- New Mountain Finance ( NASDAQ: NMFC ) priced $200M 7.50% convertible notes due Oct. 15, 2025.
- The investment company has entered into an agreement with accredited investors and qualified institutional buyers.
- The offering is expected to close Nov. 2.
- The notes can be converted into shares at an initial conversion rate of 70.4225 shares per $1,000 principal amount of notes, representing an initial conversion price of ~$14.20 per share.
- The notes carry an interest of 7.50%, payable semi-annually in arrears on Apr. 15 and Oct. 15 of each year, commencing on Apr. 15, 2023.
- The net proceeds are intended to be used to launch a tender offer for an existing 5.75% convertible notes due 2023, repay other outstanding indebtedness and for general corporate purposes.
- Source: Press Release
For further details see:
New Mountain Finance prices $200M notes