New Mountain Finance Corporation (NYSE:NMFC) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01.
Goldman Sachs Facility
On December 10, 2019, New Mountain Finance Corporation (the “Company”) entered into Amendment No. 6 (the “Sixth Amendment”), amending the Company’s existing senior secured revolving credit facility dated June 4, 2014 provided by Goldman Sachs Bank USA as the Administrative Agent and Issuing Bank and Goldman Sachs Bank USA, Morgan Stanley Bank, N.A. and Stifel Bank & Trust as Lenders (the “NMFC Credit Facility”). The Sixth Amendment, among other things, (i) increases the total commitments under the NMFC Credit Facility by $50.0 million to $188.5 million by the addition of MUFG Union Bank, N.A. as a Lender and (ii) incorporates language and definitions which allow for the replacement of the LIBO Rate upon the occurrence of certain events.
The description above is only a summary of the material provisions of the Sixth Amendment to the NMFC Credit Facility and is qualified in its entirety by reference to the copy of the Sixth Amendment which is filed as Exhibit 10.1 to this current report on Form 8-K and is incorporated herein by reference thereto.
DB Facility
On December 12, 2019, the Company entered into Amendment No. 5 to the Loan Financing and Servicing Agreement (the “Fifth Amendment”), which amended the Loan Financing and Servicing Agreement, dated as of December 14, 2018, as amended from time to time (together with the exhibits and schedules thereto, the “DB Credit Facility”), by and among the Company, as the equityholder and the servicer, New Mountain Finance DB, L.L.C., as the borrower, Deutsche Bank AG, New York Branch (“DBNY”), as the facility agent, U.S. Bank National Association, as the collateral agent and collateral custodian, and DBNY as agent and lender, and each of the other agents and lenders from time to time party thereto.
to the Fifth Amendment, among other things, (i) Citizens Bank, N.A. upsized its commitment under the DB Credit Facility, such that the aggregate commitments under, and maximum facility amount of, the DB Credit Facility increased from $255.0 million to $280.0 million, and (ii) certain other customary modifications were made to the DB Credit Facility, as set forth in the Appendix to the Fifth Amendment.
The DB Credit Facility continues to have a revolving period ending on December 14, 2021, and will still mature on December 14, 2023.
The description above is only a summary of the material provisions of the Fifth Amendment to the DB Credit Facility and is qualified in its entirety by reference to the copy of the Fifth Amendment which is filed as Exhibit 10.2 to this current report on Form 8-K and is incorporated herein by reference thereto.
The disclosure set forth above under Item 1.01 is incorporated by reference herein.
| (a) | Not applicable. |
| (b) | Not applicable. |
| (c) | Not applicable. |
| (d) | Exhibits. |
Exhibit No.
| 10.1 | Form of Amendment No. 6, dated December 10, 2019, to the Senior Secured Revolving Credit Agreement dated June 4, 2014, by and among New Mountain Finance Corporation, as Borrower, and Goldman Sachs Bank USA, as Administrative Agent and Issuing Bank. |
| 10.2 | Form of Amendment No. 5 to Loan Financing and Servicing Agreement, dated as of December 12, 2019, by and among New Mountain Finance Corporation, as the equityholder, New Mountain Finance DB, L.L.C., as the borrower, U.S. Bank National Association, as the collateral Agent and collateral custodian, and Deutsche Bank AG, New York Branch, as the facility agent, an agent and a lender, and the other agents and lenders party thereto. |
New Mountain Finance Corp Exhibit
EX-10.1 2 tm1926321d1_ex10-1.htm EXHIBIT 10.1 Exhibit 10.1 AMENDMENT NO. 6 FORM OF AMENDMENT NO. 6 (this “Amendment”) dated as of December 10,…
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About New Mountain Finance Corporation (NYSE:NMFC)
New Mountain Finance Corporation is a closed-end, non-diversified management investment company. The Company’s investment objective is to generate current income and capital appreciation through the sourcing and origination of debt securities at all levels of the capital structure, including first and second lien debt, notes, bonds and mezzanine securities. Its investments may also include equity interests, such as preferred stock, common stock, warrants or options received in connection with its debt investments, or may include a direct investment in the equity of private companies. It makes investments through both primary originations and open-market secondary purchases. Its portfolio includes investments in various sectors, such as software, business services, education, distribution and logistics, federal services, consumer services, healthcare services, media and healthcare products. New Mountain Finance Advisers BDC, L.L.C. is the investment advisor of the Company.
