New Mountain Finance Corporation Announces Completion of Offering of 6,900,000 Shares of Common Stock
July 11 2019 - 12:10PM
Business Wire
New Mountain Finance Corporation (the “Company”) (NYSE: NMFC)
announced today that it has completed an underwritten offering of
6,900,000 shares of its common stock (including 900,000 shares of
common stock that were issued pursuant to the full exercise of the
option granted to the underwriters to purchase additional shares)
at a public offering price of $13.68 per share. The Company’s
investment adviser, New Mountain Finance Advisers BDC, L.L.C., paid
a $0.39 per share portion of the $0.42 per share sales load paid to
the underwriters, such that the Company received net proceeds of
$13.65 per share 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 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 were Wells
Fargo Securities, LLC, Morgan Stanley & Co. LLC, Goldman Sachs
& Co. LLC, Keefe, Bruyette & Woods, A Stifel Company, UBS
Securities LLC and Deutsche Bank Securities Inc. The co-managers
were Janney Montgomery Scott LLC and Oppenheimer & Co. Inc.
Investors are advised to carefully consider the investment
objectives, risks and charges and expenses of the Company before
investing. The prospectus supplement, dated July 8, 2019, and
accompanying prospectus, dated April 29, 2019, each of which has
been filed with the Securities and Exchange Commission, contain a
description of these matters and other important information about
the Company and should be read carefully before investing.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy the securities in this offering or
any other securities nor shall there be any sale of these
securities or any other securities referred to in this press
release in any state in which such offer, solicitation or sale
would be unlawful prior to the registration or qualification under
the securities laws of any state.
A shelf registration statement relating to these securities
is on file with and has been declared effective by the Securities
and Exchange Commission. The offering may be made only by means of
a prospectus and a related prospectus supplement, copies of which
may be obtained from Wells Fargo Securities, LLC, Attention: Equity
Syndicate Department, 375 Park Avenue, New York, NY 10152-4077, or
by calling (800) 326-5897, or by email:
cmclientsupport@wellsfargo.com; or Morgan Stanley & Co. LLC,
Attn: Prospectus Department, 180 Varick Street, 2nd Floor, New
York, NY 10014; or Goldman Sachs & Co. LLC, Attn: Prospectus
Department, 200 West Street, New York, NY 10282, or by calling
(866) 471-2526, sending a request via facsimile at (212) 902-9316,
or by email: prospectus-ny@ny.email.gs.com.
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.
Forward-Looking Statements
Statements included herein may constitute “forward-looking
statements”, which relate to future events or our future
operations, performance or financial condition. Forward-looking
statements include statements regarding our intentions related to
the offering discussed in this press release, including the use of
proceeds from the offering. These 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 our filings with the Securities and Exchange
Commission or factors that are beyond our control. The Company
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: https://www.businesswire.com/news/home/20190711005637/en/
New Mountain Finance Corporation Shiraz Y. Kajee, Authorized
Representative NMFCIR@newmountaincapital.com (212) 220-3505
New Mountain Finance (NYSE:NMFC)
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