Logan Ridge Finance to Redeem a Portion of Their 2022 Baby Bonds

Business development company (BDC) Logan Ridge Finance (LRFC) has announced they have sold $50 million worth of private placement notes with a coupon of 5.25%.

They stated they plan to redeem a portion of the 6.00% notes due 2022 (CPTAL). No firm announcement has been made on the redemption.

Once again we are losing exchange traded debt to a private placement.

Note–Logan Ridge Finance was previously Capitala.

The company press release is here.

5 thoughts on “Logan Ridge Finance to Redeem a Portion of Their 2022 Baby Bonds”

  1. I remember when I bought this POS that they were trying to pay these off early. Then they had some stinky quarters and gave up trying.

    I have about 80 shares of CPTAL at Schwab. About half at par and half under par. I was going to hold the under par shares until maturity and sell the at par shares. My limit order didn’t fill today, so I still have them all.

    Should I….
    Sell all now?
    Sell the shares I bought at par?
    Sell the shares I bought under par?
    Sell none and let er’ ride?

    I dunno

    FWIW – Portman Ridge took over their asset management a few months ago. Cwapitala was a sucky BDC manager. The only smart thing they have done so far is fire themselves as managers! hee hee

      1. TheGoat–it matures 5/31/2022–and can’t be called prior. Thanks for the clarification.

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