PennantPark Floating Rate Capital Ltd. (NYSE: PFLT) (TASE: PFLT)
announced today financial results for the third fiscal quarter
ended June 30, 2022.
HIGHLIGHTSQuarter ended June 30, 2022($ in
millions, except per share amounts)
Assets and Liabilities: |
|
|
Investment portfolio(1) |
$ |
1,226.4 |
|
Net assets |
$ |
504.9 |
|
GAAP net asset value per share |
$ |
12.21 |
|
Quarterly decrease GAAP net asset value per share |
|
3.2 |
% |
Adjusted net asset value per share(2) |
$ |
12.02 |
|
|
|
|
Credit Facility |
$ |
253.6 |
|
2023 Notes |
$ |
94.7 |
|
2026 Notes |
$ |
182.1 |
|
2031 Asset-Backed Debt |
$ |
225.8 |
|
Regulatory Debt to Equity |
|
1.55x |
|
Regulatory Net Debt to Equity(3) |
|
1.45x |
|
GAAP Net Debt to Equity(4) |
|
1.42x |
|
|
|
|
Weighted average yield on debt investments at quarter-end |
|
8.5 |
% |
Operating Results: |
|
|
|
Net investment income |
$ |
11.8 |
|
Net investment income per share |
$ |
0.29 |
|
Distributions declared per share |
$ |
0.285 |
|
|
|
|
|
PFLT Portfolio Activity: |
|
|
|
Purchases of investments |
$ |
104.8 |
|
Sales and repayments of investments |
$ |
55.0 |
|
|
|
|
|
PSSL Portfolio data: |
|
|
|
PSSL investment portfolio |
$ |
746.8 |
|
Purchase of Investments |
$ |
31.5 |
|
Sales and repayments of investments |
$ |
13.5 |
|
________________________(1) Includes
investments in PennantPark Senior Secured Loan Fund I LLC, or PSSL,
an unconsolidated joint venture, totaling $248.9 million, at fair
value.(2) This is a non-GAAP financial measure. The
Company believes that this number provides useful information to
investors and management because it reflects the Company’s
financial performance excluding the impact of the $8.5 million
unrealized loss on our multi-currency senior secured revolving
credit facility, as amended and restated, with Truist Bank
(formerly SunTrust Bank) and other lenders, or the Credit Facility,
and our 4.3% Series A notes due 2023, or the 2023 Notes. The
presentation of this additional information is not meant to be
considered in isolation or as a substitute for financial results
prepared in accordance with GAAP.(3) This is a non-GAAP
financial measure. The Company believes that this number provides
useful information to investors and management because it reflects
the Company’s financial performance net of $40.6 million of cash
and cash equivalents. The presentation of this additional
information is not meant to be considered in isolation or as a
substitute for financial results prepared in accordance with
GAAP.(4) This is a non-GAAP financial measure. The
Company believes that this number provides useful information to
investors and management because it reflects the Company’s
financial performance including the impact of the $8.5 million
unrealized loss on the Credit Facility and the 2023 Notes net of
$40.6 million of cash and cash equivalents. The presentation of
this additional information is not meant to be considered in
isolation or as a substitute for financial results prepared in
accordance with GAAP.
CONFERENCE CALL AT 9:00 A.M. ET ON
AUGUST 4, 2022
PennantPark Floating Rate Capital Ltd. (“we,”
“our,” “us” or the “Company”) will also host a conference call at
9:00 a.m. (Eastern Time) on Thursday August 4, 2022 to discuss its
financial results. All interested parties are welcome to
participate. You can access the conference call by dialing
toll-free (800) 289-0720 approximately 5-10 minutes prior to the
call. International callers should dial (646) 828-8073. All callers
should reference conference ID #1561290 or PennantPark Floating
Rate Capital Ltd. An archived replay of the call will be available
through August 18, 2022, by calling toll-free (888) 203-1112.
International callers please dial (719) 457-0820. For all phone
replays, please reference conference ID #1561290.
PORTFOLIO AND INVESTMENT
ACTIVITY
“We are pleased with our strong credit
performance this quarter. With our primary focus on lower risk,
first lien senior secured floating rate loans to U.S. companies, we
are positioned to preserve capital and protect against rising
inflation and interest rates,” said Art Penn, Chairman and CEO. “We
believe that the combination of rising base rates, higher spreads
on new loan originations, and a growing PSSL joint venture create
multiple pathways for income growth.”
