Logan Ridge Finance Corporation announced the successful refinancing of its entire legacy capital structure, an important milestone and key strategic initiative for the Company. Specifically, on May 10, 2022, the Company amended its existing Senior Secured Revolving Credit Facility agreement with KeyBank (“KeyBank Credit Facility”), by increasing the initial commitment from $25.0 million to $75.0 million, with an uncommitted accordion feature that allows the Company to borrow up to an additional $125.0 million. The amended KeyBank Credit Facility has a May 10, 2027 maturity date.

Borrowings under the amended KeyBank Credit Facility will bear interest at 1M Term SOFR plus 2.90% during the 3-year revolving period and 3.25% thereafter, with 0.40% 1M Term SOFR floor. The net proceeds to the Company from the initial draw was $49.1 million on May 10, 2022. Furthermore, as previously disclosed on April 1, 2022, the Company entered into a Note Purchase Agreement for the issuance of $15.0 million Convertible Notes due in April 2032.

The proceeds from the initial draw on the KeyBank Credit Facility, coupled with the net proceeds from the 2032 Convertible Notes issued in April and current cash on hand, provides the Company ample liquidity to pay off its outstanding $52.1 million of 5.75% convertible notes as well as the remaining $22.8 million of 6.00% notes, both of which mature on May 31, 2022.