PennantPark Investment Corporation (NASDAQ:PNNT) announced today
financial results for the second fiscal quarter ended March 31,
2018.
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HIGHLIGHTS |
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Quarter ended March 31,
2018 |
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($ in millions, except
per share amounts) |
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Assets and
Liabilities: |
|
|
|
Investment portfolio |
|
$ |
947.9 |
Net
assets |
|
$ |
639.6 |
Net asset
value per share |
|
$ |
9.00 |
|
|
|
|
|
Credit
Facility |
|
$ |
41.7 |
2019
Notes |
|
$ |
250.6 |
SBA
debentures |
|
$ |
194.9 |
|
|
|
|
|
Yield on
debt investments at quarter-end |
|
|
|
11.5% |
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Operating Results: |
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|
|
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Net
investment income |
|
|
$ |
13.4 |
Net
investment income per share |
|
|
$ |
0.19 |
Distributions declared per share |
|
|
$ |
0.18 |
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|
|
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Portfolio Activity: |
|
|
|
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Purchases of investments |
|
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$ |
97.0 |
Sales and repayments of investments |
|
|
$ |
246.4 |
|
|
|
|
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Number of new portfolio companies invested |
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3 |
Number of existing portfolio companies invested |
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6 |
Number of ending portfolio companies |
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49 |
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CONFERENCE CALL AT 10:00 A.M. ET ON MAY 10,
2018
PennantPark Investment Corporation (“we,” “our,”
“us” or “Company”) will host a conference call at 10:00 a.m.
(Eastern Time) on Thursday, May 10, 2018 to discuss its financial
results. All interested parties are welcome to participate. You can
access the conference call by dialing toll-free (800) 263-0877
approximately 5-10 minutes prior to the call. International callers
should dial (323) 794-2094. All callers should reference
PennantPark Investment Corporation. An archived replay of the call
will be available through May 24, 2018 by calling toll-free (888)
203-1112. International callers please dial (719) 457-0820. For all
phone replays, please reference conference ID #3843269.
PORTFOLIO AND INVESTMENT
ACTIVITY
As of March 31, 2018, our portfolio totaled
$947.9 million and consisted of $382.4 million of first lien
secured debt, $368.6 million of second lien secured debt, $32.3
million of subordinated debt and $164.6 million of preferred and
common equity. Our debt portfolio consisted of 87% variable-rate
investments (including 8% where London Interbank Offered Rate, or
LIBOR, was below the floor) and 13% fixed-rate investments. As of
March 31, 2018, we had no companies on non-accrual. Overall, the
portfolio had net unrealized depreciation of $92.7 million as of
March 31, 2018. Our overall portfolio consisted of 49 companies
with an average investment size of $19.3 million, had a weighted
average yield on interest bearing debt investments of 11.5% and was
invested 40% in first lien secured debt, 39% in second lien secured
debt, 4% in subordinated debt and 17% in preferred and common
equity.
As of September 30, 2017, our portfolio
totaled $1,153.6 million and consisted of $466.1 million of first
lien secured debt, $399.5 million of second lien secured debt,
$120.7 million of subordinated debt and $167.3 million of preferred
and common equity. Our debt portfolio consisted of 82%
variable-rate investments (including 13% where LIBOR was below the
floor) and 18% fixed-rate investments. As of September 30, 2017, we
had no companies on non-accrual. Overall, the portfolio had net
unrealized depreciation of $56.4 million as of September 30, 2017.
Our overall portfolio consisted of 55 companies with an average
investment size of $21.0 million, had a weighted average yield on
interest bearing debt investments of 11.5% and was invested 40% in
first lien secured debt, 35% in second lien secured debt, 10% in
subordinated debt and 15% in preferred and common equity.
For the three months ended March 31, 2018, we
invested $97.0 million in three new and six existing portfolio
companies with a weighted average yield on debt investments of
8.9%. Sales and repayments of investments for the three months
ended March 31, 2018 totaled $246.4 million. For the six months
ended March 31, 2018, we invested $235.4 million in eight new and
13 existing portfolio companies with a weighted average yield on
debt investments of 10.0%. Sales and repayments of investments for
the six months ended March 31, 2018 totaled $438.7 million.
For the three months ended March 31, 2017, we
invested $60.5 million in three new and seven existing portfolio
companies with a weighted average yield on debt investments of
9.5%. Sales and repayments of investments for the three months
ended March 31, 2017 totaled $202.0 million. For the six months
ended March 31, 2017, we invested $289.7 million in 12 new and 14
existing portfolio companies with a weighted average yield on debt
investments of 10.8%. Sales and repayments of investments for the
six months ended March 31, 2017 totaled $266.2 million.