As of June 30, 2022, our portfolio totaled
$1,226.4 million, and consisted of $1,062.4 million of first lien
secured debt (including $190.2 million in PSSL), $0.7 million of
second lien secured debt and $163.4 million of preferred and common
equity (including $58.8 million in PSSL). Our debt portfolio
consisted of 100.0% variable-rate investments. As of June 30,
2022, we had two portfolio companies on non-accrual, representing
0.9% and 0.1% of our overall portfolio on a cost and fair value
basis, respectively. Overall, the portfolio had net unrealized
appreciation of $7.7 million. Our overall portfolio consisted of
123 companies with an average investment size of $10.0 million, had
a weighted average yield on debt investments of 8.5%, and was
invested 87% in first lien secured debt (including 16% in PSSL),
less than 1% in second lien secured debt and 13% in preferred and
common equity (including 5% in PSSL). As of June 30, 2022,
100.0% of the investments held by PSSL were first lien secured
debt.
As of September 30, 2021, our portfolio
totaled $1,081.6 million, and consisted of $934.4 million of first
lien secured debt (including $140.9 million in PSSL), $8.9 million
of second lien secured debt and $138.3 million of preferred and
common equity (including $44.9 million in PSSL). Our debt portfolio
consisted of 99% variable-rate investments. As of
September 30, 2021, we had two portfolio companies on
non-accrual, representing 2.7% and 2.6% of our overall portfolio on
a cost and fair value basis, respectively. Overall, the portfolio
had net unrealized depreciation of $11.0 million. Our overall
portfolio consisted of 110 companies with an average investment
size of $9.8 million, had a weighted average yield on debt
investments of 7.4%, and was invested 86% in first lien secured
debt (including 13% in PSSL), 1% in second lien secured debt and
13% in preferred and common equity (including 4% in PSSL). As of
September 30, 2021, 99% of the investments held by PSSL were
first lien secured debt.
For the three months ended June 30, 2022,
we invested $104.8 million in six new and 39 existing portfolio
companies with a weighted average yield on debt investments of 8.1
%. Sales and repayments of investments for the three months ended
June 30, 2022 totaled $55.0 million. For the nine months ended
June 30, 2022, we invested $553.1 million in 29 new and 104
existing portfolio companies with a weighted average yield on debt
investments of 7.7%. Sales and repayments of investments for the
nine months ended June 30, 2022 totaled $397.2 million.
For the three months ended June 30, 2021, we
invested $248.3 million in 10 new and 16 existing portfolio
companies with a weighted average yield on debt investments of
7.5%. Sales and repayments of investments for the three months
ended June 30, 2021 totaled $283.3 million. For the nine months
ended June 30, 2021, we invested $475.5 million in 19 new and 50
existing portfolio companies with a weighted average yield on debt
investments of 7.5%. Sales and repayments of investments for the
nine months ended June 30, 2021 totaled $565 million.
PennantPark Senior Secured Loan Fund I
LLC
As of June 30, 2022, PSSL’s portfolio
totaled $746.8 million and consisted of 89 companies with an
average investment size of $8.4 million and had a weighted average
yield on debt investments of 8.2%. As of September 30, 2021,
PSSL’s portfolio totaled $564.8 million and consisted of 74
companies with an average investment size of $7.6 million and had a
weighted average yield on debt investments of 7.1%.
For the three months ended June 30, 2022,
PSSL invested $31.5 million (including $16.8 million purchased from
the Company) in four new and seven existing portfolio companies
with a weighted average yield on debt investments of 8.8%. Sales
and repayments of investments for the three months ended
June 30, 2022 totaled $13.5 million. For the nine months ended
June 30, 2022, PSSL invested $228.6 million (including $225.2
million purchased from the Company) in 25 new and 15 existing
portfolio companies with a weighted average yield on debt
investments of 7.9%. Sales and repayments of investments for the
nine months ended June 30, 2022 totaled $69.2 million.
For the three months ended June 30, 2021, PSSL
invested $133.7 million (including $98.9 million purchased from the
Company) in six new and 15 existing portfolio companies with a
weighted average yield on debt investments of 7.0%. Sales and
repayments of investments for the three months ended June 30, 2021
totaled $88.8 million. For the nine months ended June 30, 2021,
PSSL invested $277.8 million (including $224.1 million purchased
from the Company) in 30 new and 26 existing portfolio companies
with a weighted average yield on debt investments of 7.2%. Sales
and repayments of investments for the nine months ended June 30,
2021 totaled $163.1 million.
