New Mountain Finance Corporation (the “Company,” “we,” “us” or
“our”) (Nasdaq: NMFC) today announced that it has priced an
underwritten public offering of $115.0 million in aggregate
principal amount of 8.250% unsecured notes due 2028 (the
“Notes”).
The Notes will mature on November 15, 2028, and may be redeemed
in whole or in part at any time or from time to time at the
Company’s option on or after November 15, 2025. The Notes will bear
interest at a rate of 8.250% per year payable quarterly on February
15, May 15, August 15 and November 15 of each year, beginning
February 15, 2024.
The offering is expected to close on November 13, 2023, subject
to customary closing conditions. The Notes are expected to be
listed on the Nasdaq Global Select Market (“Nasdaq”) and to trade
thereon within 30 days of the original issue date under the trading
symbol “NMFCZ”.
Wells Fargo Securities, LLC, BofA Securities, Inc., Morgan
Stanley & Co. LLC, and UBS Securities LLC are serving as joint
book-running managers for this offering. Oppenheimer & Co. Inc.
is serving as joint lead manager for the offering. The Company
intends to use the net proceeds from this offering to pay down
outstanding indebtedness under its senior secured revolving credit
facility with Goldman Sachs Bank USA, Morgan Stanley Bank, N.A.,
Stifel Bank & Trust and MUFG Union Bank, N.A.
Investors are advised to consider carefully the investment
objective, risks and charges and expenses of the Company before
investing. The preliminary prospectus supplement dated November
6, 2023, 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: from Wells Fargo Securities,
LLC, 608 2nd Avenue South, Suite 1000, Minneapolis, MN 55402, Attn:
WFS Customer Service, or by calling Wells Fargo Securities, LLC,
toll-free at 1-800-645-3751, or by emailing:
wfscustomerservice@wellsfargo.com; from BofA Securities, Inc.,
NC1-022-02-25, 201 North Tryon Street, Charlotte, NC 28255-0001,
Attn: Prospectus Department, or by calling BofA Securities, Inc.,
toll-free at 1-800-294-1322, or by e-mailing BofA Securities, Inc.
at dg.prospectus_requests@bofa.com; from Morgan Stanley & Co.
LLC, 1585 Broadway, New York, New York 10036, or by calling Morgan
Stanley & Co. LLC, toll-free at 1-866-718-1649; and from UBS
Securities LLC, 1285 Avenue of the Americas, New York, New York
10019, or by calling UBS Securities LLC, toll-free at
1-888-827-7275.
About New Mountain Finance Corporation
New Mountain Finance Corporation is a closed-end,
non-diversified and externally managed investment company that has
elected to be regulated as a business development company under the
Investment Company Act of 1940, as amended. The Company’s
investment objective is to generate current income and capital
appreciation through the sourcing and origination of senior secured
loans and select junior capital positions, to growing businesses in
defensive industries that offer risk-adjusted returns. The
Company’s differentiated investment approach leverages the deep
sector knowledge and operating resources of New Mountain Capital.
The Company’s investment activities are managed by its Investment
Adviser, New Mountain Finance Advisers BDC, L.L.C., which is an
investment adviser registered under the Investment Advisers Act of
1940, as amended.
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 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/20231106240414/en/
New Mountain Finance Corporation Investor Relations Laura C.
Holson, Authorized Representative NMFCIR@newmountaincapital.com
(212) 220-3505
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