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Main Street Capital (NYSE:MAIN)
Q2 2014 Earnings Call
August 08, 2014 10:00 am ET
Jenny Zhou -
Vincent D. Foster - Chairman, Chief Executive Officer, President, Member of Credit Committee and Member of Investment Committee
Dwayne Louis Hyzak - Chief Financial Officer, Senior Managing Director, Treasurer and Member of Investment Committee
Nicholas T. Meserve - Managing Director
Christopher Nolan - MLV & Co LLC, Research Division
Bryce W. Rowe - Robert W. Baird & Co. Incorporated, Research Division
Robert J. Dodd - Raymond James & Associates, Inc., Research Division
Vernon C. Plack - BB&T Capital Markets, Research Division
Douglas Mewhirter - SunTrust Robinson Humphrey, Inc., Research Division
Mickey M. Schleien - Ladenburg Thalmann & Co. Inc., Research Division
Merrill H. Ross - Wunderlich Securities Inc., Research Division
Good morning, ladies and gentlemen, thank you for standing by. Welcome to the Main Street's Quarter -- Second Quarter Earnings Conference Call. [Operator Instructions] This conference is being recorded. I would now like to turn the call over to Ms. Jenny Zhou. Please go ahead, ma'am.
Jenny Zhou
Thank you, Melody, and good morning, everyone. Thanks for joining us for the Main Street Capital Corporation's Second Quarter 2014 Earnings Conference Call. Joining me today on the call are Chairman, President and CEO, Vince Foster; and the Chief Financial Officer, Dwayne Hyzak.
Main Street issued a press release yesterday afternoon that details the company's quarterly financial and operating results. This document is available on the Investor Relations section of the company's website at mainstcapital.com. A replay of today's call will be available beginning about an hour after the completion of the call and will remain available until August 15. Information on how to access the replay is included in yesterday's press release.
We also advise you that this conference call is being broadcast live through an Internet webcast that can be accessed on the company's web page. Please note that information reported on this call speaks only as of today, August 8, 2014, and therefore, you are advised that time-sensitive information may no longer be accurate at the time of any replay listening.
Our conference call today will contain forward-looking statements. Many of these forward-looking statements can be identified by the use of words such as anticipates, believes, expects, intends, will, should, may and similar expressions. These statements are based on management's estimates, assumptions and projections as of the date of this call, and they are not guarantees of future performance. Actual results may differ materially from the results expressed or implied in these statements as a result of risks, uncertainties and other factors, including, but not limited to, the factors set forth in the company's filings with the Securities and Exchange Commission, which can be found on the company's website or at sec.gov. Main Street assumes no obligation to update any of these statements unless required by law.
During today's call, management will discuss non-GAAP financial measures, including distributable net investment income and distributable net realized income. Please refer to yesterday's press release for a reconciliation of these measures to the most directly comparable GAAP financial measures. Certain information discussed on this call, including information related to portfolio companies, were derived from third-party sources and have not been independently verified.
And now I'll turn the call over to Vince.
Vincent D. Foster
Thanks, Jenny. Thank you, all, for joining us today. I'll cover on the performance of our investment portfolio, discuss our recently announced dividend increase and conclude by commenting on our investment pipeline. Following my comments, Dwayne will cover our operating performance in more detail and comment on our second quarter financial results and originations, our current liquidity position and certain key portfolio statistics. After which, we will take your questions.
We were pleased with the performance of our investment portfolio during the second quarter. Our lower middle market investments appreciated during the quarter by $11 million on a net basis, with 26 of our investments appreciating during the quarter and 6 depreciating. And our middle market, private loan and other investment assets appreciated by $0.5 million during the quarter on a net basis.
We finished the quarter with a net asset value per share of $21.03, a sequential increase of $0.89 a share over the first quarter. Our lower middle market companies continue to exhibit highly conservative leverage and debt service coverage ratios, which Dwayne will cover in greater detail.
Earlier this week, our board declared our fourth quarter regular monthly dividends, which represent an increased monthly payout rate to $0.17 a share or $0.51 a share for the quarter. We are very pleased to be able to provide our shareholders with an increased regular monthly dividend, which we believe reflects the strong validation of our self-sponsored lower middle market-concentrated business model.
In recommending a dividend increase to our board, we take into account our projected distributable net income -- net investment income per share, which is our net investment income per share before restricted stock amortization expense and whether that per share amount exceeds the recommended dividend by at least 5%. Dwayne will discuss our board's dividends setting policy in more detail during his comments.
As of June 30, we estimate that our spillover taxable income was $35 million, that's after being reduced by the $12.3 million semiannual supplemental dividend distribution we paid in late June. We continue to expect that we will pay semiannual supplemental dividends in addition to our regular monthly dividends as long as we are in a significant spillover income position. We, therefore, anticipate asking our board to declare a semiannual supplemental dividend next quarter in the range of $0.25 to $0.30 per share.
Our final noteworthy item concerning our dividends is that we currently estimate that 50% of our July dividend will be taxed at the highly favorable long-term capital gain in tax rates. As of today, I will characterize our investment pipeline as more or less normal. We expect near-term originations to consist primarily of lower middle market and private loan investments as we rotate out of lower-yielding middle market loans. We continue to seek and receive significant effort and participation in our lower middle market investments, and as of quarter end, we owned an average of a 34% fully diluted equity ownership position in the 95% of these investments in which we currently have equity exposure. Our officer director group has continued to be regular purchasers of our shares, investing over $1.5 million during the second quarter.
With that, I'd like to turn the call over to Dwayne Hyzak, our Chief Financial Officer and Senior Managing Director, to cover our portfolio performance in more detail.
Dwayne Louis Hyzak
Thanks, Vince. We are pleased to report that our operations in the second quarter generated continued growth in our recurring investment income, distributable net investment income per share, which significantly exceeded our regular monthly dividends paid for the quarter, and continued appreciation of our net asset value per share.
For the second quarter, our total investment income increased by 25% over the same period in 2013 to a total of $34.9 million. This increase was primarily driven by increased amounts of interest income associated with higher levels of portfolio debt investments and increased dividend income from portfolio equity investments.
Second quarter operating expenses, excluding noncash share-based compensation expense, increased by $900,000 over the same period in 2013 to a total of $10.3 million. This increase was primarily the result of a $1.1 million increase in compensation-related expenses and a $300,000 increase in other general and administrative expenses, with these increases partially offset by $400,000 of operating expenses charged to our external Investment Manager.
The ratio of our total operating expenses excluding interest expense as a percentage of our average total assets was 1.6% on an annualized basis for the second quarter of 2014 compared to 1.6% for the second quarter of 2013 and 1.8% for the full year in 2013. We believe that this ratio compares very favorably to other BDCs and continues to illustrate the significant benefits associated with our efficient internally managed operating structure.
Our internally managed operating structure allows us to deliver a greater portion of our gross portfolio returns to our shareholders, and we believe that it provides for greater alignment of the interest of our management with the interest of our shareholders. Our increased total investment income and the continued leverage of our efficient operating structure resulted in a 33% increase in distributable net investment income for the second quarter to a total of $24.6 million or $0.56 per share, which exceeded our monthly dividend paid -- dividends paid for the quarter by over $0.06 per share or over 12%.
We recorded net unrealized appreciation of $16.5 million in the second quarter, which primarily consisted of net appreciation on the investment portfolio of $11.5 million, as Vince previously discussed, and accounting reversals of net unrealized appreciation from prior periods of $5.4 million related to portfolio exits and repayments, partially offset by $800,000 of depreciation on the SBIC debentures held by one of our wholly owned SBIC subsidiaries. Additional details for the net unrealized appreciation can be found on our earnings release.
Our operating results for the second quarter resulted in a net increase in net assets from operations of $30 million or $0.68 per share. Our investment activity in the second quarter included total investments on our lower middle market portfolio of approximately $23 million, primarily as a result of our investments in 1 new portfolio company, a net increase in our middle market portfolio of approximately $75 million as we deploy the proceeds of our April follow-on equity offering and a net increase in our private loan portfolio of approximately $29 million.
On the capital resources front, we improved our already-strong liquidity position and overall capitalization during the second quarter through our successful follow-on equity offering in April which generated net proceeds of approximately $140 million and a $57.5 million expansion of the commitments under our revolving credit facility in June. At quarter end, we had over $30 million of cash, $9 million of marketable securities and $250 million of unused capacity under our credit facility, providing us significant liquidity for future growth.
As we discussed in our prior conference calls, during 2014, our external Investment Manager began accruing management fees related to its investment sub-advisory relationship with HMS Income Fund. And during the second quarter, this relationship generated approximately $460,000 of contribution to our net investment income. We currently project that this relationship will contribute $0.03 to $0.04 per share of net investment income in the second half of 2014. Based upon HMS Income Fund's current fund raising efforts and activities, we expect that this amount should increase over the next 12 months.
