR + 3.000%) |
4.335 | % | 12/29/23 | 917,694 | 923,813 | (e) | ||||||||||
Forterra Finance LLC, 2017 Term Loan B (1 mo. LIBOR + 3.000%) |
4.569 | % | 10/25/23 | 953,670 | 895,343 | (e) | ||||||||||
GYP Holdings III Corp., 2017 Term Loan B (3 mo. LIBOR + 3.000%) |
4.380 | % | 4/1/23 | 1,501,552 | 1,509,528 | (e) | ||||||||||
Printpack Holdings Inc., 2016 Term Loan (1 mo. LIBOR + 3.000%) |
4.625 | % | 7/26/23 | 795,821 | 801,789 | (c)(e) | ||||||||||
Quikrete Holdings Inc., 2016 First Lien Term Loan (1 mo. LIBOR + 2.750%) |
4.319 | % | 11/15/23 | 1,471,293 | 1,476,095 | (e)(f) | ||||||||||
Reynolds Group Holdings Inc., USD 2017 Term Loan (1 mo. LIBOR + 2.750%) |
4.319 | % | 2/5/23 | 1,239,813 | 1,247,283 | (e) | ||||||||||
Ring Container Technologies Group LLC, First Lien Term Loan (1 mo. LIBOR + 2.750%) |
4.319 | % | 10/31/24 | 590,000 | 591,844 | (e) | ||||||||||
TransDigm Inc., 2017 Extended Term Loan F |
4.319 - 4.443 | % | 6/9/23 | 947,625 | 950,391 | (e) | ||||||||||
TransDigm Inc., 2017 Term Loan E (1 mo. LIBOR + 2.750%) |
4.319 | % | 5/14/22 | 815,961 | 819,361 | (e)(f) | ||||||||||
Ventia Deco LLC, 2016 Term Loan B (3 mo. LIBOR + 3.500%) |
5.193 | % | 5/21/22 | 353,304 | 358,603 | (c)(e) |
See Notes to Schedule of Investments.
1
WESTERN ASSET CORPORATE LOAN FUND INC.
Schedule of investments (unaudited) (contd) | December 31, 2017 |
SECURITY |
RATE | MATURITY DATE |
FACE AMOUNT |
VALUE | ||||||||||||
Capital Goods(a)(b) - (continued) |
||||||||||||||||
WP CPP Holdings LLC, New Second Lien Term Loan (3 mo. LIBOR + 7.750%) |
9.130 | % | 4/30/21 | $ | 492,500 | $ | 490,038 | (e) | ||||||||
WP CPP Holdings LLC, Term Loan B3 (3 mo. LIBOR + 3.500%) |
4.881 | % | 12/28/19 | 1,022,730 | 1,023,050 | (e) | ||||||||||
Wrangler Buyer Corp., Term Loan B (1 mo. LIBOR + 3.000%) |
4.569 | % | 9/27/24 | 510,000 | 513,916 | (e) | ||||||||||
|
|
|||||||||||||||
Total Capital Goods |
15,953,427 | |||||||||||||||
|
|
|||||||||||||||
Communications(a)(b) - 17.7% |
||||||||||||||||
Ancestry.com Operations Inc., 2017 First Lien Term Loan (1 mo. LIBOR + 3.250%) |
4.660 | % | 10/19/23 | 1,347,090 | 1,356,351 | (e) | ||||||||||
CBS Radio Inc., 2017 Term Loan B (3 mo. LIBOR + 2.750%) |
4.172 | % | 11/17/24 | 1,978,986 | 1,992,591 | (e) | ||||||||||
CenturyLink Inc., 2017 Term Loan B (1 mo. LIBOR + 2.750%) |
4.319 | % | 1/31/25 | 1,040,000 | 1,005,271 | (e) | ||||||||||
Charter Communications Operating LLC, 2017 Term Loan B |
| 4/13/25 | 419,934 | 420,722 | (f) | |||||||||||
CSC Holdings LLC, 2017 First Lien Term Loan (1 mo. LIBOR + 2.250%) |
3.741 | % | 7/17/25 | 502,786 | 501,403 | (e) | ||||||||||
Intelsat Jackson Holdings S.A., 2017 Term Loan B3 |
| 11/27/23 | 230,000 | 225,687 | (f) | |||||||||||
Level 3 Financing Inc., 2017 Term Loan B (3 mo. LIBOR + 2.250%) |
3.696 | % | 2/22/24 | 1,300,000 | 1,301,625 | (e) | ||||||||||
Lions Gate Entertainment Corp., 2017 Term Loan B (1 mo. LIBOR + 2.250%) |
3.819 | % | 12/8/23 | 764,500 | 767,367 | (e) | ||||||||||
Numericable Group SA, USD Term Loan B11 (3 mo. LIBOR + 2.750%) |
4.130 | % | 7/31/25 | 687,000 | 658,661 | (e) | ||||||||||
Numericable Group SA, USD Term Loan B12 (3 mo. LIBOR + 3.000%) |
4.349 | % | 1/31/26 | 700,000 | 676,958 | (e) | ||||||||||
Radio One Inc., 2017 Term Loan B (3 mo. LIBOR + 4.000%) |
5.700 | % | 4/18/23 | 1,231,947 | 1,238,107 | (c)(e)(f) | ||||||||||
Sinclair Television Group Inc., 2017 Term Loan B |
| 5/10/24 | 1,110,000 | 1,110,340 | (f) | |||||||||||
Telenet International Finance Sarl, USD Term Loan AL |
| 3/2/26 | 610,000 | 612,669 | (f) | |||||||||||
Telesat Canada, Term Loan B4 (3 mo. LIBOR + 3.000%) |
4.700 | % | 11/17/23 | 506,458 | 509,702 | (e) | ||||||||||
Unitymedia Finance LLC, Term Loan B (1 mo. LIBOR + 2.250%) |
3.727 | % | 9/30/25 | 680,000 | 681,397 | (e)(f) | ||||||||||
Univision Communications Inc., Term Loan C5 (1 mo. LIBOR + 2.750%) |
4.319 | % | 3/15/24 | 2,103,001 | 2,099,188 | (e) | ||||||||||
UPC Financing Partnership, USD Term Loan AR (1 mo. LIBOR + 2.500%) |
3.977 | % | 1/15/26 | 1,680,000 | 1,681,208 | (e) | ||||||||||
Virgin Media Bristol LLC, 2017 USD Term Loan |
| 1/15/26 | 1,960,000 | 1,962,450 | (f) | |||||||||||
Windstream Services LLC, Repriced Term Loan B6 (1 mo. LIBOR + 4.000%) |
5.500 | % | 3/29/21 | 406,046 | 382,445 | (e) | ||||||||||
Ziggo Secured Finance Partnership, USD Term Loan E (1 mo. LIBOR + 2.500%) |
3.977 | % | 4/15/25 | 900,000 | 894,134 | (e) | ||||||||||
|
|
|||||||||||||||
Total Communications |
20,078,276 | |||||||||||||||
|
|
|||||||||||||||
Consumer Cyclical(a)(b) - 33.5% |
||||||||||||||||
1011778 B.C. Unlimited Liability Co., Term Loan B3 |
3.819 - 3.943 | % | 2/16/24 | 816,186 | 817,079 | (e) | ||||||||||
Academy Ltd., 2015 Term Loan B (3 mo. LIBOR + 4.000%) |
5.495 - 5.569 | % | 7/1/22 | 1,120,925 | 885,531 | (c)(e) |
See Notes to Schedule of Investments.
2
WESTERN ASSET CORPORATE LOAN FUND INC.