RESULTS OF OPERATIONS
Set forth below are the results of operations
for the three and six months ended March 31, 2018 and 2017.
Investment Income
Investment income for the three and six months
ended March 31, 2018 was $27.2 million and $55.9 million,
respectively, and was attributable to $12.7 million and $25.4
million from first lien secured debt, $11.3 million and $24.2
million from second lien secured debt and $3.2 million and $6.3
million from subordinated debt, preferred and common equity,
respectively. This compares to investment income for the three and
six months ended March 31, 2017, which was $33.7 million and $65.6
million, respectively, and was attributable to $15.2 million and
$28.3 million from first lien secured debt, $13.0 million and $25.6
million from second lien secured debt and $5.5 million and $11.7
million from subordinated debt, preferred and common equity,
respectively. The decrease in investment income compared to the
same periods in the prior year was primarily due to a reduction of
our portfolio at cost.
Expenses
Net expenses for the three and six months ended
March 31, 2018 totaled $13.8 million and $28.3 million,
respectively. Base management fee for the same periods totaled $3.9
million and $8.7 million (after a base management fee waiver of
$0.9 million), incentive fee totaled $2.8 million and $5.5 million
(after an incentive fee waiver of $0.5 million), debt related
interest and expenses totaled $5.9 million and $11.8 million and
general and administrative expenses totaled $1.2 million and $2.3
million, respectively. This compares to net expenses for the three
and six months ended March 31, 2017, which totaled $17.5 million
and $34.4 million, respectively. Base management fee for the same
periods totaled $5.3 million (after a base management fee waiver of
$1.0 million) and $10.6 million (after a base management fee waiver
of $2.0 million), incentive fee totaled $3.1 million (after an
incentive fee waiver of $0.6 million) and $5.9 million (after an
incentive fee waiver of $1.1 million), debt related interest and
expenses totaled $7.2 million and $13.9 million, general and
administrative expenses totaled $1.5 million and $3.1 million and
provision for taxes totaled $0.4 million and $0.9 million,
respectively. The decrease in expenses compared to the same periods
in the prior year was primarily due to a reduction of our portfolio
at cost, a decrease in debt related interest and expenses and base
management fees.
Net Investment Income
Net investment income totaled $13.4 million and
$27.6 million, or $0.19 and $0.39 per share, for the three and six
months ended March 31, 2018, respectively. Net investment income
totaled $16.2 million and $31.2 million, or $0.23 and $0.44 per
share, for the three and six months ended March 31, 2017,
respectively. The decrease in net investment income per share
compared to the same periods in the prior year was primarily due to
a reduction of our portfolio at cost.
Net Realized Gains or
Losses
Sales and repayments of investments for the
three and six months ended March 31, 2018 totaled $246.4 million
and $438.7 million, respectively, and net realized gains totaled
$21.8 million and $25.5 million, respectively. Sales and repayments
of investments for the three and six months ended March 31, 2017
totaled $202.0 million and $266.2 million, respectively, and net
realized losses totaled $18.7 million and $40.9 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, Credit Facility and Notes
For the three and six months ended March 31,
2018, we reported net change in unrealized depreciation on
investments of $29.5 million and $36.3 million, respectively. For
the three and six months ended March 31, 2017, we reported net
change in unrealized appreciation on investments of $20.2 million
and $45.5 million, respectively. As of March 31, 2018 and September
30, 2017, our net unrealized depreciation on investments totaled
$92.7 million and $56.4 million, respectively. The net change in
unrealized depreciation on our investments was driven primarily by
changes in the capital market conditions, the financial performance
of certain portfolio companies and the reversal of unrealized
appreciation/depreciation of investments that were realized.
For the three and six months ended March 31,
2018, our multi-currency, senior secured revolving credit facility,
as amended and restated, or the Credit Facility and our 4.50% notes
due 2019, or 2019 Notes had a net change in unrealized depreciation
of $0.4 million and $1.5 million, respectively. For the three and
six months ended March 31, 2017, our Credit Facility, the 2019
Notes and our 6.25% notes due 2025 had a net change in unrealized
appreciation of $6.1 million and $0.3 million, respectively. As of
March 31, 2018 and September 30, 2017, our net unrealized
appreciation on the Credit Facility and the 2019 Notes totaled $0.8
million and $2.3 million, respectively. The net change in
unrealized depreciation compared to the same periods in the prior
year was primarily due to changes in the capital markets.