RESULTS OF OPERATIONS
Set forth below are the results of operations for the three and
nine months ended June 30, 2022 and 2021.
Investment Income
Investment income for the three and nine months
ended June 30, 2022 was $25.7 million and $76.7 million,
respectively, which was attributable to $21.1 million and $64.0
million from first lien secured debt and $4.6 million and $12.7
million from other investments, respectively. This compares to
investment income for the three and nine months ended June 30, 2021
of $20.9 million and $61.1 million, respectively, which was
attributable to $18.2 million and $53.5 million from first lien
secured debt and $2.7 million and $7.6 million from other
investments, respectively. The increase in investment income
compared to the same periods in the prior year was primarily due to
an increase in the size of our portfolio.
Expenses
Expenses for the three and nine months ended
June 30, 2022 totaled $13.9 million and $40.8 million,
respectively. Base management fee for the same periods totaled $3.1
million and $8.9 million, performance-based incentive fee totaled
$2.6 million and $8.5 million, debt related interest and expenses
totaled $7.4 million and $20.7 million and general and
administrative expenses totaled $0.8 million and $2.4 million,
respectively. This compares to expenses for the three and nine
months ended June 30, 2021 that totaled $10.6 million and $30.8
million, respectively. Base management fee for the same periods
totaled $2.6 million and $8.0 million, performance-based incentive
fee totaled $1.7 million and $4.7 million, debt related interest
and expenses totaled $5.9 million and $16.0 million and general and
administrative expenses totaled $0.4 million and $1.8 million,
respectively. The increase in expenses for the three and nine
months ended June 30, 2022 compared to the same period in the
prior year was primarily due to an increase in performance-based
incentive fees and debt-related interest and expenses.
Net Investment Income
Net investment income totaled $11.8 million and
$35.9 million, or $0.29 and $0.90 per share, for the three and nine
months ended June 30, 2022, respectively. Net investment
income totaled $10.3 million and $30.3 million, or $0.27 and $0.78
per share, for the three and nine months ended June 30, 2021,
respectively. The increase in net investment income compared to the
same periods in the prior year was primarily due to an increase in
the size of our portfolio.
Net Realized Gains or
Losses
Sales and repayments of investments for the
three and nine months ended June 30, 2022 totaled $55.0
million and $397.2 million, respectively, and net realized gains
(losses) totaled $0.7 million and $(11.6) million, respectively.
Sales and repayments of investments for the three and nine months
ended June 30, 2021 totaled $283.3 million and $565.5 million,
respectively, and net realized losses totaled $13.0 million and
$15.3 million, respectively. The change in realized gains/losses
was primarily due to changes in the market conditions of our
investments and the values at which they were realized.
Unrealized Appreciation or Depreciation
on Investments, the Credit Facility and the 2023 Notes
For the three and nine months ended
June 30, 2022, we reported net change in unrealized
depreciation on investments of $17.7 million and $3.7 million,
respectively. For the three and nine months ended June 30, 2021, we
reported net change in unrealized appreciation on investments of
$14.2 million and $48.8 million, respectively. As of June 30,
2022, and September 30, 2021, our net unrealized appreciation
on investments totaled $7.7 million and $11.0 million,
respectively. The net change in unrealized appreciation on our
investments compared to the same period in the prior year was
primarily due to changes in the market conditions of our
investments and the values at which they were held.
For the three and nine months ended
June 30, 2022, the Credit Facility and the 2023 Notes had a
net change in unrealized depreciation of less than $0.1 million and
$1.3 million, respectively. For the three and nine months ended
June 30, 2021, the Credit Facility and the 2023 Notes had a net
change in unrealized depreciation (appreciation) of $3.2 million
and $(11.3) million, respectively. As of June 30, 2022, and
September 30, 2021, the net unrealized depreciation on the
Credit Facility and the 2023 Notes totaled $8.5 million and $7.2
million, respectively. The net change in net unrealized
depreciation compared to the same period in the prior year was
primarily due to changes in the capital markets.
Net Change in Net Assets Resulting from
Operations
Net increase (decrease) in net assets resulting
from operations totaled $(5.1) million and $16.6 million, or
$(0.12) and $0.42 per share, respectively, for the three and nine
months ended June 30, 2022. Net increase in net assets
resulting from operations totaled $14.7 million and $52.5 million,
or $0.38 and $1.35 per share, respectively, for the three and nine
months ended June 30, 2021. The decrease in the net change in net
assets from operations for the three and nine months ended
June 30, 2022 compared to the same period in the prior year
was primarily due to a lower realized and unrealized change in our
investment and debt.