Schedule of investments (unaudited) (contd) | December 31, 2017 |
SECURITY |
RATE | MATURITY DATE |
FACE AMOUNT |
VALUE | ||||||||||||
Consumer Cyclical(a)(b) - (continued) |
||||||||||||||||
Advantage Sales & Marketing Inc., 2014 First Lien Term Loan (3 mo. LIBOR + 3.250%) |
4.628 | % | 7/23/21 | $ | 1,038,494 | $ | 1,015,344 | (e) | ||||||||
American Axle & Manufacturing Inc., Term Loan B (1 mo. LIBOR + 2.250%) |
3.620 - 3.810 | % | 4/6/24 | 531,900 | 533,762 | (e) | ||||||||||
AP NMT Acquisition BV, USD First Lien Term Loan (3 mo. LIBOR + 5.750%) |
7.085 | % | 8/13/21 | 798,607 | 791,619 | (e) | ||||||||||
Aristocrat Leisure Ltd., 2017 Repriced Term Loan |
| 10/19/24 | 460,000 | 461,006 | (f) | |||||||||||
Bass Pro Group LLC, Term Loan B (1 mo. LIBOR + 5.000%) |
6.569 | % | 9/25/24 | 1,257,666 | 1,253,932 | (e)(f) | ||||||||||
BJs Wholesale Club Inc., 2017 First Lien Term Loan (2 mo. LIBOR + 3.500%) |
4.953 | % | 2/3/24 | 841,380 | 828,998 | (e) | ||||||||||
Boyd Gaming Corp., Term Loan B3 (1 Week LIBOR + 2.500%) |
3.975 | % | 9/15/23 | 659,351 | 663,833 | (e) | ||||||||||
Brickman Group Ltd. LLC, First Lien Term Loan (1 mo. LIBOR + 3.000%) |
4.380 - 4.491 | % | 12/18/20 | 845,398 | 851,034 | (e) | ||||||||||
Caesars Entertainment Operating Co., Exit Term Loan (1 mo. LIBOR + 2.500%) |
4.069 | % | 10/6/24 | 530,000 | 531,193 | (e) | ||||||||||
Caesars Resort Collection LLC, 2017 First Lien Term Loan B (3 mo. LIBOR + 2.750%) |
4.336 | % | 9/27/24 | 1,900,000 | 1,910,213 | (c)(e) | ||||||||||
CCM Merger Inc., New Term Loan B (1 mo. LIBOR + 2.750%) |
4.319 | % | 8/8/21 | 765,361 | 769,283 | (e) | ||||||||||
CEC Entertainment Inc., Term Loan B (1 mo. LIBOR + 3.250%) |
4.819 | % | 2/14/21 | 998,113 | 943,715 | (e) | ||||||||||
CityCenter Holdings LLC, 2017 Term Loan B (1 mo. LIBOR + 2.500%) |
4.069 | % | 4/18/24 | 507,450 | 510,384 | (e) | ||||||||||
Crossmark Holdings Inc., First Lien Term Loan (3 mo. LIBOR + 3.500%) |
5.193 | % | 12/20/19 | 522,418 | 250,108 | (e) | ||||||||||
CWGS Group LLC, 2016 Term Loan (1 mo. LIBOR + 3.000%) |
4.392 - 4.569 | % | 11/8/23 | 1,190,651 | 1,199,952 | (e) | ||||||||||
Dollar Tree Inc., Term Loan B2 |
4.250 | % | 7/6/22 | 260,000 | 261,138 | (c) | ||||||||||
Equinox Holdings Inc., 2017 First Lien Term Loan (1 mo. LIBOR + 3.000%) |
4.569 | % | 3/8/24 | 854,300 | 863,377 | (e) | ||||||||||
Equinox Holdings Inc., 2017 Second Lien Term Loan (1 mo. LIBOR + 7.000%) |
8.569 | % | 9/6/24 | 420,000 | 434,350 | (e) | ||||||||||
Fitness International LLC, Term Loan B (3 mo. LIBOR + 3.250%) |
5.193 | % | 7/1/20 | 1,316,160 | 1,335,354 | (e) | ||||||||||
Four Seasons Hotels Ltd., New First Lien Term Loan (1 mo. LIBOR + 2.500%) |
4.069 | % | 11/30/23 | 822,647 | 828,473 | (e)(f) | ||||||||||
Garda World Security Corp., 2017 Term Loan |
4.968 - 7.000 | % | 5/24/24 | 1,178,864 | 1,186,232 | (e) | ||||||||||
Gateway Casinos & Entertainment Ltd., Term Loan B1 (3 mo. LIBOR + 3.750%) |
5.443 | % | 2/22/23 | 626,850 | 633,707 | (e) | ||||||||||
Golden Nugget Inc., 2017 Incremental Term Loan (2 mo. LIBOR + 3.250%) |
4.656 - 4.857 | % | 10/4/23 | 1,327,872 | 1,339,372 | (e)(f) | ||||||||||
Greektown Holdings LLC, 2017 Term Loan B (1 mo. LIBOR + 2.750%) |
4.319 | % | 3/21/24 | 507,450 | 507,608 | (e) | ||||||||||
Hilton Worldwide Finance LLC, Term Loan B2 (1 mo. LIBOR + 2.000%) |
3.552 | % | 10/25/23 | 345,889 | 348,011 | (e) | ||||||||||
Intrawest Resorts Holdings Inc., Term Loan B1 (1 mo. LIBOR + 3.250%) |
4.819 | % | 7/31/24 | 1,390,000 | 1,401,294 | (e) |
See Notes to Schedule of Investments.
3
WESTERN ASSET CORPORATE LOAN FUND INC.
Schedule of investments (unaudited) (contd) | December 31, 2017 |
SECURITY |
RATE | MATURITY DATE |
FACE AMOUNT |
VALUE | ||||||||||||
Consumer Cyclical(a)(b) - (continued) |
||||||||||||||||
J.C. Penney Corp. Inc., 2016 Term Loan B (3 mo. LIBOR + 4.250%) |
5.729 | % | 6/23/23 | $ | 421,755 | $ | 395,395 | (e) | ||||||||
Jo-Ann Stores Inc., 2016 Term Loan (3 mo. LIBOR + 5.000%) |
6.551 | % | 10/20/23 | 850,581 | 821,609 | (e) | ||||||||||
La Quinta Intermediate Holdings LLC, Term Loan B (3 mo. LIBOR + 2.750%) |
4.109 | % | 4/14/21 | 821,292 | 826,425 | (e) | ||||||||||
Lakeland Tours LLC, 2017 Delayed Draw Term Loan |
| 12/6/24 | 23,587 | 23,847 | (c)(f) | |||||||||||
Lakeland Tours LLC, 2017 Frist Lien Term Loan B |
| 12/6/24 | 286,413 | 289,575 | (c)(f) | |||||||||||
Leslies Poolmart Inc., 2016 Term Loan (2 mo. LIBOR + 3.750%) |
5.374 | % | 8/16/23 | 1,042,673 | 1,041,695 | (e) | ||||||||||
Michaels Stores Inc., 2016 Term Loan B1 (1 mo. LIBOR + 2.750%) |
4.210 - 4.319 | % | 1/30/23 | 696,562 | 697,723 | (e) | ||||||||||
Mohegan Tribal Gaming Authority, 2016 Term Loan B |
5.569 - 7.500 | % | 10/13/23 | 824,809 | 832,541 | (e) | ||||||||||
Monitronics International Inc., Term Loan B2 (3 mo. LIBOR + 5.500%) |
7.193 | % | 9/30/22 | 936,359 | 930,507 | (e) | ||||||||||
Petco Animal Supplies Inc., 2017 Term Loan B (3 mo. LIBOR + 3.000%) |
4.380 | % | 1/26/23 | 559,764 | 426,120 | (e) | ||||||||||
PetSmart Inc., Term Loan B2 (1 mo. LIBOR + 3.000%) |
4.570 | % | 3/11/22 | 1,297,504 | 1,045,708 | (e) | ||||||||||
Rentpath Inc., 2017 Term Loan (1 mo. LIBOR + 4.750%) |
6.320 | % | 12/17/21 | 268,206 | 269,491 | (e) | ||||||||||
Scientific Games International Inc., 2017 Term Loan B4 |
4.673 - 4.819 | % | 8/14/24 | 1,157,100 | 1,168,671 | (e) | ||||||||||
Staples Inc., 2017 Term Loan B (3 mo. LIBOR + 4.000%) |
5.489 | % | 9/12/24 | 310,000 | 303,916 | (e) | ||||||||||
Station Casinos LLC, 2016 Term Loan B (1 mo. LIBOR + 2.500%) |
4.060 | % | 6/8/23 | 707,935 | 710,191 | (e) | ||||||||||
TOMS Shoes LLC, Term Loan B (3 mo. LIBOR + 5.500%) |
6.980 | % | 10/28/20 | 1,031,330 | 600,750 | (e) | ||||||||||
Trans Union LLC, Term Loan B3 (1 mo. LIBOR + 2.000%) |
3.569 | % | 4/10/23 | 757,847 | 761,778 | (e) | ||||||||||
UFC Holdings LLC, First Lien Term Loan (1 mo. LIBOR + 3.250%) |
4.810 | % | 8/18/23 | 952,270 | 958,296 | (e) | ||||||||||
UFC Holdings LLC, Second Lien Term Loan (1 mo. LIBOR + 7.500%) |
9.052 | % | 8/18/24 | 830,000 | 846,185 | (e) | ||||||||||
Weight Watchers International Inc., 2017 Term Loan B (1 mo. LIBOR + 4.750%) |
6.230 | % | 11/29/24 | 980,000 | 987,044 | (e) | ||||||||||
World Triathlon Corp., Term Loan (3 mo. LIBOR + 4.250%) |
5.943 | % | 6/26/21 | 572,956 | 574,389 | (c)(e) | ||||||||||
|
|
|||||||||||||||
Total Consumer Cyclical |
37,867,758 | |||||||||||||||
|
|
|||||||||||||||
Consumer Non-Cyclical(a)(b) - 33.0% |
| |||||||||||||||
Access CIG LLC, First Lien Term Loan (3 mo. LIBOR + 5.000%) |
6.552 | % | 10/18/21 | 1,309,988 | 1,322,542 | (e) | ||||||||||
Acosta Holdco Inc., 2015 Term Loan (1 mo. LIBOR + 3.250%) |
4.819 | % | 9/26/21 | 535,629 | 474,587 | (e) | ||||||||||
Air Medical Group Holdings Inc., 2017 Term Loan B2 |
| 9/7/24 | 260,000 | 261,114 | (f) | |||||||||||
Air Medical Group Holdings Inc., Term Loan B (3 mo. LIBOR + 3.250%) |
4.943 | % | 4/28/22 | 1,677,000 | 1,672,358 | (e) | ||||||||||
Air Methods Corp., 2017 Term Loan B (3 mo. LIBOR + 3.500%) |
5.193 | % | 4/21/24 | 865,427 | 865,833 | (e) |
See Notes to Schedule of Investments.
