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.
For further details see:
New Mountain Finance prices additional $60M in 7.50% convertible notes