UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-23620
John Hancock GA Senior Loan Trust
(Exact name of registrant as specified in charter)
197 Clarendon Street, Boston, Massachusetts 02116 (Address of principal executive offices) (Zip code)
Heidi Knapp
Treasurer
197 Clarendon Street
Boston, Massachusetts 02116
(Name and address of agent for service) Registrant's telephone number, including area code: 617-378-1870
Date of fiscal year end: | December 31 |
Date of reporting period: | June 30, 2023 |
ITEM 1. REPORTS TO STOCKHOLDERS
Portfolio summary 6-30-23 (unaudited)
Senior loans | 95.5 |
Short-term investments | 4.5 |
Percentages include unfunded loan commitments. |
IMA Group Management Company LLC | 2.6 |
Guided Practice Solutions Dental LLC | 2.6 |
LAC Intermediate LLC | 2.2 |
Chemtron Supply LLC | 2.2 |
Chroma Color Corp. | 2.2 |
Health Management Associates, Inc. | 2.2 |
Security Services Acquisition Sub Corp. | 2.2 |
Krayden Holdings, Inc. | 2.2 |
CPC Cirtec Holdings, Inc. | 2.2 |
XpressMyself.com LLC | 2.1 |
TOTAL | 22.7 |
Cash and cash equivalents are not included. Percentages include unfunded loan commitments. |
Portfolio of investments 6-30-23 (unaudited)
Rate (%) | Maturity date | Par value^ | Value | ||
Senior loans (A)(B) 111.4% | $534,460,383 | ||||
(Cost $540,787,390) | |||||
Consumer staples 0.6% | 2,823,739 | ||||
Fresh Holdco, Inc., Term Loan (6 month SOFR + 5.500%) | 10.668 | 01-23-26 | 2,917,085 | 2,823,739 | |
Energy 3.1% | 14,638,208 | ||||
Alta Buyer LLC, 2022 Incremental Term Loan (3 month SOFR + 6.000%) | 11.239 | 12-21-27 | 9,925,000 | 9,751,313 | |
Andretti Buyer LLC, Revolver (C) | — | 06-30-26 | 897,364 | 897,364 | |
Andretti Buyer LLC, Term Loan (3 month SOFR + 4.750%) | 10.092 | 06-30-26 | 3,989,531 | 3,989,531 | |
Financials 15.4% | 74,120,018 | ||||
GC Waves Holdings, Inc., 2021 Replacing Term Loan (1 month SOFR + 5.500%) | 10.702 | 08-13-26 | 4,019,543 | 3,882,879 | |
GC Waves Holdings, Inc., Delayed Draw Term Loan (1 month LIBOR + 5.500%) (C) | 10.702 | 08-13-26 | 4,962,806 | 4,794,071 | |
GC Waves Holdings, Inc., Revolver (1 month SOFR + 5.500%) (C) | 10.702 | 08-13-26 | 867,298 | 837,810 | |
Insignia Finance Merger Sub LLC, 2023 Incremental Term Loan (3 month SOFR + 5.500%) | 10.739 | 05-04-30 | 3,079,658 | 2,987,268 | |
Insignia Finance Merger Sub LLC, Revolver (Prime rate + 4.000% and 1 month SOFR + 6.500%) (C) | 11.966 | 12-23-27 | 1,673,077 | 1,622,885 | |
Insignia Finance Merger Sub LLC, Term Loan (1 month SOFR + 5.500%) | 10.584 | 12-23-27 | 5,497,400 | 5,332,478 | |
MC Group Ventures Corp., 2021 Delayed Draw Term Loan (1 and 3 month LIBOR + 5.500%) (C) | 10.772 | 06-30-27 | 2,559,444 | 2,505,696 | |
MC Group Ventures Corp., 2021 Revolver (C) | — | 06-30-27 | 517,857 | 506,982 | |
MC Group Ventures Corp., 2021 Term Loan (3 month LIBOR + 5.500%) | 10.773 | 06-30-27 | 4,060,000 | 3,974,740 | |
Oakbridge Insurance Agency LLC, 2022 2nd Amendment Delayed Draw Term Loan (1 month SOFR + 5.750%) (C) | 10.952 | 12-31-26 | 2,360,688 | 2,254,457 | |
Oakbridge Insurance Agency LLC, 2022 2nd Amendment Term Loan A (1 month SOFR + 5.750%) | 10.952 | 12-31-26 | 280,927 | 268,285 | |
Oakbridge Insurance Agency LLC, Revolver (1 month SOFR + 5.750%) (C) | 10.952 | 12-31-26 | 747,981 | 714,322 | |
Oakbridge Insurance Agency LLC, Term Loan A (1 month SOFR + 5.750%) | 10.952 | 12-31-26 | 6,512,061 | 6,219,018 | |
Omni Intermediate Holdings LLC, 2021 Revolver (C) | — | 12-30-25 | 544,601 | 521,728 | |
Omni Intermediate Holdings LLC, 2021 Term Loan (3 month LIBOR + 5.000%) | 10.538 | 12-30-26 | 6,594,055 | 6,317,105 | |
Omni Intermediate Holdings LLC, 2022 Delayed Draw Term Loan Tranche 4 (C) | — | 12-30-26 | 380,769 | 364,777 | |
Omni Intermediate Holdings LLC, 2022 Term Loan (3 month SOFR + 5.000%) | 10.242 | 12-30-26 | 2,342,943 | 2,244,540 | |
Simplicity Financial Marketing Holdings, Inc., Delayed Draw Term Loan (3 month LIBOR + 6.000% and 3 month SOFR + 6.000%) (C) | 11.489 | 12-02-26 | 3,640,483 | 3,509,425 | |
Simplicity Financial Marketing Holdings, Inc., Revolver (C) | — | 12-02-26 | 460,903 | 444,310 | |
Simplicity Financial Marketing Holdings, Inc., Term Loan (3 month SOFR + 6.000% and 3 month SOFR + 6.290%) | 11.625 | 12-02-26 | 5,725,000 | 5,518,900 | |
