New Mountain Finance Corporation Extends Stock Repurchase Program
December 23 2021 - 4:15PM
Business Wire
New Mountain Finance Corporation (NASDAQ: NMFC)
(“NMFC” or “the Company”) today announced that its board of
directors has authorized an extension of a program for the purpose
of repurchasing up to $50 million worth of its common stock, to be
implemented at the discretion of NMFC’s management team (the
“Repurchase Program”). Under the Repurchase Program, NMFC may, but
is not obligated to, repurchase its outstanding common stock in the
open market from time to time provided that NMFC complies with the
prohibitions under its Code of Ethics and the guidelines specified
in Rule 10b-18 of the Securities Exchange Act of 1934, as amended,
including certain price, market volume and timing constraints.
Unless further extended by NMFC’s board of directors, the Company
expects the Repurchase Program to be in place until the earlier of
December 31, 2022 or until $50 million worth of NMFC’s outstanding
shares of common stock have been repurchased. To date,
approximately $2.9 million worth of repurchases have been made by
the Company under the Repurchase Program.
The Company’s board of directors authorized the extension of the
Repurchase Program because it believes that sustained market
volatility and uncertainty may cause NMFC’s common stock to be
undervalued from time to time. The timing and number of shares to
be repurchased will depend on a number of factors, including market
conditions and alternative investment opportunities. In addition,
any subsequent repurchases will also be conducted in accordance
with the Investment Company Act of 1940, as amended. There are no
assurances that the Company will engage in additional repurchases,
but if market conditions warrant, the Company now has an extended
period of time to take advantage of situations where NMFC’s
management believes share repurchases would be advantageous to the
Company and to its shareholders.
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 debt
securities at all levels of the capital structure, including first
and second lien debt, notes, bonds and mezzanine securities. The
Company’s first lien debt may include traditional first lien senior
secured loans or unitranche loans. Unitranche loans combine
characteristics of traditional first lien senior secured loans as
well as second lien and subordinated loans. Unitranche loans will
expose the Company to the risks associated with second lien and
subordinated loans to the extent it invests in the “last out”
tranche. In some cases, the investments may also include small
equity interests. 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. More information about
New Mountain Finance Corporation can be found on the Company’s
website at http://www.newmountainfinance.com.
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 $35 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. For more
information on New Mountain Capital, please visit
http://www.newmountaincapital.com.
FORWARD-LOOKING STATEMENTS
Statements included herein may contain “forward-looking
statements” with respect to the Company’s business, including, but
not limited to, the timing and the number of shares to be
repurchased, if any, under the Share Repurchase Program.
Forward-looking statements are not guarantees of future
performance, condition or results and involve a number of risks and
uncertainties, including market conditions, the availability of
alternative investment opportunities, and the impact of COVID-19
and related changes in base interest rates and significant
volatility on our business, portfolio companies, our industry and
the global economy. Actual results and outcomes may differ
materially from those anticipated in the forward-looking statements
as a result of a variety of factors, including those described from
time to time in our filings with the Securities and Exchange
Commission or factors that are beyond our control. New Mountain
Finance Corporation undertakes no obligation to publicly update or
revise any forward-looking statements made herein, except as may be
required by law. All forward-looking statements speak only as of
the time of this press release.
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version on businesswire.com: https://www.businesswire.com/news/home/20211223005422/en/
New Mountain Finance Corporation Investor Relations Shiraz Y.
Kajee, Authorized Representative NMFCIR@newmountaincapital.com
(212) 220-3505
New Mountain Finance (NYSE:NMFC)
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