Portman Ridge Finance Corporation Announces Anticipated Quarterly Distribution Schedule
July 01 2019 - 4:01PM
Portman Ridge Finance Corporation (Nasdaq: PTMN) (the “Company”)
announced that it plans to modify the timing of its quarterly
distributions to align with industry standards and the timing of
the filing of its financial statements by shifting just the
declaration date and payable date. Stockholders are expected to
receive four distributions in 2019. To illustrate these changes, a
comparison of the Company’s 2018 distribution schedule to the
anticipated 2019 schedule is below. Also included is the
anticipated schedule for 2020 and forward.
2018 Distribution Schedule:
|
Declaration Date |
Record Date |
Payable Date |
1 |
December (2017) |
January (2018) |
January (2018) |
2 |
March |
April |
April |
3 |
June |
July |
July |
4 |
September |
October |
October |
2019 Distribution Schedule:
|
Declaration Date |
Record Date |
Payable Date |
1 |
December (2018) |
January (2019) |
January (2019) |
2 |
March |
April |
April |
3 |
August |
August |
August |
4 |
November |
November |
November |
2020 Forward Distribution Schedule:
|
Declaration Date |
Record Date |
Payable Date |
1 |
February |
February |
February |
2 |
May |
May |
May |
3 |
August |
August |
August |
4 |
November |
November |
November |
The Company intends to continue to make
distributions on a quarterly basis to stockholders out of assets
legally available for distribution. All distributions will be paid
at the discretion of the Company’s Board of Directors and will
depend on the Company’s earnings, financial condition, maintenance
of its status as a “regulated investment company” under Subchapter
M of the Internal Revenue Code, compliance with applicable business
development company regulations and such other factors as the
Company’s Board of Directors may deem relevant from time to time.
The Company cannot guarantee that it will pay distributions to
stockholders in the future.
About Portman Ridge Finance
Corporation
Portman Ridge Finance Corporation (NASDAQ: PTMN)
is a publicly traded, externally managed investment company that
has elected to be regulated as a business development company under
the Investment Company Act of 1940. Portman Ridge Finance
Corporation’s middle market investment business originates,
structures, finances and manages a portfolio of term loans,
mezzanine investments and selected equity securities in middle
market companies. PTMN’s investment activities are managed by
its investment adviser, Sierra Crest Investment Management LLC, an
affiliate of BC Partners Advisors, LP.
Portman Ridge Finance Corporation's filings with
the Securities and Exchange Commission, earnings releases, press
releases and other financial, operational and governance
information are available on the Company's website at
www.portmanridge.com.
The Portman Ridge Finance Corporation logo is available at
https://ml.globenewswire.com/Resource/Download/39c70ff2-a155-44fc-872b-f68105f0d5ad?size=0
Cautionary Statement Regarding
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. The matters discussed in this press release,
as well as in future oral and written statements by management of
Portman Ridge Finance Corporation, that are forward-looking
statements are based on current management expectations that
involve substantial risks and uncertainties which could cause
actual results to differ materially from the results expressed in,
or implied by, these forward-looking statements.
Forward-looking statements relate to future
events or our future financial performance and include, but are not
limited to, expected distributions, including amounts and dates,
projected financial performance, expected development of the
business, plans and expectations about future investments and the
future liquidity of the Company. We generally identify
forward-looking statements by terminology such as "may," "will,"
"should," "expects," "plans," "anticipates," "could," "intends,"
"target," "projects," “outlook”, "contemplates," "believes,"
"estimates," "predicts," "potential" or "continue" or the negative
of these terms or other similar words. Forward-looking statements
are based upon current plans, estimates and expectations that are
subject to risks, uncertainties and assumptions. Should one or more
of these risks or uncertainties materialize, or should underlying
assumptions prove to be incorrect, actual results may vary
materially from those indicated or anticipated by such
forward-looking statements.
Important assumptions include our ability to
originate new investments, and achieve certain margins and levels
of profitability, the availability of additional capital, and the
ability to maintain certain debt to asset ratios. In light of these
and other uncertainties, the inclusion of a projection or
forward-looking statement in this press release should not be
regarded as a representation that such plans, estimates,
expectations or objectives will be achieved. Important factors that
could cause actual results to differ materially from such plans,
estimates or expectations include, among others,
(1) uncertainty of the expected financial performance of the
Company; (2) failure to realize the anticipated benefits of
the Company’s change to an external management structure;
(3) the ability of the Company and/or BC Partners to implement
its business strategy; (4) the risk that stockholder
litigation in connection with the externalization of the Company’s
management may result in significant costs of defense,
indemnification and liability; (5) evolving legal, regulatory
and tax regimes; (6) changes in general economic and/or
industry specific conditions; (7) the impact of increased
competition; (8) business prospects and the prospects of the
Company’s portfolio companies; (9) contractual arrangements with
third parties; (10) any future financings by the Company; (11) the
ability of the Advisor to attract and retain highly talented
professionals; and (12) the Company’s ability to fund any unfunded
commitments. Further information about factors that could affect
our financial and other results is included in our filings with the
Securities and Exchange Commission. We do not undertake to publicly
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise, except as
required to be reported under the rules and regulations of the
Securities and Exchange Commission.
ContactTed Gilpin
Ted.Gilpin@bcpartners.com
(212) 891-5007
Portman Ridge Finance Corporation650 Madison
Avenue, 23rd floorNew York, NY 10022info@portmanridge.com
Source: Portman Ridge Finance Corporation. News
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