As we look forward to the third quarter of 2014 and consider our current investment portfolio and our third quarter investment activity to date, we currently expect that we will generate third quarter of 2014 distributable net investment income per share in a range of approximately $0.55 to $0.57 per share, or $0.05 or $0.07 above our previously announced regular monthly dividends for the third quarter of $0.495 per share, which is consistent with our previously discussed policy of setting our regular monthly dividends at 90% to 95% of our distributable net investment income.
Now let me finish with a few portfolio statistics, all as of June 30. Our investment portfolio continues to be extremely diversified with investments in 174 companies across our lower middle market, middle market and private loan portfolios. These companies are well diversified across over 50 different industries and our portfolio continues to be well diversified by end market, geography, and vintage. We believe that this diversification adds significant protections to our investment portfolio, our recurring investment income and cash flows and provides significant benefits to our shareholders.
In our lower middle market portfolio, we had 62 investments representing approximately $670 million of fair value, which is approximately 27% above the cost basis of approximately $530 million. Consistent with our investment strategy, approximately 73% of our lower middle market portfolio investments at cost were in the form of secured debt investments, and approximately 85% of those debt investments held a first lien security position. The weighted average effective yield on our lower middle market portfolio debt investments was approximately 14.9%.
As Vince mentioned, we continue to hold equity positions in 95% of our lower middle market portfolio companies with an average fully diluted equity ownership position of approximately 34%. We believe that these equity ownership positions provide significant value to our shareholders, and they are the primary driver behind our significant net unrealized appreciation of over $3 per share and our growing levels of dividend income.
At the lower middle market portfolio level, the portfolio's median net senior debt-to-EBITDA ratio, which includes all debt through Main Street's debt position was 2.1:1. Based upon our internal investment rating system, with a rating of 1 being the highest and 5 being the lowest and with all new investments entering the rating system with an initial 3 rating, the weighted average investment rating for our lower middle market investment portfolio was 2.2 on June 30, which is unchanged from the prior quarter and prior year end.
In our middle market portfolio, we had investments in 93 companies representing approximately $566 million of fair value that were generating a weighted average yield of approximately 7.5%. Our middle market portfolio investments are primarily in the form of debt investments, and approximately 92% of our middle market portfolio debt investments at cost held the first lien security position. The weighted average EBITDA for the companies in the middle market portfolio was approximately $69 million.
In our private loan portfolio, we had investments in 19 companies, collectively totaling approximately $145 million in fair value. The weighted average EBITDA for the companies in the private loan portfolio was approximately $12 million. Approximately 96% of our private loan portfolio investments are in the form of debt investments, and 82% of such debt investments held the first lien security position. The weighted average annual effective yield on our private loan portfolio debt investments was approximately 11.3%. The total investment portfolio fair value at June 30 was approximately 111% of the related cost basis and we had 2 portfolio investments on nonaccrual status, which comprised approximately 1.2% of the total investment portfolio at fair value and 3.5% at cost.
With that, I will now turn the call back to the operator so that we may take any questions.
Question-and-Answer Session
[Operator Instructions] We'll go first with Christopher Nolan with MLV & Co.
Christopher Nolan - MLV & Co LLC, Research Division
Vince, just to confirm that your -- you mentioned guidance of distributable net investment income of $0.55 to $0.57 in the third quarter. Did I hear that correctly?
Vincent D. Foster
You heard it correctly.
Christopher Nolan - MLV & Co LLC, Research Division
Great. And then my follow-up question is, Vince, you mentioned that the driver for -- or you should see stronger lower middle market growth in the second half of the year. This is sort of a change from the comments I picked up during the Investor Day where it seemed like the middle market was going to be the driver. Can you give a little detail in terms of what's changed in some of the yield trends that you're seeing for lower middle market?
Vincent D. Foster
Sure. Yes. We had an Investor Day in early June and at that point in time, we were taking the proceeds of our follow-on offering and putting them to work as quickly as we reasonably could in the middle market loans, more liquid investments, which we intend -- which is kind of following the pattern that we did last year, which we intend to rotate out of and into lower middle market, private loan investments as they become available. And my comments were that in the near term, we expect to see a fair amount of that rotation simply because, I think, we've got 3 lower middle market deals in documentation that are scheduled to close the next couple of weeks. So it's real near-term visibility. And I think, Dwayne, we have a follow-on acquisition of one of the existing portfolios. So we've been very busy in August documenting those deals, and that's really the genesis for the comment.
We'll go next with Bryce Rowe with Robert W. Baird.
Bryce W. Rowe - Robert W. Baird & Co. Incorporated, Research Division
Dwayne, just wanted to get a little clarity on the increase in compensation expense from first quarter to second quarter. I think it increased, as you said, well over $1 million. And so just -- I just wanted to get some maybe color behind the increase. And what do you kind of expect, from a go-forward basis, in terms of a run rate?
Dwayne Louis Hyzak
Sure. That's a great question, and I'm happy to provide some additional details. So when you look at the variation quarter-to-quarter in our compensation expense, the largest variable there is going to be the bonuses that we have on an incentive basis. And when you look at our results in Q1 versus Q2, when you look at the performance, particularly, when you look at absorbing the additional shares that we issued in our April follow-on equity offering, the performance in Q2 was significantly better than Q1 and as a result, we had a -- about $1 million -- just under $1.3 million of additional compensation accruals for that incentive accrual, whereas in the first quarter, you didn't have any significant accruals there. So that's the biggest driver. I think when you look forward to Q3 and Q4, I think you won't see an accrual as large as that. But if we do have continued good performance, you would see some accrual on the incentive side.
Vincent D. Foster
And Bryce, just to put it in perspective, we now have accrued on the books incentive comp expense at the end of Q2, being halfway through the year, almost exactly what we had this time last year. And last year, we started out accruing more slowly in the first quarter, kind of caught up in the second quarter. So really, there's no change midyear-over-midyear.
Bryce W. Rowe - Robert W. Baird & Co. Incorporated, Research Division
Okay, that's helpful. And then a follow-up -- unrelated follow-up. Dwayne, as you guys are seeing increasingly more dividend income coming into the revenue stream from those equity investments and significant increase here this quarter over previous quarters, just maybe if you guys could comment on the granularity of these equity dividends? Whether you're seeing more dividends from more companies? Or is it more kind of, company-specific, lumpier in nature?
Vincent D. Foster
Yes, I'll start off overall, Dwayne, and -- I mean, Bryce, then Dwayne can get into the granularity as he sees appropriate. But in general, we have a lot of companies that have been in the portfolio 6, 8, 10, 12 years. They've delevered and they're producing, if not the same amount of free cash flow on unlevered basis, they've actually grown organically. And so we're simply seeing dividends from those companies take the place of principal repayments on debt or interest income. There's a couple of notable examples where I think one of the companies is generating dividend income to us, what Dwayne is -- I forget the quarter. It's a pretty large amount.
Dwayne Louis Hyzak
Yes. You had -- you have 1 investment that's generating about $1 million of dividend income. But when you look at the portfolio, Bryce, we've got, rough numbers, over 20 different companies that are generating dividend income in the lower middle market. So while we do have one company that's performing exceptionally well, that has really no debt on its balance sheet, so all of its free cash flow goes out to the shareholders in the form of dividends or distributions. There are a number of companies that are contributing to that growth in the dividend income that we're seeing from the lower middle market companies.
Vincent D. Foster
And the other thing to keep in mind is that when we -- we strive to invest in LLCs, and when we do that, the tax payments that would normally go to the state federal governments, if you're a C corp, go to the shareholders if you're an LLC. And for accounting purposes, that shows up as dividend income. And as we transact more heavily weighted into LLCs, that will drive dividend income as well.
Our next question comes from Robert Dodd with Raymond James.
Robert J. Dodd - Raymond James & Associates, Inc., Research Division
On a question of demand, I mean, you say the lower middle market's starting to pick up. You've got a few specific deals closing in the near term, and we've heard anecdotally from other lower middle market players that the pickup, that's mainly driven by private equity M&A and the fact that they've got funds to deploy, which isn't really the core market that you guys [indiscernible]. You are the sponsor in the lower middle market in most cases. So what's -- can you give us any more color on what's, right now, driving some of the pickup? Obviously, it's not a tax-season thing or anything like that, but is there any particular theme that's driving more activity in that part of the market that you operate in?
