By Rebecca Melvin
New York, May 28 - New Mountain Finance Corp. priced $100 million of five-year convertible senior notes after the market close Wednesday to yield 5% with an initial conversion premium of 12.5%, according to a release.
Pricing came at the cheap end of 4.5% to 5% coupon talk and at the midpoint of 10% to 15% premium talk.
The Rule 144A offering has a $15 million greenshoe and was sold via bookrunner Goldman Sachs & Co.
Proceeds will be used to repay outstanding debt under the company's credit facilities and for other general corporate purposes, including working capital purposes.
New Mountain is a New York-based investment company.
| Issuer: | New Mountain Finance Corp.
|
| Issue: | Convertible senior notes
|
| Amount: | $100 million
|
| Greenshoe: | $15 million
|
| Maturity: | June 15, 2019
|
| Bookrunners: | Goldman Sachs Inc.
|
| Coupon: | 5%
|
| Conversion premium: | 12.5%
|
| Conversion price: | $15.93
|
| Conversion ratio: | 62.7746 shares
|
| Price talk: | 4.5%-5%, up 10%-15%
|
| Pricing date: | May 28
|
| Settlement date: | June 2
|
| Stock symbol: | Nasdaq: NMFC
|
| Stock reference price: | $14.16
|
| Distribution: | Rule 144A
|
| Market capitalization: | $736.2 million
|
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