4
WESTERN ASSET CORPORATE LOAN FUND INC.
Schedule of investments (unaudited) (contd) | December 31, 2017 |
SECURITY |
RATE | MATURITY DATE |
FACE AMOUNT |
VALUE | ||||||||||||
Consumer Non-Cyclical(a)(b) - (continued) |
||||||||||||||||
Akorn Inc., Term Loan B (1 mo. LIBOR + 4.250%) |
5.875 | % | 4/16/21 | $ | 967,428 | $ | 972,265 | (c)(e) | ||||||||
Albany Molecular Research Inc., 2017 First Lien Term Loan (1 mo. LIBOR + 3.250%) |
4.819 | % | 8/30/24 | 1,197,000 | 1,185,030 | (e) | ||||||||||
Albertsons LLC, USD 2017 Term Loan B4 (1 mo. LIBOR + 2.750%) |
4.319 | % | 8/25/21 | 416,609 | 408,954 | (e) | ||||||||||
Albertsons LLC, USD 2017 Term Loan B6 (3 mo. LIBOR + 3.000%) |
4.462 | % | 6/22/23 | 851,598 | 835,524 | (c)(e)(f) | ||||||||||
Anchor Hocking LLC, Exit Term Loan (3 mo. LIBOR + 9.000%) |
10.495 | % | 6/4/18 | 432,316 | 432,316 | (c)(e) | ||||||||||
Aramark Services Inc., 2017 Term Loan B1 (1 mo. LIBOR + 2.000%) |
3.569 | % | 3/11/25 | 1,070,000 | 1,077,356 | (e) | ||||||||||
Catalent Pharma Solutions Inc., USD Term Loan B (1 mo. LIBOR + 2.750%) |
3.819 | % | 5/20/21 | 1,016,944 | 1,022,664 | (e) | ||||||||||
Change Healthcare Holdings Inc., 2017 Term Loan B (1 mo. LIBOR + 2.750%) |
4.319 | % | 3/1/24 | 1,211,106 | 1,214,417 | (e) | ||||||||||
CHG Healthcare Services Inc., 2017 First Lien Term Loan B (1 mo. LIBOR + 3.000%) |
4.476 | % | 6/7/23 | 786,000 | 792,140 | (e) | ||||||||||
Community Health Systems Inc., Term Loan H (3 mo. LIBOR + 3.000%) |
4.479 | % | 1/27/21 | 584,159 | 557,994 | (e) | ||||||||||
CSM Bakery Solutions LLC, First Lien Term Loan (3 mo. LIBOR + 4.000%) |
5.340 | % | 7/3/20 | 777,411 | 768,665 | (e) | ||||||||||
Curo Health Services Holdings Inc., 2015 First Lien Term Loan (3 mo. LIBOR + 4.000%) |
5.413 | % | 2/7/22 | 782,230 | 783,207 | (e) | ||||||||||
Davis Vision Inc., First Lien Term Loan B (3 mo. LIBOR + 3.000%) |
4.490 | % | 11/1/24 | 490,000 | 494,900 | (c)(e) | ||||||||||
Dole Food Co. Inc., 2017 Term Loan B |
4.129 - 6.250 | % | 4/6/24 | 306,125 | 307,249 | (e) | ||||||||||
Envision Healthcare Corp., 2016 Term Loan B (1 mo. LIBOR + 3.000%) |
4.570 | % | 12/1/23 | 831,600 | 834,719 | (e) | ||||||||||
Greatbatch Ltd., 2017 First Lien Term Loan B (1 mo. LIBOR + 3.250%) |
4.660 | % | 10/27/22 | 1,094,279 | 1,104,196 | (e) | ||||||||||
Hearthside Group Holdings LLC, 2017 Replacement Term Loan (1 mo. LIBOR + 3.000%) |
4.569 | % | 6/2/21 | 717,031 | 721,960 | (e) | ||||||||||
Immucor Inc., Extended Term Loan B (1 mo. LIBOR + 5.000%) |
6.569 | % | 6/15/21 | 1,339,793 | 1,364,355 | (e) | ||||||||||
Jaguar Holding Co. II, 2017 Term Loan |
4.319 - 4.443 | % | 8/18/22 | 1,387,287 | 1,391,536 | (e) | ||||||||||
Kingpin Intermediate Holdings LLC, 2017 First Lien Term Loan B (3 mo. LIBOR + 4.250%) |
5.730 | % | 6/28/24 | 1,054,700 | 1,066,539 | (c)(e) | ||||||||||
Lantheus Medical Imaging Inc., 2017 First Lien Term Loan (1 week LIBOR + 3.750%) |
5.097 | % | 6/30/22 | 803,925 | 786,339 | (e) | ||||||||||
Nomad Foods Europe Midco Ltd., 2017 USD Delayed Draw Term Loan B6 |
| 5/15/24 | 70,929 | 71,077 | (f) | |||||||||||
Nomad Foods Europe Midco Ltd., 2017 USD Term Loan B4 |
| 5/15/24 | 82,123 | 82,294 | (f) | |||||||||||
Nomad Foods Europe Midco Ltd., USD Term Loan B2 (1 mo. LIBOR + 2.750%) |
4.227 | % | 5/15/24 | 840,000 | 842,275 | (e) | ||||||||||
Packers Holdings LLC, 2017 Term Loan B (3 mo. LIBOR + 3.250%) |
4.737 | % | 11/3/24 | 610,000 | 612,542 | (e) | ||||||||||
PAREXEL International Corp., Term Loan B (1 mo. LIBOR + 3.000%) |
4.569 | % | 9/27/24 | 947,625 | 953,153 | (e)(f) |
See Notes to Schedule of Investments.
5
WESTERN ASSET CORPORATE LOAN FUND INC.
