NEW YORK, Dec. 8, 2020 /PRNewswire/ -- WhiteHorse
Finance, Inc. ("WhiteHorse Finance" or the "Company") (Nasdaq:
WHF) today issued the following statement regarding the recent
ownership transfer of common shares held by funds affiliated by
H.I.G. Capital:
"On December 7, 2020, H.I.G.
Bayside Debt & LBO Fund II, L.P. and H.I.G. Bayside Loan
Opportunity Fund II, L.P. (the "Legacy Bayside Funds"), funds
affiliated with and managed by H.I.G. Capital, agreed to sell their
collective ownership interests in WhiteHorse Finance, comprised of
4,863,172 shares of the Company's common stock, to H.I.G. Bayside
Loan Opportunity Fund IV, L.P. ("Bayside Fund IV"), which is also
affiliated with and managed by H.I.G. Capital. The terms of
the agreement were not disclosed.
The transaction will transfer 2,679,622 shares from H.I.G.
Bayside Debt & LBO Fund II, L.P. and 2,183,550 shares from
H.I.G. Bayside Loan Opportunity Fund II, L.P. to Bayside Fund
IV. It is expected that Bayside Fund IV would have the
ability to own these common shares for a minimum of three
years.
Since March 31, 2019, the Legacy
Bayside Funds, collectively, WhiteHorse Finance's largest
shareholder, have sold over half of their position in WhiteHorse
Finance to the public markets, reducing their holdings from 51.25%
of shares outstanding to 23.67% as of September 30, 2020.
This reduction in the Legacy Bayside Funds' position since 2019
was made following extensive input from WhiteHorse Finance
shareholders with the goal of improving liquidity in the Company's
shareholder base.
The announced share transfer was executed due to the Legacy
Bayside Funds reaching the end of their terms; the Legacy Bayside
Funds have held shares of WhiteHorse Finance since the Company's
IPO in 2012. The transfer does not preclude Bayside Fund IV from
selling additional shares of WhiteHorse Finance to the public
markets in the future."
About WhiteHorse Finance, Inc.
WhiteHorse Finance, Inc. is a business development company
that originates and invests in loans to privately held, lower
middle market companies across a broad range of industries. The
Company's investment activities are managed by its investment
adviser, H.I.G. WhiteHorse Advisers, LLC, an affiliate
of H.I.G. Capital, LLC ("H.I.G. Capital"). H.I.G.
Capital is a leading global alternative asset manager with
approximately $42 billion of capital under management*
across a number of funds focused on the small and mid-cap markets.
For more information about H.I.G. Capital, please
visit http://www.higcapital.com. For more information about
the Company, please
visit http://www.whitehorsefinance.com.
Forward-Looking Statements
This press release may contain "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995. Statements other than statements of historical facts
included in this press release may constitute forward-looking
statements and are not guarantees of future performance or results
and involve a number of risks and uncertainties. Actual results may
differ materially from those in the forward-looking statements as a
result of a number of factors, including those described from time
to time in filings with the Securities and Exchange Commission. The
Company undertakes no duty to update any forward-looking statement
made herein. All forward-looking statements speak only as of the
date of this press release.
* Based on total capital commitments managed by H.I.G. Capital
and affiliates.
Contacts
Stuart
Aronson
WhiteHorse Finance, Inc.
212-506-0500
saronson@higwhitehorse.com
Joyson Thomas
WhiteHorse Finance, Inc.
305-379-2322
jthomas@higwhitehorse.com
Sean Silva
Prosek Partners
646-818-9122
ssilva@prosek.com
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SOURCE WhiteHorse Finance, Inc.