Portman Ridge Finance Corporation Closes Private Placement of $28 Million of 4.875% Senior Unsecured Notes due 2026
June 24 2021 - 8:40AM
Portman Ridge Finance Corporation (Nasdaq: PTMN) (the “Company” or
“Portman Ridge”), a business development company, today announced
that on June 23, 2021, it closed a private placement of $28.0
million in aggregate principal amount of 4.875% senior unsecured
notes due 2026 (the “Notes”). The Notes have identical terms to the
Company’s $80.0 of aggregate principal amount of 4.875% Notes due
2026 that were issued on April 30, 2021. The net proceeds to the
Company were approximately $27.4 million, after deducting payment
of fees and estimated offering expenses.
The Notes bear an interest rate of 4.875% per
year, payable semiannually and will mature on April 30, 2026 and
may be repaid in whole or in part, at Portman Ridge’s option, at
any time or from time to time at par plus a “make-whole” premium,
if applicable. The Company intends to use the net proceeds of the
private placement to redeem in full its 6.125% Senior Unsecured
Notes due September 2022 assumed in connection with the recent
merger with Harvest Capital Credit Corporation, make investments in
portfolio companies in accordance with its investment objectives,
and for general corporate purposes.
“We are very pleased to announce the closing of
this debt offering which addresses a near-term debt maturity while
significantly reducing our cost of debt,” said Ted Goldthorpe,
Chief Executive Officer of Portman Ridge. “We continue to assess
options to improve our overall cost of capital to support our
portfolio companies and generate value for shareholders.”
This press release is neither an offer to sell
nor a solicitation of an offer to buy the Notes and will not
constitute an offer, solicitation or sale in any jurisdiction in
which such offer, solicitation or sale is unlawful. Any offers of
the Notes will be made only by means of a private offering
memorandum. This press release is being issued pursuant to and in
accordance with Rule 135c under the Securities Act.
The Notes have not been registered under the
Securities Act, or any state securities laws and may not be offered
or sold in the United States absent registration or an applicable
exemption from such registration requirements.
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’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. Portman Ridge’s investment
activities are managed by its investment adviser, Sierra Crest
Investment Management LLC, an affiliate of BC Partners Advisors,
LP.
Portman Ridge’s filings with the Securities and
Exchange Commission (the “SEC”), earnings releases, press releases
and other financial, operational and governance information are
available on the Company's website at www.portmanridge.com.
Cautionary Statement Regarding
Forward-Looking Statements
This press release contains forward-looking
statements. 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, 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. 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 SEC.
Contacts:Portman Ridge Finance
Corporation650 Madison Avenue, 23rd floorNew York, NY
10022info@portmanridge.com
Jason Roos Jason.Roos@bcpartners.com (212)
891-2880
Jeehae LinfordThe Equity Group
Inc.jlinford@equityny.com (212) 836-9615
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