Schedule of investments (unaudited) (contd) | December 31, 2017 |
SECURITY |
RATE | MATURITY DATE |
FACE AMOUNT |
VALUE | ||||||||||||
Consumer Non-Cyclical(a)(b) - (continued) |
||||||||||||||||
Party City Holdings Inc., 2016 Term Loan (3 mo. LIBOR + 3.000%) |
4.380 - 4.700 | % | 8/19/22 | $ | 895,516 | $ | 899,932 | (e) | ||||||||
PharMerica Corp., First Lien Term Loan (3 mo. LIBOR + 3.500%) |
4.903 | % | 12/6/24 | 930,000 | 935,696 | (e) | ||||||||||
PharMerica Corp., Second Lien Term Loan (3 mo. LIBOR + 7.750%) |
9.153 | % | 12/6/24 | 480,000 | 484,800 | (e) | ||||||||||
Post Holdings Inc., 2017 Series A Incremental Term Loan (1 mo. LIBOR + 2.250%) |
3.820 | % | 5/24/24 | 228,850 | 229,899 | (e) | ||||||||||
RadNet Inc., Reprice Term Loan (3 mo. LIBOR + 3.750%) |
5.110 | % | 6/30/23 | 1,183,162 | 1,192,036 | (e) | ||||||||||
RPI Finance Trust, Term Loan B6 (3 mo. LIBOR + 2.000%) |
3.693 | % | 3/27/23 | 452,612 | 454,956 | (e) | ||||||||||
ServiceMaster Co., 2016 Term Loan B (1 mo. LIBOR + 2.500%) |
4.069 | % | 11/8/23 | 940,877 | 945,969 | (e) | ||||||||||
Shearers Foods Inc., Incremental Term Loan (3 mo. LIBOR + 4.250%) |
5.943 | % | 6/30/21 | 496,203 | 497,753 | (e) | ||||||||||
Shearers Foods Inc., Second Lien Term Loan (3 mo. LIBOR + 6.750%) |
8.443 | % | 6/30/22 | 590,000 | 557,550 | (c)(e) | ||||||||||
Sotera Health Holdings LLC, 2017 Term Loan B (1 mo. LIBOR + 3.000%) |
4.569 | % | 5/15/22 | 1,061,643 | 1,063,191 | (e) | ||||||||||
Spencer Gifts LLC, Term Loan B1 (1 mo. LIBOR + 4.250%) |
5.690 | % | 6/29/22 | 579,419 | 414,285 | (c)(e) | ||||||||||
Surgery Center Holdings Inc., 2017 Term Loan B (1 mo. LIBOR + 3.250%) |
4.820 | % | 9/2/24 | 688,275 | 681,679 | (e) | ||||||||||
U.S. Anesthesia Partners Inc., 2017 Term Loan (1 mo. LIBOR + 3.250%) |
4.819 | % | 6/23/24 | 1,057,685 | 1,061,651 | (c)(e) | ||||||||||
Valeant Pharmaceuticals International Inc., Term Loan B Series F4 (1 mo. LIBOR + 3.500%) |
4.940 | % | 4/1/22 | 935,002 | 950,028 | (e) | ||||||||||
Vizient Inc., 2017 Term Loan B (1 mo. LIBOR + 3.500%) |
5.069 | % | 2/13/23 | 1,416,026 | 1,423,253 | (e) | ||||||||||
WP CityMD Bidco LLC, First Lien Term Loan (3 mo. LIBOR + 4.000%) |
5.693 | % | 6/7/24 | 329,175 | 330,204 | (e) | ||||||||||
|
|
|||||||||||||||
Total Consumer Non-Cyclical |
37,402,982 | |||||||||||||||
|
|
|||||||||||||||
Electric(a)(b) - 4.7% |
| |||||||||||||||
EIF Channelview Cogeneration LLC, Term Loan B (1 mo. LIBOR + 3.250%) |
4.819 | % | 5/8/20 | 243,100 | 232,312 | (e) | ||||||||||
Empire Generating Co., LLC, Term Loan B (3 mo. LIBOR + 4.250%) |
5.630 | % | 3/14/21 | 675,477 | 570,778 | (c)(e) | ||||||||||
Empire Generating Co., LLC, Term Loan C (3 mo. LIBOR + 4.250%) |
5.630 | % | 3/14/21 | 66,783 | 56,431 | (c)(e) | ||||||||||
Energy Future Intermediate Holding Co., LLC, 2017 DIP Term Loan (1 mo. LIBOR + 3.000%) |
4.501 - 4.569 | % | 6/30/18 | 1,360,000 | 1,364,760 | (c)(e) | ||||||||||
Panda Temple Power LLC, 2015 Term Loan B (3 mo. LIBOR + 6.250% PIK) |
7.567 | % | 3/4/22 | 871,711 | 631,991 | *(d)(e)(g) | ||||||||||
Terra-Gen Finance Co., LLC, Term Loan B (1 mo. LIBOR + 4.250%) |
5.820 | % | 12/9/21 | 327,309 | 302,761 | (e) |
See Notes to Schedule of Investments.
6
WESTERN ASSET CORPORATE LOAN FUND INC.
Schedule of investments (unaudited) (contd) | December 31, 2017 |
SECURITY |
RATE | MATURITY DATE |
FACE AMOUNT |
VALUE | ||||||||||||
Electric(a)(b) - (continued) |
||||||||||||||||
TEX Operations Co., LLC, Exit Term Loan B |
3.834 - 4.069 | % | 8/4/23 | $ | 991,448 | $ | 997,025 | (e) | ||||||||
TEX Operations Co., LLC, Exit Term Loan C (3 mo. LIBOR + 2.500%) |
3.834 | % | 8/4/23 | 175,695 | 176,684 | (e) | ||||||||||
TPF II Power LLC, Term Loan B (1 mo. LIBOR + 3.750%) |
5.319 | % | 10/2/23 | 496,869 | 501,837 | (e) | ||||||||||
Vistra Operations Co., LLC, 2016 Term Loan B2 |
4.084 - 4.241 | % | 12/14/23 | 476,394 | 480,265 | (e) | ||||||||||
|
|
|||||||||||||||
Total Electric |
5,314,844 | |||||||||||||||
|
|
|||||||||||||||
Energy - 7.1% |
||||||||||||||||
BCP Raptor LLC, Term Loan B (3 mo. LIBOR + 4.250%) |
5.729 | % | 6/24/24 | 1,234,523 | 1,242,496 | (a)(b)(e) | ||||||||||
BCP Renaissance Parent LLC, 2017 Term Loan B (3 mo. LIBOR + 4.000%) |
5.380 | % | 10/31/24 | 790,000 | 800,698 | (a)(b)(e) | ||||||||||
Chesapeake Energy Corp., Term Loan (3 mo. LIBOR + 7.500%) |
8.954 | % | 8/23/21 | 570,000 | 608,119 | (a)(b)(e) | ||||||||||
Hercules Offshore Inc. (wind-down lender claim) |
| | 71,770 | 61,005 | *(c)(g) | |||||||||||
Houston Fuel Oil Co., LLC, Term Loan B (3 mo. LIBOR + 3.500%) |
5.190 | % | 8/19/21 | 551,475 | 558,368 | (a)(b)(e) | ||||||||||
KCA Deutag U.S. Finance LLC, Term Loan (3 mo. LIBOR + 5.750%) |
7.196 | % | 5/15/20 | 872,295 | 852,669 | (a)(b)(c)(e) | ||||||||||
Medallion Midland Acquisition LLC, First Lien Term Loan (1 mo. LIBOR + 3.250%) |
4.819 | % | 10/30/24 | 900,000 | 902,250 | (a)(b)(e) | ||||||||||
MEG Energy Corp., 2017 Term Loan B (3 mo. LIBOR + 3.500%) |
5.200 | % | 12/31/23 | 1,409,350 | 1,412,983 | (a)(b)(e) | ||||||||||
Navitas Midstream Midland Basin LLC, Term Loan B |
| 12/13/24 | 790,000 | 791,975 | (a)(b)(c)(f) | |||||||||||
Pacific Drilling SA, Term Loan B (3 mo. LIBOR + 3.500%) |
4.875 | % | 6/3/18 | 901,493 | 365,104 | (a)(b)(c)(e) | ||||||||||
Paragon Offshore Finance Co., Takeback Term Loan B (3 mo. LIBOR + 6.000% PIK) |
2.354 | % | 7/18/22 | 17,382 | 14,731 | (a)(b)(d)(e) | ||||||||||
Paragon Offshore Finance Co., Term Loan B (3 mo. PRIME + 1.750%) |
6.000 | % | 7/18/21 | 2,262 | 2,262 | *(a)(b)(c)(e)(g)(h) | ||||||||||
Traverse Midstream Partners LLC, 2017 Term Loan (6 mo. LIBOR + 4.000%) |
5.850 | % | 9/27/24 | 470,000 | 476,874 | (a)(b)(e) | ||||||||||
|
|
|||||||||||||||
Total Energy |
8,089,534 | |||||||||||||||
|
|
|||||||||||||||
Financial Other(a)(b) - 1.4% |
||||||||||||||||
FinCo I LLC, 2017 Term Loan B (1 mo. LIBOR + 2.750%) |
2.750 | % | 6/14/22 | 500,000 | 506,562 | (e) | ||||||||||
PGX Holdings Inc., First Lien Term Loan (1 mo. LIBOR + 5.250%) |
6.820 | % | 9/29/20 | 206,329 | 205,297 | (c)(e) | ||||||||||
VFH Parent LLC, 2017 Term Loan (3 mo. LIBOR + 3.750%) |
5.135 | % | 12/30/21 | 821,739 | 831,840 | (e) | ||||||||||
|
|
|||||||||||||||
Total Financial Other |
1,543,699 | |||||||||||||||
|
|
|||||||||||||||
Industrial Other(a)(b) - 6.4% |
||||||||||||||||
Allflex Holdings III Inc., New First Lien Term Loan (2 mo. LIBOR + 3.250%) |
4.706 | % | 7/20/20 | 405,672 | 408,546 | (e) | ||||||||||
Allflex Holdings III Inc., New Second Lien Term Loan (3 mo. LIBOR + 7.000%) |
8.363 | % | 7/19/21 | 832,906 | 839,673 | (e) |
See Notes to Schedule of Investments.
