Portman Ridge Finance Corporation (Nasdaq: PTMN) (the “Company” or
“PTMN”) and Garrison Capital Inc. (Nasdaq: GARS) (“GARS”) announced
today that each company has obtained stockholder approval for the
previously announced proposed merger of the two companies (the
“Merger”) at their respective special meetings held on October 19,
2020.
Stockholders voted overwhelmingly in favor of
the proposed transaction as over 95% of PTMN stockholders and
almost 99% of GARS stockholders who voted at the meetings voted in
favor of the Merger. The closing of the Merger is anticipated to
take place on or about October 28, 2020, subject to satisfaction of
customary closing conditions.
Ted Goldthorpe, CEO of PTMN, stated, “We would
like to thank our stockholders for their strong support and
approval of the merger. We are confident that the added size and
scale of the overall platform, and the resources of a large asset
management firm, will deliver meaningful benefits to all
stakeholders of the combined company.”
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. The Company’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 (the “SEC”), earnings
releases, press releases and other financial, operational and
governance information are available on the Company's website at
www.portmanridge.com.
About Garrison Capital Inc.
Garrison Capital Inc. (Nasdaq: GARS) is an
externally managed, non-diversified, closed-end management
Investment Company that has elected to be treated as a business
development company under the Investment Company Act of 1940. GARS
is managed by its investment adviser, Garrison Capital Advisers
LLC, an affiliate of Garrison Investment Group, and a registered
investment adviser under the Investment Advisers Act of 1940 which
provides the resources and expertise of the investment
professionals at Garrison Investment Group.
GARS’ filings with the Securities and Exchange
Commission (“SEC”), earnings releases, press releases and other
financial, operational and governance information are available on
GARS’ website at http://www.garrisoncapitalbdc.com.
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,
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) expected synergies and savings associated with the
proposed transaction in which Garrison Capital Inc. will merge into
and with the Company; (3) the ability of the Company and/or BC
Partners to implement its business strategy; (4) evolving
legal, regulatory and tax regimes; (5) changes in general
economic and/or industry specific conditions; (6) the impact
of increased competition; (7) business prospects and the
prospects of the Company’s portfolio companies;
(8) contractual arrangements with third parties; (9) any
future financings by the Company; (10) the ability of the
Advisor to attract and retain highly talented professionals;
(11) the Company ability to fund any unfunded commitments;
(12) any future distributions by the Company; (13) changes in
regional or national economic conditions, including but not limited
to the impact of the COVID-19 pandemic, and their impact on the
industries in which we invest; and (14) other changes in the
conditions of the industries in which we invest and other factors
enumerated in our filings with the SEC. 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. 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:
PTMNPortman Ridge Finance
Corporation650 Madison Avenue, 23rd floorNew York, NY
10022info@portmanridge.com
Ted Gilpin Ted.Gilpin@bcpartners.com(212)
891-5007
Jeehae LinfordThe Equity Group
Inc.jlinford@equityny.com(212) 836-9615
GARSGarrison Capital Inc.1270
Avenue of the Americas, 7th FloorNew York, NY
10020contact@garrisoninv.com
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