The Firm is representing Portman Ridge Finance Corporation, a publicly traded business development company (“PTMN”), and Logan Ridge Finance Corporation, another publicly traded business development company (“LRFC”), in connection with an announced transaction in which LRFC will merge with and into PTMN.
In connection with the closing of the transaction, shareholders of LRFC will receive 1.50 newly issued shares of PTMN common stock in exchange for each share of LRFC common stock. In addition, PTMN’s external investment adviser, Sierra Crest Investment Management LLC, has agreed to waive up to $1.5 million of incentive fees over the eight consecutive quarters following the closing of the transaction.
In addition to the receipt of required approvals by PTMN’s and LRFC’s respective shareholders, the closing of the transaction is subject to certain conditions. The parties expect the transaction to close during the second quarter of 2025.
The Simpson Thacher team includes Jonathan Corsico, Erin Harvey, Lawrence Ekin, David Jennings and Victoria Schmit (M&A); Rajib Chanda, Steven Grigoriou, Jeremy Entwistle, Andy Madore, Daniel Wolman and Kristen Crow (Registered Funds); and Jonathan Goldstein, Brian Mendick and Tova Pfeffer (Tax).