7
WESTERN ASSET CORPORATE LOAN FUND INC.
Schedule of investments (unaudited) (contd) | December 31, 2017 |
SECURITY |
RATE | MATURITY DATE |
FACE AMOUNT |
VALUE | ||||||||||||
Industrial Other(a)(b) - (continued) |
||||||||||||||||
Laureate Education Inc., 2017 Term Loan B (3 mo. LIBOR + 4.500%) |
5.850 | % | 4/26/24 | $ | 992,500 | $ | 998,909 | (e) | ||||||||
Lineage Logistics Holdings LLC, 2014 Term Loan (1 mo. LIBOR + 3.500%) |
5.069 | % | 4/7/21 | 1,205,376 | 1,210,650 | (e) | ||||||||||
Prime Security Services Borrower LLC, 2016 First Lien Term Loan (1 mo. LIBOR + 2.750%) |
4.319 | % | 5/2/22 | 1,171,030 | 1,180,755 | (e) | ||||||||||
Robertshaw U.S. Holding Corp., First Lien Term Loan (1 mo. LIBOR + 4.500%) |
6.125 | % | 8/10/24 | 349,125 | 352,180 | (c)(e) | ||||||||||
Securus Technologies Holdings Inc., 2017 First Lien Term Loan (2 mo. LIBOR + 4.500%) |
6.123 | % | 11/1/24 | 780,000 | 787,962 | (e) | ||||||||||
U.S. Security Associates Holdings Inc., 2016 Term Loan (3 mo. LIBOR + 4.000%) |
5.693 | % | 7/14/23 | 1,492,500 | 1,512,089 | (e) | ||||||||||
|
|
|||||||||||||||
Total Industrial Other |
7,290,764 | |||||||||||||||
|
|
|||||||||||||||
Insurance(a)(b) - 1.2% |
| |||||||||||||||
MPH Acquisition Holdings LLC, 2016 Term Loan B (3 mo. LIBOR + 3.000%) |
4.693 | % | 6/7/23 | 1,355,793 | 1,360,136 | (e) | ||||||||||
|
|
|||||||||||||||
Property & Real Estate(a)(b) - 0.8% |
| |||||||||||||||
Communications Sales & Leasing Inc., 2017 Term Loan B (1 mo. LIBOR + 3.000%) |
4.569 | % | 10/24/22 | 883,597 | 853,660 | (e) | ||||||||||
|
|
|||||||||||||||
Technology(a)(b) - 7.2% |
| |||||||||||||||
Almonde Inc., USD First Lien Term Loan (3 mo. LIBOR + 3.500%) |
4.979 | % | 6/13/24 | 1,238,225 | 1,243,130 | (e)(f) | ||||||||||
Ascend Learning LLC, 2017 Term Loan B (1 mo. LIBOR + 3.000%) |
4.569 | % | 7/12/24 | 802,988 | 808,809 | (e) | ||||||||||
DigiCert Inc., 2017 Term Loan B1 (3 mo. LIBOR + 4.750%) |
6.130 | % | 10/31/24 | 500,000 | 507,062 | (e) | ||||||||||
Donnelley Financial Solutions Inc., 2017 Term Loan B (1 mo. LIBOR + 3.000%) |
4.552 | % | 10/2/23 | 111,714 | 112,412 | (c)(e) | ||||||||||
First Data Corp., 2024 USD Term Loan (1 mo. LIBOR + 2.250%) |
3.802 | % | 4/26/24 | 829,143 | 830,624 | (c)(e) | ||||||||||
Hyland Software Inc., 2017 First Lien Term Loan (1 mo. LIBOR + 3.250%) |
4.819 | % | 7/1/22 | 407,945 | 411,132 | (e) | ||||||||||
Infinity Acquisition LLC, New Term Loan B (3 mo. LIBOR + 3.000%) |
4.693 | % | 8/6/21 | 895,351 | 894,791 | (e) | ||||||||||
MA FinanceCo., LLC, 2017 Term Loan B2 (1 mo. LIBOR + 2.500%) |
4.069 | % | 11/19/21 | 300,000 | 300,407 | (e) | ||||||||||
MA FinanceCo., LLC, USD Term Loan B3 (1 mo. LIBOR + 2.750%) |
4.319 | % | 6/21/24 | 144,456 | 145,033 | (e) | ||||||||||
Micron Technology Inc., Term Loan (3 mo. LIBOR + 2.000%) |
3.390 | % | 4/26/22 | 279,291 | 282,110 | (e) | ||||||||||
Seattle Spinco Inc., USD Term Loan B3 (1 mo. LIBOR + 2.750%) |
4.319 | % | 6/21/24 | 975,544 | 979,308 | (e) | ||||||||||
Sophia LP, 2017 Term Loan B (3 mo. LIBOR + 3.250%) |
4.943 | % | 9/30/22 | 492,153 | 493,340 | (e) | ||||||||||
Western Digital Corp., 2017 Term Loan B3 (1 mo. LIBOR + 2.000%) |
3.569 | % | 4/29/23 | 498,445 | 501,041 | (c)(e) | ||||||||||
Xerox Business Services LLC, USD Term Loan B (1 mo. LIBOR + 3.000%) |
4.569 | % | 12/7/23 | 594,000 | 598,703 | (e) | ||||||||||
|
|
|||||||||||||||
Total Technology |
8,107,902 | |||||||||||||||
|
|
|||||||||||||||
Transportation(a)(b) - 2.6% |
| |||||||||||||||
American Airlines Inc., 2017 Incremental Term Loan (1 mo. LIBOR + 2.000%) |
3.477 | % | 12/14/23 | 379,368 | 379,754 | (e) | ||||||||||
American Airlines Inc., 2017 Term Loan B (1 mo. LIBOR + 2.000%) |
3.552 | % | 6/26/20 | 507,954 | 509,541 | (e) | ||||||||||
Commercial Barge Line Co., 2015 First Lien Term Loan (1 mo. LIBOR + 8.750%) |
10.319 | % | 11/12/20 | 755,353 | 431,967 | (e) | ||||||||||
Syncreon Global Finance (U.S.) Inc., Term Loan B (3 mo. LIBOR + 4.250%) |
5.630 | % | 10/28/20 | 1,252,161 | 1,101,119 | (e) | ||||||||||
XPO Logistics Inc., 2017 Term Loan B (3 mo. LIBOR + 2.250%) |
3.599 | % | 11/1/21 | 540,257 | 544,184 | (e) | ||||||||||
|
|
|||||||||||||||
Total Transportation |
2,966,565 | |||||||||||||||
|
|
|||||||||||||||
TOTAL SENIOR LOANS |
151,438,804 | |||||||||||||||
|
|
See Notes to Schedule of Investments.
8
WESTERN ASSET CORPORATE LOAN FUND INC.
