Portman Ridge Finance Corporation Amends and Extends Its Senior Secured Revolving Credit Facility | PTMN Stock News
Summary
NEW YORK, July 29, 2024 (GLOBE NEWSWIRE) -- 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 , for a total of , the applicable margin was reduced from per annum to per annum, and there was a committed seven-day bridge advance in an aggregate principal amount of approximately . 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 of the Senior Secured Notes will be eliminated through the use of a bridge advance under the Credit Facility, and of the Senior Secured Notes will be refinanced.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 Ridges 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 Ridges investment activities are managed by its investment adviser, Sierra Crest Investment Management LLC, an affiliate of BC Partners Advisors, LP.Portman Ridges filings with the Securities and Exchange Commission (the SEC), earnings releases, press releases and other financial, operational and governance information are available on the Companys website at www.portmanridge.com.This press release contains forward-looking statements regarding repurchases of shares of the Companys common stock.