Portman Ridge Finance Corporation Amends and Extends Its Senior Secured Revolving Credit Facility
July 29 2024 - 4:43PM
Portman Ridge Finance Corporation (Nasdaq: PTMN) (the “Company”)
today announced that it has amended and extended its existing
senior secured revolving credit facility (“Credit Facility”) with
JPMorgan Chase Bank, National Association (“JPM”).
Under the terms of the amendment, there was a
committed increase to the aggregate principal amount of the Credit
Facility in an amount not to exceed $85.0 million, for a total of
$200.0 million, the applicable margin was reduced from 2.80% per
annum to 2.50% per annum, and there was a committed seven-day
bridge advance in an aggregate principal amount of approximately
$18.3 million. Additionally, the reinvestment period was extended
from April 29, 2025 to August 29, 2026, and the maturity date was
extended from April 29, 2026 to August 29, 2027.
The Senior Secured Notes due November 20, 2029
and issued by Portman Ridge Funding 2018-2 LLC, will be refinanced
in connection with the committed increase to the Credit Facility.
As a result, approximately $18.3 million of the Senior Secured
Notes will be eliminated through the use of a bridge advance under
the Credit Facility, and $85.0 million of the Senior Secured Notes
will be refinanced.
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’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. Portman Ridge’s investment
activities are managed by its investment adviser, Sierra Crest
Investment Management LLC, an affiliate of BC Partners Advisors,
LP.
Portman Ridge’s filings with the Securities and
Exchange Commission (the “SEC”), earnings releases, press releases
and other financial, operational and governance information are
available on the Company's website at www.portmanridge.com.
Cautionary Statement Regarding
Forward-Looking Statements
This press release contains forward-looking
statements regarding repurchases of shares of the Company’s common
stock. There is no assurance that repurchases will be made in any
specific amounts or that the market price of the Company’s shares,
either absolutely or relative to net asset value, will increase as
a result of any share repurchases, or that any repurchases will
enhance stockholder value over the long term. The forward-looking
statements should be read in conjunction with the risks and
uncertainties discussed in the Company’s filings with the SEC,
including the Company’s most recent Form 10-K and other SEC
filings.
Contacts:Portman Ridge Finance
Corporation650 Madison Avenue, 3rd floorNew York, NY
10022info@portmanridge.com
Brandon SatorenChief Financial
OfficerBrandon.Satoren@bcpartners.com(212) 891-2880
The Equity Group Inc.Lena
Catilcati@equityny.com (212) 836-9611
Val Ferrarovferraro@equityny.com (212)
836-9633
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