PennantPark Floating Rate Capital Ltd. Upsizes Credit Facility to $611 Million
04 Junho 2024 - 5:06PM
PennantPark Floating Rate Capital Ltd. (the "Company") (NYSE: PFLT)
announced that as result of expanded lender partner relationships,
it has upsized its credit facility, led by Truist Bank (the “Credit
Facility”) to $611 million from $436 million. Pricing on this
facility remained unchanged at SOFR plus 236 basis points.
“We are appreciative of the support from all of
our existing lending partners and pleased to have expanded our
relationships. Their support highlights the confidence they have in
our excellent long term track record,” said Arthur Penn, Chairman
and Chief Executive Officer of PFLT. “This increased facility will
expand our ability to serve middle-market sponsor and borrower
clients by providing them with more comprehensive senior secured
solutions. This enhanced credit facility positions us well to
capture the opportunity in the core middle market, where our
capital is strategic to our borrowers. As a result, the package of
risk adjusted return we receive is attractive and includes higher
yields, lower leverage and covenants which are not available in the
upper middle market.”
The Credit Facility is secured by all of the
assets held by PennantPark Floating Rate Funding I, LLC, a
wholly-owned subsidiary of the Company, and includes customary
covenants, including minimum asset coverage and minimum equity
requirements.
ABOUT PENNANTPARK FLOATING RATE CAPITAL LTD.
PennantPark Floating Rate Capital Ltd. is a
business development company which primarily invests in U.S.
middle-market private companies in the form of floating rate senior
secured loans, including first lien secured debt, second lien
secured debt and subordinated debt. From time to time, the Company
may also invest in equity investments. PennantPark Floating Rate
Capital Ltd. is managed by PennantPark Investment Advisers,
LLC.
ABOUT PENNANTPARK INVESTMENT ADVISERS, LLC
PennantPark is a leading middle market credit
platform, managing approximately $7.5 billion of investable
capital, including available leverage. Since its inception in 2007,
PennantPark has provided investors access to middle market credit
by offering private equity firms and their portfolio companies as
well as other middle market borrowers a comprehensive range of
creative and flexible financing solutions. PennantPark is
headquartered in Miami, and has offices in New York, Chicago,
Houston, Los Angeles and Amsterdam.
FORWARD-LOOKING STATEMENTS
This press release may contain “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995. You should understand that under Section
27A(b)(2)(B) of the Securities Act and Section 21E(b)(2)(B) of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”),
the “safe harbor” provisions of the Private Securities Litigation
Reform Act of 1995 do not apply to forward-looking statements made
in periodic reports PennantPark Floating Rate Capital Ltd. files
under the Exchange Act. All statements other than statements of
historical facts included in this press release are forward-looking
statements and are not guarantees of future performance or results
and involve a number of risks and uncertainties. Actual results may
differ materially from those in the forward-looking statements as a
result of a number of factors, including those described from time
to time in filings with the Securities and Exchange Commission.
PennantPark Floating Rate Capital Ltd. undertakes no duty to update
any forward-looking statement made herein. You should not place
undue influence on such forward-looking statements as such
statements speak only as of the date on which they are made.
CONTACT:Richard T. Allorto, Jr.PennantPark Floating Rate Capital
Ltd.(212) 905-1000www.pennantpark.com
PennantPark Floating Rat... (NYSE:PFLT)
Gráfico Histórico do Ativo
De Mai 2024 até Jun 2024
PennantPark Floating Rat... (NYSE:PFLT)
Gráfico Histórico do Ativo
De Jun 2023 até Jun 2024