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New Mountain Finance Corporation Extends Share Repurchase Plan

4 min read
New Mountain Finance Corporation Extends Share Repurchase Plan
New Mountain Finance Corporation Extends Share Repurchase Plan

NEW YORK–(Business WIRE)–Jan 4, 2021–

New Mountain Finance Company (NASDAQ: NMFC) (“NMFC” or “the Company”) currently introduced that its board of administrators has approved an extension of a application for the purpose of repurchasing up to $50 million value of its typical stock, to be executed at the discretion of NMFC’s administration staff. Under the repurchase application, NMFC may perhaps, but is not obligated to, repurchase its outstanding typical stock in the open up marketplace from time to time supplied that NMFC complies with the prohibitions less than its Code of Ethics and the suggestions specified in Rule 10b-18 of the Securities Exchange Act of 1934, as amended, such as specific rate, industry volume and timing constraints. Except even more extended by NMFC’s board of directors, the Business expects the repurchase system to be in put right until the before of December 31, 2021 or right up until $50 million worthy of of NMFC’s exceptional shares of common stock have been repurchased. To date, around $2.9 million really worth of repurchases have been produced by the Business beneath the repurchase method.

The Company’s board of administrators licensed the extension of the repurchase program due to the fact it thinks that sustained current market volatility and uncertainty could cause NMFC’s prevalent stock to be undervalued from time to time. The timing and selection of shares to be repurchased will count on a variety of elements, which include marketplace disorders and different expenditure prospects. In addition, any subsequent repurchases will also be carried out in accordance with the Investment Organization Act of 1940, as amended. There are no assurances that the Corporation will have interaction in extra repurchases, but if current market conditions warrant, the Company now has an extended time period of time to choose gain of conditions where NMFC’s administration believes share repurchases would be beneficial to the Corporation and to its shareholders.


New Mountain Finance Company is a shut-end, non-diversified and externally managed investment decision company that has elected to be controlled as a business advancement organization underneath the Expenditure Organization Act of 1940, as amended. The Company’s investment goal is to make present-day income and funds appreciation by way of the sourcing and origination of financial debt securities at all amounts of the funds composition, like initially and second lien debt, notes, bonds and mezzanine securities. The Company’s first lien financial debt might involve classic initial lien senior secured financial loans or unitranche loans. Unitranche loans incorporate characteristics of regular initial lien senior secured financial loans as nicely as next lien and subordinated financial loans. Unitranche loans will expose the Company to the challenges linked with next lien and subordinated financial loans to the extent it invests in the “last out” tranche. In some conditions, the investments may perhaps also contain tiny fairness interests. The Company’s financial investment actions are managed by its Expenditure Adviser, New Mountain Finance Advisers BDC, L.L.C., which is an investment adviser registered underneath the Expense Advisers Act of 1940, as amended. A lot more data about New Mountain Finance Company can be identified on the Company’s web site at http://www.newmountainfinance.com.


New Mountain Money is a New York-primarily based investment decision agency that emphasizes enterprise setting up and advancement, instead than personal debt, as it pursues long-expression cash appreciation. The organization at this time manages private equity, community fairness, and credit rating funds with over $28 billion in assets under management. New Mountain seeks out what it believes to be the best top quality growth leaders in thoroughly picked industry sectors and then performs intensively with management to create the benefit of these businesses. For additional details on New Mountain Capital, you should pay a visit to http://www.newmountaincapital.com.

Ahead-On the lookout STATEMENTS

Statements provided herein may well have “forward-looking statements”, which relate to our long term functions, foreseeable future efficiency or our fiscal issue. Forward-searching statements are not ensures of future overall performance, issue or outcomes and involve a range of threats and uncertainties, such as the effect of COVID-19 and associated variations in foundation fascination rates and significant volatility on our organization, portfolio organizations, our market and the world economic climate. Actual benefits and results may well vary materially from individuals expected in the ahead-hunting statements as a end result of a range of aspects, which include all those explained from time to time in our filings with the Securities and Exchange Fee or components that are past our manage. New Mountain Finance Company undertakes no obligation to publicly update or revise any ahead-searching statements created herein, apart from as may be necessary by law. All ahead-wanting statements communicate only as of the time of this push launch.

Look at source model on businesswire.com:https://www.businesswire.com/news/residence/20210104005776/en/

Call: New Mountain Finance Company

Investor Relations

Shiraz Y. Kajee, Authorized Consultant

[email protected]

(212) 220-3505


Marketplace Keyword: BANKING Qualified Expert services FINANCE

Resource: New Mountain Finance Company

Copyright Organization Wire 2021.

PUB: 01/04/2021 05:00 PM/DISC: 01/04/2021 05:01 PM


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