NEW YORK, June 07, 2022 (Globe NEWSWIRE) — Logan Ridge Finance Company (“LRFC” or the “Company”) (Nasdaq: LRFC) currently introduced the repayment in full of its 5.75% set-amount Convertible Notes (the “2022 Convertible Notes” – Nasdaq: CPTAG) and 6.00% fastened-amount Notes (the “2022 Notes” – Nasdaq: CPTAL), each owing May possibly 31, 2022.
As of March 31, 2022, complete total fantastic of the 2022 Convertible Notes and 2022 Notes ended up $52.1 million and $22.8 million, respectively.
The repayment to the Trustee was completed on Might 11, 2021 making use of money on hand and as effectively as proceeds from refinancing the Company’s overall legacy funds framework. This was an critical milestone and critical strategic initiative for the Enterprise. Specifically, since Mount Logan Management, LLC (“Mount Logan”) began handling the Corporation on July 1, 2021, the Organization has done the subsequent transactions:
- KeyBank Credit rating Facility: On May possibly 10, 2022, the Firm amended its present senior secured revolving credit score facility with KeyBank (“KeyBank Credit history Facility”), by growing the initial determination from $25. million to $75. million, with an uncommitted accordion function that allows the Business to borrow up to an additional $125. million. The amended KeyBank Credit history Facility has a May 10, 2027 maturity day. Borrowings beneath the amended KeyBank Credit rating Facility bear fascination at 1M Expression SOFR plus 2.90% for the duration of the 3-calendar year revolving time period and 3.25% thereafter, with .40% 1M Term SOFR ground.
- 2032 Convertible Notes: On April 1, 2022, the Enterprise entered into a take note invest in arrangement for the issuance of $15. million convertible notes because of in April 2032. The 2032 Convertible Notes bear desire at 5.25%.
- 2026 Notes: On October 29, 2021, the Corporation entered into a take note acquire arrangement for the issuance of $50. million notes due in October 2026. The 2026 Notes bear curiosity at 5.25%.
About Logan Ridge Finance Corporation
Logan Ridge Finance Company (Nasdaq: LRFC) is a company advancement company that invests largely in first lien loans, and, to a lesser extent, 2nd lien financial loans and fairness securities issued by lessen middle current market companies. The Enterprise invests in executing, perfectly-recognized center marketplace enterprises that work throughout a wide variety of industries. It employs fundamental credit rating analysis, focusing on investments in businesses with fairly lower stages of cyclicality and operating risk. For additional data, check out loganridgefinance.com.
About Mount Logan Funds Inc.
Mount Logan Capital Inc. (“MLC”) is an different asset administration enterprise that is concentrated on public and non-public personal debt securities in the North American current market. MLC is the supreme command person of Mount Logan Administration, LLC, which serves as the Company’s financial investment adviser. MLC seeks to resource and actively manage financial loans and other personal debt-like securities with credit history-oriented qualities. MLC actively sources, evaluates, underwrites, manages, screens and generally invests in financial loans, personal debt securities, and other credit-oriented instruments that existing eye-catching chance-modified returns and existing low hazard of principal impairment as a result of the credit history cycle. MLC is an affiliate of BC Associates Advisors L.P. for U.S. regulatory applications.
About BC Partners Advisors L.P. and BC Partners Credit score
BC Associates is a main global financial commitment organization with in excess of $40 billion of property below management in private equity, private credit history and genuine estate approaches. Recognized in 1986, BC Companions has played an lively position in developing the European buyout market for a few many years. Currently, BC Companions executives work across markets as an built-in group by means of the firm’s places of work in North America and Europe. Considering that inception, BC Partners has accomplished 117 personal equity investments in businesses with a total business value of €149 billion and is at this time investing its eleventh private equity fund.
BC Companions Credit rating was launched in February 2017 and has pursued a strategy centered on pinpointing interesting credit score chances in any market ecosystem and across sectors, leveraging the deal sourcing and infrastructure manufactured accessible from BC Associates.
Cautionary Statement With regards to Ahead-Looking Statements
This communication consists of “forward-looking” statements. Ahead-looking statements issue potential situations and outcomes and other statements that are not historic points and are at times identified by the text “may,” “will,” “should,” “potential,” “intend,” “expect,” “endeavor,” “seek,” “anticipate,” “estimate,” “overestimate,” “underestimate,” “believe,” “could,” “project,” “predict,” “continue,” “target” or other similar terms or expressions. Forward-on the lookout statements are based mostly upon present designs, estimates and expectations that are topic to pitfalls, uncertainties and assumptions. Ought to one particular or far more of these threats or uncertainties materialize, or should really fundamental assumptions verify to be incorrect, true effects may possibly vary materially from all those indicated or predicted by these kinds of ahead-seeking statements. The inclusion of these types of statements ought to not be regarded as a illustration that these designs, estimates or expectations will be achieved. Crucial components that could bring about precise effects to differ materially from such designs, estimates or anticipations consist of people threat things in depth in the Company’s reports filed with the Securities and Trade Fee (“SEC”), which include the Company’s yearly report on Type 10-K, periodic quarterly reviews on Sort 10-Q, recent studies on Sort 8-K and other paperwork filed with the SEC.
Any forward-seeking statements communicate only as of the day of this conversation. The Firm does not undertake any obligation to update any forward-searching statements, regardless of whether as a final result of new info or developments, long term situations or normally, except as necessary by law. Audience are cautioned not to location undue reliance on any of these forward-looking statements.
For more facts, make contact with:
Logan Ridge Finance Company
650 Madison Avenue, 23rd Flooring
New York, NY 10022
Main Money Officer
The Fairness Team Inc.