Enter Wall Street with StreetInsider Premium. Claim your one week free trial here.
TORONTO, Sept. 19, 2022 (GLOBE NEWSWIRE) — Mount Logan Capital Inc. (NEO: MLC) (“Mount Logan”, “us”, “we” or the “Company”) is pleased to announce that its US MLC Holdings LLC (“MLC US Holdings”), as borrower, has entered into an amendment (the “First Amendment”) to its existing credit agreement dated August 20, 2021 (the “Existing Credit Agreement” and together with the First Amendment, the “Credit Agreement”) to increase the term loan available under the Credit Agreement by US$4,500,000 for an aggregate facility size of up to US$28,562,500 (the credit “). The primary use of the proceeds will be to help seed the recently launched Opportunistic Credit Interval Fund (“OCIF”), an interval fund managed by Mount Logan Management LLC (“ML Management”), a wholly owned subsidiary exclusive to Mount Logan. OCIF pursues an all-weather credit strategy for the US high net worth retail channel with an investment mandate focused on special situations and private capital.
Ted Goldthorpe, Chief Executive Officer and President of Mount Logan, said, “We are excited about the launch of OCIF and its anticipated growth trajectory over the next few years, as we believe there is significant demand for allow accredited investors access to our capabilities and deep expertise. in opportunistic credit. The retail channel represents a major growth area in the asset management industry and we are pleased to bring an institutional-grade product to the US market. Finally, we appreciate our supporting financial partner for helping fund the growth of this new fund.
The unpaid principal and accrued but unpaid interest on the Credit Facility will become due on August 20, 2027, subject to certain adjustments under the terms of the Credit Agreement.
Other intended uses of money borrowed under the First Amendment are for general business purposes and for costs and expenses incurred under the credit facility.
As security for its obligations under the Credit Agreement, MLC US Holdings has granted in favor of the Lenders a security interest in all of the assets of MLC US Holdings. In addition, the Company has guaranteed the obligations of MLC US Holdings under the credit agreement in favor of the lenders.
About Mount Logan Capital Inc.Mount Logan Capital Inc. is an alternative asset management and insurance solutions company focused on public and private debt securities in the North American market and reinsurance of annuity products primarily through its wholly owned subsidiaries, Mount Logan Management LLC and Ability Insurance Company. . The Company also actively sources, evaluates, underwrites, manages, monitors and invests in loans, debt securities and other credit-oriented instruments that offer attractive risk-adjusted yields and low risk of capital depreciation while throughout the credit cycle.
Caution Regarding Forward-Looking Statements This press release contains forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements can be identified by the expressions “seeks”, “expects”, “believes”, “estimates”, “will”, “could”, “intends”, “targets” and expressions similar. Forward-looking statements are not historical facts but reflect the Company’s current expectations regarding future results or events and are based on information currently available to it. Certain important factors and assumptions were applied in providing these forward-looking statements. Forward-looking statements discussed in this release include, but are not limited to, statements relating to MLC US Holdings’ borrowings pursuant to the Credit Agreement, MLC US Holdings’ intended use of First Amendment proceeds, financing and the launch of OCIF, the projected growth of OCIF and the asset management industry retail channel, as well as the Company’s business strategy, model, approach and future activities. All forward-looking statements contained in this press release are qualified by these cautionary statements. The Company believes that the expectations reflected in the forward-looking statements are based on reasonable assumptions; however, the Company cannot guarantee that actual results or developments will be realized on certain specified dates or at all. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations, including matters discussed under “Risk Factors” in the most recently filed Annual Information Form and the management report and analysis. for the company. Accordingly, readers should not place undue reliance on these forward-looking statements. Further, a forward-looking statement speaks only as of the date such statement is made. The Company undertakes no obligation to publicly update any such statement or to reflect new information or the occurrence of future events or circumstances, except as required by securities laws. These forward-looking statements are made as of the date of this press release.
This press release is not and should not be construed as a prospectus or advertisement and the communication of this press release is not and should not be construed as an offer to sell or an offer to buy. securities of the Company or of any fund or other investment vehicle. This press release is not intended for US persons. The shares of the Company are not and will not be registered under the US Securities Act of 1933, as amended, and the Company is not and will not be registered under the 1940 Act. are not permitted to purchase shares of the Company in the absence of an applicable registration exemption under each of these laws. In addition, the number of investors in the United States, or who are U.S. Persons or who are purchasing on behalf of or for the benefit of U.S. Persons, will be limited to the number required to comply with an available exemption from the registration requirements of the law of 1940 Act.
For more information, contact:
Jason RoosChief Financial Officer[email protected]
Mount Logan Capital Inc.365 Bay Street, Suite 800Toronto, ON M5H 2V1
Source: Mount Logan Capital Inc.
