MidCap Financial Announces Completion of New $300M+ Equity Financing
BETHESDA, MD., May 7, 2020 /PRNewswire/ — MIDCAP FINANCIAL is pleased to announce that it has completed a share issue of over $300 million. This offering is part of an overall strategy to enhance MidCap Financial’s financial flexibility to further solidify the company’s position as the leading capital provider of choice for the middle market.
Steve CurwinCEO of MidCap Financial Services, LLC, said, “We are delighted by the confidence that a wide range of investors have shown in MidCap by participating in this capital raise. We believe that the defensive nature of our portfolio and the cycle-proven experience of our management team combined with the support and resources of Apollo have generated strong interest in the equity offering. We plan to continue to generate strong returns for our investors while supporting our borrowers through its crisis. »
Howard WidraSenior Partner and Global Head of Direct Origination for Apollo Global Management, said, “MidCap entered this time of the COVID-19 crisis with a strong balance sheet, a diverse set of borrowers and longstanding relationships with a wide variety capital providers. We believe in it. was prudent to further strengthen the balance sheet with additional capital to continue to support borrowers during this unprecedented time. Additionally, following this capital raise, we also believe that MidCap is well positioned to serve even more large companies at all stages of growth or transition and be a leading provider of capital in the next cycle. . »
About MidCap Financial
MidCap Financial is a middle-market focused specialty finance company providing senior debt solutions to companies across all industries. The company’s years of experience, strong balance sheet and flexibility make it a lender of choice for businesses at all stages of growth and complexity. MidCap Financial’s debt solutions focus on six areas:
- working capital loans based on general and healthcare assets secured by third-party accounts receivable and other assets;
- Venture capital loans to public and venture capital-backed life sciences companies;
- Home loans on all types of commercial properties, medical office buildings, various types of senior housing and skilled nursing properties;
- Leveraged loans to companies backed by private equity sponsors;
- Lender Finance term loans or revolvers provided in the consumer and commercial credit sectors; and
- Franchise Finance loans to franchisees operating in fast food (QSR) and other industries.
Additional information about MidCap Financial is available at www.midcapfinancial.com
MidCap Financial is a middle-market focused specialty finance company providing senior debt solutions to companies across all industries. MidCap Financial provides management or other services in respect of more than $27 billion commitments to March 2020of which $4.1 billion are managed by MidCap Financial Services Capital Management LLC, a registered investment adviser. MidCap Financial offers a wide range of products aimed at financing growth and managing working capital. MidCap Financial is managed by Apollo Capital Management, LP, a subsidiary of Apollo Global Management, Inc., under an investment management agreement. Apollo Global Management, Inc. is one of the world’s largest asset managers with approximately $331 billion assets under management (at December 31, 2019), offering industry-leading expertise, market reach and financing synergies.
This press release contains forward-looking statements. Forward-looking statements involve risks and uncertainties because they relate to future events and circumstances. These statements are based on currently available operational, financial and competitive information and are subject to various risks and uncertainties that could cause actual results and developments to differ materially from historical experience and MidCap Financial’s expressed or implied expectations. These risks and uncertainties, many of which are beyond MidCap Financial’s control, include the effects of the COVID-19 pandemic on the operations and general economic conditions of MidCap Financial and its borrowers, its reliance on key personnel and its relationship with Apollo Capital Management, LP and the risks associated with its loan portfolio. Undue reliance should not be placed on these forward-looking statements. Forward-looking statements speak only as of the date they are made and MidCap Financial does not undertake to update its forward-looking statements except as required by applicable law.
This announcement does not constitute an offer to sell or a solicitation of an offer to buy securities in any jurisdiction.
Contact: MidCap Financial Services, LLC
Chris Tofalli Public Relations, LLC
SOURCE MidCap Financial, LLC