Mount Logan Capital Inc. Renews Financing Facility
February 3, 2020
Source: Globe Newswire
Mount Logan Capital Inc. (NEO:MLC) (“Mount Logan” or the “Company”) is pleased to announce that it and its wholly-owned subsidiary Great Lakes Senior MLC I LLC (“MLC Subsidiary”) have entered into an amendment (the “First Amendment”) to its existing facility and security agreement (the “Facility Agreement”) with a subsidiary of Global Atlantic Financial Group, as initial lender, those persons who from time to time become lenders pursuant to the Facility Agreement (collectively, the “Lenders”), as lenders, and U.S. Bank National Association, as administrative agent, custodian, collateral agent and collateral administrator. The First Amendment, among other things, extends the maturity date of the revolving credit facility (the “Facility”) from February 21, 2020 to February 19, 2021 (the “Maturity Date”).
“We have been pleased with the terms and flexibility of our existing leverage facility and are looking forward to another year of increased purchasing power, enhanced yields on our underlying investments, and the ability to grow our portfolio and deliver strong returns to shareholders,” said Ted Goldthorpe, CEO and Chairman of Mount Logan.
Pursuant to the Facility Agreement, the maximum amount available to borrow by the MLC Subsidiary will remain at US$50,000,000, subject to certain conditions. The MLC Subsidiary will continue to use the proceeds from the Facility for the purchase of loans, debt obligations, and/or other eligible loans and investments as contemplated in the Facility Agreement.
The outstanding principal amount and accrued but unpaid interest in respect of the Facility will become payable on the Maturity Date, subject to certain adjustments pursuant to the Facility Agreement.
Further information about the Company is available to shareholders under the Company’s profile on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com.
About Mount Logan Capital Inc.
Mount Logan Capital Inc. is a Canada-based asset manager created to source and execute on credit investment opportunities in North America. The Company holds and actively manages and monitors a portfolio of loans and other investments with credit-oriented characteristics. The Company intends to actively source, evaluate, underwrite, monitor, and primarily invest in additional loans, debt securities, and other credit-oriented instruments that present attractive risk-adjusted returns and present low risk of principal impairment through the credit cycle.
For additional information, contact:
Chief Financial Officer
Mount Logan Capital Inc.
365 Bay Street, Suite 800
Toronto, ON M5H 2V1