Though in the early stages of determining March 31 investment values, New Mountain Finance (NYSE:NMFC) sees being well within statutory leverage requirements.
NMFC’s adviser has deferred collection of Q4 management and incentive fees of $17M typically paid in cash in March, has provided a $30M unsecured revolver for NMFC, and intends to buy a minority stake in NMFC’s REIT subsidiary for up to $33M at a price in excess of NMFC’s cost.
Currently has $1.028B outstanding under three secured credit lines, $655M outstanding under various unsecured notes, and $300M under the SBA program.
Expects to have ~$150M of cash and immediately available other liquidity during the current quarter to handle incremental needs from borrowers or lenders.
Has ~$50M of undrawn revolver commitments across more than 30 borrowers.
Has ~$100 million of undrawn delayed draw term loan exposure outstanding across more than 15 borrowers.
Says all but two of NFMC’s borrowers