Portman Ridge Finance Closes Merger with Logan Ridge Finance, Total Assets Over $600M.

Portman Ridge Finance Corporation has closed its merger with Logan Ridge Finance Corporation, with the combined company having total assets in excess of $600 million. The merger was supported by both companies' shareholders and independent directors. The combined company will continue to operate under the Portman Ridge Finance Corporation name.

Portman Ridge Finance Corporation (PTMN) has successfully closed its merger with Logan Ridge Finance Corporation (LRFC), creating a combined entity with total assets exceeding $600 million [1]. The merger, which was supported by both companies' shareholders and independent directors, will see PTMN continue to operate under its existing name.

Ted Goldthorpe, President and Chief Executive Officer of PTMN, expressed gratitude to the shareholders and directors of both companies for their strong support throughout the process. He also highlighted the potential benefits of the merger, including enhanced scale, a diversified portfolio, cost savings, and improved stock liquidity. Looking forward, PTMN aims to deliver compelling risk-adjusted returns for its shareholders.

In connection with the merger, LRFC shareholders are entitled to receive approximately 4.0 million shares of PTMN common stock in the aggregate, or 1.5 shares of PTMN common stock for each common share of LRFC [1]. Prior to the merger, LRFC's investment adviser announced a cash payment of $0.47 per share to LRFC shareholders of record as of May 6, 2025, and a tax distribution of $0.38 per share to LRFC shareholders of record as of July 14, 2025 [1].

PTMN plans to rebrand as BCP Investment Corporation later this summer and will transition to monthly base distributions beginning in 2026. Additionally, PTMN and its management intend to purchase up to 20% of the Company's outstanding common stock if stock prices remain below a set threshold [1].

The merger involved several financial and legal advisors, including Keefe, Bruyette & Woods, Stradley Ronon Stevens & Young, Houlihan Lokey, Skadden, Arps, Slate, Meagher & Flom LLP, Simpson Thacher & Bartlett LLP, and Dechert LLP [1].

References:
[1] https://www.citybiz.co/article/718578/portman-ridge-finance-closes-merger-with-logan-ridge-finance/