Steward Partners Global Advisory LLC, Delayed Draw Term Loan (3 month SOFR + 5.250%) (C) | 10.466 | 10-03-29 | 4,285,714 | 4,187,143 | |
Steward Partners Global Advisory LLC, Revolver (C) | — | 10-03-27 | 1,428,571 | 1,395,714 |
Portfolio of investments 6-30-23 (unaudited)
Rate (%) | Maturity date | Par value^ | Value | ||
Financials (continued) | |||||
Steward Partners Global Advisory LLC, Term Loan (3 month SOFR + 5.250%) | 10.324 | 10-03-29 | 4,253,571 | $4,155,739 | |
World Insurance Associates LLC, 2020 Revolver (C) | — | 04-01-26 | 541,045 | 523,731 | |
World Insurance Associates LLC, 2021 Delayed Draw Term Loan Tranche 4 (3 month SOFR + 5.750%) | 10.992 | 04-01-26 | 4,784,188 | 4,631,094 | |
World Insurance Associates LLC, 2021 Term Loan (3 month SOFR + 5.750%) | 10.992 | 04-01-26 | 1,800,538 | 1,742,921 | |
World Insurance Associates LLC, 2022 Tranche 7 Delayed Draw Term Loan (3 month SOFR + 5.750%) | 10.965 | 04-01-26 | 2,750,000 | 2,662,000 | |
Health care 16.9% | 80,967,551 | ||||
Avante Health Solutions, Delayed Draw Term Loan (C) | — | 07-15-27 | 458,861 | 384,984 | |
Avante Health Solutions, Revolver (3 month LIBOR + 4.750%) (C) | 9.859 | 07-15-27 | 573,576 | 481,230 | |
Avante Health Solutions, Term Loan (3 month LIBOR + 4.750%) | 9.945 | 07-15-27 | 3,767,261 | 3,160,732 | |
BrightView LLC, Delayed Draw Term Loan (1 month SOFR + 6.000%) (C) | 11.217 | 04-12-24 | 1,569,940 | 1,532,262 | |
BrightView LLC, Revolver (1 month SOFR + 6.000%) (C) | 11.217 | 12-14-26 | 315,217 | 307,652 | |
BrightView LLC, Term Loan (1 month SOFR + 6.000%) | 11.217 | 12-14-26 | 5,278,114 | 5,151,439 | |
CPC Cirtec Holdings, Inc., 2023 USD Term Loan (3 month SOFR + 6.250%) | 11.492 | 01-30-29 | 12,468,750 | 12,057,278 | |
Guided Practice Solutions Dental LLC, 3rd Amendment Delayed Draw Term Loan (1 month SOFR + 6.000%) | 11.215 | 11-24-29 | 4,933,086 | 4,785,093 | |
Guided Practice Solutions Dental LLC, Delayed Draw Term Loan (1 month SOFR + 6.000%) | 11.211 | 11-24-29 | 3,893,553 | 3,776,747 | |
Guided Practice Solutions Dental LLC, Term Loan (3 month SOFR + 6.000%) | 11.217 | 11-24-29 | 6,135,116 | 5,951,062 | |
Health Management Associates, Inc., 2023 Delayed Draw Term Loan (1 month SOFR + 6.500%) (C) | 11.736 | 03-30-29 | 1,778,094 | 1,731,863 | |
Health Management Associates, Inc., 2023 Revolver (C) | — | 03-30-29 | 711,238 | 692,745 | |
Health Management Associates, Inc., 2023 Term Loan A (1 month SOFR + 6.500%) | 12.736 | 03-30-29 | 10,010,669 | 9,750,391 | |
MB2 Dental Solutions LLC, 2021 Delayed Draw Term Loan (1 month SOFR + 6.000%) | 11.202 | 01-29-27 | 1,879,488 | 1,834,381 | |
MB2 Dental Solutions LLC, 2021 Term Loan (1 month SOFR + 6.000%) | 11.202 | 01-29-27 | 5,212,540 | 5,087,439 | |
Pediatric Home Respiratory Services LLC, 2022 Incremental Delayed Draw Term Loan (Prime rate + 5.250% and 1 month SOFR + 6.250%) (C) | 12.527 | 08-19-27 | 2,302,476 | 2,270,242 | |
Pediatric Home Respiratory Services LLC, Delayed Draw Term Loan (Prime rate + 4.750% and 1 month SOFR + 6.250%) (C) | 11.783 | 12-04-24 | 2,675,960 | 2,638,496 | |
Premier Imaging LLC, 2021 4th Amendment Delayed Draw Term Loan (1 month SOFR + 6.000%) (C) | 11.217 | 01-02-25 | 4,821,714 | 4,731,548 | |
Premier Imaging LLC, 2021 4th Amendment Term Loan (1 month SOFR + 6.000%) | 11.217 | 01-02-25 | 5,080,699 | 4,985,690 | |
Therapeutic Research Center LLC, Revolver (C) | — | 03-21-25 | 303,131 | 297,675 | |
Therapeutic Research Center LLC, Term Loan (3 month SOFR + 5.250%) | 10.642 | 03-21-26 | 9,530,145 | 9,358,602 | |
Industrials 50.2% | 240,684,351 | ||||
AIDC Intermediate LLC, Term Loan (3 month SOFR + 6.400%) | 11.471 | 07-22-27 | 9,950,000 | 9,701,250 | |
Apex Service Partners LLC, 2019 Term Loan (3 month LIBOR + 5.250%) | 10.522 | 07-31-25 | 4,861,416 | 4,754,465 |
Portfolio of investments 6-30-23 (unaudited)
Rate (%) | Maturity date | Par value^ | Value | ||
Industrials (continued) | |||||
Apex Service Partners LLC, 2020 First Lien Delayed Draw Term Loan (Prime rate + 4.500%) | 12.750 | 07-31-25 | 449,783 | $439,887 | |
Apex Service Partners LLC, 2020 Term Loan (3 month LIBOR + 5.500%) | 11.038 | 07-31-25 | 1,701,281 | 1,663,853 | |
Apex Service Partners LLC, 2022 15th Amendment Incremental Delayed Draw Term Loan A (3 month SOFR + 5.250%) | 10.640 | 07-31-25 | 1,388,961 | 1,358,403 | |
