Portman Ridge Finance Corporation (PTMN)

[lawrenzo]

Portman Ridge Finance Corporation (“Portman Ridge” or the “Company”) (NASDAQ: PTMN) (f/k/a KCAP Financial, Inc.) today announced the closing of the previously announced externalization transaction (the “Closing”) with BC Partners Advisors, L.P. (“BCP”). As a result of the Closing, March 29, 2019 has been set as the record date (the “Record Date”) for the $25.0 million cash payment by an affiliate of BCP to the Company’s stockholders (the “Stockholder Payment”). The payment date for the Stockholder Payment is April 1, 2019 (the “Payment Date”), on which an affiliate of BCP will pay a $0.669672 cash payment per share of the Company’s common stock directly to the holders of record of the Company’s common stock (other than the Company or subsidiaries of the Company or BCP) as of the Record Date.

Shares of the Company’s common stock will trade with “due bills” after the Record Date, representing an assignment of the right to receive the Stockholder Payment through and including the Payment Date. Stockholders who sell their shares of the Company’s common stock on or before the Payment Date will not be entitled to receive the Stockholder Payment.
On April 2, 2019, the Company's common stock, which trades on the NASDAQ Global Select Market, will cease trading under the ticker symbol “KCAP” and commence trading under the ticker symbol “PTMN”.