Current Report Filing (8-k)
October 06 2020 - 6:01AM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND
EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to section
13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of Earliest Event
Reported): September 30, 2020
New Mountain Finance Corporation
(Exact name of
registrant as specified in its charter)
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Delaware
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814-00832
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27-2978010
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(State or other jurisdiction
of
incorporation or organization)
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(Commission
File Number)
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(IRS Employer
Identification Number)
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787 7th
Avenue, 48th Floor, New York, NY 10019
(Address of principal executive offices)
Registrant’s telephone number,
including area code (212) 720-0300
Check the appropriate box below if the Form 8-K filing
is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(b) of
the Act:
Title of each class
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Trading
Symbol (s)
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Name of each exchange on which registered
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Common stock, par value $0.01 per share
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NMFC
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The NASDAQ Global Select Market
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5.75% Notes due 2023
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NMFCL
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The NASDAQ Global Select Market
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Indicate by check
mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405)
or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company ¨
If an emerging
growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with
any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 1.01.
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Entry into a Material Definitive Agreement.
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On September 30,
2020, New Mountain Finance Corporation (the “Company”) entered into the Fourth Amendment to Loan and
Security Agreement (the “Fourth Amendment”), which amended the Third Amended and Restated Loan and Security
Agreement, as amended by the First Amendment thereto, dated as of March 30, 2018 and effective as of April 1, 2018, the
Second Amendment thereto, dated as of November 19, 2018, and the Third Amendment thereto, dated as of May 7, 2019 (together
with the exhibits and schedules thereto, the “Holdings Credit Facility”), by and among the Company, as
the collateral manager, New Mountain Finance Holdings, L.L.C., as the borrower (the “Borrower”), Wells
Fargo Bank, National Association ("Wells Fargo Bank"), as the administrative agent (the “Administrative
Agent”), the lenders party thereto (the "Lenders"), and Wells Fargo Bank, as collateral custodian.
Pursuant to the Fourth
Amendment, the Revolving Period under the Holdings Credit Facility was extended from October 24, 2020 to September 30,
2021. The Holdings Credit Facility continues to mature two years after the end of the Revolving Period. With the extension of the
Revolving Period noted above, the Holdings Credit Facility will now mature on September 30, 2023. On the date of the Fourth
Amendment, the aggregate Commitments of the Lenders equals $745 million.
Pursuant to the Fourth Amendment, the Holdings Credit Facility bears interest at a rate of LIBOR plus 2.0% per annum for Broadly Syndicated
Loans (as defined in the Fourth Amendment) and LIBOR plus 2.5% per annum for all other investments. The Holdings Credit Facility now also
charges a non-usage fee of 0.50% for the first 40.0% of the facility amount and 2.0% thereafter. Further, a 1% fee was added that would
be charged if the commitments under the Holdings Credit Facility are reduced by the Borrower within the next 12 months, subject to certain
exceptions.
The lender group under
the Holdings Credit Facility, which includes Wells Fargo Bank, National Association; Raymond James Bank, N.A.; State Street Bank
and Trust Company; CIT Bank, N.A.; Cadence Bank, N.A.; Old Second National Bank; Sumitomo Mitsui Trust Bank, Limited, New York
Branch; and Fifth Third Bank, have made commitments or advances aggregating $745 million.
The description above
is qualified in its entirety by reference to the copy of the Fourth Amendment, which is filed as Exhibit 10.1 to this current
report on Form 8-K and is incorporated herein by reference thereto.
Item 2.03
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Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
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The disclosure set forth above under Item
1.01 is incorporated by reference herein.
Item 9.01
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Financial Statements and Exhibits
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Exhibit No.
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10.1
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Form of Fourth Amendment to
Loan and Security Agreement, dated as of September 30, 2020, by and among New Mountain Finance Corporation, as the
collateral manager, New Mountain Finance Holdings, L.L.C., as the borrower, Wells Fargo Bank, National Association, as the
administrative agent, the lenders party thereto and Wells Fargo Bank, National Association, as the collateral
custodian.
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SIGNATURE
Pursuant to the requirements of the Securities
Exchange Act of 1934, as amended, the Registrant has duly caused this Current Report on Form 8-K to be signed on its behalf
by the undersigned hereunto duly authorized.
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NEW MOUNTAIN FINANCE CORPORATION
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Date: October 5, 2020
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By:
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/s/ Karrie J. Jerry
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Name:
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Karrie J. Jerry
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Title:
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Corporate Secretary
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