Portman Ridge Finance Corporation Closes Merger with Logan Ridge Finance Corporation
Portman Ridge Finance Corporation (NASDAQ: PTMN) has successfully completed its merger with Logan Ridge Finance Corporation (NASDAQ: LRFC). The combined entity will have total assets exceeding $600 million and will be rebranded as BCP Investment Corporation with a new ticker symbol "BCIC".
Under the merger terms, LRFC shareholders will receive 1.5 shares of PTMN common stock for each LRFC share, totaling approximately 4.0 million PTMN shares. LRFC shareholders will also receive two special distributions: $0.47 per share payable July 25, 2025, and a tax distribution of $0.38 per share payable July 22, 2025.
The company announced several strategic initiatives, including transitioning to monthly base distributions in 2026 and a significant share repurchase program targeting up to 20% of outstanding common stock when trading below 80% of NAV.
Portman Ridge Finance Corporation (NASDAQ: PTMN) ha completato con successo la fusione con Logan Ridge Finance Corporation (NASDAQ: LRFC). La nuova entità combinata avrà un patrimonio totale superiore a 600 milioni di dollari e sarà rinominata BCP Investment Corporation con un nuovo simbolo ticker "BCIC".
Secondo i termini della fusione, gli azionisti LRFC riceveranno 1,5 azioni ordinarie PTMN per ogni azione LRFC, per un totale di circa 4,0 milioni di azioni PTMN. Inoltre, gli azionisti LRFC riceveranno due distribuzioni speciali: 0,47 dollari per azione pagabili il 25 luglio 2025 e una distribuzione fiscale di 0,38 dollari per azione pagabile il 22 luglio 2025.
L'azienda ha annunciato diverse iniziative strategiche, tra cui la transizione a distribuzioni base mensili nel 2026 e un significativo programma di riacquisto azionario che mira a riacquistare fino al 20% delle azioni ordinarie in circolazione quando il prezzo di mercato sarà inferiore all'80% del NAV.
Portman Ridge Finance Corporation (NASDAQ: PTMN) ha completado con éxito su fusión con Logan Ridge Finance Corporation (NASDAQ: LRFC). La entidad combinada tendrá activos totales que superan los 600 millones de dólares y será renombrada como BCP Investment Corporation con un nuevo símbolo bursátil "BCIC".
Bajo los términos de la fusión, los accionistas de LRFC recibirán 1.5 acciones ordinarias de PTMN por cada acción de LRFC, sumando aproximadamente 4.0 millones de acciones PTMN. Los accionistas de LRFC también recibirán dos distribuciones especiales: 0.47 dólares por acción pagaderos el 25 de julio de 2025 y una distribución fiscal de 0.38 dólares por acción pagadera el 22 de julio de 2025.
La compañía anunció varias iniciativas estratégicas, incluyendo la transición a distribuciones base mensuales en 2026 y un programa significativo de recompra de acciones que apunta a hasta el 20% de las acciones ordinarias en circulación cuando se negocien por debajo del 80% del NAV.
Portman Ridge Finance Corporation (NASDAQ: PTMN)는 Logan Ridge Finance Corporation (NASDAQ: LRFC)와의 합병을 성공적으로 완료했습니다. 합병된 법인은 총 자산이 6억 달러를 초과하며, 새로운 이름 BCP Investment Corporation과 함께 새로운 티커 심볼 "BCIC"로 재브랜딩됩니다.
합병 조건에 따라 LRFC 주주들은 LRFC 주식 1주당 PTMN 보통주 1.5주를 받게 되며, 총 약 400만 PTMN 주식이 발행됩니다. 또한 LRFC 주주들은 두 차례의 특별 배당금을 받게 되는데, 각각 주당 0.47달러는 2025년 7월 25일에, 주당 0.38달러의 세금 배당금은 2025년 7월 22일에 지급됩니다.
회사는 2026년부터 월간 기본 배당으로 전환하는 것과, 시장 가격이 순자산가치(NAV)의 80% 이하로 거래될 때 발행된 보통주 중 최대 20%를 목표로 하는 대규모 자사주 매입 프로그램 등 여러 전략적 계획을 발표했습니다.
Portman Ridge Finance Corporation (NASDAQ: PTMN) a finalisé avec succès sa fusion avec Logan Ridge Finance Corporation (NASDAQ: LRFC). L'entité combinée disposera d'actifs totaux supérieurs à 600 millions de dollars et sera rebaptisée BCP Investment Corporation avec un nouveau symbole boursier "BCIC".
Selon les termes de la fusion, les actionnaires de LRFC recevront 1,5 action ordinaire PTMN pour chaque action LRFC, soit environ 4,0 millions d'actions PTMN. Les actionnaires de LRFC recevront également deux distributions spéciales : 0,47 $ par action payable le 25 juillet 2025 et une distribution fiscale de 0,38 $ par action payable le 22 juillet 2025.