Apex Service Partners LLC, 2022 15th Amendment Incremental Term Loan A (3 month SOFR + 5.250%) | 10.664 | 07-31-25 | 1,388,961 | 1,358,403 | |
BlueHalo Financing Holdings LLC, Revolver (3 month SOFR + 6.500%) (C) | 11.826 | 10-31-25 | 1,403,226 | 1,377,266 | |
BlueHalo Financing Holdings LLC, Term Loan A (3 month SOFR + 6.000% and 3 month SOFR + 6.500%) | 11.588 | 10-31-25 | 6,847,620 | 6,720,939 | |
Capital Construction LLC, Delayed Draw Term Loan (3 month SOFR + 6.250%) | 11.488 | 10-22-26 | 5,274,725 | 5,156,044 | |
Capital Construction LLC, Revolver (1 month SOFR + 6.250%) (C) | 11.400 | 10-22-26 | 824,176 | 805,632 | |
Capital Construction LLC, Term Loan (1 month SOFR + 6.250%) | 11.510 | 10-22-26 | 3,891,346 | 3,803,791 | |
CLS Management Services, Inc., Delayed Draw Term Loan (1 month SOFR + 4.500%) (C) | 9.702 | 05-31-27 | 2,132,353 | 2,121,691 | |
CLS Management Services, Inc., Revolver (C) | — | 05-31-27 | 1,279,412 | 1,273,015 | |
CLS Management Services, Inc., Term Loan (3 month LIBOR + 4.500%) | 9.719 | 05-31-27 | 3,761,471 | 3,742,663 | |
FusionSite Services LLC, Delayed Draw Term Loan (3 month SOFR + 5.500%, 3 month SOFR + 5.650% and 1 week SOFR + 5.650%) (C) | 10.472 | 04-22-27 | 9,226,205 | 9,152,395 | |
FusionSite Services LLC, Revolver (C) | — | 04-22-27 | 530,303 | 526,061 | |
FusionSite Services LLC, Term Loan (3 month SOFR + 5.650%) | 10.540 | 04-22-27 | 209,937 | 208,257 | |
Gannet Fleming, Inc., Revolver (C) | — | 12-20-28 | 1,363,636 | 1,338,818 | |
Gannet Fleming, Inc., Term Loan (3 month SOFR + 6.500%) | 11.842 | 12-16-29 | 8,593,182 | 8,436,786 | |
Genuine Cable Group LLC, 2022 3rd Amendment Incremental Term Loan (1 month SOFR + 5.750%) | 10.702 | 11-02-26 | 9,925,000 | 9,627,250 | |
GSM Acquisition Corp., Delayed Draw Term Loan (3 month SOFR + 5.000%) | 10.503 | 11-16-26 | 896,105 | 863,845 | |
GSM Acquisition Corp., Revolver (C) | — | 11-16-26 | 825,949 | 792,085 | |
GSM Acquisition Corp., Term Loan (3 month SOFR + 5.000%) | 10.503 | 11-16-26 | 7,742,380 | 7,424,942 | |
IMA Group Management Company LLC, 2023 Revolver (C) | — | 06-30-28 | 821,018 | 798,440 | |
IMA Group Management Company LLC, 2023 Term Loan (6 month SOFR + 6.250%) | 11.418 | 06-30-28 | 10,073,892 | 9,796,860 | |
IMA Group Management Company LLC, Delayed Draw Term Loan (C) | — | 06-30-28 | 4,105,090 | 3,992,200 | |
LAC Intermediate LLC, 2022 Delayed Draw Term Loan (3 month SOFR + 6.250%) | 11.437 | 02-28-27 | 997,500 | 983,535 | |
LAC Intermediate LLC, 2022 Revolver (C) | — | 02-28-27 | 500,000 | 493,000 | |
LAC Intermediate LLC, 2022 Term Loan (1 and 3 month SOFR + 6.250%) | 11.466 | 02-28-27 | 10,945,000 | 10,791,772 | |
Luv Car Wash Group LLC, 2021 Delayed Draw Term Loan A (1 month SOFR + 7.150%) | 12.040 | 12-09-26 | 1,917,726 | 1,856,359 | |
Luv Car Wash Group LLC, 2021 Delayed Draw Term Loan B (1 month SOFR + 7.150%) | 12.040 | 12-09-26 | 1,551,869 | 1,502,209 | |
Luv Car Wash Group LLC, 2022 Delayed Draw Term Loan C (1 month SOFR + 7.150%) (C) | 12.040 | 12-09-26 | 6,448,142 | 6,241,801 |
Portfolio of investments 6-30-23 (unaudited)
Rate (%) | Maturity date | Par value^ | Value | ||
Industrials (continued) | |||||
M+D Midco, Inc., Delayed Draw Term Loan (3 month SOFR + 5.500%) (C) | 10.914 | 08-31-28 | 2,292,982 | $2,260,880 | |
M+D Midco, Inc., Revolver (C) | — | 08-31-28 | 1,146,789 | 1,130,734 | |
M+D Midco, Inc., Term Loan (3 month SOFR + 5.500%) | 10.914 | 08-31-28 | 6,510,436 | 6,419,290 | |
Management Consulting & Research LLC, 2022 Delayed Draw Term Loan (3 month SOFR + 5.750%) (C) | 11.237 | 10-29-27 | 2,743,813 | 2,683,449 | |
Management Consulting & Research LLC, Revolver (3 month LIBOR + 5.750% and 3 month LIBOR + 6.000%) (C) | 11.046 | 08-16-27 | 909,498 | 889,489 | |
Management Consulting & Research LLC, Term Loan (3 month SOFR + 5.750%) | 11.237 | 08-16-27 | 6,245,394 | 6,107,996 | |
MWD Management LLC, Delayed Draw Term Loan (3 month SOFR + 5.000%) | 10.437 | 06-15-27 | 3,980,000 | 3,892,440 | |
MWD Management LLC, Revolver (3 month SOFR + 5.000%) (C) | 10.437 | 06-15-27 | 1,000,000 | 978,000 | |
MWD Management LLC, Term Loan (3 month SOFR + 5.000%) | 10.437 | 06-15-27 | 4,962,500 | 4,853,325 | |
