Portman Ridge Finance has amended and extended its existing senior secured revolving credit facility with JPMorgan Chase Bank.
Under the terms of the amendment, there was a committed increase to the aggregate principal amount of the credit facility in an amount not to exceed $85 million, for a total of $200 million, the applicable margin was reduced from 2.80% per annum to 2.50% per annum, and there was a committed seven-day bridge advance in an aggregate principal amount of approximately $18.3 million. Additionally, the reinvestment period was extended from April 29, 2025 to Aug. 29, 2026, and the maturity date was extended from April 29, 2026 to Aug. 29, 2027.
The senior secured notes due Nov. 20, 2029 and issued by Portman Ridge Funding 2018-2 LLC will be refinanced in connection with the committed increase to the credit facility. As a result, approximately $18.3 million of the senior secured notes will be eliminated through the use of a bridge advance under the credit facility, and $85 million of the senior secured notes will be refinanced.
