NEW YORK, June 07, 2022 (Globe NEWSWIRE) — Logan Ridge Finance Company (“LRFC” or the “Company”) (Nasdaq: LRFC) now declared the reimbursement in entire of its 5.75% mounted-charge Convertible Notes (the “2022 Convertible Notes” – Nasdaq: CPTAG) and 6.00% preset-level Notes (the “2022 Notes” – Nasdaq: CPTAL), both equally due May possibly 31, 2022.
As of March 31, 2022, complete amount of money fantastic of the 2022 Convertible Notes and 2022 Notes were $52.1 million and $22.8 million, respectively.
The repayment to the Trustee was completed on Could 11, 2021 making use of cash on hand and as nicely as proceeds from refinancing the Company’s full legacy capital construction. This was an critical milestone and important strategic initiative for the Firm. Exclusively, given that Mount Logan Management, LLC (“Mount Logan”) started managing the Business on July 1, 2021, the Enterprise has concluded the pursuing transactions:
- KeyBank Credit rating Facility: On May 10, 2022, the Firm amended its current senior secured revolving credit score facility with KeyBank (“KeyBank Credit Facility”), by increasing the original commitment from $25. million to $75. million, with an uncommitted accordion function that lets the Business to borrow up to an supplemental $125. million. The amended KeyBank Credit history Facility has a May perhaps 10, 2027 maturity date. Borrowings underneath the amended KeyBank Credit score Facility bear desire at 1M Expression SOFR furthermore 2.90% through the 3-yr revolving time period and 3.25% thereafter, with .40% 1M Term SOFR flooring.
- 2032 Convertible Notes: On April 1, 2022, the Enterprise entered into a observe buy settlement for the issuance of $15. million convertible notes thanks in April 2032. The 2032 Convertible Notes bear desire at 5.25%.
- 2026 Notes: On October 29, 2021, the Organization entered into a be aware acquire arrangement for the issuance of $50. million notes thanks in October 2026. The 2026 Notes bear curiosity at 5.25%.
About Logan Ridge Finance Corporation
Logan Ridge Finance Corporation (Nasdaq: LRFC) is a small business progress organization that invests mostly in initial lien financial loans, and, to a lesser extent, second lien financial loans and fairness securities issued by reduced center current market firms. The Enterprise invests in executing, nicely-established center sector enterprises that operate across a extensive array of industries. It employs essential credit history examination, concentrating on investments in businesses with comparatively minimal amounts of cyclicality and functioning threat. For far more info, visit loganridgefinance.com.
About Mount Logan Cash Inc.
Mount Logan Capital Inc. (“MLC”) is an substitute asset administration business that is focused on general public and private personal debt securities in the North American current market. MLC is the best control particular person of Mount Logan Administration, LLC, which serves as the Company’s expense adviser. MLC seeks to source and actively manage financial loans and other personal debt-like securities with credit-oriented characteristics. MLC actively resources, evaluates, underwrites, manages, screens and primarily invests in loans, personal debt securities, and other credit rating-oriented devices that current desirable chance-adjusted returns and current lower chance of principal impairment through the credit history cycle. MLC is an affiliate of BC Partners Advisors L.P. for U.S. regulatory uses.
About BC Associates Advisors L.P. and BC Associates Credit score
BC Companions is a leading global expenditure agency with above $40 billion of property less than administration in private equity, non-public credit history and true estate techniques. Set up in 1986, BC Companions has performed an energetic position in developing the European buyout sector for 3 a long time. Right now, BC Partners executives work throughout marketplaces as an built-in staff through the firm’s offices in North The usa and Europe. Since inception, BC Partners has completed 117 personal fairness investments in firms with a total business worth of €149 billion and is at the moment investing its eleventh personal equity fund.
BC Partners Credit score was launched in February 2017 and has pursued a method targeted on pinpointing appealing credit rating options in any industry ecosystem and across sectors, leveraging the offer sourcing and infrastructure made offered from BC Partners.
Cautionary Assertion Concerning Ahead-On the lookout Statements
This communication incorporates “forward-looking” statements. Ahead-seeking statements concern foreseeable future situations and success and other statements that are not historic points and are occasionally discovered by the text “may,” “will,” “should,” “potential,” “intend,” “expect,” “endeavor,” “seek,” “anticipate,” “estimate,” “overestimate,” “underestimate,” “believe,” “could,” “project,” “predict,” “continue,” “target” or other related text or expressions. Forward-hunting statements are based on latest designs, estimates and anticipations that are matter to threats, uncertainties and assumptions. Should just one or more of these risks or uncertainties materialize, or should fundamental assumptions confirm to be incorrect, genuine benefits may possibly change materially from all those indicated or predicted by this sort of forward-wanting statements. The inclusion of this sort of statements should really not be regarded as a representation that this kind of designs, estimates or expectations will be accomplished. Critical factors that could result in real final results to vary materially from such plans, estimates or anticipations involve those risk components thorough in the Company’s experiences filed with the Securities and Trade Commission (“SEC”), which include the Company’s annual report on Sort 10-K, periodic quarterly experiences on Type 10-Q, existing experiences on Type 8-K and other files submitted with the SEC.
Any forward-searching statements converse only as of the date of this interaction. The Corporation does not undertake any obligation to update any ahead-seeking statements, no matter if as a result of new info or developments, long run situations or or else, besides as expected by law. Audience are cautioned not to spot undue reliance on any of these forward-hunting statements.
For added info, call:
Logan Ridge Finance Company
650 Madison Avenue, 23rd Ground
New York, NY 10022
Jason Roos
Main Financial Officer
[email protected]
(212) 891-5046
The Fairness Group Inc.
Lena Cati
[email protected]
(212) 836-9611
Serena Liegey
[email protected]
(212) 836-9630
