Portman Ridge Finance Corporation Resumes Share Buyback Program
July 26 2021 - 4:16PM
Portman Ridge Finance Corporation (NASDAQ: PTMN) (the “Company” or
“Portman Ridge”) today provided an update on its previously
announced share buyback program. Following the recent lifting of
the suspension on repurchases under the share buyback program due
to its merger transaction with Harvest Capital Credit Corporation
(“HCAP”), the Company has been actively repurchasing its shares
under the program. To date, the Company has repurchased
approximately $1.1 million of its shares since the closing the HCAP
merger transaction on June 9. 2021. The Company expects to continue
to conduct buybacks under the program throughout the remainder of
the year based on market conditions and other factors, subject to
legal and contractual restrictions.
As a reminder, on March 11, 2021, the Company’s
Board of Directors reauthorized the repurchase by the Company up to
an aggregate of $10 million of its shares in the open market until
March 31, 2022. Also, as previously announced, the
Company entered a Rule 10b5-1 stock trading plan to facilitate the
repurchase of up to $2.5 million of its shares under the share
repurchase program.
Ted Goldthorpe, Chief Executive Officer of PTMN,
commented, “We believe the repurchase of our shares is in the best
interests of our stockholders and we will continue to assess these
opportunities during the remainder of the year."
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 regarding repurchases of shares of the Company’s common
stock. There is no assurance that repurchases will be made in any
specific amounts or that the market price of the Company’s shares,
either absolutely or relative to net asset value, will increase as
a result of any share repurchases, or that any repurchases will
enhance stockholder value over the long term. The forward-looking
statements should be read in conjunction with the risks and
uncertainties discussed in the Company’s filings with the SEC,
including the Company’s most recent Form 10-K and other SEC
filings.
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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