La société a annoncé plusieurs initiatives stratégiques, notamment la transition vers des distributions de base mensuelles en 2026 et un important programme de rachat d'actions visant jusqu'à 20 % des actions ordinaires en circulation lorsque le cours est inférieur à 80 % de la valeur nette d'inventaire (VNI).
Portman Ridge Finance Corporation (NASDAQ: PTMN) hat die Fusion mit Logan Ridge Finance Corporation (NASDAQ: LRFC) erfolgreich abgeschlossen. Das kombinierte Unternehmen wird über ein Gesamtvermögen von mehr als 600 Millionen US-Dollar verfügen und unter dem neuen Namen BCP Investment Corporation mit dem Börsensymbol "BCIC" auftreten.
Gemäß den Fusionsbedingungen erhalten die LRFC-Aktionäre für jede LRFC-Aktie 1,5 PTMN-Stammaktien, was insgesamt etwa 4,0 Millionen PTMN-Aktien entspricht. Zusätzlich erhalten die LRFC-Aktionäre zwei Sonderausschüttungen: 0,47 USD pro Aktie zahlbar am 25. Juli 2025 und eine steuerliche Ausschüttung von 0,38 USD pro Aktie zahlbar am 22. Juli 2025.
Das Unternehmen kündigte mehrere strategische Initiativen an, darunter die Umstellung auf monatliche Basisdividenden im Jahr 2026 sowie ein umfangreiches Aktienrückkaufprogramm, das darauf abzielt, bis zu 20 % der ausstehenden Stammaktien zurückzukaufen, wenn der Kurs unter 80 % des NAV liegt.
- Combined entity achieves enhanced scale with over $600 million in total assets
- Strategic transition to monthly distributions starting 2026 with potential quarterly supplemental distributions
- Commitment to significant share buyback program of up to 20% of outstanding stock
- Expected cost savings through lower operating expenses
- Improved stock trading liquidity anticipated
- Share repurchase program limited to when stock trades below 80% of NAV
- Integration process may require adjustment period
Insights
Portman Ridge's merger with Logan Ridge creates a larger BDC with $600M+ in assets, promising improved scale, diversification, and liquidity.
The completed merger between Portman Ridge Finance Corporation (PTMN) and Logan Ridge Finance Corporation (LRFC) represents a significant consolidation in the Business Development Company (BDC) space. The combined entity now controls assets exceeding
LRFC shareholders will receive approximately 4.0 million shares of PTMN common stock at an exchange ratio of 1.5 PTMN shares for each LRFC share. Additionally, LRFC shareholders of record will receive cash payments totaling
The merger offers several strategic advantages. The increased scale should drive operational efficiencies through lower overall operating expenses - a critical factor for BDCs where management expense ratios directly impact shareholder returns. The portfolio diversification reduces concentration risk, while improved stock trading liquidity should benefit shareholders through tighter bid-ask spreads.
Notably, the company plans to rebrand as BCP Investment Corporation (BCIC), aligning with its BC Partners affiliation. The transition to monthly distributions in 2026 (versus the current quarterly model) will provide more frequent income to shareholders while maintaining the potential for supplemental distributions representing
Most significant is the company's commitment to purchase up to
NEW YORK, July 15, 2025 (GLOBE NEWSWIRE) -- Portman Ridge Finance Corporation (NASDAQ: PTMN) (“Portman Ridge” or “PTMN”) today announced the closing of the previously announced merger of Logan Ridge Finance Corporation (NASDAQ: LRFC) (“Logan Ridge” or “LRFC”) with and into PTMN, with PTMN remaining as the surviving company. Based on July 11, 2025 financial data, the combined company had total assets in excess of
Ted Goldthorpe, President and Chief Executive Officer of PTMN and Head of the BC Partners Credit Platform, stated, “We would like to thank the shareholders and independent directors of both companies for their strong support throughout the merger process. With the merger now complete, we look forward to rebranding PTMN as BCP Investment Corporation later this summer, which will better reflect our affiliation with the broader BC Partners Credit Platform.
Looking forward, we are excited about the opportunities ahead. We will seek to leverage the combined company’s enhanced scale, further diversified portfolio, cost savings due to lower overall operating expenses, and improved stock trading liquidity to deliver compelling risk-adjusted returns for our shareholders.”
In connection with the closing of the merger, LRFC shareholders are entitled to receive approximately 4.0 million shares of PTMN common stock in the aggregate, or 1.5 shares of PTMN common stock for each common share of LRFC, based on the applicable exchange ratio and payment of cash in lieu of fractional shares.
