New Mountain Finance (NMFC) Announces Additional Conv. Notes Offering
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New Mountain Finance Corporation (NYSE: NMFC) announced that it intends to commence an underwritten offering, subject to market and other conditions, of $35 million in aggregate principal amount of additional 5.00% unsecured convertible notes due 2019 (the “Notes”). In addition, the Company expects to grant the underwriters of the Notes an option to purchase up to an additional $5.25 million in aggregate principal amount of the Notes. The Notes constitute a further issuance of, rank equally in right of payment with, and form a single series with the $115 million in aggregate principal amount of the 5.00% unsecured convertible notes due 2019 that the Company issued on June 3, 2014.
The Notes will mature on June 15, 2019, unless previously converted in accordance with their terms. The Notes will be convertible into shares of the Company’s common stock. Interest on the Notes will be payable semi-annually in arrears on June 15 and December 15 of each year, commencing on December 15, 2016.
The Company intends to use the net proceeds from the sale of the Notes to repay outstanding indebtedness under its credit facilities. However, through re-borrowing under such credit facilities, the Company intends to make new investments in accordance with its investment objective and strategies and use available capital for other general corporate purposes, including working capital requirements. The Notes have no restrictions related to the type and security of assets in which the Company might invest.
Wells Fargo Securities, LLC, Goldman, Sachs & Co. and Morgan Stanley & Co. LLC are serving as joint book-running managers for the offering.
Investors are advised to carefully consider the investment objectives, risks and charges and expenses of the Company before investing. The preliminary prospectus supplement, dated September 26, 2016, and accompanying prospectus, dated February 1, 2016, each of which has been filed with the Securities and Exchange Commission, contain a description of these matters and other important information about the Company and should be read carefully before investing.
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Create E-mail Alert Related CategoriesCorporate News, Equity Offerings
Related EntitiesMorgan Stanley, Wells Fargo
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