CM Finance to invest in U.S. middle-market companies via IPO proceeds

By Toni Weeks

San Luis Obispo, Calif., Nov. 15 - CM Finance Inc. will conduct its initial public offering of common shares, according to an N-2 filing with the Securities and Exchange Commission.

The externally managed, non-diversified, closed-end management investment company seeks to maximize return to stockholders in the form of current income and capital appreciation by investing primarily in the debt of U.S. middle-market companies with annual revenues of at least $50 million and EBITDA of at least $20 million. The company invests in unitranche loans and standalone second- and first-lien loans with an emphasis on floating-rate debt as well as in mezzanine loans/structured equity.

Michael C. Mauer and Christopher E. Jansen are leading the investment team.

Underwriters Raymond James & Associates, Inc. and Keefe, Bruyette & Woods, Inc. plan to sell $115 million of the shares, which includes shares for a 30-day over-allotment option.

The sales load and annual expenses have not yet been determined.

New York-based CM Finance Partners LLC is the investment adviser.

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