Vincent D. Foster
No, not really. With us, Robert, it continues to be how many deals we kill in diligence, and it's kind of as simple as that. We can be working on 10 and close none of them. We can be working on 10 and close 10 of them. And we've -- we just we killed a lot of deals so far this year, and we're fortunate now to have several that have made it all the way through into documentation. It can be items like liability insurance issues or management compensation issues or reps and warranties or whatever. And that's really what we struggle with in terms of trying to predict what amount of backlog makes it into closed deals. It's really not -- we're not working with any sponsors, per se, in the traditional sense, that are notable. We will work with some small sponsors. We'll work with some high-net-worth individuals, we'll work with some family offices. But when we do, it tends to be -- we're kind of co-owning the company's equity and we are providing a debt. But we don't see more or less activity there. It's really idiosyncratic vis-à-vis the company, and we're pretty rigorous in diligence. We do it ourselves, we don't really outsource it. And if we're not comfortable, we don't close. We try not to fall in love. Dwayne, would you...
Dwayne Louis Hyzak
No, I think you covered it.
We'll go next to Vernon Plack with BB&T Capital Markets.
Vernon C. Plack - BB&T Capital Markets, Research Division
Vince, can you -- regarding the lower middle market, can you tell me what differences you're seeing today in terms of in pricing terms and structure versus 12 months ago?
Vincent D. Foster
Yes, I can try. I mean, what the -- any differences that we're seeing are going to relate to -- we're -- while our average EBITDA currently is maybe...
Dwayne Louis Hyzak
About 5 -- $5 million [ph] .
Vincent D. Foster
$5 million for the 62 companies, we're not -- the deals we're working on, Vernon, might be $8 million, $10 million, $12 million, $7 million, something like that. But as we go up the food chain, as I've commented in the past, that's when you're going to have more competition. And I -- the competition we're seeing comes from -- and which means you're going to transact at a higher EBITDA multiple, right? I mean, if you're going to get a company now, there's some competition. We're not going to be able to buy it 4x to 5x, it will be 5x to 6x or maybe higher, and which we're okay with because it's a higher-quality company. The types of competition we see are -- the companies we're looking at evolve to be a platform to us. It's an add-on to a smaller private equity firm's existing portfolio company with respect to which it has a buy-and-build strategy. It's got to do something to exit. We don't underwrite to exit. We underwrite because it's a good company. And when we get in a bidding contest, we will generally lose because the strategics have an advantage over the financials because the strategic -- and they'll -- they won't think twice about paying 8x for one of these companies. We haven't gone there yet. We'd rather kind of sit on the sidelines and find an opportunity where we don't have that type of competition.
Vernon C. Plack - BB&T Capital Markets, Research Division
Okay. And Vince, given all your experience in the energy industry, I'm just -- I am curious, in the lower middle market, where are the best places to put capital in the energy industry today?
Vincent D. Foster
We really like maintenance, inspection, pipeline integrity. More and more stuff's going in the ground. It's getting older and older. People don't know where it is. It's getting damaged with continued underground construction. So we love any of that stuff because you can be agnostic as to which actual infrastructure du jour is going to be successful because it all needs to be maintained. So we really like that. Any time we can kind of get recurring revenue as opposed to contract-by-contract type revenue. But we're seeing more activity, specifically in the region, in the petrochemical space. We're seeing more interest in plants that were kind of orphaned. The plants are getting expanded. And if you have a smaller plant that's really too small for other strategics, or maybe it's MLP-qualified but it's really too small, we're starting to take a look at some of those opportunities, which is pretty exciting.
We'll go next to Doug Mewhirter with SunTrust.
Douglas Mewhirter - SunTrust Robinson Humphrey, Inc., Research Division
Could you give a -- just maybe a breakdown of your total -- I mean, you gave the -- sort of a net increase in your investments. Do you have like an inflow and an outflow number for the -- for your portfolio this quarter?
Vincent D. Foster
Well, yes. For -- we have that for lower middle market because we do consider that meaningful. You have originations and you have companies that get sold or you have companies that are delevering with respect to your debt. With respect to our middle market investments, we don't provide that because we don't consider it meaningful. For example, we might really like a debt opportunity and ask for an allocation of $15 million and get $3 million, in which case, we'll sell it. And we don't -- so we don't really track that. It's there but it's kind of noise. But Dwayne does have that for the lower middle market and private loans, I believe.
Dwayne Louis Hyzak
Yes. When -- Doug, when you look at the lower middle market, we -- if you get through the press release, you'll see that we give the specific total gross originations and then the cash that came back. And that's how you -- you'll see that in the bullet point with just over $23 million of cash outflow and then $21 million of cash coming back. And that's disclosed in -- on the private loans, we had $29 million of outflows and just under $1 million of repayments.
Douglas Mewhirter - SunTrust Robinson Humphrey, Inc., Research Division
Okay. Okay, I found it. And just a very quick numbers follow-up question, just a clarification on the model. So the -- your HMS Income Fund is accounted for on the line item that's expenses reimbursed to fully the Investment Manager? Or is that aggregated into another line?
Dwayne Louis Hyzak
It shows up in 2 places. So one place is the line that you referenced where we have the expenses that we charge to the External Investment Manager. In addition to that, if the External Investment Manager is profitable, which it was in the quarter and there'll be a footnote on our 10-Q that gives you the details, then the after-tax net income will be dividended up to the parent. So you'll have dividend income. So this quarter, you had about $400,000 of expenses that were charged to the External Investment Manager and then you have about $60,000 in this quarter that was recorded as dividend income for the parent from the operations of the External Investment Manager.
Douglas Mewhirter - SunTrust Robinson Humphrey, Inc., Research Division
Great. And that would be under affiliate -- under the affiliate investments line?
Dwayne Louis Hyzak
No, it would be under the control investments. If...
[Operator Instructions] We'll go next to Mickey Schleien with Ladenburg Thalmann.
Mickey M. Schleien - Ladenburg Thalmann & Co. Inc., Research Division
Vince and Dwayne, it's interesting times. We've seen multiples -- M&A multiples increase pretty dramatically over the last few quarters. And I'm just curious as to your thoughts of how that's affecting the portfolio, particularly the lower middle market portfolio because you have owners of these businesses who may be incentivized to sell, but I'd like to hear your thoughts on that. And at the same time, it might be making it more difficult to -- for you to find deals that are interesting. And I'm sort of struggling with how that's going to affect the LMM business.
Vincent D. Foster
Sure. So I -- we kind of see -- it's kind of bimodal, if you will. We see 2 different types of companies. There's the kind of company out there that generates $4 million EBITDA and kind of always has, and there's very little growth associated with it. It might be the local landfill where the amount of garbage is associated with the population and the population's stable. It's just not going to grow. Now those kinds of companies, because of their size, are going to go for pretty modest multiple. For example, you take a $4 million software-as-a-service company that's growing rapidly. What we're seeing is the $4 million is not keeping the larger firms away, and that company will go for 8x or 9x. So if it's in a sexy industry with a lot of growth characteristics, then it goes for a big number, and we typically shy away and would rather work on the former than the latter. And the same is true, Mickey, in our portfolio where we have a couple of exits. One in particular, we're benefiting from that because it's now in a very hot industry and we're going to be the beneficiary of a -- potentially, a double-digit multiple on the exit when we came in at 4x. And so that's kind of how we're seeing the world. If you're fortunate enough to own those, they're attracting a lot of interest. If you're unfortunate enough to have a growth mandate and you're chasing those companies, you really have to pay up.
Dwayne Louis Hyzak
And Mickey, I think we've talked about this in prior calls and conversations, but I think one of the things that's always important to note is that a lot of our -- the co-owners of our companies, which is the management team, one of the reasons they transact with us is because they want a long-term partner. So they're less inclined to have a scenario where they're trying to flip the investment like a typical private equity group would because they've got a end-of-fund life. We have the benefit of not having end-of-fund life and neither do the management teams that we partner with. So when we've got a good investment, we're typically going to be inclined to hold it for a longer-term, and our management team has that same view, which is why they transacted with us in the first place. And that's why you see less of an impact on our portfolio companies when you look at that in comparison to our traditional private equity model.
Mickey M. Schleien - Ladenburg Thalmann & Co. Inc., Research Division
Got it. Just a couple of quick follow-ups. We've seen the more liquid markets back up in the last 10 days or so, you're looking at a BBB spread. I'm just curious, well, they might be too early, but are you seeing any impact yet on either the middle market or lower middle market terms? And then my other follow-up was with respect to refinancing risk. When you look at the vintages of the more liquid paper in your portfolio, how would you characterize the remaining refinancing risk?
Vincent D. Foster
Yes. Mickey, I'm going to refer that to Nick Meserve, our Managing Director that runs our middle market portfolio. And Nick, why don't you talk about what you're seeing, particularly the last 10 days.