Net Change in Net Assets Resulting From
Operations
Net change in net assets resulting from
operations totaled $6.0 million and $18.3 million, or $0.08 and
$0.26 per share, for the three and six months ended March 31, 2018,
respectively. This compares to a net change in net assets resulting
from operations of $11.5 million and $35.5 million, or $0.16 and
$0.50 per share, for the three and six months ended March 31, 2017,
respectively. The decrease in the net change in net assets from
operations compared to the same periods in the prior year was
primarily due to a reduction of our portfolio and depreciation of
our investments.
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 six months ended March 31, 2018 and 2017, inclusive of the fee
on the undrawn commitment and amendment costs on the Credit
Facility, amortized upfront fees on Small Business Administration,
or SBA, debentures and debt issuance costs, was 4.58% and 4.38%,
respectively.
As of March 31, 2018 and September 30, 2017, we
had $41.5 million and $79.4 million, respectively, in outstanding
borrowings under the Credit Facility. The Credit Facility had a
weighted average interest rate of 2.88% and 2.42%, respectively,
exclusive of the fee on undrawn commitments of 0.375%, as of March
31, 2018 and September 30, 2017. As of March 31, 2018 and September
30, 2017, we had $403.5 million and $365.6 million of unused
borrowing capacity under our Credit Facility, respectively, subject
to the regulatory restrictions.
As of March 31, 2018 and September 30, 2017, we
had $250.0 million in aggregate principal amount of 2019 Notes
outstanding, with a fixed interest rate of 4.50% per year. As of
March 31, 2018 and September 30, 2017, we had $200.0 million and
$199.0 million in SBA debentures outstanding, respectively.
As of March 31, 2018 and September 30, 2017, we
had cash and cash equivalents of $170.2 million and $38.2 million,
respectively, available for investing and general corporate
purposes. We believe our liquidity and capital resources are
sufficient to take advantage of market opportunities.
Our operating activities provided cash of $196.1
million for the six months ended March 31, 2018, and our financing
activities used cash of $64.2 million for the same period. Our
operating activities provided cash from sales and repayments on our
investments and our financing activities used cash primarily to pay
distributions to stockholders and for net repayments under the
Credit Facility.
Our operating activities used cash of $18.8
million for the six months ended March 31, 2017, and our financing
activities provided cash of $9.5 million for the same period. Our
operating activities used cash primarily for our investment
activities and our financing activities provided cash primarily for
net borrowings under the Credit Facility.
RECENT DEVELOPMENTS
Subsequent to quarter-end, we announced a share
repurchase plan which allows us to repurchase up to $30.0 million
of our outstanding common stock in the open market at prices below
our net asset value as reported in our then most recently published
consolidated financial statements. The program will expire on May
8, 2019.
Subsequent to quarter-end, we repaid $15.0 million of SBA
debentures.
DISTRIBUTIONS
During the three and six months ended March 31,
2018, we declared distributions of $0.18 and $0.36 per share,
respectively, for total distributions of $12.8 million and $25.6
million, respectively. For the same periods in the prior year, we
declared distributions of $0.18 and $0.46 per share, respectively,
for total distributions of $12.8 million and $32.7 million,
respectively. We monitor available net investment income to
determine if a return of capital for taxation 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 Securities
and Exchange Commission, or the SEC.
AVAILABLE INFORMATION
The Company makes available on its website its
report on Form 10-Q filed with the SEC and stockholders may find
the report on our website at www.pennantpark.com.
