New Mountain Finance Corporation (NYSE: NMFC) (the "Company", "we", "us" or "our") today announced its financial results for the quarter ended March 31, 2012 and reported first quarter Adjusted Net Investment Income of New Mountain Finance Holdings, L.L.C. (the “Operating Company”) of $0.32 per share. At March 31, 2012, net asset value (“NAV”) per share was $14.05 and $13.82 on a pro forma basis for the $0.23 per share special dividend declared. The Company also announced that its board of directors declared a second quarter 2012 dividend of $0.34 per share, which will be payable on June 29, 2012 to holders of record as of June 15, 2012. The dividend declared is in-line with the Operating Company’s second quarter 2012 estimated Adjusted Net Investment Income range.
Additionally, during the second quarter, the Operating Company amended its two credit facilities to extend the maturities by one year and to reduce the applicable interest rate spreads on both facilities by 0.25%.
The Company also announced that its board of directors declared a special dividend of $0.23 per share, which will be payable on May 31, 2012 to holders of record as of May 21, 2012. This dividend reflects the realized gains associated with the Company’s exit of two affiliated portfolio companies, Lawson Software, Inc. and Infor Lux Bond Company.
Except where noted otherwise, all financial information shown is that of the Operating Company. Also, please note that share and unit are used interchangeably.
|Selected Financial Highlights|
|(in thousands, except per share/unit data)|
|March 31, 2012|
|NAV per Share/Unit||$||14.05|
|Investment Portfolio Composition:||March 31, 2012||Percent of Total|
|Equity and Other||$||2,850||0.4||%|
|Three months ended||Three months ended|
|March 31, 2012||Adjustments *||March 31, 2012|
|Net Investment Income (1)||$||10,824||$||(1,023||)||$||9,801|
|Net Realized and Unrealized Gain (Loss)||$||13,754||$||1,023||$||14,777|
|Capital Gains Incentive Fee (2)||$||(911||)||$||-||$||(911||)|
|Net Increase in Capital resulting from Operations||$||23,667||$||23,667|
|Net Investment Income per Share/Unit||$||0.32|
|*Adjusted for unrecognized gains built into the portfolio held as of the date of our initial public offering (May 19, 2011).|
|(1) Excludes hypothetical capital gains incentive fees of $911 thousand accrued for the three months ended March 31, 2012.|
|(2) As of March 31, 2012, no actual capital gains incentive fee would be owed under the investment advisory and management agreement, as amended and restated, as cumulative adjusted net realized gains did not exceed cumulative adjusted unrealized depreciation.|
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