New Mountain Finance Corporation (the “Company,” “we,” “us” or
“our”) (Nasdaq: NMFC) today announced that it has priced an
underwritten public offering of $300 million in aggregate principal
amount of 6.875% unsecured notes due 2029 (the “Notes”).
The Notes will mature on February 1, 2029, and may be redeemed
in whole or in part at the Company’s option at any time prior to
January 1, 2029, at par plus a “make-whole” premium, and thereafter
at par plus accrued interest. The Notes will bear interest at a
rate of 6.875% per year payable semi-annually on February 1 and
August 1 of each year, beginning August 1, 2024.
The offering is expected to close on February 1, 2024, subject
to the satisfaction of customary closing conditions.
BofA Securities, Inc., Deutsche Bank Securities Inc., SMBC Nikko
Securities America, Inc., Wells Fargo Securities, LLC, Goldman
Sachs & Co. LLC, Morgan Stanley & Co. LLC and MUFG
Securities Americas Inc. are serving as the joint book-running
managers for this offering. Keefe, Bruyette & Woods, A Stifel
Company, is acting as joint lead manager for this offering. B.
Riley Securities, Inc., Citizens JMP Securities, LLC and
Oppenheimer & Co. Inc. are acting as co-managers for this
offering. The Company intends to use the net proceeds from this
offering to repay existing indebtedness outstanding under the
Company’s senior secured revolving credit facility with Wells Fargo
Bank, National Association and the 5.494% unsecured notes due April
30, 2024.
Investors are advised to consider carefully the investment
objective, risks and charges and expenses of the Company before
investing. The preliminary prospectus supplement dated January
25, 2024, and the accompanying prospectus dated May 18, 2023, each
of which has been filed with the Securities and Exchange Commission
(the “SEC”), contain a description of these matters and other
important information about the Company and should be read
carefully before investing.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy, nor will there be any sale of, the
Notes referred to in this press release in any state or
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to the registration or qualification under the
securities laws of such state or jurisdiction. A registration
statement (File No. 333-272060) relating to the Notes was filed and
has been declared effective by the SEC.
This offering is being made solely by means of a written
prospectus forming part of the effective registration statement and
a related preliminary prospectus supplement, which may be obtained
for free by visiting the SEC’s website at www.sec.gov or from of
any of the following investment banks by calling: BofA Securities,
Inc. at 1-800-294-1322, Deutsche Bank Securities Inc. at
1-800-503-4611, SMBC Nikko Securities America, Inc. at
1-888-882-9822, or Wells Fargo Securities, LLC at
1-800-645-3751.
ABOUT NEW MOUNTAIN FINANCE CORPORATION
New Mountain Finance Corporation (NASDAQ: NMFC) is a leading
business development company (BDC) focused on providing direct
lending solutions to U.S. middle market companies backed by top
private equity sponsors. Our portfolio consists primarily of senior
secured loans, and select junior capital positions, to growing
businesses in defensive industries that offer attractive
risk-adjusted returns. Our differentiated investment approach
leverages the deep sector knowledge and operating resources of New
Mountain Capital, a global investment firm with over $45 billion of
assets under management.
ABOUT NEW MOUNTAIN CAPITAL
New Mountain Capital, LLC (New Mountain) is a New York-based
investment firm that emphasizes business building and growth,
rather than debt, as it pursues long-term capital appreciation. The
firm currently manages private equity, credit and net lease
investment strategies with over $45 billion in assets under
management. New Mountain seeks out what it believes to be the
highest quality growth leaders in carefully selected industry
sectors and then works intensively with management to build the
value of these companies.
FORWARD-LOOKING STATEMENTS
Statements included herein contain certain “forward-looking
statements” within the meaning of the federal securities laws,
including statements with regard to the Company’s Notes offering
and the anticipated use of the net proceeds of the offering.
Forward-looking statements can be identified by the use of forward
looking words such as “outlook,” “believes,” “expects,”
“potential,” “continues,” “may,” “will,” “should,” “seeks,”
“approximately,” “predicts,” “intends,” “plans,” “estimates,”
“anticipates” or negative versions of those words, other comparable
words or other statements that do not relate to historical or
factual matters. The forward-looking statements are based on our
beliefs, assumptions and expectations of future events and our
future performance, taking into account all information currently
available to us. These statements are not guarantees of future
events, performance, condition or results and involve a number of
risks and uncertainties, including the factors set forth in “Risk
Factors” and elsewhere in our annual report on Form 10-K, our
quarterly reports on Form 10-Q, and our other filings with the SEC.
Actual results may differ materially from those in the
forward-looking statements as a result of a number of factors,
including, but not limited to, changes in the economy, financial
and lending markets, and the geopolitical environment; changes in
the markets in which we invest; changes in the interest rate
environment and its impact on our business and portfolio companies;
the impact of elevated levels of inflation and its impact on our
portfolio companies and the industries in which we invest; future
changes in laws or regulations (including the interpretation of
these laws and regulations by regulatory authorities) and
conditions in our operating areas, particularly with respect to
business development companies or regulated investment companies;
and other considerations that may be disclosed from time to time in
our publicly disseminated documents and filings.
Any forward-looking statement speaks only as of the date on
which it is made. New Mountain Finance Corporation undertakes no
duty to update any forward-looking statements made herein, whether
as a result of new information, future developments or otherwise,
except as required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20240125464215/en/
New Mountain Finance Corporation Investor Relations Laura C.
Holson, Authorized Representative NMFCIR@newmountaincapital.com
(212) 220-3505
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