OIS Management Services LLC, 2022 1st Lien Delayed Draw Term Loan (3 month SOFR + 5.750%) (C) | 11.000 | 11-16-28 | 2,561,769 | 2,554,084 | |
OIS Management Services LLC, 2022 1st Lien Revolver (C) | — | 11-16-28 | 769,231 | 766,923 | |
OIS Management Services LLC, 2022 Term Loan (3 month SOFR + 5.750%) | 11.092 | 11-16-28 | 6,650,000 | 6,630,050 | |
Orion Group Holdco LLC, 2022 1st Amendment Term Loan (3 month SOFR + 6.500%) | 12.003 | 12-07-29 | 512,050 | 490,032 | |
Orion Group Holdco LLC, 2022 First A&R Amendment Incremental Delayed Draw Term Loan (3 month SOFR + 6.500%) (C) | 12.002 | 03-19-27 | 2,286,667 | 2,188,340 | |
Orion Group HoldCo LLC, Delayed Draw Term Loan (3 month SOFR + 5.500%) | 11.503 | 03-19-27 | 3,302,442 | 3,160,437 | |
Orion Group HoldCo LLC, Revolver (3 month SOFR + 6.000%) (C) | 11.467 | 03-19-27 | 671,296 | 642,431 | |
Orion Group HoldCo LLC, Term Loan (3 month SOFR + 6.000%) | 11.503 | 03-19-27 | 3,173,889 | 3,037,412 | |
Paint Intermediate III LLC, 2022 USD Revolver (3 month SOFR + 5.750%) (C) | 10.936 | 10-07-27 | 990,991 | 975,135 | |
Paint Intermediate III LLC, 2022 USD Term Loan B1 (1 month SOFR + 5.750%) | 10.952 | 10-06-28 | 8,963,964 | 8,820,541 | |
PVI Holdings, Inc., Term Loan (3 month SOFR + 5.940%) | 10.918 | 09-30-27 | 9,925,000 | 9,835,675 | |
Security Services Acquisition Sub Corp., 2023 6th Amendment Term Loan A (1 month SOFR + 6.000%) | 11.202 | 01-19-30 | 2,041,367 | 1,988,291 | |
Security Services Acquisition Sub Corp., 2023 7th Amendment Delayed Draw Term Loan (1 month SOFR + 6.000%) | 11.202 | 01-19-30 | 1,094,318 | 1,065,866 | |
Security Services Acquisition Sub Corp., 2023 8th Amendment Delayed Draw Term Loan (C) | — | 01-19-30 | 7,142,857 | 6,957,143 | |
Security Services Acquisition Sub Corp., 2023 Additional Term Loan A (1 month SOFR + 6.000%) | 11.202 | 01-19-30 | 474,699 | 462,357 | |
Security Services Acquisition Sub Corp., 2023 Delay Draw Term Loan (1 month SOFR + 6.000%) | 11.202 | 01-19-30 | 564,811 | 550,126 | |
Security Services Acquisition Sub Corp., 2023 Fifth Amendment Delayed Draw Term Loan (1 month SOFR + 6.000%) | 11.202 | 01-19-30 | 480,687 | 468,189 | |
Security Services Acquisition Sub Corp., 2023 Fifth Amendment Term Loan A (1 month SOFR + 6.000%) | 11.202 | 01-19-30 | 674,178 | 656,649 | |
Southern Orthodontic Partners Management LLC, 4th Amendment Delayed Draw Term Loan (3 month SOFR + 6.000%) (C) | 11.504 | 01-27-26 | 9,964,625 | 9,775,297 | |
The S2 HR Group LLC, Revolver (1 month SOFR + 5.000%) (C) | 10.202 | 05-30-25 | 2,972,022 | 2,930,413 |
Portfolio of investments 6-30-23 (unaudited)
Rate (%) | Maturity date | Par value^ | Value | ||
Industrials (continued) | |||||
The S2 HR Group LLC, Term Loan (1 month SOFR + 5.000%) | 10.202 | 05-30-25 | 6,761,266 | $6,666,608 | |
WWEC Holdings II Corp., Delayed Draw Term Loan (C) | — | 09-30-24 | 1,552,795 | 1,524,845 | |
WWEC Holdings II Corp., Revolver (1 month SOFR + 6.000%) (C) | 11.162 | 10-03-27 | 1,242,236 | 1,219,876 | |
WWEC Holdings II Corp., Term Loan (3 month SOFR + 6.000%) | 11.242 | 10-03-29 | 7,150,932 | 7,022,215 | |
XpressMyself.com LLC, 2023 Incremental Term Loan (3 month SOFR + 5.750%) | 11.088 | 09-07-28 | 2,500,000 | 2,407,500 | |
XpressMyself.com LLC, Revolver (C) | — | 09-07-28 | 1,470,588 | 1,416,176 | |
XpressMyself.com LLC, Term Loan (3 month SOFR + 4.750%) | 10.103 | 09-07-28 | 8,465,441 | 8,152,220 | |
Information technology 5.4% | 26,082,359 | ||||
Drilling Info, Inc., 2018 Term Loan (1 month SOFR + 4.250%) | 9.452 | 07-30-25 | 4,859,824 | 4,801,506 | |
MRI Software LLC, 2020 Revolver (C) | — | 02-10-26 | 318,037 | 312,312 | |
MRI Software LLC, 2020 Term Loan B (3 month SOFR + 5.500%) | 10.842 | 02-10-26 | 4,553,761 | 4,471,793 | |
Nxgen Buyer, Inc., 2021 Term Loan (1 month SOFR + 5.000%) | 10.202 | 10-31-25 | 2,216,250 | 2,136,465 | |
Nxgen Buyer, Inc., Term Loan (1 month SOFR + 4.750%) | 9.952 | 10-31-25 | 4,861,461 | 4,686,448 | |
Trimech Acquisition Corp., Revolver (Prime rate + 3.750%) (C) | 12.000 | 03-10-28 | 1,315,789 | 1,286,842 | |
Trimech Acquisition Corp., Term Loan (3 month SOFR + 4.750%) | 10.142 | 03-10-28 | 8,575,658 | 8,386,993 | |
Materials 17.8% | 85,397,991 | ||||
Chemtron Supply LLC, Delayed Draw Term Loan (C) | — | 03-03-30 | 4,166,667 | 4,070,833 | |
