Add as a preferred source on GoogleNew Mountain Finance Extends $150 Million Buyback Through 2027
The board authorized the extension Oct. 20; the company said approximately $70 million worth of shares had been repurchased as of its Oct. 26 announcement.
New Mountain Finance Corporation (Nasdaq: NMFC) extended its authorization to repurchase up to $150 million in common stock through Dec. 31, 2027, keeping the buyback program open for an additional year.
The board authorized the extension Oct. 20. The prior end date was Dec. 31, 2026. New Mountain Finance announced the change at 4:45 p.m. ET (20:45 UTC) on Oct. 26 and said approximately $70 million worth of shares had been repurchased to date.
Management may make open-market purchases at its discretion, but the company is not required to buy additional shares. Any repurchases must comply with the company’s Code of Ethics, Rule 10b-18’s price, volume and timing guidelines, and the Investment Company Act of 1940. The timing and volume of future purchases will depend on market conditions and alternative investment opportunities.
New Mountain Finance said “sustained market volatility and uncertainty may cause NMFC’s common stock to be undervalued from time to time.” The company focuses on direct lending to U.S. middle-market companies backed by private-equity sponsors. The extended authorization runs through Dec. 31, 2027.
John Kim
John Kim reports on the digital-asset business for TokenPost. Send corrections or tips to info@tokenpost.com.