PennantPark Investment Corporation (NASDAQ: PNNT) announced today
financial results for the third fiscal quarter ended June 30, 2019.
HIGHLIGHTS
Quarter ended June 30, 2019($
in millions, except per share amounts) |
Assets and Liabilities: |
|
|
|
Investment
portfolio |
$ |
1,274.8 |
|
Net assets |
$ |
585.7 |
|
Net asset value per
share |
$ |
8.74 |
|
|
|
|
SunTrust Credit
Facility |
$ |
372.1 |
|
BNP Credit
Facility |
$ |
177.1 |
|
SBA Debentures |
$ |
146.0 |
|
|
|
|
Yield on debt
investments at quarter-end |
|
10.1 |
% |
|
|
|
Operating Results: |
|
|
Net investment income |
$ |
11.6 |
|
Net investment income per
share |
$ |
0.17 |
|
Distributions declared
per share |
$ |
0.18 |
|
|
|
|
|
Portfolio Activity: |
|
|
|
Purchases of
investments |
$ |
116.4 |
|
Sales and repayments of
investments |
$ |
84.7 |
|
|
|
|
|
Number of new portfolio
companies invested |
|
6 |
|
Number of existing
portfolio companies invested |
|
12 |
|
Number of ending
portfolio companies |
|
68 |
|
|
|
|
|
CONFERENCE CALL AT 11:00 A.M. EST ON
AUGUST 8, 2019
PennantPark Investment Corporation (“we,” “our,”
“us” or the “Company”) will host a conference call at 11:00 a.m.
(Eastern Standard Time) on Thursday, August 8, 2019 to discuss its
financial results. All interested parties are welcome to
participate. You can access the conference call by dialing
toll-free (800) 239-9838 approximately 5-10 minutes prior to the
call. International callers should dial (323) 794-2551. All callers
should reference PennantPark Investment Corporation. An archived
replay of the call will be available through August 23, 2019 by
calling toll-free (888) 203-1112. International callers please dial
(719) 457-0820. For all phone replays, please reference conference
ID #6277390.
PORTFOLIO AND INVESTMENT
ACTIVITY
“We are pleased that we are making substantial
progress toward enhancing our portfolio by moving into more senior
secured positions, which we believe will result in even more steady
and stable coverage of our dividend over time,” said Art Penn,
Chairman and CEO. “Additionally, our earnings stream will continue
to improve based on a gradual increase in our debt to equity ratio,
while maintaining a prudent debt profile.”
As of June 30, 2019, our portfolio totaled
$1,274.8 million and consisted of $750.0 million of first lien
secured debt, $288.1 million of second lien secured debt, $58.3
million of subordinated debt and $178.4 million of preferred and
common equity. Our debt portfolio consisted of 88% variable-rate
investments and 12% fixed-rate investments. As of June 30, 2019, we
had one portfolio company on non-accrual, respectively representing
1.5% and 0.7% of our overall portfolio on a cost and fair value
basis. Overall, the portfolio had net unrealized depreciation of
$58.9 million as of June 30, 2019. Our overall portfolio consisted
of 68 companies with an average investment size of $18.7 million,
had a weighted average yield on interest bearing debt investments
of 10.1% and was invested 59% in first lien secured debt, 23% in
second lien secured debt, 4% in subordinated debt and 14% in
preferred and common equity.
As of September 30, 2018, our portfolio totaled
$1,132.1 million and consisted of $531.4 million of first lien
secured debt, $391.1 million of second lien secured debt, $48.1
million of subordinated debt and $161.5 million of preferred and
common equity. Our debt portfolio consisted of 90% variable-rate
investments and 10% fixed-rate investments. As of September 30,
2018, we had no portfolio companies on non-accrual. Overall, the
portfolio had net unrealized depreciation of $111.8 million as of
September 30, 2018. Our overall portfolio consisted of 53 companies
with an average investment size of $21.4 million, had a weighted
average yield on interest bearing debt investments of 11.2% and was
invested 47% in first lien secured debt, 35% in second lien secured
debt, 4% in subordinated debt and 14% in preferred and common
equity.
For the three months ended June 30, 2019, we
invested $116.4 million in six new and 12 existing portfolio
companies with a weighted average yield on debt investments of
10.3%. Sales and repayments of investments for the three months
ended June 30, 2019 totaled $84.7 million. For the nine months
ended June 30, 2019, we invested $494.8 million in 21 new and 38
existing portfolio companies with a weighted average yield on debt
investments of 9.5 %. Sales and repayments of investments for the
nine months ended June 30, 2019 totaled $325.6 million.