Prior to the closing of the merger, LRFC’s investment adviser announced a cash payment of
Additional Merger Related Initiatives
- In the coming weeks: Portman Ridge will rebrand and begin operating under the name BCP Investment Corporation (the “Company” or “BCIC”). In connection with the rebranding, the Company will continue to trade on the Nasdaq under the new ticker symbol “BCIC”.
- Beginning in 2026: The Company will transition to paying its currently quarterly base distribution on a monthly basis, while retaining the potential for quarterly supplemental distributions. The quarterly supplemental distributions will continue to approximate
50% of the incremental net investment income earned in excess of the base monthly distributions. - Over the next 24 months: To further align the Company’s interests with shareholders and drive additional value creation, the Company, along with its management, its adviser and their affiliates intend to purchase up to
20% of the Company’s outstanding common stock to the extent the Company’s shares continue to trade below80% of net asset value (“NAV”), which implies a share price of$15.08 b ased on Portman Ridge’s March 31, 2025 NAV per share, or approximately a20% premium to PTMN’s June 26, 2025 closing market price. These purchases will begin no earlier than 60 calendar days following the date of the closing of the LRFC merger and may occur through various methods, including open market purchases and privately negotiated transactions, and may be conducted pursuant to Rule 10b5-1 and Rule 10b-18 trading plans. In this regard and as previously announced, PTMN’s Board of Directors has authorized an open market stock repurchase program of up to$10 million for the period from March 12, 2025, to March 31, 2026. The Company, its management and its adviser also reserve the right to conduct tender offers as part of the Company’s broader value creation initiatives.
Transaction Advisors
Keefe, Bruyette & Woods, A Stifel Company, served as financial advisor to the Special Committee of PTMN in connection with the transaction. Stradley Ronon Stevens & Young, LLP acted as the legal counsel to the Special Committee of PTMN.
Houlihan Lokey served as financial advisor to the Special Committee of LRFC in connection with the transaction. Skadden, Arps, Slate, Meagher & Flom LLP acted as the legal counsel to the Special Committee of LRFC.
Simpson Thacher & Bartlett LLP and Dechert LLP served as legal counsel to PTMN and LRFC with respect to the transaction.
About Portman Ridge Finance Corporation
PTMN is a publicly traded, externally managed closed-end investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940. PTMN’s middle market investment business originates, structures, finances and manages a portfolio of term loans, mezzanine investments and selected equity securities in middle market companies. PTMN’s investment activities are managed by its investment adviser, Sierra Crest Investment Management LLC, an affiliate of BC Partners Advisors L.P. (“BC Partners”).
PTMN’s filings with the Securities and Exchange Commission (“SEC”), earnings releases, press releases and other financial, operational and governance information are available on Portman Ridge’s website at www.portmanridge.com.
About BC Partners Advisors L.P. and BC Partners Credit
BC Partners is a leading international investment firm in private equity, private credit and real estate strategies. Established in 1986, BC Partners has played an active role in developing the European buyout market for three decades.
Today, BC Partners executives operate across markets as an integrated team through the firm’s offices in North America and Europe. For more information, please visit https://www.bcpartners.com/.
BC Partners Credit was launched in February 2017 and has pursued a strategy focused on identifying attractive credit opportunities in any market environment and across sectors, leveraging the deal sourcing and infrastructure made available from BC Partners.
Cautionary Statement Regarding Forward-Looking Statements
Some of the statements in this communication constitute forward-looking statements because they relate to future events, future performance or financial condition. The forward-looking statements may include statements as to future operating results and distribution projections of the Company; business prospects of the Company, and the prospects of its portfolio companies; and the impact of the investments that the Company expects to make. In addition, words such as “anticipate,” “believe,” “expect,” “seek,” “plan,” “should,” “estimate,” “project” and “intend” indicate forward-looking statements, although not all forward-looking statements include these words. The forward-looking statements contained in this communication involve risks and uncertainties. More information on the risks and other potential factors that could affect these forward-looking statements is included in the Registration Statement (Registration No. 333-285230) filed with the SEC (the “Registration Statement)” that contains a joint proxy statement and prospectus for PTMN and LRFC (the “Joint Proxy Statement”).
Although the Company undertakes no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that they may make directly to you or through reports that the Company in the future may file with the SEC, including the Registration Statement and Joint Proxy Statement, annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.
Contacts:
Portman Ridge Finance Corporation
650 Madison Avenue, 3rd floor
New York, NY 10022
Brandon Satoren
Chief Financial Officer
Brandon.Satoren@bcpartners.com
(212) 891-2880
The Equity Group Inc.
Lena Cati
lcati@equityny.com
(212) 836-9611
Val Ferraro
vferraro@equityny.com
(212) 836-9633
