New Mountain Finance Corporation Extends Share Repurchase Program
January 03 2018 - 4:00PM
Business Wire
New Mountain Finance Corporation (NYSE: NMFC) (“NMFC” or “the
Company”) today announced that its board of directors has
authorized an extension of a program for the purpose of
repurchasing up to $50 million worth of its common stock, to be
implemented at the discretion of NMFC’s management team. Under the
repurchase program, NMFC may, but is not obligated to, repurchase
its outstanding common stock in the open market from time to time
provided that NMFC complies with the prohibitions under its Code of
Ethics and the guidelines specified in Rule 10b-18 of the
Securities Exchange Act of 1934, as amended, including certain
price, market volume and timing constraints. Unless further
extended by NMFC’s board of directors, the Company expects the
repurchase program to be in place until the earlier of December 31,
2018 or until $50 million worth of NMFC’s outstanding shares of
common stock have been repurchased. To date, approximately $2.9
million worth of repurchases have been made by the Company under
the repurchase program.
The Company’s board of directors authorized the extension of the
repurchase program because it believes that sustained market
volatility and uncertainty may cause NMFC’s common stock to be
undervalued from time to time. The timing and number of shares to
be repurchased will depend on a number of factors, including market
conditions and alternative investment opportunities. In addition,
any subsequent repurchases will also be conducted in accordance
with the Investment Company Act of 1940, as amended. There are no
assurances that the Company will engage in additional repurchases,
but if market conditions warrant, the Company now has an extended
period of time to take advantage of situations where NMFC’s
management believes share repurchases would be advantageous to the
Company and to its shareholders.
ABOUT NEW MOUNTAIN FINANCE CORPORATION
New Mountain Finance Corporation is a closed-end,
non-diversified and externally managed investment company that has
elected to be regulated as a business development company under the
Investment Company Act of 1940, as amended. The Company’s
investment objective is to generate current income and capital
appreciation through the sourcing and origination of debt
securities at all levels of the capital structure, including first
and second lien debt, notes, bonds and mezzanine securities. The
Company’s first lien debt may include traditional first lien senior
secured loans or unitranche loans. Unitranche loans combine
characteristics of traditional first lien senior secured loans as
well as second lien and subordinated loans. Unitranche loans will
expose the Company to the risks associated with second lien and
subordinated loans to the extent it invests in the “last out”
tranche. In some cases, the investments may also include small
equity interests. The Company’s investment activities are managed
by its Investment Adviser, New Mountain Finance Advisers BDC,
L.L.C., which is an investment adviser registered under the
Investment Advisers Act of 1940, as amended. More information about
New Mountain Finance Corporation can be found on the Company’s
website at http://www.newmountainfinance.com.
FORWARD-LOOKING STATEMENTS
Statements included herein may contain “forward-looking
statements”, which relate to NMFC’s future operations, future
performance or financial condition. Forward-looking statements are
not guarantees of future performance, condition or results and
involve a number of risks and uncertainties. Actual results and
outcomes may differ materially from those anticipated in the
forward-looking statements as a result of a variety of factors,
including those described from time to time in NMFC’s filings with
the Securities and Exchange Commission or factors that are beyond
NMFC’s control. NMFC undertakes no obligation to publicly update or
revise any forward-looking statements made herein, unless required
to do so by law. All forward-looking statements speak only as of
the time of this press release.
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version on businesswire.com: http://www.businesswire.com/news/home/20180103005810/en/
New Mountain Finance CorporationInvestor RelationsShiraz Y.
Kajee, Authorized RepresentativeNMFCIR@newmountaincapital.com(212)
220-3505
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