New Mountain Finance Corporation Declares a Special Distribution and Announces the Extension of its Stock Repurchase Program
13 Diciembre 2023 - 3:30PM
Business Wire
New Mountain Finance Corporation (NASDAQ: NMFC) (“NMFC” or “the
Company”) today announced that on December 8, 2023, its board of
directors declared a special distribution of the Company’s excess
undistributed taxable income. The special distribution will be in
the amount of $0.10 per share payable on December 29, 2023 to
shareholders of record as of December 22, 2023. The special
distribution is driven primarily from the gain realized on our
investment in Haven Midstream Holdings LLC, which, due to unique
circumstances, was treated as taxable ordinary income. Regulated
investment company rules require distribution of at least 90% of
annual ordinary taxable income. This special distribution is being
made to enable NMFC to comply with this requirement.
In addition, the Company’s board of directors authorized an
extension of a previously established stock repurchase program (the
“Repurchase Program”). Pursuant to the Repurchase Program, the
Company can repurchase up to $50 million worth of its common stock
at the discretion of NMFC’s management team. The Repurchase Program
was set to expire on December 31, 2023, but the Company’s board of
directors elected to extend the Repurchase Program through December
31, 2024. Under the Repurchase Program, NMFC may, but is not
obligated to, repurchase its outstanding common stock in the open
market from time to time provided that NMFC complies with the
prohibitions under its Code of Ethics and the guidelines specified
in Rule 10b-18 of the Securities Exchange Act of 1934, as amended,
including certain price, market volume and timing constraints.
Unless further extended by NMFC’s board of directors, the Company
expects the Repurchase Program to be in place until the earlier of
December 31, 2024 or until $50 million worth of NMFC’s outstanding
shares of common stock have been repurchased. To date,
approximately $2.9 million worth of repurchases have been made by
the Company under the Repurchase Program.
The Company’s board of directors authorized the extension of the
Repurchase Program because it believes that sustained market
volatility and uncertainty may cause NMFC’s common stock to be
undervalued from time to time. The timing and number of shares to
be repurchased will depend on a number of factors, including market
conditions and alternative investment opportunities. In addition,
any subsequent repurchases will also be conducted in accordance
with the Investment Company Act of 1940, as amended. There are no
assurances that the Company will engage in additional repurchases,
but if market conditions warrant, the Company now has an extended
period of time to take advantage of situations where NMFC’s
management believes share repurchases would be advantageous to the
Company and to its shareholders.
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 as of September 30, 2023.
ABOUT NEW MOUNTAIN CAPITAL
New Mountain Capital 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 may contain “forward-looking
statements”, which relate to the Company’s business, including, but
not limited to, the timing and the number of shares to be
repurchased, if any, under the Repurchase Program, future
operations, future performance or the Company’s financial
condition. Forward-looking statements are not guarantees of future
performance, condition or results and involve a number of risks and
uncertainties, including the current conflict between Russia and
Ukraine, conflict in the Middle East, changes in base interest
rates and significant volatility on the Company’s business,
portfolio companies, the Company’s industry and the global economy.
Actual results and outcomes may differ materially from those
anticipated in the forward-looking statements as a result of a
variety of factors, including those described from time to time in
the Company’s filings with the Securities and Exchange Commission
or factors that are beyond the Company’s control. The Company
undertakes no obligation to publicly update or revise any
forward-looking statements made herein, except as may be required
by law. All forward-looking statements speak only as of the time of
this press release.
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version on businesswire.com: https://www.businesswire.com/news/home/20231213902755/en/
New Mountain Finance Corporation Investor Relations Laura C.
Holson, Authorized Representative NMFCIR@newmountaincapital.com
(212) 220-3505
New Mountain Finance (NASDAQ:NMFC)
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