Chemtron Supply LLC, Revolver (C) | — | 03-03-28 | 2,083,333 | 2,035,417 | |
Chemtron Supply LLC, Term Loan (3 month SOFR + 6.000%) | 11.242 | 03-03-30 | 6,233,490 | 6,090,119 | |
Chroma Color Corp., Delayed Draw Term Loan (C) | — | 04-23-29 | 2,083,333 | 2,029,167 | |
Chroma Color Corp., Revolver (C) | — | 04-21-29 | 833,333 | 811,667 | |
Chroma Color Corp., Term Loan (3 month SOFR + 6.000%) | 11.056 | 04-23-29 | 9,583,333 | 9,334,167 | |
Comar Holding Company LLC, 2018 Term Loan (3 month SOFR + 5.750%) | 10.701 | 06-18-24 | 1,709,695 | 1,618,055 | |
Comar Holding Company LLC, 2nd Amendment Delayed Draw Term Loan (3 month SOFR + 6.250%) | 11.201 | 06-18-24 | 726,832 | 687,874 | |
Comar Holding Company LLC, Delayed Draw Term Loan (3 month SOFR + 5.750%) | 10.701 | 06-18-24 | 604,707 | 572,294 | |
Comar Holding Company LLC, First Amendment Term Loan (3 month SOFR + 5.750%) | 10.701 | 06-18-24 | 1,558,766 | 1,475,216 | |
Comar Holding Company LLC, Revolver (3 month SOFR + 5.750%) | 10.701 | 06-18-24 | 276,184 | 261,380 | |
DCG Acquisition Corp., Second Lien Term Loan (1 month SOFR + 8.500%) | 13.584 | 09-30-27 | 5,000,000 | 4,890,000 | |
I.D. Images Acquisition LLC, Incremental Term Loan 5 (1 month SOFR + 6.350%) | 11.452 | 11-30-29 | 9,925,000 | 9,805,900 | |
Krayden Holdings, Inc., Delayed Draw Term Loan A (C) | — | 03-01-29 | 1,484,375 | 1,439,844 | |
Krayden Holdings, Inc., Delayed Draw Term Loan B (C) | — | 03-01-29 | 1,484,375 | 1,439,844 | |
Krayden Holdings, Inc., Revolver (C) | — | 03-01-29 | 1,562,500 | 1,515,625 | |
Krayden Holdings, Inc., Term Loan A (1 month SOFR + 6.000%) | 11.084 | 03-01-29 | 7,948,828 | 7,710,363 | |
Polymer Solutions Group LLC, 2019 Revolver (C) | — | 11-26-25 | 463,768 | 430,377 | |
Polymer Solutions Group LLC, 2019 Term Loan (3 month SOFR + 4.750%) | 9.615 | 11-26-26 | 1,864,734 | 1,823,710 | |
Roofing Buyer LLC, Delayed Draw Term Loan (3 month SOFR + 6.000% and 3 month SOFR + 7.000%) | 12.477 | 12-08-26 | 9,510,543 | 9,291,801 | |
Tilley Chemical Company, Inc., Delayed Draw Term Loan (3 month SOFR + 6.000%) | 11.392 | 12-31-26 | 1,468,590 | 1,381,943 | |
Tilley Chemical Company, Inc., Revolver (C) | — | 12-31-26 | 1,433,761 | 1,349,169 |
Portfolio of investments 6-30-23 (unaudited)
Rate (%) | Maturity date | Par value^ | Value | ||
Materials (continued) | |||||
Tilley Chemical Company, Inc., Term Loan A (3 month SOFR + 6.000%) | 11.392 | 12-31-26 | 6,756,578 | $6,357,940 | |
Walnut Parent, Inc., 2022 2nd Amendment Incremental Term Loan (1 month SOFR + 5.500%) | 10.702 | 11-09-27 | 2,597,635 | 2,420,996 | |
Walnut Parent, Inc., Term Loan (1 month SOFR + 5.500%) | 10.702 | 11-09-27 | 7,032,500 | 6,554,290 | |
Real estate 2.0% | 9,746,166 | ||||
Bandon Purchaser LLC, Delayed Draw Term Loan (3 month SOFR + 6.000%) (C) | 11.314 | 07-27-28 | 2,621,117 | 2,568,695 | |
Bandon Purchaser LLC, Revolver (3 month SOFR + 6.000%) (C) | 11.284 | 07-27-28 | 524,934 | 514,436 | |
Bandon Purchaser LLC, Term Loan (3 month SOFR + 6.000%) | 11.195 | 07-27-28 | 6,799,016 | 6,663,035 |
Yield (%) | Shares | Value | |||
Short-term investments 5.2% | $24,933,448 | ||||
(Cost $24,933,448) | |||||
Short-term funds 5.2% | 24,933,448 | ||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 5.0063(D) | 24,933,448 | 24,933,448 |
Total investments (Cost $565,720,838) 116.6% | $559,393,831 | ||||
Less unfunded loan commitments (17.5%) | (83,990,857) | ||||
Net investments (Cost $481,729,981) 99.1% | $475,402,974 | ||||
Other assets and liabilities, net 0.9% | 4,497,907 | ||||
Total net assets 100.0% | $479,900,881 |
The percentage shown for each investment category is the total value of the category as a percentage of the net assets of the fund unless otherwise indicated. | |
^All par values are denominated in U.S. dollars unless otherwise indicated. | |
Security Abbreviations and Legend | |
LIBOR | London Interbank Offered Rate |
SOFR | Secured Overnight Financing Rate |
(A) | Securities are valued using significant unobservable inputs and are classified as Level 3 in the fair value hierarchy. Refer to Note 2 to the financial statements. |
(B) | Senior loans are variable rate obligations which generally pay interest rates that are periodically redetermined by reference to a base lending rate and spread, which are both subject to change. The rate shown represents the rate at period end. |
