PennantPark Floating Rate Capital Ltd. Prices Public Offering of $100.0 Million 4.25% Unsecured Notes Due 2026
March 19 2021 - 4:05PM
PennantPark Floating Rate Capital Ltd. (NASDAQ: PFLT) (TASE: PFLT)
announced that it has priced an underwritten public offering of
$100.0 million in aggregate principal amount of its 4.25% unsecured
notes due 2026. The notes will mature on April 1, 2026 and may be
redeemed in whole or in part at PennantPark Floating Rate Capital
Ltd.’s option at any time at par plus a make-whole premium, if
applicable, provided that the notes may be redeemed at par three
months prior to their maturity. The offering is expected to close
on March 23, 2021, subject to customary closing conditions.
Goldman Sachs & Co. LLC, Keefe, Bruyette
& Woods, Inc. and Truist Securities, Inc. are acting as joint
book-running managers for this offering. JMP Securities LLC and
Ladenburg Thalmann & Co. Inc. are acting as co-managers for
this offering.
PennantPark Floating Rate Capital Ltd. expects
to use the net proceeds from selling securities from this offering
to reduce outstanding obligations under its credit facility, to
invest in new or existing portfolio companies or for other general
corporate or strategic purposes.
Other
InformationInvestors are advised to carefully
consider the investment objectives, risks, charges and expenses of
PennantPark Floating Rate Capital Ltd. before investing. The
pricing term sheet dated March 18, 2021, the preliminary prospectus
supplement dated March 18, 2021 and the accompanying prospectus
dated January 29, 2020, each of which have been filed with the
Securities and Exchange Commission (the “SEC”), contain this and
other information about PennantPark Floating Rate Capital Ltd. and
should be read carefully before investing.
The information in the pricing term
sheet, the preliminary prospectus supplement, the accompanying
prospectus and this press release is not complete and may be
changed. The pricing term sheet, the preliminary prospectus
supplement, the accompanying prospectus and this press release are
not offers to sell any securities of PennantPark Floating Rate
Capital Ltd. and are not soliciting an offer to buy such securities
in any state or jurisdiction where such offer and sale is not
permitted.
PFLT’s shelf registration statement is
on file and has been declared effective by the SEC. The offering
may be made only by means of a preliminary prospectus supplement
and an accompanying prospectus. Before you invest, you should read
the prospectus in that registration statement, the preliminary
prospectus supplement and other documents PFLT has filed with the
SEC for more complete information about PFLT and this offering. You
may get these documents for free by
visiting EDGAR on the SEC website at
www.sec.gov.
Alternatively, you may obtain copies of the preliminary
prospectus supplement and the accompanying prospectus from: Goldman
Sachs & Co. LLC, Attn: Prospectus Department, 200 West Street,
New York, NY 10282, telephone: 1-866-471-2526, facsimile:
1-212-902-9316 or email: prospectus-ny@ny.email.gs.com; Keefe,
Bruyette & Woods, A Stifel Company, Attn: Prospectus
Department, 787 Seventh Avenue, Fourth Floor, New York, NY 10019,
telephone: 1-800-966-1559, facsimile: 1-212-581-1592 or email:
USCapitalMarkets@kbw.com; and Truist Securities Inc., Attn:
Prospectus Department, 303 Peachtree Road, Atlanta, GA 30308,
telephone: 1-800-685-4786 or email: TSIDocs@Truist.com. You are
advised to obtain a copy of the prospectus supplement and
accompanying prospectus and to carefully review the information
contained or incorporated by reference therein before making any
investment decision.
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 Investment Advisers, LLC is a leading middle market
credit platform, managing $4.3 billion of investable capital,
including potential leverage. Since its inception in 2007,
PennantPark Investment Advisers, LLC 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 Investment Advisers, LLC is headquartered in New York
and has offices in Chicago, Houston and Los Angeles.
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
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.
The information contained herein is based on
current tax laws, which may change in the future. The Company
cannot be held responsible for any direct or incidental loss
resulting from applying any of the information provided in this
publication or from any other source mentioned. The information
provided in this material does not constitute any specific legal,
tax or accounting advice. Please consult with qualified
professionals for this type of advice.
CONTACT:Aviv EfratPennantPark Floating Rate Capital Ltd.(212)
905-1000www.pennantpark.com
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