Portman Ridge Finance Corporation Announces Stockholder Payment Record Date, Payment Date and Payment Amount per Share in Con...
April 01 2019 - 11:00AM
Portman Ridge Finance Corporation (“Portman Ridge” or the
“Company”) (NASDAQ: PTMN) (f/k/a KCAP Financial, Inc.) today
announced the closing of the previously announced externalization
transaction (the “Closing”) with BC Partners Advisors, L.P.
(“BCP”). As a result of the Closing, March 29, 2019 has been set as
the record date (the “Record Date”) for the $25.0 million cash
payment by an affiliate of BCP to the Company’s stockholders (the
“Stockholder Payment”). The payment date for the Stockholder
Payment is April 1, 2019 (the “Payment Date”), on which an
affiliate of BCP will pay a $0.669672 cash payment per share of the
Company’s common stock directly to the holders of record of the
Company’s common stock (other than the Company or subsidiaries of
the Company or BCP) as of the Record Date.
Shares of the Company’s common stock will trade with “due bills”
after the Record Date, representing an assignment of the right to
receive the Stockholder Payment through and including the Payment
Date. Stockholders who sell their shares of the Company’s
common stock on or before the Payment Date will not be entitled to
receive the Stockholder Payment.
On April 2, 2019, the Company's common stock, which trades on
the NASDAQ Global Select Market, will cease trading under the
ticker symbol “KCAP” and commence trading under the ticker symbol
“PTMN”.
About Portman Ridge Finance Corporation
Portman Ridge Finance Corporation (NASDAQ: PTMN)
is a publicly traded, externally managed investment company that
has elected to be regulated as a business development company under
the Investment Company Act of 1940. Portman Ridge Finance
Corporation’s middle market investment business originates,
structures, finances and manages a portfolio of term loans,
mezzanine investments and selected equity securities in middle
market companies. PTMN’s investment activities are managed by
its investment adviser, Sierra Crest Investment Management LLC, an
affiliate of BCP. For more information, visit portmanridge.com.
About BC Partners Advisors L.P. and BC
Partners Credit
BC Partner LLP (“BC Partners”) is a leading
international investment firm with over $24 billion of assets under
management in private equity, private credit and real estate
strategies. Established in 1986, BC Partners has played an active
role in developing the European buyout market for three decades.
Today, BC Partners executives operate across markets as an
integrated team through the firm's offices in North America and
Europe. Since inception, BC Partners has completed 108 private
equity investments in companies with a total enterprise value of
€135 billion and is currently investing its tenth private equity
fund. For more information, please visit
www.bcpartners.com.
BC Partners Credit was launched in February 2017
and has pursued a strategy focused on identifying attractive credit
opportunities in any market environment and across sectors,
leveraging the deal sourcing and infrastructure made available from
BC Partners.
Cautionary Statement Regarding Forward-Looking
Statements
Cautionary Statement Regarding Forward-Looking
Statements: This communication contains “forward-looking”
statements. Forward-looking statements concern future circumstances
and results and other statements that are not historical facts and
are sometimes identified by the words “may,” “will,” “should,”
“potential,” “intend,” “expect,” “endeavor,” “seek,” “anticipate,”
“estimate,” “overestimate,” “underestimate,” “believe,” “could,”
“project,” “predict,” “continue,” “target” or other similar words
or expressions. Forward-looking statements are based upon current
plans, estimates and expectations that are subject to risks,
uncertainties and assumptions. Should one or more of these risks or
uncertainties materialize, or should underlying assumptions prove
to be incorrect, actual results may vary materially from those
indicated or anticipated by such forward-looking statements. The
inclusion of such statements should not be regarded as a
representation that such plans, estimates or expectations will be
achieved. Important factors that could cause actual results to
differ materially from such plans, estimates or expectations
include those risk factors detailed in the Company’s definitive
proxy statement on Schedule 14A filed with the Securities and
Exchange Commission (the “SEC”) on June 1, 2018 and in the
Company’s reports filed with the SEC, including the Company’s
annual report on Form 10-K, periodic quarterly reports on Form
10-Q, current reports on Form 8-K and other documents filed with
the SEC.
Any forward-looking statements speak only as of
the date of this communication. The Company does not undertake any
obligation to update any forward-looking statements, whether as a
result of new information or developments, future events or
otherwise, except as required by law. Readers are cautioned not to
place undue reliance on any of these forward-looking
statements.
Contact
Portman Ridge Finance Corporation 650 Madison Avenue, 23rd floor
New York, NY 10022 info@portmanridge.com
Portman Ridge Finance (NASDAQ:PTMN)
Historical Stock Chart
From Jul 2024 to Aug 2024
Portman Ridge Finance (NASDAQ:PTMN)
Historical Stock Chart
From Aug 2023 to Aug 2024