(C) | Unfunded or partially unfunded loan commitments. The stated interest rate reflects the reference rate and spread of the funded portion, if any. See Note 2 for more information. |
(D) | The rate shown is the annualized seven-day yield as of 6-30-23. |
John Hancock GA Senior Loan Trust
Assets | |
Unaffiliated investments, at value (Cost $481,729,981) | $475,402,974 |
Interest receivable | 2,815,356 |
Receivable for fund shares issued | 15,000,000 |
Other assets | 16,207 |
Total assets | 493,234,537 |
Liabilities | |
Due to custodian | 373,089 |
Distributions payable | 11,034,498 |
Payable for investments purchased | 124,568 |
Payable to affiliates | |
Investment management fees | 648,562 |
Performance fees | 831,800 |
Accounting and legal services fees | 36,708 |
Other liabilities and accrued expenses | 284,431 |
Total liabilities | 13,333,656 |
Net assets | $479,900,881 |
Net assets consist of | |
Paid-in capital | $482,684,421 |
Total distributable earnings | (2,783,540) |
Net assets | $479,900,881 |
Net asset value per share | |
Based on 29,930,171 shares of beneficial interest outstanding - unlimited number of shares authorized with no par value | $16.03 |
Statement of operations for the six months ended 6-30-23(unaudited)
Investment income | |
Interest | $24,961,285 |
Expenses | |
Investment management fees | 1,247,835 |
Performance fees | 2,212,487 |
Accounting and legal services fees | 93,643 |
Transfer agent fees | 18,577 |
Trustees' fees | 64,170 |
Custodian fees | 126,658 |
Professional fees | 82,234 |
Other | 49,479 |
Total expenses | 3,895,083 |
Net investment income | 21,066,202 |
Realized and unrealized gain (loss) | |
Net realized gain (loss) on | |
Unaffiliated investments | 834,112 |
834,112 | |
Change in net unrealized appreciation (depreciation) of | |
Unaffiliated investments | (1,987,932) |
(1,987,932) | |
Net realized and unrealized loss | (1,153,820) |
Increase in net assets from operations | $19,912,382 |
Statements of changes in net assets
Six months ended 6-30-23 (unaudited) | Year ended 12-31-22 | |
Increase (decrease) in net assets | ||
From operations | ||
Net investment income | $21,066,202 | $20,288,957 |
Net realized gain | 834,112 | 641,455 |
Change in net unrealized appreciation (depreciation) | (1,987,932) | (6,555,082) |
Increase in net assets resulting from operations | 19,912,382 | 14,375,330 |
Distributions to shareholders | ||
From net investment income and net realized gain | (16,927,813) | (18,091,362) |
Total distributions | (16,927,813) | (18,091,362) |
Fund share transactions | ||
Fund shares issued | 60,000,000 | 202,000,000 |
Total increase | 62,984,569 | 198,283,968 |
Net assets | ||
Beginning of period | 416,916,312 | 218,632,344 |
End of period | $479,900,881 | $416,916,312 |
Share activity | ||
Shares outstanding | ||
Beginning of period | 26,205,332 | 13,524,791 |
Shares issued | 3,724,839 | 12,680,541 |
End of period | 29,930,171 | 26,205,332 |
Statement of cash flows for the six months ended 6-30-23 (unaudited)
Cash flows from operating activities | |
Net increase in net assets from operations | $19,912,382 |
Adjustments to reconcile net increase in net assets from operations to net cash used in operating activities: | |
Long-term investments purchased | (120,932,224) |
Long-term investments sold | 50,068,011 |
Net purchases and sales in short-term investments | 3,928,757 |
Net amortization of premium (discount) | (769,714) |
(Increase) Decrease in assets: | |
Interest receivable | (27,868) |
Receivable for investments sold | 55,435 |
Other assets | (16,207) |
Increase (Decrease) in liabilities: | |
Payable for investments purchased | 124,568 |
Payable to affiliates | (401,295) |
Other liabilities and accrued expenses | (182,045) |
Net change in unrealized (appreciation) depreciation on: | |
Unaffiliated investments | 1,987,932 |
Net realized (gain) loss on: | |
Unaffiliated investments | (834,112) |
Net cash used in operating activities | $(47,086,380) |
Cash flows provided by (used in) financing activities | |
Distributions to shareholders | $(12,898,262) |
Increase (Decrease) in due to custodian | 373,089 |
Fund shares issued | 45,000,000 |
Net cash flows provided by financing activities | $32,474,827 |