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PENNANTPARK INVESTMENT CORPORATION AND
SUBSIDIARIES |
CONSOLIDATED STATEMENTS OF ASSETS AND
LIABILITIES |
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March 31, 2018 |
|
|
September 30, 2017 |
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(unaudited) |
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Assets |
|
|
|
|
|
|
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|
Investments at fair
value |
|
|
|
|
|
|
|
|
Non-controlled, non-affiliated investments (cost—$705,364,389 and
$824,106,322, respectively) |
|
$ |
728,195,206 |
|
|
$ |
849,351,548 |
|
Non-controlled, affiliated investments (cost—$91,601,721 and
$185,799,943, respectively) |
|
|
74,902,002 |
|
|
|
189,674,977 |
|
Controlled, affiliated investments (cost—$243,662,176 and
$200,120,407, respectively) |
|
|
144,842,821 |
|
|
|
114,550,983 |
|
Total of
investments (cost—$1,040,628,286 and $1,210,026,672,
respectively) |
|
|
947,940,029 |
|
|
|
1,153,577,508 |
|
Cash and cash
equivalents (cost—$170,265,666 and $38,182,373, respectively) |
|
|
170,219,549 |
|
|
|
38,202,068 |
|
Interest
receivable |
|
|
6,118,899 |
|
|
|
5,906,976 |
|
Receivable for
investments sold |
|
|
26,983,525 |
|
|
|
— |
|
Prepaid expenses and
other assets |
|
|
2,285,185 |
|
|
|
4,509,289 |
|
Total assets |
|
|
1,153,547,187 |
|
|
|
1,202,195,841 |
|
Liabilities |
|
|
|
|
|
|
|
|
Distributions
payable |
|
|
12,790,950 |
|
|
|
12,790,950 |
|
Payable for investments
purchased |
|
|
— |
|
|
|
1,014,000 |
|
Credit Facility payable
(cost—$41,520,000 and $79,392,900, respectively) |
|
|
41,685,939 |
|
|
|
76,037,341 |
|
2019 Notes payable
(par—$250,000,000) |
|
|
250,617,500 |
|
|
|
255,665,000 |
|
SBA debentures payable,
net (par—$200,000,000 and $199,000,000, respectively) |
|
|
194,866,410 |
|
|
|
194,364,653 |
|
Base management fee
payable, net |
|
|
3,873,738 |
|
|
|
4,845,237 |
|
Performance-based
incentive fee payable, net |
|
|
2,845,616 |
|
|
|
2,270,008 |
|
Interest payable on
debt |
|
|
6,444,374 |
|
|
|
6,876,756 |
|
Accrued other
expenses |
|
|
865,683 |
|
|
|
1,523,425 |
|
Total liabilities |
|
|
513,990,210 |
|
|
|
555,387,370 |
|
Commitments and
contingencies |
|
|
— |
|
|
|
— |
|
Net
assets |
|
|
|
|
|
|
|
|
Common stock,
71,060,836 shares issued and outstanding Par value $0.001 per
share and 100,000,000 shares authorized |
|
|
71,061 |
|
|
|
71,061 |
|
Paid-in capital in
excess of par value |
|
|
818,737,784 |
|
|
|
818,737,784 |
|
Undistributed net
investment income |
|
|
5,334,784 |
|
|
|
3,333,195 |
|
Accumulated net
realized loss on investments |
|
|
(91,071,422 |
) |
|
|
(116,598,355 |
) |
Net unrealized
depreciation on investments |
|
|
(92,731,791 |
) |
|
|
(56,425,773 |
) |
Net unrealized
appreciation on debt |
|
|
(783,439 |
) |
|
|
(2,309,441 |
) |
Total net assets |
|
$ |
639,556,977 |
|
|
$ |
646,808,471 |
|
Total liabilities and net assets |
|
$ |
1,153,547,187 |
|
|
$ |
1,202,195,841 |
|
Net asset value
per share |
|
$ |
9.00 |
|
|
$ |
9.10 |
|
|
|
PENNANTPARK INVESTMENT CORPORATION AND
SUBSIDIARIES |
CONSOLIDATED STATEMENTS OF
OPERATIONS |
(Unaudited) |
|
|
|
Three Months Ended March 31, |
|
|
Six Months Ended March 31, |
|
|
|
2018 |
|
|
2017 |
|
|
2018 |
|
|
2017 |
|
Investment
income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From non-controlled,
non-affiliated investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
$ |
19,734,120 |
|
|
$ |
22,881,267 |
|
|
$ |
41,117,339 |
|
|
$ |
44,532,692 |
|
Payment
in kind |
|
|
1,675,075 |
|
|
|
1,209,049 |
|
|
|
2,959,984 |
|
|
|
1,429,753 |
|
Other
income |
|
|
2,486,424 |
|
|
|
1,565,617 |
|
|
|
4,073,066 |
|
|
|
3,668,153 |
|
From non-controlled,
affiliated investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
|
1,376,065 |
|
|
|
2,990,507 |
|
|
|
2,591,899 |
|
|
|
5,781,439 |
|
Payment
in kind |
|
|
234,349 |
|
|
|
1,449,879 |
