New Mountain Finance Corporation Extends Share Repurchase Program
January 04 2021 - 5:00PM
Business Wire
New Mountain Finance Corporation (NASDAQ: NMFC) (“NMFC” or “the
Company”) today announced that its board of directors has
authorized an extension of a program for the purpose of
repurchasing up to $50 million worth of its common stock, to be
implemented at the discretion of NMFC’s management team. Under the
repurchase program, NMFC may, but is not obligated to, repurchase
its outstanding common stock in the open market from time to time
provided that NMFC complies with the prohibitions under its Code of
Ethics and the guidelines specified in Rule 10b-18 of the
Securities Exchange Act of 1934, as amended, including certain
price, market volume and timing constraints. Unless further
extended by NMFC’s board of directors, the Company expects the
repurchase program to be in place until the earlier of December 31,
2021 or until $50 million worth of NMFC’s outstanding shares of
common stock have been repurchased. To date, approximately $2.9
million worth of repurchases have been made by the Company under
the repurchase program.
The Company’s board of directors authorized the extension of the
repurchase program because it believes that sustained market
volatility and uncertainty may cause NMFC’s common stock to be
undervalued from time to time. The timing and number of shares to
be repurchased will depend on a number of factors, including market
conditions and alternative investment opportunities. In addition,
any subsequent repurchases will also be conducted in accordance
with the Investment Company Act of 1940, as amended. There are no
assurances that the Company will engage in additional repurchases,
but if market conditions warrant, the Company now has an extended
period of time to take advantage of situations where NMFC’s
management believes share repurchases would be advantageous to the
Company and to its shareholders.
ABOUT NEW MOUNTAIN FINANCE CORPORATION
New Mountain Finance Corporation is a closed-end,
non-diversified and externally managed investment company that has
elected to be regulated as a business development company under the
Investment Company Act of 1940, as amended. The Company’s
investment objective is to generate current income and capital
appreciation through the sourcing and origination of debt
securities at all levels of the capital structure, including first
and second lien debt, notes, bonds and mezzanine securities. The
Company’s first lien debt may include traditional first lien senior
secured loans or unitranche loans. Unitranche loans combine
characteristics of traditional first lien senior secured loans as
well as second lien and subordinated loans. Unitranche loans will
expose the Company to the risks associated with second lien and
subordinated loans to the extent it invests in the “last out”
tranche. In some cases, the investments may also include small
equity interests. The Company’s investment activities are managed
by its Investment Adviser, New Mountain Finance Advisers BDC,
L.L.C., which is an investment adviser registered under the
Investment Advisers Act of 1940, as amended. More information about
New Mountain Finance Corporation can be found on the Company’s
website at http://www.newmountainfinance.com.
ABOUT NEW MOUNTAIN CAPITAL
New Mountain Capital is a New York-based investment firm that
emphasizes business building and growth, rather than debt, as it
pursues long-term capital appreciation. The firm currently manages
private equity, public equity, and credit funds with over $28
billion in assets under management. New Mountain seeks out what it
believes to be the highest quality growth leaders in carefully
selected industry sectors and then works intensively with
management to build the value of these companies. For more
information on New Mountain Capital, please visit
http://www.newmountaincapital.com.
FORWARD-LOOKING STATEMENTS
Statements included herein may contain “forward-looking
statements”, which relate to our future operations, future
performance or our financial condition. Forward-looking statements
are not guarantees of future performance, condition or results and
involve a number of risks and uncertainties, including the impact
of COVID-19 and related changes in base interest rates and
significant volatility on our business, portfolio companies, our
industry and the global economy. Actual results and outcomes may
differ materially from those anticipated in the forward-looking
statements as a result of a variety of factors, including those
described from time to time in our filings with the Securities and
Exchange Commission or factors that are beyond our control. New
Mountain Finance Corporation undertakes no obligation to publicly
update or revise any forward-looking statements made herein, except
as may be required by law. All forward-looking statements speak
only as of the time of this press release.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210104005776/en/
New Mountain Finance Corporation Investor Relations Shiraz Y.
Kajee, Authorized Representative NMFCIR@newmountaincapital.com
(212) 220-3505
New Mountain Finance (NYSE:NMFC)
Historical Stock Chart
From Mar 2024 to Apr 2024
New Mountain Finance (NYSE:NMFC)
Historical Stock Chart
From Apr 2023 to Apr 2024