New Mountain Finance (NMFC) Prices 3.75M Offering of Common Stock at $13.57/Share

February 12, 2019 8:52 AM EST

Get instant alerts when news breaks on your stocks. Claim your 1-week free trial to StreetInsider Premium 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 Premium Free!

You May Also Be Interested In

Related Categories

Corporate News, Equity Offerings

Related Entities

Stifel, Keefe, Bruyette & Woods, Goldman Sachs, Morgan Stanley, Janney Montgomery Scott, Wells Fargo