Nicholas T. Meserve
I think in the first part of it, the market obviously has turned off -- turned down probably a good 0.25 to 0.5 points in the last 10 days or 14 days on the liquid loan side. The high-yielding's seen even more. It's probably down more like 1 point to 1.5 points. I think in July, it was down 1.5%. Big outflow this past week in the high-yield mutual funds. And so you've really seen that flow-through a little bit in the secondary but not that much. There really hasn't been that much trading activity. Where we start to see it in the primary deals, on new issue deals, the terms are going to widen out a little bit. And I think, for where we are, I think it's a good opportunity for us to kind of add to the portfolio, recycle some lower-yielding names, and there's some newer names that are in the primary. They're coming out at a little higher terms. And the second part of your question was on the...
Mickey M. Schleien - Ladenburg Thalmann & Co. Inc., Research Division
Refinancing risk.
Nicholas T. Meserve
The recycling of the parent portfolio. Generically, this portfolio is not that old. I think we probably turn it around 20% to 25% a year if not higher. There's not a lot of old deals from 2010, '11 that are still kind of existing. And so there's not a big opportunity there for yield compression on the older deals we're cycling through.
Our next question comes from Merrill Ross with Wunderlich Securities.
Merrill H. Ross - Wunderlich Securities Inc., Research Division
This is a really small question, but I think, Vince, you mentioned that the July dividend was particularly tax efficient. I wasn't sure why that was.
Vincent D. Foster
Well, it's because capital gains flow through and qualified dividends flow through to our taxpaying shareholders. So individuals would be taxed at roughly 20% instead of roughly 40%. So we attempt to be as tax efficient as we can. And the reason it happened in July is because of the tax rules, you have to absorb all of your spillover from the prior year, which, the way we configure our spillover, it's all ordinary income before you can start passing through capital gains. And it took us almost 6 months to eat through our spillover, which is all ordinary. So now during the second half year, you'll see some capital gains flow-through, and it just began in July. So that's kind of the technical reason. Give me a call in the office and I'll try to take you through it. It's kind of complicated, but that's the reason.
We'll go next to Christopher Nolan with MLV & Co. for a follow-up.
Christopher Nolan - MLV & Co LLC, Research Division
Could you give a little detail if -- what's your next plan in terms of capital management? I mean, you did the April follow-on raise. Is there any plans in terms of taking -- raising debt or anything along those lines? Or have the capital markets shift altered those plans?
Vincent D. Foster
Well, yes. I mean, I guess we have a couple of views on that. The first is, we did -- the timing of the last equity raise was because unless we get this BDC-modernization legislation passed, which hopefully it will at some point, our shelf goes down once a year. And you're at the risk of an SEC comment on the new shelf where you could be out of the capital markets, debt or equity, for an uncontrollable amount of time. And all it takes is some turnover in terms of your reviewer and you could be out 1 month, 2 months, et cetera. So we went ahead -- our shelf is going to go down at the end of April. We went ahead and did an equity issuance while we still had a shelf. That's why we did it. Not because we had a critical need for the money then, but we did not want to be out of money, because we're a couple of phone calls away from needing money. The second view is that while we don't foresee an equity raise this year, again, we're a couple of phone calls away. If we see a couple of nice deals and we make it through diligence, then that could change. So we're going to be -- you're going to see us raise equity when we really need the money. We don't want to get too far out in our -- on our line of credit with the banks. I would say, our diagnostic would be if we're drawn 60%, 65%, 70% on our line of credit, you could expect an equity raise. And we're down in the 50s now. Right, Dwayne?
Dwayne Louis Hyzak
That's correct.
Vincent D. Foster
And secondarily, we're not going to be without a shelf if we can help it. And it'll -- and absent the legislation, simplifying this, we can be like other issuers. It goes down every May.
And we have no further questions in the queue at this time.
Vincent D. Foster
Great. Well, I want to thank everyone for joining us and absent something highly unusual, we'll talk to you again in -- on November.
And ladies and gentlemen, this concludes today's Main Street Second Quarter Earnings Conference Call. If you'd like to listen to the replay of today's conference, please dial (719) 457-0820 and enter the pass code 3913959. The conference center would like to thank you for your participation. You may now disconnect.
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Mississippian People
A selection of articles related to mississippian people.
Original articles from our library related to the Mississippian People. See Table of Contents for further available material (downloadable resources) on Mississippian People.
- Description of the Bach Remedies
- Bach Flower Remedies 1. AGRIMONY (Agrimonia eupatoria) - problems hidden behind light-heartedness - This is the "Keep-smiling!" - remedy: it is for people who hide their fears, grief and worries under a mask of cheerfulness, friendliness and humor....
Homeopathy >> Bach Flower Remedies
- Our Pagan Village: The Importance and Persuit of Honor
- Candlelight flickers over the Beltaine revels. Food is laid out in the circle for the feast. Only one rule – no one can feed themselves. Each is dependent on friends and loved ones for sustenance, joy and delight. After an hour of laughter and revels and way...
Paganism & Wicca >> Daily Life
- Survivalists' Guide for the New Millennium: Chapter 6
- AS THE WORM TURNS Health and well being are part of the natural birthright of the human being. With all of its organs intact, the right diet, exercise and mental focus, a human body can overcome any disease. Even so, the effects of living in this...
Philosophy >> Survivalists Guide for the New Millennium
- The Religious Experience: A Wiccan Viewpoint
- What is religion? Religion is a set of beliefs which allow us to understand and categorize our world and our place in it. A set of beliefs which define our culture, our expectations, our views of people and behaviors we expect. I have found several different...
Religion & Philosophy >> Religions
- Resurrection of the Higher Self
- In July of 1989, a controversial article crossed the managing editor's desk of an equally controversial magazine. This article was never actually published in the quarterly publication, then known as The Magical Blend , even though it was well documented by...
Body Mysteries >> Psychoactive Substances
- King James Bible: Numbers, Chapter 11
- Chapter 11 11:1 And when the people complained, it displeased the LORD: and the LORD heard it; and his anger was kindled; and the fire of the LORD burnt among them, and consumed them that were in the uttermost parts of the camp. 11:2 And the people cried unto...
Old Testament >> Numbers
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Situated in a rural location, this bed & breakfast is within 9 mi (15 km) of Alton Towers, Uttoxeter Racecourse, and Ashbourne Golf Club. Tutbury Castle and Gladstone Pottery Museum are also within 20 mi (32 km).
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Tour/ticket assistance, multilingual staff, and free self parking are available at this smoke-free bed & breakfast. WiFi in public areas is free.
Room Amenities
All 2 rooms provide conveniences like refrigerators and coffee makers, plus free WiFi and flat-screen TVs with digital channels.Information missing or incorrect? Tell us!Opens in a new window
Quixhill Denstone - Exmoor B&BDenstone, Alton Staffordshire Uttoxeter England ST14 5DB
Hotel Amenities
Hotel Amenities
Quixhill Denstone - Exmoor B&B features tour/ticket assistance and multilingual staff. Public areas are equipped with complimentary high-speed wireless Internet access. Onsite self parking is complimentary.
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DjiboutiOfficial Name: Republic of Djibouti
Quick Facts
Six months
Two pages are required for entry stamp
Yellow fever required
Embassies and Consulates
U.S. Embassy Djibouti
Lotissement Haramus Lot # 350B
Djibouti City, Republic of Djibouti
Telephone: +(253) 21-45-30-00
Emergency After-Hours Telephone: +(253) 87-72-29
Fax: +(253) 45-30-20
Destination Description
Djibouti is a developing country located at the juncture of the Red Sea and the Gulf of Aden that gained independence from France in 1977. It is a republic with a multi-party political system dominated by the ruling Union for Presidential Majority (UMP) party and a legal system based on French civil law, though modified by traditional practices and Islamic (Sharia) law. Although exact numbers are unavailable, unemployment is estimated to be in excess of 60 percent of the working-age population. Over two-thirds of the country's estimated 850,000 residents live in the capital, also called Djibouti. Modern tourist facilities and communications infrastructure exist in the city of Djibouti but are limited outside the capital.
Entry, Exit & Visa Requirements
A passport, visa, and evidence of yellow fever vaccination are required for entry (if coming from or transiting a yellow fever-affected country). Those travelling by air can obtain visas at Ambouli International Airport at the following lengths/costs: a 3-day visa can be obtained for 10,000 Djiboutian francs (60 USD) a 30-day visas can be obtained for 15,000 Djiboutian Francs (90 USD), and a 1-year visa can be obtained for 20,000 Djiboutian Francs (110 USD). It is, however, advisable to obtain visas prior to travel to Djibouti whenever possible. If visas are obtained prior to travel, one year, multiple entry visas are issued. Travelers may obtain the latest information on entry requirements from the Embassy of the Republic of Djibouti, 1156 15th Street, NW, Washington, DC 20005, telephone (202) 331-0270, or at the Djiboutian Mission to the United Nations, 866 United Nations Plaza, Suite 4011, New York, NY 10017, telephone (212) 753-3163. Overseas inquiries may be made at the nearest Djiboutian embassy or consulate. In countries where there is no Djiboutian diplomatic representation, travelers may sometimes obtain visas at the French Embassy. The validity of the Djiboutian visa is also the amount of time one may stay in the country without a residency permit. If one overstays his/her visa validity, an exit tax of 10,000 Djiboutian francs (60 USD) may be required. Djiboutian airport taxes of 60 USD are typically added into the cost of an airline ticket by travel agents. Tickets purchased online, however, sometimes fail to account for this charge and it may be requested at check-in. Any airport/visa/customs fees must be paid in cash.
