Portman Ridge Fin Corp Stock Price, News & Analysis

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.

Portman Ridge Finance Corporation (PTMN) is set to release its financial results for Q4 and FY 2020 on March 11, 2021, after market close. A conference call will be hosted on March 12, 2021, at 9:00 a.m. ET to discuss these results. Investors can access the call by dialing (866) 757-5630 or through a live webcast via the Company's website. Portman Ridge operates as a business development company, focusing on providing financing solutions for middle market companies.