Welcome to our dedicated page for Portman Ridge Fin news (Ticker: PTMN), a resource for investors and traders seeking the latest updates and insights on Portman Ridge Fin stock.
Portman Ridge Finance Corporation (NASDAQ: PTMN) is a non-diversified closed-end investment company that specializes in originating, structuring, and investing in secured term loans, bonds, and mezzanine debt. The company primarily focuses on privately-held middle-market companies but also considers investments in publicly traded companies, high-yield bonds, and distressed debt securities. Established as a leader in debt securities, Portman Ridge aims to generate current income and capital appreciation through strategic investments in senior secured term loans, mezzanine debt, and select equity investments.
Founded with a mission to support mid-sized businesses, Portman Ridge offers a range of financial solutions tailored to meet the complex needs of its clients. Recent achievements include successful mergers with Garrison Capital Inc. and Harvest Capital Credit Corporation, which have enhanced the company's investment portfolio and operational efficiencies. The company's financial condition remains robust, demonstrated by its transparent reporting of core investment income and net investment income, which provide stakeholders with a clear understanding of its financial performance.
Portman Ridge continues to pursue promising investment opportunities and maintain strong partnerships to maximize returns for its investors. With a disciplined approach to investment and risk management, the company remains well-positioned to navigate the complexities of the financial markets. Recent updates include significant financial highlights from the second and third quarters of 2023, and a series of scheduled calls for shareholder engagement and transparency.
For the latest updates and detailed financial reports, stakeholders can refer to the company's scheduled calls and recent news highlights, providing insights into Portman Ridge's ongoing projects and financial health.
Portman Ridge Finance Corporation (NASDAQ: PTMN) has resumed its share buyback program, purchasing approximately $1.1 million of its shares since the merger with Harvest Capital Credit Corporation on June 9, 2021. The buyback program allows for up to $10 million in total share repurchases until March 31, 2022. CEO Ted Goldthorpe stated that the buyback is in the best interests of stockholders and will continue throughout the year based on market conditions. The company has also initiated a Rule 10b5-1 stock trading plan for repurchases totaling up to $2.5 million.
Portman Ridge Finance Corporation (Nasdaq: PTMN) will release its Q2 2021 financial results on August 5, 2021, after market close. A conference call is scheduled for August 6, 2021, at 11:00 a.m. ET, to discuss these results. Interested parties can access the call by dialing (866) 757-5630 and using conference ID 4656216. A replay will be available until August 13, 2021. Investors can also listen via a webcast on the company's website.
Portman Ridge Finance Corporation (Nasdaq: PTMN) announced the completion of a $28 million private placement of 4.875% senior unsecured notes due 2026. The net proceeds amounted to approximately $27.4 million, intended to redeem higher-interest debt and support investments in portfolio companies. This move is aimed at reducing the company's cost of debt significantly. The notes will mature on April 30, 2026, and can be repaid early at the company’s discretion. CEO Ted Goldthorpe emphasized this as a step towards enhancing capital efficiency and shareholder value.
Portman Ridge Finance Corporation (NASDAQ: PTMN) has successfully closed its merger with Harvest Capital Credit Corporation (formerly NASDAQ: HCAP). The combined entity is expected to have total assets of about $614 million and a net asset value of approximately $268 million. HCAP stockholders will receive a cash payment and PTMN shares as part of the transaction, with 96% of voting stockholders approving the merger. This marks the fourth strategic transaction by PTMN in three years, aimed at enhancing operational synergies and expanding its portfolio of senior secured debt investments.
On May 25, 2021, Harvest Capital Credit Corporation (NASDAQ: HCAP) and Portman Ridge Finance Corporation (NASDAQ: PTMN) announced the Election Deadline of June 2, 2021, for HCAP stockholders to elect cash instead of PTMN stock in their upcoming merger. The merger, detailed in the December 23, 2020 Merger Agreement, requires HCAP stockholder approval at a special meeting on June 7, 2021. HCAP stockholders can expect a cash payment of $2.15 million, approximately $0.36 per HCAP share, plus additional considerations based on net asset values. Timely submission of election materials is crucial.
Harvest Capital Credit Corporation (NASDAQ: HCAP) and Portman Ridge Finance Corporation (NASDAQ: PTMN) announced the Election Deadline for HCAP stockholders to choose cash consideration instead of PTMN common stock in the upcoming merger. The deadline is June 2, 2021, before HCAP's special meeting scheduled for June 7, 2021. If the merger concludes, HCAP stockholders will receive a total cash payment of $2.15 million, approximately $0.36 per share, plus additional PTMN shares based on net asset values. Stockholders must submit their Election Forms to ensure their elections are counted.
Portman Ridge Finance Corporation (Nasdaq: PTMN) reported its Q1 2021 results, revealing net investment income of $8.2 million or $0.11 per share. The net asset value per share rose 1.4% to $2.92. The company declared a quarterly distribution of $0.06 per share, payable on June 1, 2021. The total fair value of investments stood at $473 million with a reduction in net leverage to 1.1x.
Subsequent to the quarter-end, Portman Ridge issued $80 million in senior unsecured notes and is advancing towards its merger with Harvest Capital Credit Corporation.
Portman Ridge Finance Corporation (Nasdaq: PTMN) will release its first quarter financial results on Thursday, May 6, 2021, after market close. A conference call is scheduled for Friday, May 7, 2021, at 8:00 a.m. Eastern Time to discuss these results. To participate, dial (866) 757-5630 with conference ID 8793222, ten minutes prior to the call. The call will also be available via a live audio webcast on the company’s website.
Portman Ridge Finance Corporation (Nasdaq: PTMN) has successfully closed a private placement of $80 million in 4.875% senior unsecured notes due 2026. The company received approximately $77.7 million in net proceeds after fees. These notes will help Portman Ridge address near-term debt maturities and lower overall debt costs. The net proceeds will be utilized to redeem existing higher-interest notes, invest in portfolio companies, and for general corporate purposes. This strategic move aims to enhance shareholder value and improve the company's financial positioning.
Portman Ridge Finance Corporation (PTMN) reported its financial results for Q4 and FY 2020, showcasing significant growth driven by the Garrison Capital merger. Q4 net investment income reached $8.9 million, translating to $0.14 per share, a rise from $2.7 million in Q3 2020. Total investment income for Q4 was $19.9 million, up from $7.8 million in Q3 2020. The fair value of investments stood at $487 million at year-end. Additionally, a cash distribution of $0.06 per share was approved, and a new $10 million stock repurchase program was initiated.
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