LIQUIDITY AND CAPITAL
RESOURCES
Our liquidity and capital resources are derived
primarily from proceeds of securities offerings, debt capital and
cash flows from operations, including investment sales and
repayments, and income earned. Our primary use of funds from
operations includes investments in portfolio companies and payments
of fees and other operating expenses we incur. We have used, and
expect to continue to use, our debt capital, proceeds from the
rotation of our portfolio and proceeds from public and private
offerings of securities to finance our investment objectives.
The annualized weighted average cost of debt for
the nine months ended June 30, 2022 and 2021, inclusive of the
fee on the undrawn commitment on the Credit Facility, amendment
costs and debt issuance costs, was 3.7% and 3.4%, respectively. As
of June 30, 2022 and September 30, 2021, we had $40.7
million and $80.6 million of unused borrowing capacity under the
Credit Facility, as applicable, respectively, subject to leverage
and borrowing base restrictions.
As of June 30, 2022, and September 30, 2021, our
wholly owned subsidiary, PennantPark Floating Rate Funding I, LLC,
borrowed $259.3 million and $219.4 million under the Credit
Facility, respectively. The Credit Facility had a weighted average
interest rate of 3.3% and 2.3%, exclusive of the fee on undrawn
commitments as of June 30, 2022 and September 30, 2021,
respectively.
As of June 30, 2022, and September 30,
2021, we had cash equivalents of $40.6 million and $49.8 million,
respectively, available for investing and general corporate
purposes. We believe our liquidity and capital resources are
sufficient to allow us to efficiently operate the business.
Our operating activities used cash of $111.6
million for the nine months ended June 30, 2022, and our
financing activities provided cash of $101.7 million for the same
period. Our operating activities used cash primarily for our
investment activities and our financing activities provided cash
primarily due to the issuance of $85 million of our 2026 Add-on
Notes borrowings under our Credit Facility.
Our operating activities provided cash of $124.4
million for the nine months ended June 30, 2021, and our financing
activities used cash of $132.3 million for the same period. Our
operating activities provided cash primarily from our investment
activities and our financing activities used cash primarily to pay
down our Credit Facility, partially offset by the 2026 Notes
issuance.
DISTRIBUTIONS
During the three and nine months ended
June 30, 2022, we declared distributions of $0.285 and $0.855
per share, respectively, for total distributions of $11.8 and $34.1
million, respectively. During the three and nine months ended
June 30, 2021, we declared distributions of $0.285 and $0.855
per share, respectively, for total distributions of $11.1 and $33.2
million, respectively. We monitor available net investment income
to determine if a return of capital for tax purposes may occur for
the fiscal year. To the extent our taxable earnings fall below the
total amount of our distributions for any given fiscal year,
stockholders will be notified of the portion of those distributions
deemed to be a tax return of capital. Tax characteristics of all
distributions will be reported to stockholders subject to
information reporting on Form 1099-DIV after the end of each
calendar year and in our periodic reports filed with the SEC.
AVAILABLE INFORMATION
The Company makes available on its website its
Quarterly Report on Form 10-Q filed with the SEC, and stockholders
may find such report on its website at www.pennantpark.com.