Schedule of investments (unaudited) (contd) | December 31, 2017 |
SECURITY |
RATE | MATURITY DATE |
FACE AMOUNT |
VALUE | ||||||||||||
CORPORATE BONDS & NOTES - 17.8% | ||||||||||||||||
CONSUMER DISCRETIONARY - 4.9% | ||||||||||||||||
Auto Components - 0.2% |
||||||||||||||||
Adient Global Holdings Ltd., Senior Notes |
4.875 | % | 8/15/26 | $ | 200,000 | $ | 206,500 | (i) | ||||||||
|
|
|||||||||||||||
Diversified Consumer Services - 1.9% |
||||||||||||||||
Prime Security Services Borrower LLC/Prime Finance Inc., Secured Notes |
9.250 | % | 5/15/23 | 2,000,000 | 2,225,000 | (i) | ||||||||||
|
|
|||||||||||||||
Hotels, Restaurants & Leisure - 0.5% |
||||||||||||||||
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., Senior Notes |
4.875 | % | 4/1/27 | 400,000 | 419,500 | |||||||||||
Scientific Games International Inc., Senior Secured Notes |
5.000 | % | 10/15/25 | 120,000 | 120,600 | (i) | ||||||||||
|
|
|||||||||||||||
Total Hotels, Restaurants & Leisure |
540,100 | |||||||||||||||
|
|
|||||||||||||||
Media - 1.6% |
||||||||||||||||
CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes |
5.125 | % | 5/1/27 | 280,000 | 276,500 | (i) | ||||||||||
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes |
3.579 | % | 7/23/20 | 360,000 | 366,927 | |||||||||||
SFR Group SA, Senior Secured Bonds |
6.250 | % | 5/15/24 | 200,000 | 201,250 | (i) | ||||||||||
SFR Group SA, Senior Secured Notes |
7.375 | % | 5/1/26 | 775,000 | 798,250 | (i) | ||||||||||
Urban One Inc., Senior Secured Notes |
7.375 | % | 4/15/22 | 160,000 | 160,400 | (i) | ||||||||||
|
|
|||||||||||||||
Total Media |
1,803,327 | |||||||||||||||
|
|
|||||||||||||||
Textiles, Apparel & Luxury Goods - 0.7% |
||||||||||||||||
Hanesbrands Inc., Senior Notes |
4.625 | % | 5/15/24 | 220,000 | 225,500 | (i) | ||||||||||
Hanesbrands Inc., Senior Notes |
4.875 | % | 5/15/26 | 570,000 | 587,100 | (i) | ||||||||||
|
|
|||||||||||||||
Total Textiles, Apparel & Luxury Goods |
812,600 | |||||||||||||||
|
|
|||||||||||||||
TOTAL CONSUMER DISCRETIONARY |
5,587,527 | |||||||||||||||
|
|
|||||||||||||||
ENERGY - 5.2% | ||||||||||||||||
Energy Equipment & Services - 0.7% |
||||||||||||||||
KCA Deutag UK Finance PLC, Senior Secured Notes |
9.875 | % | 4/1/22 | 680,000 | 724,200 | (i) | ||||||||||
Precision Drilling Corp., Senior Notes |
7.125 | % | 1/15/26 | 130,000 | 132,925 | (i) | ||||||||||
|
|
|||||||||||||||
Total Energy Equipment & Services |
857,125 | |||||||||||||||
|
|
|||||||||||||||
Oil, Gas & Consumable Fuels - 4.5% |
||||||||||||||||
Calumet Specialty Products Partners LP/Calumet Finance Corp., Senior Secured Notes |
11.500 | % | 1/15/21 | 310,000 | 352,625 | (i) | ||||||||||
Carrizo Oil & Gas Inc., Senior Notes |
6.250 | % | 4/15/23 | 410,000 | 427,425 | |||||||||||
Carrizo Oil & Gas Inc., Senior Notes |
8.250 | % | 7/15/25 | 100,000 | 110,375 | |||||||||||
Centennial Resource Production LLC, Senior Notes |
5.375 | % | 1/15/26 | 150,000 | 153,187 | (i) | ||||||||||
Cheniere Corpus Christi Holdings LLC, Senior Secured Notes |
5.125 | % | 6/30/27 | 460,000 | 476,974 | |||||||||||
Continental Resources Inc., Senior Notes |
4.375 | % | 1/15/28 | 400,000 | 395,380 | (i) | ||||||||||
Endeavor Energy Resources LP/EER Finance Inc., Senior Notes |
5.500 | % | 1/30/26 | 410,000 | 418,200 | (i) | ||||||||||
Genesis Energy LP/Genesis Energy Finance Corp., Senior Bonds |
5.625 | % | 6/15/24 | 510,000 | 499,800 | |||||||||||
Magnum Hunter Resources Corp. Escrow |
| | 120,000 | 0 | *(c)(h)(j) | |||||||||||
NGPL PipeCo LLC, Senior Secured Notes |
7.768 | % | 12/15/37 | 720,000 | 891,000 | (i) | ||||||||||
Teine Energy Ltd., Senior Notes |
6.875 | % | 9/30/22 | 1,290,000 | 1,338,375 | (i) | ||||||||||
|
|
|||||||||||||||
Total Oil, Gas & Consumable Fuels |
5,063,341 | |||||||||||||||
|
|
|||||||||||||||
TOTAL ENERGY |
5,920,466 | |||||||||||||||
|
|
|||||||||||||||
FINANCIALS - 2.4% | ||||||||||||||||
Consumer Finance - 0.6% |
||||||||||||||||
Navient Corp., Senior Notes |
5.000 | % | 10/26/20 | 470,000 | 477,638 | |||||||||||
Navient Corp., Senior Notes |
6.125 | % | 3/25/24 | 200,000 | 203,500 | |||||||||||
|
|
|||||||||||||||
Total Consumer Finance |
681,138 | |||||||||||||||
|
|
|||||||||||||||
Diversified Financial Services - 0.9% |
||||||||||||||||
Park Aerospace Holdings Ltd., Senior Notes |
5.250 | % | 8/15/22 | 640,000 | 638,400 | (i) | ||||||||||
Park Aerospace Holdings Ltd., Senior Notes |
4.500 | % | 3/15/23 | 150,000 | 143,625 | (i) | ||||||||||
Park Aerospace Holdings Ltd., Senior Notes |
5.500 | % | 2/15/24 | 200,000 | 199,000 | (i) | ||||||||||
|
|
|||||||||||||||
Total Diversified Financial Services |
981,025 | |||||||||||||||
|
|
See Notes to Schedule of Investments.
9
WESTERN ASSET CORPORATE LOAN FUND INC.
Schedule of investments (unaudited) (contd) | December 31, 2017 |
SECURITY |
RATE | MATURITY DATE |
FACE AMOUNT |
VALUE | ||||||||||||
Thrifts & Mortgage Finance - 0.9% |
||||||||||||||||
Quicken Loans Inc., Senior Notes |
5.750 | % | 5/1/25 | $ | 1,030,000 | $ | 1,071,210 | (i) | ||||||||
|
|
|||||||||||||||
TOTAL FINANCIALS |
2,733,373 | |||||||||||||||
|
|
|||||||||||||||
HEALTH CARE - 0.7% | ||||||||||||||||
Health Care Providers & Services - 0.3% |
||||||||||||||||
HCA Inc., Senior Secured Notes |
5.250 | % | 6/15/26 | 190,000 | 201,875 | |||||||||||
Universal Hospital Services Inc., Secured Notes |
7.625 | % | 8/15/20 | 160,000 | 160,800 | |||||||||||
|
|
|||||||||||||||
Total Health Care Providers & Services |
362,675 | |||||||||||||||
|
|
|||||||||||||||
Pharmaceuticals - 0.4% |
||||||||||||||||
Valeant Pharmaceuticals International Inc., Senior Notes |
9.000 | % | 12/15/25 | 140,000 | 146,258 | (i) | ||||||||||
Valeant Pharmaceuticals International Inc., Senior Secured Notes |
5.500 | % | 11/1/25 | 220,000 | 224,950 | (i) | ||||||||||
|
|
|||||||||||||||
Total Pharmaceuticals |
371,208 | |||||||||||||||
|
|
|||||||||||||||
TOTAL HEALTH CARE |
733,883 | |||||||||||||||
|
|
|||||||||||||||
INDUSTRIALS - 1.7% | ||||||||||||||||
Commercial Services & Supplies - 0.6% |
||||||||||||||||
Brinks Co., Senior Notes |
4.625 | % | 10/15/27 | 420,000 | 412,650 | (i) | ||||||||||
United Rentals North America Inc., Senior Notes |
4.625 | % | 10/15/25 | 80,000 | 80,800 | |||||||||||
United Rentals North America Inc., Senior Notes |
4.875 | % | 1/15/28 | 200,000 | 201,500 | |||||||||||
|
|
|||||||||||||||
Total Commercial Services & Supplies |
694,950 | |||||||||||||||
|
|
|||||||||||||||
Machinery - 0.5% |
||||||||||||||||
Allison Transmission Inc., Senior Notes |
4.750 | % | 10/1/27 | 330,000 | 332,887 | (i) | ||||||||||
Cleaver-Brooks Inc., Senior Secured Notes |
7.875 | % | 3/1/23 | 220,000 | 226,050 | (i) | ||||||||||
|
|
|||||||||||||||
Total Machinery |
558,937 | |||||||||||||||
|
|
|||||||||||||||
Marine - 0.4% |
||||||||||||||||
Navios Maritime Acquisition Corp./Navios Acquisition Finance U.S. Inc., Senior Secured Notes |
8.125 | % | 11/15/21 | 480,000 | 409,200 | (i) | ||||||||||
|
|
|||||||||||||||
Trading Companies & Distributors - 0.2% |
||||||||||||||||
Ashtead Capital Inc., Secured Notes |
4.125 | % | 8/15/25 | 200,000 | 202,250 | (i) | ||||||||||
|
|
|||||||||||||||
TOTAL INDUSTRIALS |
1,865,337 | |||||||||||||||
|
|
|||||||||||||||
MATERIALS - 0.5% | ||||||||||||||||
Chemicals - 0.1% |
||||||||||||||||
Valvoline Inc., Senior Notes |
4.375 | % | 8/15/25 | 170,000 | 171,913 | |||||||||||
|
|
|||||||||||||||
Metals & Mining - 0.4% |
||||||||||||||||
Northwest Acquisitions ULC/Dominion Finco Inc., Secured Notes |
7.125 | % | 11/1/22 | 400,000 | 414,000 | (i) | ||||||||||
|
|
|||||||||||||||
TOTAL MATERIALS |
585,913 | |||||||||||||||
|
|
|||||||||||||||
REAL ESTATE - 0.3% | ||||||||||||||||
Equity Real Estate Investment Trusts (REITs) - 0.3% |
||||||||||||||||
MPT Operating Partnership LP/MPT Finance Corp., Senior Notes |
5.250 | % | 8/1/26 | 260,000 | 270,400 | |||||||||||
MPT Operating Partnership LP/MPT Finance Corp., Senior Notes |
5.000 | % | 10/15/27 | 70,000 | 71,488 | |||||||||||
|
|
|||||||||||||||
TOTAL REAL ESTATE |
341,888 | |||||||||||||||
|
|
|||||||||||||||
TELECOMMUNICATION SERVICES - 1.9% | ||||||||||||||||
Diversified Telecommunication Services - 0.3% |
||||||||||||||||
Intelsat Jackson Holdings SA, Senior Notes |
7.500 | % | 4/1/21 | 130,000 | 118,950 | |||||||||||
Wind Tre SpA, Senior Secured Notes |
5.000 | % | 1/20/26 | 280,000 | 267,680 | (i) | ||||||||||
|
|
|||||||||||||||
Total Diversified Telecommunication Services |
386,630 | |||||||||||||||
|
|
See Notes to Schedule of Investments.
