Mount Logan Capital Inc. announces investments
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All numbers are in US dollars unless otherwise noted.
TORONTO, Jan. 11, 2021 (GLOBE NEWSWIRE) – Mount Logan Capital Inc. (NEO: MLC) (“Mount Logan” or the “society”) Is pleased to announce that it has disposed of a significant portion of its loan portfolio above its last published aggregate market value. The company sold all of its ownership interests in the First Lien Term Loans of SW Ingredients Holdings, LLC, Welcome Dairy, LLC, Arcline FM Holdings LLC, TCP Sunbelt Acquisition Co. and Wesco Group, LLC at a weighted average price of 98.04% of the space Value (compared to a weighted average market value of 97.17% of face value as of September 30, 2020) for total cash proceeds of approximately $ 15,876,721. In connection with the sale of this loan portfolio, the Company’s wholly owned subsidiary, Great Lakes Senior MLC I LLC, (“Big lakes“Raised its lender under the $ 50 million Revolving Senior Credit Facility (the “Lever device”“) That it intends to repay the outstanding balance and terminate the Leverage Facility on or before its due date on February 19, 2021.
Ted Goldthorpe, Mount Logan’s CEO and Chairman, commented, “Our leverage facility and loan partner were instrumental in increasing our portfolio returns during the first phase of Mount Logan’s business plan; However, the divestment of a number of illiquid loans and the liquidation of our Leverage Facility are accelerating Mount Logan’s transition to an asset-light business model with less leverage. In addition, the sale of these illiquid first lien term loans near par shows the strength of our investment portfolio and the quality of Mount Logan’s net asset value. “
About Mount Logan Capital Inc.
Mount Logan Capital Inc. is an alternative asset management company focused on public and private debt in the North American market. The company seeks to raise and actively manage loans and other debt-related securities with credit-oriented characteristics. The Company procures, values, subscribes, monitors and invests primarily in loans, debt securities and other credit-oriented instruments that exhibit attractive risk-adjusted returns and a low risk of capital depreciation during the credit cycle.
This press release contains forward-looking statements and information within the meaning of applicable securities laws (herein collectively referred to as “forward-looking statements“). Forward-looking statements can be identified by the expressions “aim”, “expect”, “believe”, “estimate”, “will”, “aim” and similar expressions. The forward-looking statements are not historical facts but rather reflect the current expectations of the company’s management with respect to future results or events and are based on the information currently available to them. In making these forward-looking statements, certain material factors and assumptions have been made. The forward-looking statements discussed in this document The press release may include statements regarding the Company’s transition to an asset-light business model, Great Lakes plans to repay the balance outstanding under the Leverage Facility and terminate the Leverage Facility when due, and statements regarding business operations and future activities of the company. All forward-looking statements in this press release are restricted by these cautionary statements. The company believes that expectations expressed in forward-looking statements are reasonable based on the information available at the time this information is made; however, the company cannot give any assurance that the actual results or developments will be realized on certain specified dates or at all. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations, including the risk that Great Lakes’ plans to repay and terminate the facility when due, may change Therefore, there are no representations that the Company or Great Lakes will be able to renew the Leverage Facility on terms acceptable to the Company and Great Lakes, or that the Company has a limited history of operations with respect to an asset-light business model as well as the matters discussed under “Risk Factors” in the most recently submitted Annual Information Form and the management discussion and analysis for the company. Readers are cautioned not to place undue reliance on such forward-looking statements. In addition, a forward-looking statement only applies as of the day on which such a statement is made. The company assumes no obligation to publicly update such statements or to reflect new information or the occurrence of future events or circumstances, except as required by securities law. The forward-looking statements in this press release speak as of the date of this press release.
This press release is and must under no circumstances be construed as a prospectus or solicitation, and communications in this press release are not an offer to sell or a solicitation of an offer to buy any securities of the Company. This press release is not intended for US persons. Shares in the Company have not been and will not be registered under the US Securities Act of 1933, as amended, and the Company has not been and will not be registered under the US Investment Company Act of 1940 Act (the “1940 Act”). US persons are not permitted to purchase shares in the Company without an appropriate exemption from registration under any of these laws. In addition, the number of investors in the United States who are US Persons or who are buying for the account or for the benefit of US Persons will be limited to the number necessary to meet an available exemption from the registration requirements of the 1940 Act.
For more information, please contact:
Ted Gilpin, Chief Financial Officer