Exhibit 99.1
FOR IMMEDIATE RELEASE
Logan Ridge Finance Corporation Amends and Extends
its Existing Senior Secured Revolving Credit Facility
Reduces Interest Rate Margin During the Reinvestment Period to 2.80% from 2.90%
Extends Reinvestment Period and Maturity Date to August 2027 and August 2029, Respectively
Revises Advance Rates and Concentration Limits
NEW YORK, August 21, 2024 – Logan Ridge Finance Corporation (Nasdaq: LRFC) (the “Company”) today announced that it has amended and extended its existing senior secured revolving credit facility (as amended, the “Credit Facility”) with KeyBank National Association.
Under the terms of the amendment, the applicable margin during the reinvestment period was reduced from 2.90% per annum to 2.80% per annum, and the applicable margin during the amortization period was reduced from 3.25% per annum to 3.20% per annum. The reinvestment period was also extended from May 2025 to August 2027, and the maturity date was extended from May 2027 to August 2029. Of note, the Credit Facility continues to provide for borrowing of up to $75.0 million, and an uncommitted accordion feature that allows the Company to borrow up to an additional $125.0 million.
Furthermore, under the terms of the amendment, the advance rates and concentration limits were revised, which should create meaningful additional borrowing capacity for the Company.
About Logan Ridge Finance Corporation
Logan Ridge Finance Corporation (Nasdaq: LRFC) is a business development company that invests primarily in first lien loans and, to a lesser extent, second lien loans and equity securities issued by lower middle-market companies. The Company invests in performing, well-established middle-market businesses that operate across a wide range of industries. It employs fundamental credit analysis, targeting investments in businesses with relatively low levels of cyclicality and operating risk. For more information, visit www.loganridgefinance.com.
Cautionary Statement Regarding Forward-Looking Statements
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