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New Mountain Finance prices offering of common shares

New Mountain Finance Corp. priced its underwritten offering of 8 million common shares at a price to the public of $13.25 per share.

Certain officers and interested directors are buying an aggregate 400,000 shares in the offering at the public offering price. The company granted the underwriters of the offering the option to buy up to an additional 1.2 million common shares.

The company's investment adviser, New Mountain Finance Advisers BDC LLC, agreed to bear the sales load of 41 cents per share that will be paid to the underwriters in connection with the offering, excluding the 400,000 shares that certain officers and interested directors are purchasing.

The adviser also agreed to pay the underwriters an additional supplemental payment of 35 cents per share, which reflects the difference between the actual public offering price of $13.25 per share and the net proceeds of $13.60 per share received by the company in the offering. The net amount received by the company is believed to be in excess of book value and is therefore accretive to shareholders, according to a news release.

The offering is expected to close Oct. 25.

New Mountain Finance plans to use the net proceeds from the offering mainly for new investments in portfolio companies. It may also use a portion of the net proceeds for other general corporate purposes, including to temporarily repay debt, and for other working capital needs.

Wells Fargo Securities LLC, Morgan Stanley & Co. LLC, BofA Securities, Goldman Sachs & Co. LLC, Keefe Bruyette & Woods, UBS Securities LLC and Deutsche Bank Securities Inc. are serving as joint lead book-running managers for the offering, while Janney Montgomery Scott LLC and Oppenheimer & Co. Inc. are acting as co-managers.