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TORONTO, June 09, 2021 (GLOBE NEWSWIRE) — Mount Logan Capital Inc. (NEO: MLC) (“Mount Logan” or the “Firm”) is happy to announce that Portman Ridge Finance Company (“Portman Ridge”), which is managed by Sierra Crest Funding Administration LLC (“Sierra Crest”), of which Mount Logan holds a minority stake in, introduced immediately that it accomplished its beforehand introduced merger with Harvest Capital Credit score Company (previously NASDAQ: HCAP) (“HCAP”). The mixed firm is externally managed by Sierra Crest and is predicted to have complete property of roughly $614 million after closing.
HCAP was a publicly-traded, U.S.-based, closed-end, externally managed enterprise growth firm (“BDC”) inside the which means of the U.S. Funding Firm Act of 1940, as amended (the “1940 Act”) that supplied personalized financing to small and midsized companies situated all through North America. The merger obtained sturdy help from the HCAP stockholder base, with over 96% of the voting stockholders approving the transaction.
In reference to the merger transaction, a wholly-owned subsidiary of Mount Logan contributed extra capital to Sierra Crest which elevated its possession curiosity in Sierra Crest from 21.40% to 24.99%.
Ted Goldthorpe, CEO and Chairman of Mount Logan, famous, “The completion of the HCAP merger highlights the continued execution of Portman Ridge’s technique to focus on enticing consolidation alternatives within the BDC area. We anticipate the mixed firm’s development and elevated scale will profit and help the longer term earnings development of Sierra Crest and in the end Mount Logan by offering a bigger base of fee-generating everlasting capital.”
About Mount Logan Capital Inc.
Mount Logan Capital Inc. is another asset administration firm that’s targeted on private and non-private debt securities within the North American market. The Firm actively sources, evaluates, underwrites, manages, screens and primarily invests in loans, debt securities, and different credit-oriented devices that current enticing risk-adjusted returns and current low threat of principal impairment by means of the credit score cycle.
Cautionary Assertion Concerning Ahead-Wanting Statements
This press launch accommodates forward-looking statements and knowledge inside the which means of relevant securities laws (collectively referred to herein as “forward-looking statements”). Ahead-looking statements will be recognized by the expressions “seeks”, “expects”, “believes”, “estimates”, “will”, “goal” and comparable expressions. The forward-looking statements will not be historic details, however replicate the present expectations of administration of the Firm relating to future outcomes or occasions and are based mostly on data presently out there to them. Sure materials components and assumptions had been utilized in offering these forward-looking statements. The forward-looking statements mentioned on this
press launch could embody, however will not be restricted to, statements referring to the Firm’s transition to an asset administration enterprise mannequin; Portman Ridge’s technique to proceed to focus on consolidation alternatives within the BDC area; the flexibility of every of Sierra Crest and the mixed firm to additional develop and scale their respective enterprise; a bigger base of fee-generating capital being a catalyst for development of Sierra Crest; any change in earnings potential for the Firm because of any development of every of Sierra Crest and the mixed firm; and statements referring to the enterprise and future actions of the Firm. All forward-looking statements on this press launch are certified by these cautionary statements. The Firm believes that the expectations mirrored in forward-looking statements are cheap based mostly on upon the data out there on the time such data was given; nonetheless, the Firm may give no assurance that the precise outcomes or developments shall be realized by sure specified dates or in any respect. These forward-looking statements are topic to a variety of dangers and uncertainties that might trigger precise outcomes or occasions to vary materially from present expectations, together with the danger that the Firm has solely a minority curiosity in Sierra Crest and doesn’t have the flexibility to have an effect on the management over Sierra Crest or direct the administration or insurance policies of Sierra Crest, the danger that Sierra Crest could stop to be the funding adviser to its present portfolio firms together with Portman Ridge and should not enter into additional asset administration agreements to be able to scale and develop its enterprise, the danger that Portman Ridge doesn’t scale and develop its enterprise in a approach that gives a major profit to the Firm, the Firm has a restricted working historical past with respect to an asset administration enterprise mannequin in addition to the issues mentioned underneath “Danger Components” in essentially the most lately filed annual data kind and administration’s dialogue and evaluation for the Firm. Readers, subsequently, mustn’t place undue reliance on any such forward-looking statements. Additional, a forward-looking assertion speaks solely as of the date on which such assertion is made. The Firm undertakes no obligation to publicly replace any such assertion or to replicate new data or the incidence of future occasions or circumstances besides as required by securities legal guidelines. The forward-looking statements on this press launch are made as of the date of this press launch.
This press launch will not be, and on no account is it to be construed as, a prospectus or an commercial, and the communication of this press launch will not be, and on no account is it to be construed as, a proposal to promote or a solicitation of a proposal to buy securities of the Firm or in any fund or different funding car. This press launch will not be meant for U.S. individuals. The Firm’s shares will not be and won’t be registered underneath the U.S. Securities Act of 1933, as amended, and the Firm will not be and won’t be registered underneath the 1940 Act. U.S. individuals will not be permitted to buy the Firm’s shares absent an relevant exemption from registration underneath every of those Acts. As well as, the variety of traders in the US, or that are U.S. individuals or buying for the account or advantage of U.S. individuals, shall be restricted to such quantity as is required to adjust to an out there exemption from the registration necessities of the 1940 Act.
For added data, contact:
Jason Roos
Chief Monetary Officer
Jason.Roos@mountlogancapital.ca
Mount Logan Capital Inc.
365 Bay Avenue, Suite 800
Toronto, ON M5H 2V1