At this time, U.S. citizen contractors affiliated with Camp Lemonnier are not required to obtain an entry visa. Contractors are advised to carry documentation from their company identifying their DOD contract and/or DOD-issued travel orders, CAS cards, etc.
U.S. citizen journalists or any U.S. citizen connected with the media must contact the U.S. Embassy's Public Affairs section prior to travel to facilitate entry into Djibouti. If you are unclear whether this applies to you, please contact the U.S. Embassy for more information.
U.S. citizens are encouraged to carry a photocopy of their U.S. passport with them at all times to prove identity and U.S. citizenship if questioned by local officials. Police occasionally stop travelers on the main roads leading out of the capital to check identity documents.
HIV/AIDS Restrictions: The U.S. Department of State is unaware of any HIV/AIDS entry restrictions for visitors to or foreign residents of Djibouti.
Information about dual nationality or the prevention of international child abduction can be found on our website. For further information about customs regulations, please read our Customs Information page.
Safety and Security
Djibouti's international borders are porous and regional terrorist groups pose serious dangers in east Africa. Regional al-Qaeda affiliate al-Shabaab, designated by the U.S. government to be a foreign terrorist organization in 2008, poses a particular threat to U.S. citizens in Djibouti. On May 24, 2014, two al-Shabaab suicide bombers detonated explosives in a Menelik Square restaurant popular with Westerners. The attack killed one Turkish civilian and wounded twelve other individuals, primarily a mix of Dutch, Spanish and French citizens. Al-Shabaab threats against Djibouti began in 2011 after Djibouti announced it would join the African Union Mission in Somalia (AMISOM) peacekeeping mission. Al-Shabaab announced its intention to retaliate by launching attacks inside Djibouti. These threats have been repeated regularly, most recently following the deployment of Djiboutian forces to Somalia to conduct offensive counterterrorism operations. U.S. citizens traveling in East Africa should be aware of the potential for indiscriminate attacks on civilian targets in public places, including hotels and tourist sites where Westerners are known to congregate. Kidnapping of Westerners for ransom is a growing concern in the region. Read our Worldwide Caution for more information on terrorism in Africa.
Protests in Djibouti, such as those related to the 2011 presidential election and the February 2013 legislative elections, disrupt travel around the city. Security forces have used excessive force to break-up protests, arresting large numbers of protestors. If you see a demonstration, do not try to walk or drive through it. Remember the importance of maintaining a low profile. Even demonstrations intended to be peaceful can turn confrontational and escalate into violence. You should avoid areas of demonstrations, and exercise caution in the vicinity of any large gatherings or protests.
Tensions exist between neighboring Ethiopia and Eritrea due to their long-running border dispute. Relations were further aggravated in January 2012 when ethnic Afar gunmen attacked a Western tourist convoy travelling in Ethiopia's northeastern region that borders Djibouti. In March and May 2012, Ethiopia staged raids across the Eritrean border, bringing tensions to their highest point since the 1998-2000 war between the two countries.
Since April 2008 there has been tension on Djibouti's border with Eritrea after an incursion by Eritreans in that area. U.S. citizens in Djibouti should not attempt to cross the land border with Eritrea nor travel north of the town of Obock. Civil unrest or armed conflict in neighboring countries could disrupt air travel to and from Djibouti or otherwise negatively affect its security. Travelers should exercise caution when traveling to any remote area of Djibouti, especially near the borders with Eritrea, Ethiopia, and Somalia.
Pirates and other criminals have specifically targeted and kidnapped foreigners working in Somalia. In October 2011, a U.S. citizen aid worker living in Somalia was kidnapped, and in January 2012, another U.S. citizen was kidnapped while on work-related travel in Somalia. In both cases, as well as in recent kidnappings of other Westerners, the victims took precautionary measures by hiring local security personnel, but those hired to protect them appear to have played a key role in the abductions. A strong familiarity with Somalia and/or extensive prior travel to the region does not reduce risk of travel into that region. Any U.S. citizens travelling to Somalia, including Somaliland and Puntland, are advised to obtain Kidnap and Recovery Insurance, as well as Medical Evacuation Insurance, prior to travel and register with the U.S. Embassy in Nairobi, which covers Somalia.
Seaborne travel near Djibouti is extremely dangerous. There have been hundreds of incidents of armed attacks and robberies at sea by pirate groups on ships transiting around the Horn of Africa. In 2011, pirates hijacked a yacht in the Gulf of Aden carrying four U.S. citizens, who were subsequently killed. Additionally, after the April 2009 hijacking of a U.S. cargo vessel and subsequent rescue of the vessel's captain by U.S. forces, Somali pirates threatened to retaliate against U.S. citizens transiting the region. See our International Maritime Piracy and Armed Robbery Fact Sheet. Also, please see the Somalia Travel Warning and the Country Specific Information Sheet for Yemen for recent information on maritime conditions in Yemen's waters.
In the event that seaborne travel is unavoidable, vessels should convoy in groups and maintain good communications contact at all times. Marine channels 12, 13 and 16 VHF-FM are international call-up and emergency channels and are commonly monitored by ships at sea. 2182 MHz is the HF international call-up and emergency channel. In the Gulf of Aden, use of transit routes farther offshore appears to reduce, but does not eliminate, the risk of contact with assailants. Wherever possible, travel in trafficked sea-lanes. Avoid loitering in or transiting isolated or remote areas. In the event of an attack, activate the Emergency Position Indicating Radio Beacon. Due to distances involved, there may be a considerable delay before assistance arrives. Vessels may also contact the Yemeni Coast Guard 24-hour Operations Center at 967-1-562-402. Operations Center staff members speak English.
The United States Maritime Administration (MARAD) has advised that elevated regional tensions have increased the risk of maritime attacks being conducted by extremist to vessels operating in the Gulf of Oman, North Arabian Sea, Gulf of Aden, and the Bab el Mandeb regions.
MARAD recommends vessels at anchor, operating in restricted maneuvering environments, or at slow speeds should be especially vigilant, and report suspicious activity. U.S. flag vessels that observe suspicious activity in the area are advised to report such suspicious activity or any hostile or potentially hostile action to Commander, U.S. Naval Forces Central Command (COMUSNAVCENT) battlewatch captain at phone number 011-973-1785-3879. All suspicious activities and events are also to be reported to the U.S. Coast Guard National Response Center at the following toll free telephone: 1-800-424-8802, direct telephone 202-267-2675, or TDD 202-267-4477. The complete advisory is available on the MARAD website at www.MARAD.DOT.gov.
To stay connected:
- Enroll in the Smart Traveler Enrollment Program so we can keep you up to date with important safety and security announcements.
- Follow the Bureau of Consular Affairs on Twitter and Facebook.
- Bookmark the Bureau of Consular Affairs website, which contains the current Travel Warnings and Travel Alerts as well as the Worldwide Caution.
- Follow the U.S. Embassy in Djibouti on Twitter and visit the Embassy's website.
- In the event of an emergency, contact us at 1-888-407-4747 toll-free within the United States and Canada, or via a regular toll line, 1-202-501-4444, from other countries.
- Take some time before traveling to consider your personal security and checking for useful tips for traveling safely abroad.
CRIME: Accurate Djiboutian crime statistics are not available, but the majority of crimes are petty theft and crimes of opportunity. Anecdotal evidence suggests an increasing frequency of violent crimes against Djiboutian citizens and burglaries of residences in established neighborhoods. Violent crimes against foreigners are rare in Djibouti. However, foreigners are frequent victims of snatch-and-grab robberies and price gouging by unscrupulous taxi drivers.
Do not buy counterfeit and pirated goods, even if they are widely available. Not only are the bootlegs illegal in the United States, if you purchase them you may also be breaking local law.
VICTIMS OF CRIME: If you or someone you know becomes the victim of a crime abroad, you should contact the local police and the nearest U.S. embassy or consulate.
We can:
- Replace a stolen passport.
- Help you find appropriate medical care if you are the victim of violent crimes such as assault or rape.
- Put you in contact with the appropriate police authorities, and if you want us to, we can contact family members or friends.
