New Mountain to price $50 million tap of 5.75% convertibles at reoffer price of 100.75-101.25

By Abigail W. Adams

Portland, Me., June 3 – New Mountain Finance Corp. plans to price a $50 million add-on to its 5.75% convertible notes due 2023 after the market close on Monday with a reoffer price of 100.75 to 101.25, according to a market source.

Morgan Stanley & Co. LLC and Wells Fargo Securities LLC are joint bookrunners for the registered offering, which carries a greenshoe of $7.5 million.

The add-on will be immediately fungible with and have the same terms as the 5.75% convertible notes due 2023 issued in August 2018.

The 5.75% notes are non-callable until May 15, 2023 and then are freely callable at par with a make-whole.

Prior to the add-on, the 5.75% convertible notes had $115 million outstanding.

New Mountain Finance is a New York-based closed-end, non-diversified management investment company regulated as a business development company.

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