Business development company New Mountain Finance (NYSE:NMFC) has priced their new baby bonds at 5.75%. We note that the company has recently voted to reduce their asset coverage ratio to 150% from 200% as now allowed by law.
The issue will trade under the permanent ticker of NMFX when it begins to trade in the next week or two. There will not be OTC Grey market trading.
The issue is nice in that it has a shorter dated maturity in 2023 with early optional redemption starting in 2020.
We are not very familiar with NMFC, although some readers have made positive comments on the company on our site. For now we pass, but will consider a purchase once we are able to do due diligence and have some investable cash available.