New Mountain Finance Corp. started an underwritten offering of 8 million of its common shares.
Certain officers and interested directors of the company submitted a nonbinding indication of interest to purchase an aggregate 400,000 shares in the offering at the public offering price. New Mountain Finance intends to grant the underwriters for the offering an option to purchase up to an additional 1.2 million common shares.
New Mountain Finance plans to use the net proceeds from the offering primarily 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.
The joint lead book-running managers for the offering are 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. The co-managers are Janney Montgomery Scott LLC and Oppenheimer & Co. Inc.