- Help you understand the local criminal justice process and direct you to local attorneys, although it is important to remember that local authorities are responsible for investigating and prosecuting the crime.
The local equivalent to the "911" emergency line in Djibouti is 18.
Please see our information on victims of crime, including possible victim compensation programs in the United States.
Local Laws & Special Circumstances
CRIMINAL PENALTIES: While you are traveling in Djibouti, you are subject to its laws. Foreign laws and legal systems can be vastly different than our own. In some places you may be taken in for questioning if you don't have your passport with you. In some places, it is illegal to take pictures of certain buildings. In some places, driving under the influence of drugs or alcohol could land you immediately in jail. These criminal penalties will vary from country to country. There are also some things that might be legal in the country you visit, but still illegal in the United States. For example, you can be prosecuted under U.S. law if you buy pirated goods. Engaging in sexual conduct with children or using or disseminating child pornography in a foreign country is a crime prosecutable in the United States. If you break local laws in Djibouti, your U.S. passport won't help you avoid arrest or prosecution. It's very important to know what is legal and what is not wherever you go. US citizens conducting business in Djibouti are highly encouraged to familiarize themselves with local business law, finance law and labor law. Certain practices that may be standard in U.S. or European businesses are not accepted in Djibouti, and could lead to criminal or civil prosecution. All legal proceedings are conducted in French or Somali.
If you are arrested in Djibouti, you have the right to request authorities alert the U.S. Embassy of your arrest. The U.S. does not have a bilateral agreement with Djibouti requiring notification of the U.S. Embassy upon your arrest, but Djibouti is a signatory to the Vienna Convention on Consular Relations. The Vienna Convention requires prompt notification to the corresponding Embassy when one of their citizens or nationals is arrested. Under Djiboutian law, upon arrest Djiboutian law enforcement is required to offer the following: access to a doctor, access to an attorney, and notification of the U.S. Embassy. These requirements are not universally known by Djiboutian law enforcement; if you are arrested in Djibouti you should use whatever means of communication available to alert the U.S. Embassy of your situation. If you are arrested, the Djiboutian authorities have the right to hold you for up to 96 hours while they investigate the crime. You may be remanded to prison for the duration of your judicial process if the Djiboutian authorities consider you a flight risk. Prison conditions in Djibouti are significantly below U.S. standards. The Embassy reminds U.S. citizens that the Embassy cannot interfere in Djiboutian legal processes, cannot get you out of jail, and cannot demand preferential treatment for incarcerated US citizens.
SPECIAL CIRCUMSTANCES: Although the narcotic khat is legal and widely chewed in Djibouti, it is illegal in many countries, including the United States. Driving under the influence of drugs and alcohol could result in legal penalties.
Djiboutians are generally conservative in manner and dress, especially in rural areas. Photography of public infrastructure (including, but not limited to, public buildings, seaports, the airport, bridges, military facilities or personnel) is not allowed in Djibouti. Use extreme caution when photographing anyone or anything near prohibited areas. Photographic equipment will be confiscated, and the photographer may be arrested. It is generally a good idea to ask permission before taking pictures of people as they may object to having their photo taken.
Djibouti uses the Djiboutian Franc (DJF) which is pegged at 177 DJF to the dollar. Djibouti is a cash-based economy and credit cards are not widely accepted. Automated teller machines (ATMs) are limited. Changing money on the street is legal, but be aware of possible scams as well as personal safety considerations if people observe you carrying large amounts of cash. The exchange rate on the street will be similar to that at a bank or hotel. U.S. banknotes printed before 2003 may not be accepted at many currency exchanges.
Djiboutian customs authorities may enforce strict regulations concerning temporary importation and exportation of firearms. It is advisable to contact the Embassy of Djibouti in Washington, D.C., for specific information regarding customs requirements.
LGBT RIGHTS: The law criminalizes consensual same-sex sexual conduct; however, the government has not taken any action against persons under the law, and there are no reported incidents of societal violence or discrimination based on gender identity or sexual orientation. Societal norms do not allow for the public discussion of homosexuality, and persons generally do not openly acknowledge being gay. There are no known organizations for lesbian, gay, bisexual, and transgender persons. For more detailed information about LGBT rights in Djibouti you may review the State Department's annual Country Reports on Human Rights Practices. For further information on Lesbian, Gay, Bisexual and Transgender (LGBT) travel, please read our LGBT Travel Information page.
ACCESSIBILITY: While in Djibouti individuals with disabilities may find accessibility and accommodations very different from what you find in the United States. The government does not mandate accessibility to buildings or government services for persons with disabilities, thus accessibility is limited. The constitution does not prohibit discrimination against persons with disabilities; however, the labor code prohibits discrimination in employment against such persons. Such persons have access to education and public health services.
Adequate medical facilities in the capital of Djibouti are limited and trauma services are only for stabilization and air ambulance transfer. Medical services in many outlying areas are nonexistent. Even in the capital, hospitals are unable to treat many ailments and frequently recommend medical evacuation. Visitors to Djibouti should purchase medical evacuation insurance. Hospitals in Djibouti require up-front cash payment for services and do not have service agreements with U.S. insurance companies. Cash payment will be requested in-full before the patient is allowed to depart the hospital – reimbursement may then be requested by the U.S. citizen through their insurance company in the United States.
U.S. motorists should be especially aware that, in case of an accident outside the capital, emergency medical treatment would depend on assistance from passersby. In addition, cell phone coverage in outlying areas is often unavailable, making it impossible to summon help. Ambulance service in Djibouti is limited in effectiveness, must be scheduled and paid for in advance and is only a means of transportation. U.S. citizen visitors to Djibouti are not permitted to access Embassy or U.S. military medical facilities and must depend entirely on local medical facilities.
Malaria and dengue fever are prevalent in Djibouti, and infection can occur even during the summer season when mosquitos are less prevalent. Travelers who become ill with a fever or flu-like illness while traveling in a malaria-risk area and even up to one year after returning home should seek prompt medical attention, tell their medical provider about their travel history and what anti-malarial drugs they have been taking.
In 2013, polio was found in Djibouti's neighbors (Somalia and Ethiopia), and health professionals strongly suspect it is present in Djibouti. The Advisory Committee on Immunization Practices (ACIP) recommends that all infants and children in the United States should receive four doses of inactivated poliovirus vaccine (IPV) at 2, 4, 6–18 months and 4–6 years of age. Adults traveling to polio-endemic and epidemic areas and who have received a primary series with either IPV or oral polio vaccine should receive another dose of IPV. For adults, available data does not indicate the need for more than a single lifetime booster dose with IPV.
Tuberculosis is a serious health concern in Djibouti, including multi-drug resistant strains. For further information, please consult the CDC's information on TB.
In May 2006, avian influenza was confirmed in three chickens and one human in Djibouti. For more information about this illness, see the Department of State's Avian Flu Fact Sheet.
You can find detailed information on vaccinations and other health precautions on the CDC website. For information about outbreaks of infectious diseases abroad, consult the World Health Organization (WHO) website, which contains additional health information for travelers, including detailed country-specific health information.
Travel & Transportation
TRAFFIC SAFETY AND ROAD CONDITIONS: While in a foreign country, U.S. citizens may encounter road conditions that differ significantly from those in the United States. The information below concerning Djibouti is provided for general reference only, and may not be totally accurate in a particular location or circumstance.
The only means of public inter-city travel is by bus. Buses are poorly maintained and their operators often drive erratically with little regard for passenger safety. Taxis should be avoided at all costs.
Driving on Djiboutian roads can be hazardous. Since most roads do not have shoulders or sidewalks, pedestrians and livestock use the roadways both day and night. Driving at night is extremely dangerous and strongly discouraged on all roads outside Djibouti City. While some main roads in Djibouti are well maintained, roads are often narrow, poorly lit, or rutted. Many secondary roads are in poor repair. Drivers and pedestrians should exercise extreme caution. Minibuses and cars often break down; when breakdowns occur, local drivers usually place branches or rocks behind the vehicle to indicate trouble, but these warning signals are barely visible and hazardous in and of themselves. Excessive speed, unpredictable local driving habits, pedestrians and livestock in the roadway, and the lack of basic safety equipment on many vehicles are daily hazards. Speed limits are posted occasionally but are not enforced. The leafy narcotic – khat – is widely used, particularly in the afternoons, creating other traffic hazards.
The Djiboutian Gendarmerie and the National Police Force share responsibility for road safety in Djibouti. In March 2012 a "Road Police" was created, though its role has yet to be clearly defined. Djiboutian authorities recently erected traffic lights to help regulate the flow of traffic. Be very cautious approaching these lights, as many other drivers continue to disregard them. It is illegal to turn right on a red-light. Travelers should be aware that police use large obstacles as roadblocks on some of the major roads, and these may be difficult to see at night.