|
PENNANTPARK FLOATING RATE CAPITAL LTD. AND
SUBSIDIARIESCONSOLIDATED STATEMENTS OF ASSETS AND
LIABILITIES(in thousands, except per share
data) |
|
|
|
|
|
|
|
|
|
June 30, 2022 |
|
|
September 30, 2021 |
|
|
|
(unaudited) |
|
|
|
|
Assets |
|
|
|
|
|
|
Investments at fair value |
|
|
|
|
|
|
Non-controlled, non-affiliated investments (cost— $924,233 and
$824,542, respectively |
|
$ |
944,658 |
|
|
$ |
856,806 |
|
Non-controlled, affiliated
investments (cost— $ — and $22,380, respectively |
|
|
— |
|
|
|
7,433 |
|
Controlled, affiliated
investments (cost— $294,469 and $223,714, respectively |
|
|
281,784 |
|
|
|
217,380 |
|
Total investments (cost—
$1,218,702 and $1,070,636, respectively |
|
|
1,226,442 |
|
|
|
1,081,619 |
|
Cash and cash equivalents
(cost—$40,632 and $49,825, respectively) |
|
|
40,616 |
|
|
|
49,825 |
|
Interest receivable |
|
|
6,209 |
|
|
|
5,446 |
|
Receivable for investments
sold |
|
|
6,609 |
|
|
|
33,966 |
|
Prepaid expenses and other
assets |
|
|
11,278 |
|
|
|
— |
|
Total
assets |
|
|
1,291,154 |
|
|
|
1,170,856 |
|
Liabilities |
|
|
|
|
|
|
Distributions payable |
|
|
3,928 |
|
|
|
3,690 |
|
Payable for investments
purchased |
|
|
9,800 |
|
|
|
13,546 |
|
Credit Facility payable, at
fair value (cost—$259,277 and $219,400, respectively) |
|
|
253,443 |
|
|
|
218,851 |
|
2023 Notes payable, at fair
value (par—$97,006 and $117,793, respectively) |
|
|
94,717 |
|
|
|
111,114 |
|
2026 Notes payable, net
(par—$185,000 and $100,000, respectively) |
|
|
182,082 |
|
|
|
97,171 |
|
2031 Asset-Backed Debt, net
(par—$228,000) |
|
|
225,970 |
|
|
|
225,497 |
|
Interest payable on debt |
|
|
4,500 |
|
|
|
5,455 |
|
Base management fee
payable |
|
|
3,062 |
|
|
|
2,707 |
|
Performance-based incentive
fee payable |
|
|
2,576 |
|
|
|
624 |
|
Deferred tax liability |
|
|
5,340 |
|
|
|
— |
|
Accrued other expenses |
|
|
823 |
|
|
|
1,590 |
|
Total
liabilities |
|
|
786,241 |
|
|
|
680,245 |
|
Commitments and
contingencies |
|
|
|
|
|
|
Net
assets |
|
|
|
|
|
|
Common stock, 41,345,638 and
38,880,728 shares issued and outstanding, respectively Par value
$0.001 per share and 100,000,000 shares authorized |
|
|
41 |
|
|
|
39 |
|
Paid-in capital in excess of
par value |
|
|
570,663 |
|
|
|
538,814 |
|
Accumulated deficit |
|
|
(65,791 |
) |
|
|
(48,242 |
) |
Total net
assets |
|
$ |
504,913 |
|
|
$ |
490,611 |
|
Total liabilities and
net assets |
|
$ |
1,291,154 |
|
|
$ |
1,170,856 |
|
Net asset value per
share |
|
$ |
12.21 |
|
|
$ |
12.62 |
|
|
|
|
|
|
|
|
|
|
|
PENNANTPARK FLOATING RATE CAPITAL LTD. AND
SUBSIDIARIESCONSOLIDATED STATEMENTS OF
OPERATIONS(in thousands, except per share
data) (Unaudited) |
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
Nine Months Ended June 30, |
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
Investment
income: |
|
|
|
|
|
|
|
|
|
|
|
|
From non-controlled,
non-affiliated investments: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
$ |
16,701 |
|
|
$ |
14,495 |
|
|
$ |
49,753 |
|
|
$ |
43,521 |
|
Dividend |
|
|
577 |
|
|
|
— |
|
|
|
1,731 |
|
|
|
— |
|
Other income |
|
|
285 |
|
|
|
1,161 |
|
|
|
3,795 |
|
|
|
2,534 |
|
From non-controlled, affiliated
investments: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
|
— |
|
|
|
— |
|
|
|
112 |
|
|
|
280 |
|
Other income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
122 |
|
From controlled, affiliated
investments: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
|
4,228 |
|
|
|
2,931 |
|
|
|
10,633 |
|
|
|
8,253 |
|
Dividend |
|
|
3,938 |
|
|
|
2,319 |
|
|
|
10,675 |
|
|
|
6,169 |
|
Other Income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
195 |
|
Total investment
income |
|
|
25,729 |
|
|
|
20,906 |
|
|
|
76,699 |
|
|
|
61,074 |
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Base management fee |
|
|
3,062 |
|
|
|
2,622 |
|
|
|
8,904 |
|
|
|
7,972 |
|