Net decrease in cash | $(14,611,553) |
Cash at beginning of period | $14,611,553 |
Cash at end of period | $— |
Financial highlights
Period ended | 6-30-231 | 12-31-22 | 12-31-21 | 12-31-202 |
Per share operating performance | ||||
Net asset value, beginning of period | $15.91 | $16.17 | $20.18 | $20.00 |
Net investment income3 | 0.75 | 1.09 | 0.79 | 0.06 |
Net realized and unrealized gain (loss) on investments | (0.04) | (0.48) | 0.13 | 0.22 |
Total from investment operations | 0.71 | 0.61 | 0.92 | 0.28 |
Less distributions | ||||
From net investment income | (0.59) | (0.86) | (1.15) | (0.10) |
From net realized gain | — | (0.01) | (0.04) | — |
From tax return of capital | — | — | (3.74) | — |
Total distributions | (0.59) | (0.87) | (4.93) | (0.10) |
Net asset value, end of period | $16.03 | $15.91 | $16.17 | $20.18 |
Total return (%) | 4.534 | 3.97 | 5.15 | 1.404 |
Ratios and supplemental data | ||||
Net assets, end of period (in millions) | $480 | $417 | $219 | $190 |
Ratios (as a percentage of average net assets): | ||||
Expenses | 1.725,6 | 1.346 | 1.546 | 1.696,7 |
Net investment income | 9.295 | 6.83 | 4.32 | 3.447 |
Portfolio turnover (%) | 12 | 23 | 37 | 6 |
1 | Six months ended 6-30-23. Unaudited. |
2 | Period from 11-3-20 (commencement of operations) to 12-31-20. |
3 | Based on average daily shares outstanding. |
4 | Not annualized. |
5 | Annualized. |
6 | Includes performance fees expense of 0.98% (annualized), 0.45%, 0.50% and 0.10% (unannualized) for the periods ended 6-30-23, 12-31-22, 12-31-21 and 12-31-20, respectively. |
7 | Annualized. Certain expenses are presented unannualized. |
Notes to financial statements 6-30-23 (unaudited)
Notes to financial statements 6-30-23 (unaudited)
Total value at 6-30-23 | Level 1 quoted price | Level 2 Significant observable inputs | Level 3 Significant unobservable inputs | |
Investments in securities: | ||||
Assets | ||||
Senior loans (less unfunded loan commitments) | $450,469,526 | — | — | $450,469,526 |
Short-term investments | 24,933,448 | $24,933,448 | — | — |
Total investments in securities | $475,402,974 | $24,933,448 | — | $450,469,526 |
Senior loans | |
Balance as of 12-31-22 | $379,989,419 |
Purchases | 120,932,223 |
Sales | (50,068,011) |
Realized gain (loss) | 834,112 |
Net amortization of (premium) discount | 769,715 |
Change in unrealized appreciation (depreciation) | (1,987,932) |
Balance as of 6-30-23 | $450,469,526 |
Change in unrealized appreciation (depreciation) at period end* | $(1,792,710) |
Notes to financial statements 6-30-23 (unaudited)
Fair Value at 6-30-23 | Valuation Technique | Significant Unobservable Inputs | Input/ Range* | Input weighted average* | |
Senior Loans | $435,956,624 | Discounted cash flow | Discount rate | 9.30% - 16.05% | 11.34% |
14,512,902 | Recent transaction | Transaction price | $97.00 - $97.25 | $97.10 | |
Total | $450,469,526 |
Significant Unobservable Input | Impact to Valuation if input had increased | Impact to Valuation if input had decreased |
Discount rate | Decrease | Increase |
Transaction price | Increase | Decrease |
Notes to financial statements 6-30-23 (unaudited)
Unfunded Term Loan | Principal on Delayed Draw Term Loan | Principal on Revolver | Unrealized Appreciation (Depreciation) |
Andretti Buyer LLC | — | $897,364 | — |
Avante Health Solutions | $458,861 | 344,146 | $(129,285) |
Bandon Purchaser LLC | 1,775,853 | 207,874 | (39,674) |
BlueHalo Financing Holdings LLC | — | 994,915 | (18,406) |
BrightView LLC | 866,848 | 220,652 | (26,100) |
Capital Construction LLC | — | 494,506 | (11,127) |
Chemtron Supply LLC | 4,166,667 | 2,083,333 | (143,750) |
Chroma Color Corp. | 2,083,333 | 833,333 | (75,832) |
CLS Management Services, Inc. | 1,663,235 | 1,279,412 | (14,713) |
FusionSite Services LLC | 1,504,702 | 530,303 | (16,279) |
Gannet Fleming, Inc. | — | 1,363,636 | (24,818) |
GC Waves Holdings, Inc. | 130,000 | 650,473 | (26,536) |
GSM Acquisition Corp. | — | 825,949 | (33,864) |
Health Management Associates, Inc. | 1,209,104 | 711,238 | (49,930) |
IMA Group Management Company LLC | 4,105,090 | 821,018 | (135,468) |
Insignia Finance Merger SUB LLC | — | 1,132,115 | (33,963) |
Krayden Holdings, Inc. | 2,968,750 | 1,562,500 | (135,937) |
Notes to financial statements 6-30-23 (unaudited)
