Logan Ridge Finance Corporation Announces Successful Refinancing and Recapitalization of its Investment in Eastport Holdings LLC.
06 Luglio 2022 - 10:05PM
Logan Ridge Finance Corporation (“LRFC”, “Logan Ridge” or the
“Company”) (Nasdaq: LRFC) today announced that on June 29, 2022
Eastport Holdings, LLC, a portfolio company of Logan Ridge,
completed a refinancing and recapitalization transaction.
As a result of this transaction, Logan Ridge
received $16.5 million in cash and $19.25 million in principle of a
new debt security in exchange for all of its previous debt and
equity securities. The new debt security will mature on September
29, 2027 and pay interest at a rate of 3-month SOFR+850, with a
1.0% SOFR floor.
Ted Goldthorpe, Chief Executive Officer and
President of LRFC, said, “We are excited to announce the
recapitalization of our investment in Eastport, as it significantly
reduces our legacy non-interest earning equity exposure and
represents an important milestone for the Company. It also
demonstrates our ability to execute on the strategic initiatives
that we shared with shareholders when we took over managing the
portfolio a little over a year ago. This transaction, coupled with
the work we’ve done on the right side of balance sheet to lower the
Company’s cost of debt capital, is transformative for Logan Ridge
and positions it well for the future.”
About Logan Ridge Finance
CorporationLogan Ridge Finance Corporation (Nasdaq: LRFC)
is a business development company that invests primarily in first
lien loans and, to a lesser extent, second lien loans and equity
securities issued by lower middle market companies. The Company
invests in performing, well-established middle market businesses
that operate across a wide range of industries. It employs
fundamental credit analysis, targeting investments in businesses
with relatively low levels of cyclicality and operating risk. For
more information, visit loganridgefinance.com.
About Mount Logan Capital Inc.
Mount Logan Capital Inc. is an alternative asset management company
that is focused on public and private debt securities in the North
American market. The Company seeks to source and actively manage
loans and other debt-like securities with credit-oriented
characteristics. The Company actively sources, evaluates,
underwrites, manages, monitors and primarily invests in loans, debt
securities, and other credit-oriented instruments that present
attractive risk-adjusted returns and present low risk of principal
impairment through the credit cycle.
About BC Partners Advisors L.P. and BC
Partners CreditBC Partners is a leading international
investment firm with over $40 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 117 private equity investments
in companies with a total enterprise value of €149 billion and is
currently investing its eleventh private equity fund.
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 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
reports filed with the Securities and Exchange Commission (“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.
For additional information, contact:
Logan Ridge Finance Corporation650 Madison
Avenue, 23rd FloorNew York, NY 10022
Jason Roos Chief Financial Officer
Jason.Roos@bcpartners.com (212) 891-5046
The Equity Group Inc.Lena
Catilcati@equityny.com(212) 836-9611
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