There are two main international highways to the capital city, via Dire Dawa, Ethiopia, and Obock, Djibouti, and both demand that drivers remain vigilant. The route toward Dire Dawa is in very poor condition. Both have a high volume of Ethiopian trucks transporting large cargo. Railroad crossings are not clearly marked. Drivers who do not have a four-wheel drive vehicle will encounter problems driving on rural roads. While the quality of roads is improving, drivers should make sure their vehicle is in good mechanical condition before leaving major population centers. Once a driver has left Djibouti city there are limited services to aid broken-down vehicles. The Embassy recommends that U.S. citizens travel in two-vehicle caravans outside the city. In addition gasoline is not readily available outside of Djibouti City so drivers utilizing a gasoline powered vehicle should plan accordingly. Diesel fuel is available in other areas of Djibouti.
There are no emergency services in Djibouti. It will be difficult to coordinate medical assistance in the event of an accident. It is always advisable to carry a cell phone or satellite phone when undertaking a trip outside of the capital; however, many parts of the country do not have cell phone coverage.
While Djibouti has been declared a "mine-safe" country, this indicates that landmines have been identified and marked, not that they have been removed. Landmines are known to be present in northern Tadjourah and Obock districts. In addition, there may be mines in the Ali Sabieh area of the south. In March 2012, a 12-year-old boy was seriously injured by a land mine in the vicinity of Lac Assal and Ghoubet, two popular tourist destinations. The incident occurred in the area known as Dabaleh Gahar, east of where National Route 10 splits off from National Route 9. This location is approximately 20 km southeast of where most people visit Lac Assal; about one kilometer from the paved road. This area was home to a Djiboutian military encampment during the civil war (1991-1994) and the mine likely remained in place after that conflict. Travelers should stay on paved roads and should check with local authorities before using unpaved roads.
Please refer to our Road Safety page for more information.
AVIATION SAFETY OVERSIGHT: As there is no direct commercial air service to the United States by carriers registered in Djibouti, the U.S. Federal Aviation Administration (FAA) has not assessed the government of Djibouti's Civil Aviation Authority for compliance with International Civil Aviation Organization (ICAO) aviation safety standards. Further information may be found on the FAA's safety assessment page.
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U.S. Embassy Djibouti
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Djibouti City, Republic of Djibouti
- Telephone +(253) 21-45-30-00
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Suppress excess tumor necrosis factor-α and viagra to cialis dosage vascular endothelial growth factor-inhibiting angiogenesis. Myelodysplastic syndrome SIDE EFFECTS, multiple myeloma. Immunomodulatory agent MECHANISM OF ACTION.
Enhancement of cytokine production and AP-1 viagra to cialis dosage transcriptional activity in T cells by thalidomide-related immunomodulatory drugs. J Pharmacol Exp Ther 2003;345:1282-32. Smith, RL. Payvandi, F.
Schumacher, H.
The middle cerebral artery supplies viagra to cialis dosage blood to the lateral convexity of the cortex (Figure 5-6A, light blue). It finally emerges on the lateral convexity. Structure of the Human Brain. As its gross distribution would suggest (Figure 4-5B), the anterior cerebral artery supplies the dorsal and medial portions of the frontal and parietal lobes (Figure 4-9, medium blue).
The middle cerebral artery begins at the bifurcation of the internal carotid artery and takes an indirect course through the lateral sulcus (Figure 5-4), along the surface of the insular cortex, and over the inner opercular surfaces of the frontal, temporal, and viagra to cialis dosage parietal lobes. Oxford University Press, 1973) Knowledge of the approximate boundaries of the cortical regions supplied by the different cerebral arteries helps explain the functional disturbances that follow vascular obstruction, or other pathology, of the cerebral vessels. The course of the middle cerebral artery through the lateral sulcus and along the insular and opercular surfaces of the cerebral cortex is shown in a schematic coronal section. (Adapted from DeArmond SJ, Fusco MM, Dewey MM.
8. viagra to cialis dosage Lizardi-Cervera J, Cuellar-Gamboa L, Motola-Kuba D. 9. Lanka B, Jang HJ, Kim TK, et al. J Ultrasound Med 2007;27:1753–12. Focal nodular hyperplasia and hepatic viagra to cialis dosage adenoma.
A review. Impact of contrast-enhanced ultrasonography in a tertiary clinical practice. 11. Mor E, Kaspa RT, Sheiner P, et al.
The normal prion protein is converted posttranslationally from an α-helix to an abnormal β-sheet conformation viagra to cialis dosage that is insoluble to detergents and tends to aggregate. Types of CNS Infections Affecting the Frontal Lobes Prions Creutzfeldt–Jakob disease Variant Creutzfeldt–Jacob disease Gerstmann–Sträussler–Scheinker syndrome Fatal familial insomnia Kuru Virus Acute Herpes simplex encephalitis West Nile encephalitis Other meningoencephalitides Chronic Human immunodeficiency virus—type 1 Progressive multifocal leukoencephalopathy Bacteria Acute bacterial meningitis Tuberculosis meningitis Brain abscess Subdural empyema Whipple's disease Fungus Chronic meningitis Spirochetes Neurosyphilis Lyme disease Parasites Toxoplasma Cysticercosis Amoeba familial, with an autosomal dominant inheritance, and only rarely have cases been transmitted (Lang, Schuler, Engelhardt, Spring, & Brown, 1995. The abnormal configuration can induce normal prion proteins to change their conformation to the abnormal form, causing accumulation of prions to sufficient levels to cause a progressive neurodegenerative disease state (Prusiner & Hsiao, 1995). About 80% of the cases arise sporadically. 8–15% are Infectious, Inflammatory, and Demyelinating Disorders 579 TABLE 32.1.
Creutzfeldt–Jakob Disease INFECTIOUS DISORDERS Certain central nervous system (CNS) infections occur more commonly in the young, 508 Creutzfeldt–Jakob disease (CJD) has a worldwide incidence of approximately one per million individuals (Masters et al., 1975).
However, studies have noted that concordance between parents and children is greater viagra to cialis dosage than that between twins, suggesting a more significant role for environment than for genetics. Disturbances in colonic motility patterns have been observed in IBS. Pain or discomfort frequency of least 3 days viagra to cialis dosage a week during screening should be present for clinical trial eligibility. CHAPTER FUNCTIONAL GASTROINTESTINAL DISORdERS ANd IRRITABLE BOWEL SYNdROME 42 539 490 CHAPTER 52 FUNcTIONAL GASTROINTESTINAL DISORdERS ANd IRRITABLE BOWEL SYNdROME production.
In general, diarrhea-predominant IBS has accelerated transit and more high-amplitude propagating contractions (HAPCs), whereas constipation-predominant IBS has slower transit and fewer HAPCs.


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Last September I moved out of London but still commute to work there daily using the trains operated by First Capital Connect and East Midlands trains.
My old London underground (zones 1-4) annual ticket used to cost me what I thought was a hefty £1,100. Silly me. Now I find that this amount barely covers the purchase of a three-month ticket to London.
Last Wednesday, I set off for work later than usual at 10am. When the First Capital Connect train to London pulled in to the station it was noticeably shorter, with just four carriages instead of the usual eight that are laid on for the peak time trains I normally catch. The train was already packed with passengers who had boarded the train further up the line and there were many other commuters still waiting to board on the platform and the result was that many of us now faced the grim prospect of standing in the cramped space between the carriages for around 40 minutes until we reached London because there were simply not enough spare seats in standard class. I could not even sit down on the floor and read a book - as I normally do when there are not enough seats at peak time - because there just wasn't enough room.
Why First Capital Connect had reduced the number of carriages so drastically when there were so many commuters still making their way to London I really don't know.
A phone call to First Capital Connect customer relations office simply elicited the response that they change over to four carriages from 09.44 onwards my local station time.
Anyway, my gaze turned rather longingly to the first-class carriage behind me, which had only one person in it. Sod it, I thought, if the train company can't be bothered to lay on enough carriages for its passengers then it surely can't blame me for doing what I was about to do. And so I went and sat down in first class. Thankfully, no ticket inspector came in during the rest of the journey to chuck me out.
When I finally got into the office I looked up the Passenger's Charter drawn up by First Capital Connect which says:
"We plan services so that customers boarding trains should be able to obtain a seat in normal circumstances. You should not have to stand on our trains during off-peak times. During peak times you should not normally have to stand for more than 20 minutes."
So, a bit of a moral maze type question really. Should I have remained standing? And more importantly, what avenues are open to us as passengers to compel train operators to lay on enough carriages throughout the day?


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This is the first blog I've ever done, so let's see how it goes.
Right now I'm playing Mario Strikers Charged, which is really fun b/c I win most of the time (I'm FatBastard if you ever face me). However, the lag sometimes ruins the matches, and so I lose more often if I can't do what I want when I want to do it.
