SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 16, 2020
Portman Ridge Finance Corporation
(Exact name of registrant as specified in its charter)
(State or other jurisdiction
650 Madison Avenue, 23rd Floor
New York, New York
|(Address of principal executive offices)||(Zip Code)|
(Registrants telephone number, including area code): (212) 891-2880
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Securities registered pursuant to Section 12(b) of the Exchange Act:
Title of each class
Name of each exchange
on which registered
|Common Stock, par value $0.01 per share||PTMN|| |
The NASDAQ Global Select
|6.125% Notes due 2022||KCAPL|| |
The NASDAQ Global Select
Item 7.01 Regulation FD Disclosure.
On October 16, 2020, Portman Ridge Finance Corporation issued a press release, included herewith as Exhibit 99.1, announcing the declaration of a dividend of $0.06 per share of common stock. The distribution is payable on November 27, 2020 to stockholders of record at the close of business as of October 26, 2020.
The information disclosed under this Item 7.01, including Exhibit 99.1 hereto, is being furnished and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934 and shall not be deemed incorporated by reference into any filing made under the Securities Act of 1933, except as expressly set forth by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits.
|99.1||Press Release, dated October 16, 2020|
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|PORTMAN RIDGE FINANCE CORPORATION|
|Name:||Edward U. Gilpin|
|Title:||Chief Financial Officer|
Date: October 20, 2020
Portman Ridge Finance Corporation Announces Distribution of $0.06 per Share
October 16, 2020
NEW YORK(BUSINESS WIRE)Oct. 16, 2020Portman Ridge Finance Corporation (Nasdaq: PTMN) (the Company or Portman Ridge), a business development company, today announced that its Board of Directors approved a cash distribution of $0.06 per share of common stock for the fiscal quarter ended September 30, 2020, payable on November 27, 2020, to all shareholders of record at the close of business on October 26, 2020. This otherwise regularly scheduled distribution is being declared early for the third quarter of fiscal 2020 in anticipation of the closing of the previously announced merger with Garrison Capital Inc. Portman Ridge expects that it will resume its regular schedule of quarterly distributions in February 2021.
Portman Ridge maintains a Dividend Reinvestment Plan (DRIP) that provides for reinvestment of distributions on behalf of the Companys stockholders, unless a stockholder elects to receive cash. Accordingly, if Portman Ridge declares a cash distribution, stockholders who have not opted out of the DRIP will have their cash distributions automatically reinvested in additional shares of Portman Ridge common stock, rather than receiving cash. Please contact your broker or other financial intermediary for more information regarding the DRIP. Distributions may include net investment income, capital gains and/or return of capital. The tax status of distributions will be determined at the end of the taxable year.
About Portman Ridge Finance Corporation
Portman Ridge Finance Corporation (Nasdaq: PTMN) is a publicly traded, externally managed investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940. Portman Ridge Finance Corporations middle market investment business originates, structures, finances and manages a portfolio of term loans, mezzanine investments and selected equity securities in middle market companies. The Companys investment activities are managed by its investment adviser, Sierra Crest Investment Management LLC, an affiliate of BC Partners Advisors, LP.
Portman Ridge Finance Corporations filings with the Securities and Exchange Commission (the SEC), earnings releases, press releases and other financial, operational and governance information are available on the Companys website at www.portmanridge.com.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The matters discussed in this press release, as well as in future oral and written statements by management of Portman Ridge Finance Corporation, that are forward-looking statements are based on current management expectations that involve substantial risks and uncertainties which could cause actual results to differ materially from the results expressed in, or implied by, these forward-looking statements.
Forward-looking statements relate to future events or our future financial performance and include, but are not limited to, projected financial performance, expected development of the business, plans and expectations about future investments and the future liquidity of the Company. We generally identify forward-looking statements by terminology such as may, will, should, expects, plans, anticipates, could, intends, target, projects, outlook, contemplates, believes, estimates, predicts, potential or continue or the negative of these terms or other similar words. 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.
Important assumptions include our ability to originate new investments, and achieve certain margins and levels of profitability, the availability of additional capital, and the ability to maintain certain debt to asset ratios. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this press release should not be regarded as a representation that such plans, estimates, expectations or objectives will be achieved. Important factors that could cause actual results to differ materially from such plans, estimates or expectations include, among others, (1) uncertainty of the expected financial performance of the Company; (2) expected synergies and savings associated with the proposed transaction in which Garrison Capital Inc. will merge into and with the Company; (3) the ability of the Company and/or BC Partners to implement its business strategy; (4) evolving legal, regulatory and tax regimes; (5) changes in general economic and/or industry specific conditions; (6) the impact of increased competition; (7) business prospects and the prospects of the Companys portfolio companies; (8) contractual arrangements with third parties; (9) any future financings by the Company; (10) the ability of the Advisor to attract and retain highly talented professionals; (11) the Company ability to fund any unfunded commitments; (12) any future distributions by the Company; (13) changes in regional or national economic conditions, including but not limited to the impact of the COVID-19 pandemic, and their impact on the industries in which we invest; and (14) other changes in the conditions of the industries in which we invest and other factors enumerated in our filings with the SEC. The forward-looking statements should be read in conjunction with the risks and uncertainties discussed in the Companys filings with the SEC, including the Companys most recent Form 10-K and other SEC filings. We do not undertake to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required to be reported under the rules and regulations of the SEC.
View source version on businesswire.com: https://www.businesswire.com/news/home/20201016005634/en/
Portman Ridge Finance Corporation
650 Madison Avenue, 23rd floor
New York, NY 10022
The Equity Group Inc.
Source: Portman Ridge Finance Corporation