BOSTON, Aug. 06, 2018 (GLOBE NEWSWIRE) -- THL Credit Senior Loan Fund (NYSE: TSLF), a non-diversified, closed-end management investment company, today announced that Fund shareholders have approved a new advisory agreement with THL Credit Advisors LLC, the re-election of Joseph L. Morea and Michael Perino, as Class I Trustees, and the election of Brian W. Good, as a new Class III Trustee at the Annual Meeting of Shareholders of the Fund held on August 3, 2018. THL Credit had previously assumed the role and responsibilities of sole investment adviser to the Fund on June 22, 2018, under an interim advisory agreement (the “Interim Advisory Agreement”) approved by the Board of Trustees on May 24, 2018.

The annual fee rate payable by the Fund for advisory services was reduced from 1.05% to 0.80% of the value of the Fund’s average daily Managed Assets on June 22, 2018, under the Interim Advisory Agreement and continues to be 0.80% under the New Advisory Agreement. In addition, as previously announced, THL Credit agreed to limit, indefinitely, certain non-management expenses borne by the Fund in an amount not to exceed 0.25% per year of the Fund’s Managed Assets (pro-rated for the period in 2018 during which THL Credit serves as the Fund’s sole investment adviser). THL Credit also agreed to bear up to $500,000 of certain expenses in connection with the transition of the advisory relationship.

THL Credit Senior Loan Fund

The Fund is a non-diversified, closed-end management investment company that is advised by THL Credit Advisors LLC. The Fund’s investment objective is to provide current income and preservation of capital primarily through investments in U.S. dollar denominated senior secured corporate loans and notes (“Bank Loans”). There can be no assurance that the Fund will achieve its investment objective.

“Managed Assets” of the Fund means the total assets of the Fund (including any assets attributable to borrowings for investment purposes) minus the sum of the Fund’s accrued liabilities (other than liabilities representing borrowings for investment purposes). Borrowings for investment purposes include any form or combination of financial leverage instruments, such as borrowings from banks or other financial institutions (i.e., a credit facility), margin facilities, the issuance of preferred shares or notes and leverage attributable to reverse repurchase agreements, dollar rolls or similar transactions

About THL Credit

THL Credit is an alternative credit investment manager for both broadly syndicated investments and direct lending through public and private vehicles, collateralized loan obligations, separately managed accounts and co-mingled funds. THL Credit maintains a variety of advisory and sub-advisory relationships across its investment platforms, including THL Credit, Inc. (Nasdaq: TCRD), a publicly traded business development company, and THL Credit Senior Loan Fund (NYSE: TSLF), a non-diversified, closed-end management investment company.