New Mountain greenshoe exercised, ups convertibles to $40.25 million

By Tali Rackner

Norfolk, Va., Oct. 3 – Underwriters for New Mountain Finance Corp.’s 5% convertible notes due June 15, 2019 exercised their over-allotment option in full, selling an additional $5.25 million, according to a press release.

As previously reported, the company priced a $35 million add-on to the convertibles at 100.75% of par plus accrued interest from June 15 and with an initial conversion premium of 14.4% on Sept. 26. The total size of the add-on is now $40.25 million, and the total issue size is now $155.25 million.

Proceeds will be used to repay outstanding debt under the company’s credit facilities and for other general corporate purposes, including working capital purposes.

The deal was sold via joint bookrunners Wells Fargo Securities, LLC, Goldman Sachs & Co. and Morgan Stanley & Co. LLC.

New Mountain is a New York City-based investment company.

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