Performance-based incentive
fee |
|
|
2,576 |
|
|
|
1,652 |
|
|
|
8,461 |
|
|
|
4,716 |
|
Interest and expenses on
debt |
|
|
7,369 |
|
|
|
5,903 |
|
|
|
20,713 |
|
|
|
16,025 |
|
Administrative services
expenses |
|
|
144 |
|
|
|
150 |
|
|
|
431 |
|
|
|
750 |
|
Other general and administrative
expenses |
|
|
655 |
|
|
|
200 |
|
|
|
1,964 |
|
|
|
1,000 |
|
Expenses before provision
for taxes |
|
|
13,806 |
|
|
|
10,527 |
|
|
|
40,473 |
|
|
|
30,463 |
|
Provision for taxes on net
investment income |
|
|
100 |
|
|
|
100 |
|
|
|
300 |
|
|
|
300 |
|
Total
expenses |
|
|
13,906 |
|
|
|
10,627 |
|
|
|
40,773 |
|
|
|
30,763 |
|
Net investment
income |
|
|
11,823 |
|
|
|
10,279 |
|
|
|
35,926 |
|
|
|
30,311 |
|
Realized and unrealized
gain (loss) on investments and debt: |
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gain (loss) on: |
|
|
|
|
|
|
|
|
|
|
|
|
Non-controlled, non-affiliated
investments |
|
|
701 |
|
|
|
7,614 |
|
|
|
10,694 |
|
|
|
6,380 |
|
Non-controlled and controlled,
affiliated investments |
|
|
— |
|
|
|
(20,588 |
) |
|
|
(22,315 |
) |
|
|
(21,640 |
) |
Net realized gain (loss)
on investments |
|
|
701 |
|
|
|
(12,974 |
) |
|
|
(11,621 |
) |
|
|
(15,260 |
) |
Net change in unrealized
appreciation (depreciation) on: |
|
|
|
|
|
|
|
|
|
|
|
|
Non-controlled, non-affiliated
investments |
|
|
(11,204 |
) |
|
|
(6,281 |
) |
|
|
(12,243 |
) |
|
|
28,407 |
|
Controlled and non-controlled,
affiliated investments |
|
|
(6,431 |
) |
|
|
20,451 |
|
|
|
8,597 |
|
|
|
20,370 |
|
Provision for taxes on unrealized
appreciation on investments |
|
|
— |
|
|
|
— |
|
|
|
(5,340 |
) |
|
|
— |
|
Debt (appreciation)
depreciation |
|
|
26 |
|
|
|
3,232 |
|
|
|
1,273 |
|
|
|
(11,317 |
) |
Net change in unrealized
(depreciation) appreciation on investments and debt |
|
|
(17,609 |
) |
|
|
17,402 |
|
|
|
(7,713 |
) |
|
|
37,460 |
|
Net realized and
unrealized (loss) gain from investments and debt |
|
|
(16,908 |
) |
|
|
4,428 |
|
|
|
(19,334 |
) |
|
|
22,200 |
|
Net increase (decrease)
in net assets resulting from operations |
|
$ |
(5,085 |
) |
|
$ |
14,707 |
|
|
$ |
16,592 |
|
|
$ |
52,511 |
|
Net increase (decrease) in net
assets resulting from operations per common share |
|
$ |
(0.12 |
) |
|
$ |
0.38 |
|
|
$ |
0.42 |
|
|
$ |
1.35 |
|
Net investment income per common
share |
|
$ |
0.29 |
|
|
$ |
0.27 |
|
|
$ |
0.90 |
|
|
$ |
0.78 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ABOUT PENNANTPARK FLOATING RATE CAPITAL
LTD.
PennantPark Floating Rate Capital Ltd. is a
business development company which primarily invests in U.S.
middle-market 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 $6.0 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 Miami and has offices in New York, 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 of 1933, as amended, and Section
21E(b)(2)(B) of the Securities Exchange Act of 1934, as amended, or
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 we file 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 as
well as changes in the economy and risks associated with possible
disruption in the Company’s operations or the economy generally due
to terrorism, natural disasters or pandemics such as COVID-19.
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.
We may use words such as “anticipates,”
“believes,” “expects,” “intends,” “seeks,” “plans,” “estimates” and
similar expressions to identify forward-looking statements. Such
statements are based on currently available operating, financial
and competitive information and are subject to various risks and
uncertainties that could cause actual results to differ materially
from our historical experience and our present expectations.
CONTACT: |
|
Richard T. Allorto, Jr.PennantPark Floating Rate Capital Ltd.(212)
905-1000www.pennantpark.com |
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