NEW YORK, July 06, 2022 (GLOBE NEWSWIRE) -- Logan Ridge Finance Corporation ("LRFC", "Logan Ridge" or the "Company") (NASDAQ:LRFC ) today announced that on June 29, 2022 Eastport Holdings, LLC, a portfolio company of Logan Ridge, completed a refinancing and recapitalization transaction.
As a result of this transaction, Logan Ridge received $16.5 million in cash and $19.25 million in principle of a new debt security in exchange for all of its previous debt and equity securities. The new debt security will mature on September 29, 2027 and pay interest at a rate of 3-month SOFR+850, with a 1.0% SOFR floor.
Ted Goldthorpe, Chief Executive Officer and President of LRFC, said, "We are excited to announce the recapitalization of our investment in Eastport, as it significantly reduces our legacy non-interest earning equity exposure and represents an important milestone for the Company. It also demonstrates our ability to execute on the strategic initiatives that we shared with shareholders when we took over managing the portfolio a little over a year ago. This transaction, coupled with the work we've done on the right side of balance sheet to lower the Company's cost of debt capital, is transformative for Logan Ridge and positions it well for the future."
About Logan Ridge Finance Corporation
Logan Ridge Finance Corporation (NASDAQ:LRFC ) is a business development company that invests primarily in first lien loans and, to a lesser extent, ...
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