Unfunded Term Loan | Principal on Delayed Draw Term Loan | Principal on Revolver | Unrealized Appreciation (Depreciation) |
LAC Intermediate LLC | — | 500,000 | (7,000) |
LUV Car Wash Group LLC | 2,743,243 | — | (87,784) |
M&D Midco, Inc. | 2,055,046 | 1,146,789 | (44,826) |
Management Consulting & Research LLC | 1,925,000 | 519,713 | (53,783) |
MC Group Ventures Corp. | 410,402 | 517,857 | (19,494) |
MRI Software LLC | — | 318,037 | (5,725) |
MWD Management LLC | — | 533,333 | (11,733) |
Oakbridge Insurance Agency LLC | 1,738,379 | 426,349 | (97,413) |
OIS Management Services LLC | 1,630,769 | 769,231 | (7,200) |
Omni Intermediate Holdings LLC | 380,769 | 544,601 | (38,865) |
Orion Group HoldCo LLC | 1,320,667 | 95,660 | (60,903) |
Paint Intermediate III LLC | — | 911,712 | (14,588) |
Pediatric Home Respiratory Services LLC | 1,827,717 | — | (25,589) |
Polymer Solutions Group LLC | — | 463,768 | (33,391) |
Premier Imaging LLC | 3,444,260 | — | (64,408) |
Security Services Acquisition Sub Corp. | 7,142,857 | — | (185,714) |
Simplicity Financial Marketing Holdings, Inc. | 588,636 | 460,903 | (37,784) |
Southern Orthodontic Partners Management LLC | 1,562,500 | — | (29,687) |
Steward Partners Global Advisory LLC | 3,571,429 | 1,428,571 | (115,000) |
The S2 HR Group LLC | — | 2,377,617 | (33,286) |
Therapeutic Research Center LLC | — | 303,131 | (5,456) |
Tilley Chemical Company, Inc. | — | 1,433,761 | (84,592) |
Trimech Acquisition Corp. | — | 578,947 | (12,736) |
World Insurance Associates LLC | — | 541,045 | (17,314) |
WWEC Holdings II Corp. | 1,552,795 | 869,565 | (43,602) |
XpressMyself.com LLC | — | 1,470,588 | (54,412) |
Total | $52,826,912 | $31,163,945 | $(2,107,967) |
Notes to financial statements 6-30-23 (unaudited)
Notes to financial statements 6-30-23 (unaudited)
Notes to financial statements 6-30-23 (unaudited)
Notes to financial statements 6-30-23 (unaudited)
Investment objective, principal investment strategies, and principal risks (unaudited)
Investment objective, principal investment strategies, and principal risks (unaudited)
Investment objective, principal investment strategies, and principal risks (unaudited)
Investment objective, principal investment strategies, and principal risks (unaudited)
More information
All of the fund’s holdings as of the end of the third month of every fiscal quarter are filed with the SEC on Form N-PORT within 60 days of the end of the fiscal quarter. The fund’s Form N-PORT filings are available on the SEC’s website, sec.gov.
ITEM 2. CODE OF ETHICS.
Not applicable.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable.
ITEM 6. SCHEDULE OF INVESTMENTS.
(a)Not applicable.
(b)Not applicable.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED- END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
(a)Not applicable.
(b)Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
The registrant has adopted procedures by which shareholders may recommend nominees to the registrant's Board of Trustees. A copy of the procedures is filed as an exhibit to this Form N-CSR. See attached "Nominating, Governance and Administration Committee Charter."
ITEM 11. CONTROLS AND PROCEDURES.
(a)Based upon their evaluation of the registrant's disclosure controls and procedures as
conducted within 90 days of the filing date of this Form N-CSR, the registrant's principal executive officer and principal financial officer have concluded that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.
(b)There were no changes in the registrant's internal control over financial reporting that
occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.
ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
The Registrant did not participate in securities lending activities.
ITEM 13. EXHIBITS.
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.
John Hancock GA Senior Loan Trust
By: | /s/ Ian Roke |
| ------------------------------ |
| Ian Roke |
| President |
Date: | August 23, 2023 |
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/ Ian Roke |
| ------------------------------- |
| Ian Roke |
| President |
Date: | August 23, 2023 |
By: | /s/ Heidi Knapp |
| ------------------------------- |
| Heidi Knapp |
| Treasurer and Chief Financial Officer |
Date: | August 23, 2023 |