10
WESTERN ASSET CORPORATE LOAN FUND INC.
Schedule of investments (unaudited) (contd) | December 31, 2017 |
SECURITY |
RATE | MATURITY DATE |
FACE AMOUNT |
VALUE | ||||||||||||
Wireless Telecommunication Services - 1.6% |
||||||||||||||||
Sprint Corp., Senior Notes |
7.250 | % | 9/15/21 | $ | 650,000 | $ | 689,812 | |||||||||
Sprint Corp., Senior Notes |
7.875 | % | 9/15/23 | 1,000,000 | 1,067,500 | |||||||||||
|
|
|||||||||||||||
Total Wireless Telecommunication Services |
1,757,312 | |||||||||||||||
|
|
|||||||||||||||
TOTAL TELECOMMUNICATION SERVICES |
2,143,942 | |||||||||||||||
|
|
|||||||||||||||
UTILITIES - 0.2% | ||||||||||||||||
Independent Power and Renewable Electricity Producers - 0.2% |
||||||||||||||||
Mirant Mid Atlantic LLC, Pass-Through Certificates, Secured Bonds |
10.060 | % | 12/30/28 | 272,802 | 276,894 | |||||||||||
|
|
|||||||||||||||
TOTAL CORPORATE BONDS & NOTES |
20,189,223 | |||||||||||||||
|
|
|||||||||||||||
SHARES | ||||||||||||||||
COMMON STOCKS - 2.3% | ||||||||||||||||
CONSUMER DISCRETIONARY - 0.7% | ||||||||||||||||
Automobiles - 0.1% |
||||||||||||||||
Dayco Products LLC |
4,745 | 149,467 | *(c) | |||||||||||||
Dayco Products LLC |
167 | 5,261 | *(c) | |||||||||||||
|
|
|||||||||||||||
Total Automobiles |
154,728 | |||||||||||||||
|
|
|||||||||||||||
Household Durables - 0.6% |
||||||||||||||||
EveryWare Global Inc. |
66,667 | 625,003 | *(c) | |||||||||||||
|
|
|||||||||||||||
TOTAL CONSUMER DISCRETIONARY |
779,731 | |||||||||||||||
|
|
|||||||||||||||
ENERGY - 1.0% | ||||||||||||||||
Energy Equipment & Services - 0.0% |
||||||||||||||||
Paragon Offshore Litigation Trust |
252 | 5,796 | (c) | |||||||||||||
Paragon Offshore Litigation Trust |
503 | 692 | (c) | |||||||||||||
Paragon Offshore Ltd. |
503 | 10,060 | *(c) | |||||||||||||
|
|
|||||||||||||||
Total Energy Equipment & Services |
16,548 | |||||||||||||||
|
|
|||||||||||||||
Oil, Gas & Consumable Fuels - 1.0% |
||||||||||||||||
Blue Ridge Mountain Resources Inc. |
45,562 | 375,886 | * | |||||||||||||
SemGroup Corp., Class A Shares |
24,938 | 753,128 | ||||||||||||||
|
|
|||||||||||||||
Total Oil, Gas & Consumable Fuels |
1,129,014 | |||||||||||||||
|
|
|||||||||||||||
TOTAL ENERGY |
1,145,562 | |||||||||||||||
|
|
|||||||||||||||
MATERIALS - 0.6% | ||||||||||||||||
Metals & Mining - 0.6% |
||||||||||||||||
Atlas Iron Ltd. |
27,298,642 | 659,931 | *(h) | |||||||||||||
|
|
|||||||||||||||
TOTAL COMMON STOCKS |
2,585,224 | |||||||||||||||
|
|
|||||||||||||||
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS |
174,213,251 | |||||||||||||||
|
|
See Notes to Schedule of Investments.
11
WESTERN ASSET CORPORATE LOAN FUND INC.
Schedule of investments (unaudited) (contd) | December 31, 2017 |
SECURITY |
RATE | SHARES | VALUE | |||||||||
SHORT-TERM INVESTMENTS - 0.1% | ||||||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class |
1.219 | % | 98,440 | $ | 98,440 | |||||||
|
|
|||||||||||
TOTAL INVESTMENTS - 154.0% |
174,311,691 | |||||||||||
Liabilities in Excess of Other Assets - (54.0)% |
(61,153,056 | ) | ||||||||||
|
|
|||||||||||
TOTAL NET ASSETS - 100.0% |
$ | 113,158,635 | ||||||||||
|
|
| Securities held by the Fund are subject to a lien, granted to the lenders, to the extent of the borrowing outstanding and any additional expenses. |
* | 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) | Senior loans may be considered restricted in that the Fund ordinarily is contractually obligated to receive approval from the agent bank and/or borrower prior to the disposition of a senior loan. |
(c) | Security is valued using significant unobservable inputs (See Note 1). |
(d) | Payment-in-kind security for which the issuer has the option at each interest payment date of making interest payments in cash or additional debt securities. |
(e) | Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. |
(f) | All or a portion of this loan is unfunded as of December 31, 2017. The interest rate for fully unfunded term loans is to be determined. |
(g) | The coupon payment on these securities is currently in default as of December 31, 2017. |
(h) | Security is valued in good faith in accordance with procedures approved by the Board of Directors (See Note 1). |
(i) | Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Directors. |
(j) | Value is less than $1. |
Abbreviations used in this schedule:
DIP | Debtor-in-Possession | |
Second Lien | Subordinate Lien to First Lien |
This Schedule of Investments is unaudited and is intended to provide information about the Funds investments as of the date of the schedule. Other information regarding the Fund is available in the Funds most recent annual or semi-annual shareholder report.
See Notes to Schedule of Investments.
12
Notes to Schedule of Investments (unaudited)
1. Organization and significant accounting policies
Western Asset 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 Funds investment objective is to maximize current income consistent with prudent efforts to preserve capital. The Fund invests primarily in floating- or variable-rate collateralized senior loans to corporations, partnerships or other business entities operating in various industries and geographic regions.
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. Prior to December 1, 2017, short-term fixed income securities that would mature in 60 days or less were valued at amortized cost, unless it was determined that using this method would not reflect an investments fair value. Investments in open-end funds are valued at the closing net asset value per share of each fund on the day of valuation. 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 Funds 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 Atlantic 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 Funds 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 issuers 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.
