NEW YORK, May 10, 2022 (World NEWSWIRE) — Logan Ridge Finance Corporation (“LRFC” or the “Company”) (Nasdaq: LRFC) today introduced the productive refinancing of its overall legacy funds composition, an essential milestone and essential strategic initiative for the Enterprise.
Precisely, on May possibly 10, 2022, the Organization amended its current Senior Secured Revolving Credit score Facility settlement with KeyBank (“KeyBank Credit score Facility”), by expanding the original dedication from $25. million to $75. million, with an uncommitted accordion attribute that makes it possible for the Business to borrow up to an supplemental $125. million. The amended KeyBank Credit rating Facility has a May perhaps 10, 2027 maturity date.
Borrowings less than the amended KeyBank Credit score Facility will bear fascination at 1M Expression SOFR plus 2.90% through the 3-yr revolving time period and 3.25% thereafter, with .40% 1M Expression SOFR floor. The web proceeds to the Firm from the first attract was $49.1 million on May well 10, 2022.
Also, as beforehand disclosed on April 1, 2022, the Business entered into a Note Invest in Arrangement for the issuance of $15. million Convertible Notes due in April 2032. The proceeds from the original draw on the KeyBank Credit Facility, coupled with the net proceeds from the 2032 Convertible Notes issued in April and existing income on hand, delivers the Corporation ample liquidity to pay out off its outstanding $52.1 million of 5.75% convertible notes as properly as the remaining $22.8 million of 6.00% notes, both equally of which experienced on May perhaps 31, 2022.
Ted Goldthorpe, Chief Government Officer and President of LRFC, claimed, “We are happy to announce that we have correctly refinanced our overall legacy funds framework at lower interest costs, which materially lowers our charge of financial debt funds from about 7.% as of March 31, 2022 to around 5.2% these days. KeyBank has been an outstanding associate for Logan Ridge and we are pleased to leverage this strong romantic relationship to boost Logan Ridge’s money situation and cash framework. This represents a substantial milestone for Logan Ridge as we proceed to execute on our strategic vision we laid out for shareholders when we became the exterior supervisor in July 2021.”
About Logan Ridge Finance Company
Logan Ridge Finance Company (Nasdaq: LRFC) is a company enhancement organization that invests principally in first lien financial loans and, to a lesser extent, second lien loans and fairness securities issued by reduced center industry providers. The Organization invests in executing, perfectly-set up middle market place businesses that function throughout a vast assortment of industries. It employs basic credit rating analysis, focusing on investments in corporations with comparatively very low amounts of cyclicality and operating hazard. For much more details, stop by loganridgefinance.com.
About Mount Logan Cash Inc.
Mount Logan Money Inc. is an substitute asset management business that is centered on general public and private personal debt securities in the North American sector. The Company seeks to resource and actively take care of loans and other credit card debt-like securities with credit-oriented properties. The Corporation actively sources, evaluates, underwrites, manages, screens and mostly invests in financial loans, personal debt securities, and other credit rating-oriented instruments that existing interesting chance-modified returns and current low possibility of principal impairment via the credit score cycle.
About BC Associates Advisors L.P. and BC Partners Credit history
BC Companions is a main worldwide investment decision agency with over $40 billion of belongings less than management in non-public fairness, personal credit rating and real estate procedures. Recognized in 1986, BC Associates has performed an energetic purpose in producing the European buyout marketplace for three decades. These days, BC Companions executives run throughout marketplaces as an built-in crew by the firm’s workplaces in North The usa and Europe. Since inception, BC Companions has finished 117 private fairness investments in companies with a total enterprise worth of €149 billion and is at present investing its eleventh personal equity fund.
BC Associates Credit history was launched in February 2017 and has pursued a method targeted on identifying beautiful credit score options in any current market setting and across sectors, leveraging the offer sourcing and infrastructure made accessible from BC Associates.
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Logan Ridge Finance Company
650 Madison Avenue, 23rd Ground
New York, NY 10022
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The Equity Group Inc.