Logan Ridge Finance Corporation (“LRFC” or the “Company”) (NASDAQ:
LRFC) (formerly Capitala Finance Corp. (NASDAQ: CPTA)) today
announced that it has completed its previously announced transition
to a new investment adviser, Mount Logan Management LLC (“Mount
Logan”). Mount Logan is a wholly-owned subsidiary of Mount Logan
Capital Inc. (NEO:MLC) (“MLC”), both affiliates of BC Partners
Advisors L.P. (“BC Partners”) for U.S. regulatory purposes.
Ted Goldthorpe, Chief Executive Officer and
President of LRFC, stated, “We are pleased to complete this
transaction and to begin serving as the external manager of LRFC.
We will work diligently to create value for shareholders by
leveraging the scale, resources and expertise of the BC Partners
platform and credit team. Going forward, we intend to focus LRFC on
investments in high quality, senior secured debt investments with
the goal of delivering consistent, sustainable earnings over the
long term.”
Name Change and Change in Directors and
Officers
In connection with the completion of this
transition, the Company changed its name from “Capitala Finance
Corp.” to “Logan Ridge Finance Corporation” and changed its trading
symbol from “CPTA” to “LRFC.” The new CUSIP number identifying its
common stock is 541098109. Effective July 2, 2021, the Company will
begin trading under the new name, symbol and CUSIP number.
There is no change in the capitalization of the
Company in connection with the change of name and trading symbol.
No action will be required by existing shareholders with respect to
the name change and trading symbol change.
Effective as of the closing of the transition,
each of the Company’s existing officers resigned from his
positions. Ted Goldthorpe was appointed Chief Executive Officer and
President and Jason Roos was appointed Chief Financial Officer,
Treasurer and Corporate Secretary. Patrick Schafer and David Held
were appointed Chief Investment Officer and Chief Compliance
Officer, respectively. Mr. Goldthorpe was appointed Chairman of the
board of directors of the Company, and will serve alongside newly
appointed independent directors Robert Warshauer, Alexander Duka,
and George Grunebaum.
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, second lien loans and equity
securities issued by lower middle market companies. The Company
invests in performing, well-established middle market businesses
that operate across a wide range of industries. It employs
fundamental credit analysis, targeting investments in businesses
with relatively low levels of cyclicality and operating risk. For
more information, visit loganridgefinance.com.
About Mount Logan Capital
Inc.
Mount Logan Capital Inc. is an alternative asset
management company that is focused on public and private debt
securities in the North American market. The Company seeks to
source and actively manage loans and other debt-like securities
with credit-oriented characteristics. The Company actively sources,
evaluates, underwrites, monitors and primarily invests in loans,
debt securities, and other credit-oriented instruments that present
attractive risk-adjusted returns and present low risk of principal
impairment through the credit cycle.
About BC Partners Advisors L.P. and BC
Partners Credit
BC Partners is a leading international
investment firm with over $40 billion of assets under management 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. Since
inception, BC Partners has completed 117 private equity investments
in companies with a total enterprise value of €149 billion and is
currently investing its eleventh private equity fund.
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
This communication contains “forward-looking”
statements. Forward-looking statements concern future circumstances
and results and other statements that are not historical facts and
are sometimes identified by the words “may,” “will,” “should,”
“potential,” “intend,” “expect,” “endeavor,” “seek,” “anticipate,”
“estimate,” “overestimate,” “underestimate,” “believe,” “could,”
“project,” “predict,” “continue,” “target” or other similar words
or expressions. Forward-looking statements are based upon current
plans, estimates and expectations that are subject to risks,
uncertainties and assumptions. Should one or more of these risks or
uncertainties materialize, or should underlying assumptions prove
to be incorrect, actual results may vary materially from those
indicated or anticipated by such forward-looking statements. The
inclusion of such statements should not be regarded as a
representation that such plans, estimates or expectations will be
achieved. Important factors that could cause actual results to
differ materially from such plans, estimates or expectations
include those risk factors detailed in the Company’s reports filed
with the Securities and Exchange Commission (“SEC”), including the
Company’s annual report on Form 10-K, periodic quarterly reports on
Form 10-Q, current reports on Form 8-K and other documents filed
with the SEC.
Any forward-looking statements speak only as of
the date of this communication. The Company does not undertake any
obligation to update any forward-looking statements, whether as a
result of new information or developments, future events or
otherwise, except as required by law. Readers are cautioned not to
place undue reliance on any of these forward-looking
statements.
For additional information, contact:
Logan Ridge Finance Corporation650 Madison Avenue, 23rd FloorNew
York, NY 10022
Jason Roos Chief Financial Officer Jason.Roos@bcpartners.com
(212) 891-5046
Jeehae LinfordThe Equity Group Inc.jlinford@equityny.com(212)
836-9615
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