13
Notes to Schedule of Investments (unaudited) (continued)
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 |
| 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 Funds 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 Funds assets carried at fair value:
ASSETS |
||||||||||||||||
DESCRIPTION |
QUOTED PRICES (LEVEL 1) |
OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2) |
SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) |
TOTAL | ||||||||||||
Long-Term Investments: |
| |||||||||||||||
Senior Loans: |
||||||||||||||||
Basic Industry |
| $ | 4,050,609 | $ | 558,648 | $ | 4,609,257 | |||||||||
Capital Goods |
| 14,793,035 | 1,160,392 | 15,953,427 | ||||||||||||
Communications |
| 18,840,169 | 1,238,107 | 20,078,276 | ||||||||||||
Consumer Cyclical |
| 33,923,065 | 3,944,693 | 37,867,758 | ||||||||||||
Consumer Non-Cyclical |
| 31,567,952 | 5,835,030 | 37,402,982 | ||||||||||||
Electric |
| 3,322,875 | 1,991,969 | 5,314,844 | ||||||||||||
Energy |
| 6,016,519 | 2,073,015 | 8,089,534 | ||||||||||||
Financial Other |
| 1,338,402 | 205,297 | 1,543,699 | ||||||||||||
Industrial Other |
| 6,938,584 | 352,180 | 7,290,764 | ||||||||||||
Technology |
| 6,663,825 | 1,444,077 | 8,107,902 | ||||||||||||
Other Senior Loans |
| 5,180,361 | | 5,180,361 | ||||||||||||
Corporate Bonds & Notes: |
||||||||||||||||
Energy |
| 5,920,466 | 0 | * | 5,920,466 | |||||||||||
Other Corporate Bonds & Notes |
| 14,268,757 | | 14,268,757 | ||||||||||||
Common Stocks: |
||||||||||||||||
Consumer Discretionary |
| | 779,731 | 779,731 | ||||||||||||
Energy |
$ | 1,129,014 | | 16,548 | 1,145,562 | |||||||||||
Materials |
| 659,931 | | 659,931 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Long-Term Investments |
1,129,014 | 153,484,550 | 19,599,687 | 174,213,251 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Short-Term Investments |
98,440 | | | 98,440 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investments |
$ | 1,227,454 | $ | 153,484,550 | $ | 19,599,687 | $ | 174,311,691 | ||||||||
|
|
|
|
|
|
|
|
| See Schedule of Investments for additional detailed categorizations. |
* | Amount represents less than $1. |
For the period ended December 31, 2017, as a result of the fair value pricing procedures for international equities utilized by the Fund certain securities have transferred in and out of Level 1 and Level 2 measurements during the period. The Funds policy is to recognize transfers between levels as of the end of the reporting period. At December 31, 2017, securities valued at $659,931 were classified as Level 2 within the fair value hierarchy because fair value procedures were applied when the change in value of a domestic equity security index suggested that the closing prices on foreign exchanges may no longer have represented the value of those securities at the time of closing of the NYSE.
14
Notes to Schedule of Investments (unaudited) (continued)
The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:
SENIOR LOANS | ||||||||||||||||||||
INVESTMENTS IN SECURITIES |
BASIC INDUSTRY |
CAPITAL GOODS |
COMMUNICATIONS | CONSUMER CYCLICAL |
CONSUMER NON- CYCLICAL |
|||||||||||||||
Balance as of September 30, 2017 |
$ | 649,953 | $ | 1,160,073 | | $ | 955,634 | $ | 3,688,046 | |||||||||||
Accrued premiums/discounts |
971 | 128 | | 167 | 1,727 | |||||||||||||||
Realized gain (loss) |
(43,845 | ) | 2 | | 129 | 6,289 | ||||||||||||||
Change in unrealized appreciation |
||||||||||||||||||||
(depreciation)1 |
34,102 | 2,502 | | 17,678 | 16,295 | |||||||||||||||
Purchases |
| | | 2,204,475 | 488,775 | |||||||||||||||
Sales |
(82,533 | ) | (2,313 | ) | | (380,059 | ) | (1,672,746 | ) | |||||||||||
Transfers into Level 32 |
| | $ | 1,238,107 | 1,146,669 | 3,306,644 | ||||||||||||||
Transfers out of Level 33 |
| | | | | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Balance as of December 31, 2017 |
$ | 558,648 | $ | 1,160,392 | $ | 1,238,107 | $ | 3,944,693 | $ | 5,835,030 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net change in unrealized appreciation (depreciation) for investments in securities still held at December 31, 20171 |
$ | (570 | ) | $ | 2,502 | | $ | 19,766 | $ | 20,301 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
SENIOR LOANS | ||||||||||||||||||||
INVESTMENTS IN SECURITIES (contd) |
ELECTRIC | ENERGY | FINANCIAL OTHER | INDUSTRIAL OTHER |
TECHNOLOGY | |||||||||||||||
Balance as of September 30, 2017 |
$ | 992,210 | $ | 149,259 | | | | |||||||||||||
Accrued premiums/discounts |
253 | 131 | | | $ | 403 | ||||||||||||||
Realized gain (loss) |
9 | (3,237 | ) | | | 84 | ||||||||||||||
Change in unrealized appreciation |
||||||||||||||||||||
(depreciation)1 |
(59,855 | ) | 24,242 | | | 27,303 | ||||||||||||||
Purchases |
| 786,326 | | | 1,437,250 | |||||||||||||||
Sales |
(2,647 | ) | (86,748 | ) | | | (20,963 | ) | ||||||||||||
Transfers into Level 32 |
1,364,760 | 1,217,773 | $ | 205,297 | $ | 352,180 | | |||||||||||||
Transfers out of Level 33 |
(302,761 | ) | (14,731 | ) | | | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Balance as of December 31, 2017 |
$ | 1,991,969 | $ | 2,073,015 | $ | 205,297 | $ | 352,180 | $ | 1,444,077 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net change in unrealized appreciation (depreciation) for investments in securities still held at December 31, 20171 |
$ | (63,287 | ) | $ | 24,630 | | | $ | 27,303 | |||||||||||
|
|
|
|
|
|
|
|
|
|
CORPORATE BONDS & NOTES |
COMMON STOCKS | |||||||||||||||
INVESTMENTS IN SECURITIES (contd) |
ENERGY | CONSUMER DISCRETIONARY |
ENERGY | TOTAL | ||||||||||||
Balance as of September 30, 2017 |
$ | 0 | * | $ | 830,880 | $ | 13,841 | $ | 8,439,896 | |||||||
Accrued premiums/discounts |
| | | 3,780 | ||||||||||||
Realized gain (loss) |
| (308,667 | ) | | (349,236 | ) | ||||||||||
Change in unrealized appreciation |
||||||||||||||||
(depreciation)1 |
400,334 | 2,015 | 464,616 | |||||||||||||
Purchases |
| | | 4,916,826 | ||||||||||||
Sales |
| (142,816 | ) | | (2,390,825 | ) | ||||||||||
Transfers into Level 32 |
| | 692 | 8,832,122 | ||||||||||||
Transfers out of Level 33 |
| | (317,492 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Balance as of December 31, 2017 |
$ | 0 | * | $ | 779,731 | $ | 16,548 | $ | 19,599,687 | |||||||
|
|
|
|
|
|
|
|
|||||||||
Net change in unrealized appreciation (depreciation) for investments in securities still held at December 31, 20171 |
| $ | 400,334 | $ | 2,015 | $ | 432,994 | |||||||||
|
|
|
|
|
|
|
|
The Funds policy is to recognize transfers between levels as of the end of the reporting period.
* | Amount represents less than $1. |
1 | Change in unrealized appreciation (depreciation) includes net unrealized appreciation (depreciation) resulting from changes in investment values during the reporting period and the reversal of previously recorded unrealized appreciation (depreciation) when gains or losses are realized. |
2 | Transferred into Level 3 as a result of the unavailability of a quoted price in an active market for an identical investment or the unavailability of other significant observable inputs. |
3 | Transferred out of Level 3 as a result of the availability of a quoted price in an active market for an identical investment or the availability of other significant observable inputs. |
15
ITEM 2. | CONTROLS AND PROCEDURES. |
(a) | The registrants principal executive officer and principal financial officer have concluded that the registrants 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 registrants internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrants last fiscal quarter that have materially affected, or are likely to materially affect the registrants 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.
Western Asset Corporate Loan Fund Inc.
By | /s/ JANE TRUST | |
Jane Trust | ||
Chief Executive Officer | ||
Date: |
February 23, 2018 |
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/ JANE TRUST | |
Jane Trust | ||
Chief Executive Officer | ||
Date: |
February 23, 2018 | |
By | /s/ RICHARD F. SENNETT | |
Richard F. Sennett | ||
Principal Financial Officer | ||
Date: |
February 23, 2018 |