NMFC - New Mountain Finance prices additional $60M in 7.50% convertible notes

2023-03-09 09:24:38 ET

• New Mountain Finance ( NASDAQ: NMFC ) priced an additional $60M in principal amount of 7.50% convertible notes due 2025; these are besides the additional issuance of $200M made on Nov.2 , 2022.
• The notes are being issued at 100.5% of the principal amount per note; with interest at an annual rate of 7.50%, payable semi-annually, starting Apr.15, 2023; maturity date is at Oct.15, 2025.
• Post issuance, the outstanding principal amount of the company's 7.50% convertible notes due 2025 will be $260M.
• Offer closing is expected to take place on Mar.14, 2023.
• Net proceeds will be used to repay outstanding indebtedness and for general corporate purposes.
• Related to the offering, the company entered into private placement purchase agreements with several purchasers, each being an "accredited investor"
• Notes will be convertible into shares at a conversion rate of 70.5365 shares per $1,000 principal amount of Notes equivalent to conversion price of ~$14.18/share.

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