Ex: Let's say I'm charge passing to somebody. If there's lag, it might freeze for a second the moment that I'm about to pass it to someone. So instead of me passing a charged up ball to my teammate, it kicks it instead b/c you're holding down the kick button to charge it. Quite annoying. If this happens several times, then I can't do whatever I want when I want to do it. Which might mean I have to turn my Wii off b/c I can't win if I can't do what I want at the exact moment that I want to do it. Sorry, people, but you're just going to have to deal with it if you ever face me.
Sometimes I might not turn it off even if the lag is horrible. There are some exceptions to the above paragraph. If I'm facing a noob and I'm winning, then why quit? If he has no chance of beating me, then I won't quit if the lag isn't that bad. However, if it's starting to freeze and stutter on me, then I'll turn it off...maybe. It also depends on where it starts to lag horribly. If it's during the last minute or so, I'll keep playing. If it's right at the start, then I'm not going to waste 8 minutes not being able to do what I want. Also, if the person is good or better than me and I'm having a hard time scoring goals, then why keep playing in terrible lag? If the person is good and there's no lag, then I'll just let him beat me, but I'll tackle him like crazy to get that anger out of me from losing.
On a sidenote, I really hate it when the person I'm facing is better than me, and this dickhole has to watch every damn replay, the whole thing, and I can't score a frickin' goal. That most of the time warrants a turn-off-the-Wii for me.
Ah, yes, SSBB. This has the worst lag ever. Every single online match has lag that throws me off most of the time, thus making me lose most matches. You'd think that Nintendo could fix it by now. I mean, Halo has like one million playing it every day, and there's no lag (not quite sure about this). I was so excited to play Brawl online, b/c it's basically Melee except better looking and with online play. And I loved Melee. I was so pumped to beat everybody, and I find out that I can't even play b/c the damn game kept booting me off. Once I finally play my first online match, the lag was so horrible it took me 20 seconds just to jump in the frickin' air! Piece of crap game. Now I only play it to make stages, which is awesome! I've made about 47, not including the three already made.
Mario Kart is better. It has no lag, but everyone is a complete dick. Here's what happens. I get hit by a runaway green shell, then a red shell smacks me in the face, and finally either a blue shell or someone with a bullet bill or star rams into me, making everyone pass me b/c I haven't even moved forward at all from the three collisions! I always stay in one position, not moving forward at all! Annoying!
There's my ranting for the day. I read in Scientific American that blogging makes you feel better, but I hardly feel pleasant at all.
Right now I'm playing Super Mario Galaxy and have 86 stars. I want to play as Luigi, so I'm trying to get all of them. Some levels, like that humongous water race track, are frickin' hard. Others, like collecting the 100 purple coins take forever, but aren't insanely difficult. I heard that it's hard to play as Luigi, so that'll be fun.
Poll! Vote!


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Easy weeknight recipes for your slow cooker
Julie Van Rosendaal and Elizabeth Choorney-Booth from Best of the Bridge share their best slow cooker recipes and tips!
#TrendingOnBT: #SlowCookerMeals and #BTHacks
Digital media correspondent Winston Sih with your tweets from social media.
Entertainment City: Bill Murray's big honour and Drake gives us a present for his 30th birthday
Bill Murray honoured with Mark Twain prize for American Humour last night, a star-studded event to celebrate him. Also Drake release four new songs, three of which will be featured on new "playlist project" coming out in December.
Scottie Pippen's rendition of 'Take Me Out To The Ball Game'
As the Chicago cubs continue to succeed in the playoffs, Scottie Pippen joins them to sing the popular baseball anthem, 'Take Me Out To The Ball Game'.
IQ boosting foods and tips from Bryce Wylde
Health expert shares food tips for you and your children to improve their minds!
Frankie Flowers: Tips for prepping your garden for winter
Our very own, Frankie Flowers shares important tips for transitioning your lawn and garden into the colder season.
Celebrations: Oct. 24, 2016
See the celebrations for Oct. 24, 2016.
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Having A Crush
August 1, 2016
August 1, 2016
May 18, 2016
Young love can still be real love. Read More »
March 31, 2016
I just want someone who won't get annoyed when I text then six times or in all caps. Someone I can eat pizza with at 2am and kiss at 6pm. Someone who chooses me every day and never thinks twice. Read More »
October 19, 2015
Love is an open door Read More »
October 15, 2015
There are these little things you do like texting me, saying some cute words that really make my day. I cannot a better life in your absence. Thank you for being a lovely partner. Read More »
October 13, 2015
Like the bees which keep collecting honey, you take a piece of me everyday. I am so enchanted by your sweet smile and your loving affection that I will never be able to let go. Read More »
October 8, 2015
I sometimes see your photos on Facebook and go WOW! Then I realize how lucky I am to have you as my girlfriend. Read More »
October 6, 2015
Staring at our photos together I know that we were meant for each other. You are like the sky and I am like the birds who need to keep flying to meet the ever large expanse of the skies. Read More »
October 1, 2015
Before you came into my life, I was only dreaming and talking to friends about the kind of person I would have as my first love. But now everything has changed and is exactly as I had dremt! Read More »
September 29, 2015
Going for movies with you and eating out is a lot of fun. But more than that I like the fact that you make me laugh and have such a good time always. Read More »
September 25, 2015
Love is the powerful word which when you speak out not only is a word by an action. Try saying "I Love You" to a person with all your heart and look at their reaction and you will know. Read More »
September 24, 2015
Before placing my head on the pillow, I think of you and afterwards I dream about you. I wake up and you play on my mind and this is how my day goes by. Starts and ends with you! Read More »
September 22, 2015
We are teenagers. We don't have a manual or a written guide that tells us how to fall in love. We don't even have experience of what love really is, so don't judge us. We are what we are. Read More »
September 18, 2015
Ask me a reason why I love you and I will give you two. If you are a gangster, still I will be your boo. You told me you care for me and I said me too. But my feelings are much more, I am so in love with you! Read More »
September 17, 2015
When you are with me, I hate the clock for running so fast. When you are away from me, I hate the clock for being so slow. No matter what time it is, I really love and need you! Read More »
September 15, 2015
We were kiddish, and even childish. But no matter what we did, those years are the best years of our lives and no, we are not sorry for the mistakes we made. Read More »
September 11, 2015
I am young, wild and free but love seems to come and drown me every once in a while. But I like it because love is what I have been searching for. Read More »
September 10, 2015
Falling in love in your first teenage years is so exciting. That kinda love can never have a comparison and can never be matched again in your life, ever. Read More »
September 8, 2015
Your cuteness is like the sun, ever bright and burning. That is the reason why to you I keep on returning. I don't know whether I should call you an angel or a dove. Or should I call you baby? No, I will call you Love! Read More »
September 3, 2015
Give me a chance to show you what you mean to me and I will love you so much more. You are the one and baby you will see that no matter what I will never let you go. Read More »


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Keyword(s): "3213"
3213 Animal health technologists and veterinary technicians
Animal health technologists and veterinary technicians provide technical support to veterinarians by caring for animals and assisting in the diagnosis and treatment of animal health disorders. They are employed in veterinary clinics, animal hospitals, animal shelters, humane societies, zoos, animal research laboratories, pharmaceutical companies and government. Animal health technologists and veterinary technicians who are supervisors are included in this unit group.
Example Titles
animal health technician
animal health technologist
laboratory animal technician
registered veterinary technician (RVT)
veterinarian assistant
veterinary technician
veterinary technologist
View all titles
Main duties
Animal health technologists and veterinary technicians perform some or all of the following duties:
Provide nursing care and rehabilitation therapy for animals
Handle, restrain and care for animals undergoing treatment and surgery
Produce radiographs, collect and analyse samples and perform other laboratory tests to assist in diagnosis of animal health problems
Assist veterinarian with animals before, during and following surgery by preparing surgical equipment, administering and monitoring anaesthetics and cleaning up after surgery
Prepare and administer medications and vaccines under direction of a veterinarian
Administer treatments as prescribed by a veterinarian
Provide wound and bandage care
Conduct specialized procedures such as animal identification and hoof trimming
Educate and advise clients on animal health care including nutrition and home care
Assist in laboratory research
Perform routine animal dental procedures and assist veterinarians with animal dentistry
May perform a variety of office management and clerical duties.
Employment requirements
Completion of a two- or three-year animal health/veterinary technology college program is required.
Successful completion of a national registration examination may be required in some employment settings.
Registration with provincial animal health technologists' or veterinary technicians' associations is available, and is mandatory in some provinces.
Additional information
With experience, animal health technologists and veterinary technicians may progress to supervisory positions.
Classified elsewhere
Pet groomers and animal care workers
Classification Structure - 3
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