|
|
|
1,807,655 |
|
|
|
2,884,628 |
|
Other
income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
22,500 |
|
From controlled,
affiliated investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
|
970,264 |
|
|
|
210,809 |
|
|
|
1,450,694 |
|
|
|
390,544 |
|
Payment
in kind |
|
|
749,312 |
|
|
|
3,407,865 |
|
|
|
1,893,397 |
|
|
|
6,874,194 |
|
Total investment income |
|
|
27,225,609 |
|
|
|
33,714,993 |
|
|
|
55,894,034 |
|
|
|
65,583,903 |
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Base
management fee |
|
|
3,873,739 |
|
|
|
6,332,507 |
|
|
|
9,608,876 |
|
|
|
12,607,289 |
|
Performance-based incentive fee |
|
|
2,845,616 |
|
|
|
3,643,189 |
|
|
|
6,030,820 |
|
|
|
7,017,399 |
|
Interest
and expenses on debt |
|
|
5,940,893 |
|
|
|
7,179,057 |
|
|
|
11,798,271 |
|
|
|
13,914,631 |
|
Administrative services expenses |
|
|
521,625 |
|
|
|
894,000 |
|
|
|
1,043,250 |
|
|
|
1,788,000 |
|
Other
general and administrative expenses |
|
|
628,290 |
|
|
|
668,483 |
|
|
|
1,256,580 |
|
|
|
1,336,990 |
|
Expenses before Management Fees waiver and provision for
taxes |
|
|
13,810,163 |
|
|
|
18,717,236 |
|
|
|
29,737,797 |
|
|
|
36,664,309 |
|
Management Fees waiver |
|
|
— |
|
|
|
(1,596,111 |
) |
|
|
(1,427,253 |
) |
|
|
(3,139,950 |
) |
Provision
for taxes |
|
|
— |
|
|
|
425,000 |
|
|
|
— |
|
|
|
850,000 |
|
Net expenses |
|
|
13,810,163 |
|
|
|
17,546,125 |
|
|
|
28,310,544 |
|
|
|
34,374,359 |
|
Net investment income |
|
|
13,415,446 |
|
|
|
16,168,868 |
|
|
|
27,583,490 |
|
|
|
31,209,544 |
|
Realized and
unrealized (loss) gain on investments and debt: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gain
(loss) on investments on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-controlled, non-affiliated investments |
|
|
12,876,286 |
|
|
|
13,248,244 |
|
|
|
14,669,329 |
|
|
|
(8,947,090 |
) |
Non-controlled and controlled, affiliated investments |
|
|
8,877,164 |
|
|
|
(31,990,981 |
) |
|
|
10,857,604 |
|
|
|
(31,990,981 |
) |
Net realized gain (loss) on investments |
|
|
21,753,450 |
|
|
|
(18,742,737 |
) |
|
|
25,526,933 |
|
|
|
(40,938,071 |
) |
Net change in
unrealized (depreciation) appreciation on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-controlled, non-affiliated investments |
|
|
(4,219,398 |
) |
|
|
(6,279,870 |
) |
|
|
(2,481,333 |
) |
|
|
13,356,331 |
|
Non-controlled and controlled, affiliated investments |
|
|
(25,313,724 |
) |
|
|
26,429,957 |
|
|
|
(33,824,685 |
) |
|
|
32,166,856 |
|
Debt
depreciation (appreciation) |
|
|
399,236 |
|
|
|
(6,116,548 |
) |
|
|
1,526,002 |
|
|
|
(285,864 |
) |
Net change in unrealized (depreciation) appreciation on
investments and debt |
|
|
(29,133,886 |
) |
|
|
14,033,539 |
|
|
|
(34,780,016 |
) |
|
|
45,237,323 |
|
Net realized
and unrealized (loss) gain from investments and debt |
|
|
(7,380,436 |
) |
|
|
(4,709,198 |
) |
|
|
(9,253,083 |
) |
|
|
4,299,252 |
|
Net increase in
net assets resulting from operations |
|
$ |
6,035,010 |
|
|
$ |
11,459,670 |
|
|
$ |
18,330,407 |
|
|
$ |
35,508,796 |
|
Net increase in net
assets resulting from operations per common share |
|
$ |
0.08 |
|
|
$ |
0.16 |
|
|
$ |
0.26 |
|
|
$ |
0.50 |
|
Net investment income
per common share |
|
$ |
0.19 |
|
|
$ |
0.23 |
|
|
$ |
0.39 |
|
|
$ |
0.44 |
|
|
ABOUT PENNANTPARK INVESTMENT CORPORATION
PennantPark Investment Corporation is a business
development company which invests primarily in U.S. middle-market
companies in the form of first lien secured debt, second lien
secured debt, subordinated debt and equity investments. PennantPark
Investment Corporation is managed by PennantPark Investment
Advisers, LLC.
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 SEC. The Company 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:
Aviv EfratPennantPark Investment CorporationReception: (212)
905-1000www.pennantpark.com
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