New Mountain Finance (NMFC) Prices 3.75M Offering of Common Stock at $13.57/Share
- Wall Street ends sharply higher, fueled by Apple
- Here's Which Stocks Warren Buffett's Berkshire (BRK) Bought in Q1
- Walmart (WMT) Stock Drops 6% as Higher Costs Weigh on Profit, Analyst Says Results 'Disappointing'
- Home Depot (HD) Shares Rally 4% on Earnings Beat, Results Seen as Strong
- Bear Rally Now 'Imminent' Says BofA's Hartnett but Warns Ultimate Lows Yet to Be Reached
Get inside Wall Street with StreetInsider Premium. Claim your 1-week free trial here.
New Mountain Finance Corporation (the "Company") (NYSE: NMFC) announced today that it has priced an underwritten offering of 3,750,000 shares of its common stock at a public offering price of $13.57 per share. The Company’s investment adviser, New Mountain Finance Advisers BDC, L.L.C. (the “Adviser”), has agreed to bear the sales load of $0.42 per share payable to the underwriters. In addition, the Adviser has agreed to pay the underwriters an additional supplemental payment of $0.18 per share, which reflects the difference between the actual public offering price of $13.57 per share and the net proceeds of $13.75 per share received by the Company in this offering. The net amount received by the Company is believed to be in excess of book value and is therefore accretive to shareholders. The closing of the offering is subject to customary closing conditions and is expected to take place on February 14, 2019. In connection with the offering, the Company has granted the underwriters for the offering an option to purchase up to an additional 562,500 shares of the Company's common stock.
The Company intends to use the net proceeds from the offering primarily for new investments in portfolio companies in accordance with its investment objective and strategies. The Company may also use a portion of such net proceeds for other general corporate purposes, including to temporarily repay indebtedness (which will be subject to re-borrowing), and other working capital needs.
The joint-lead book-running managers for the offering are Wells Fargo Securities, LLC, Morgan Stanley & Co. LLC, Goldman Sachs & Co. LLC and Keefe, Bruyette & Woods, A Stifel Company. The co-managers are Janney Montgomery Scott LLC and Oppenheimer & Co. Inc.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Ares Commercial Real Estate (ACRE) Launches 7M Share Public Offering
- Voya Financial and Allianz Global Investors announce plans to enter long-term strategic partnership, including transition of selected AllianzGI U.S. investment teams to Voya Investment Management
- UPDATE: Stifel Downgrades Upwork Inc. (UPWK) to Hold
Create E-mail Alert Related CategoriesCorporate News, Equity Offerings
Related EntitiesStifel, Keefe, Bruyette & Woods, Goldman Sachs, Morgan Stanley, Janney Montgomery Scott, Wells Fargo
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!