For the three months ended June 30, 2018, we
invested $187.9 million in five new and 12 existing portfolio
companies with a weighted average yield on debt investments of
10.5%. Sales and repayments of investments for the three months
ended June 30, 2018 totaled $117.7 million. For the nine months
ended June 30, 2018, we invested $423.3 million in 13 new and 25
existing portfolio companies with a weighted average yield on debt
investments of 10.2%. Sales and repayments of investments for the
nine months ended June 30, 2018 totaled $556.4 million.
RESULTS OF OPERATIONS
Set forth below are the results of operations
for the three and nine months ended June 30, 2019 and 2018.
Investment Income
Investment income for the three and nine months
ended June 30, 2019 was $28.1 million and $84.2 million,
respectively, and was attributable to $16.7 million and $45.6
million from first lien secured debt, $9.2 million and $32.7
million from second lien secured debt and $2.2 million and $5.9
million from subordinated debt, respectively. This compares to
investment income for the three and nine months ended June 30, 2018
of $24.8 million and $80.7 million, respectively, and was
attributable to $11.4 million and $36.7 million from first lien
secured debt, $12.2 million and $36.4 million from second lien
secured debt and $1.2 million and $7.6 million from subordinated
debt, preferred and common equity. The increase in investment
income compared to the same periods in the prior year was primarily
due to the growth of our portfolio.
Expenses
Expenses for the three and nine months ended
June 30, 2019 totaled $16.5 million and $49.2 million,
respectively. Base management fee for the same periods totaled $4.7
million and $13.6 million, incentive fee totaled $2.5 million and
$5.1 million, debt related interest and expenses totaled $7.8
million and $26.0 million (including $2.2 million of make-whole
premium on the repayment of our 4.50% notes due 2019, or the 2019
Notes, and $2.7 million in debt issuance costs on our revolving
credit facility with BNP Paribas, or the BNP Credit Facility),
general and administrative expenses totaled $1.2 million and $3.6
million and provision for taxes totaled $0.3 million and $0.9
million, respectively. This compares to net expenses for the three
and nine months ended June 30, 2018, which totaled $13.0 million
and $41.3 million, respectively. Base management fee for the same
periods totaled $3.8 million and $12.5 million (after a base
management fee waiver of $0.9 million), incentive fee totaled $2.5
million and $8.0 million (after an incentive fee waiver of $0.5
million), debt related interest and expenses totaled $5.6 million
and $17.4 million and general and administrative expenses totaled
$1.1 million and $3.4 million, respectively. The increase in
expenses compared to the three-month period ended in the prior year
was primarily due to higher leverage costs and provision for taxes.
The increase in expenses compared to the nine-month period ended in
the prior year was primarily due to higher leverage costs,
provision for taxes, and expenses related the make-whole premium on
the repayment of the 2019 Notes and the debt issuance costs on the
BNP Credit Facility.
Net Investment Income
Net investment income totaled $11.6 million and
$35.0 million, or $0.17 and $0.51 per share, for the three and nine
months ended June 30, 2019, respectively. Net investment income
totaled $11.8 million and $39.4 million, or $0.17 and $0.55 per
share, for the three and nine months ended June 30, 2018,
respectively. The decrease in net investment income compared to the
three-month period ended in the prior year was primarily due to
higher leverage costs and provision for taxes which were partially
offset by higher investment income. The decrease in net investment
income compared to the nine-month period ended in the prior year
was primarily due to higher leverage costs, provision for taxes,
and expenses related the make-whole premium on the repayment of the
2019 Notes and the debt issuance costs on the BNP Credit Facility
which were partially offset by higher investment income.
Net Realized Gains or
Losses
Sales and repayments of investments for the
three and nine months ended June 30, 2019 totaled $84.7 million and
$325.6 million, respectively, and net realized losses totaled $99.6
million and $90.1 million, respectively. Sales and repayments of
investments for the three and nine months ended June 30, 2018
totaled $117.7 million and $556.4 million, respectively, and net
realized gains totaled $17.4 million and $43.0 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 Facilities and the 2019
Notes
For the three and nine months ended June 30,
2019, we reported net change in unrealized depreciation on
investments of $93.4 million and $52.9 million, respectively. For
the three and nine months ended June 30, 2018, we reported net
change in unrealized depreciation on investments of $13.9 million
and $50.2 million, respectively. As of June 30, 2019 and September
30, 2018, our net unrealized depreciation on investments totaled
$58.9 million and $111.8 million, respectively. The net change in
unrealized appreciation/depreciation on our investments compared to
the same periods in the prior year was primarily due to changes in
the capital market conditions, the financial performance of certain
portfolio companies and the reversal of unrealized
appreciation/depreciation on investments that were realized.
For the three and nine months ended June 30,
2019, our BNP Credit Facility and the multi-currency, senior
secured revolving credit facility with SunTrust Bank, or the
SunTrust Credit Facility (collectively, the Credit Facilities), and
the 2019 Notes had a net change in unrealized depreciation of $0.2
million and $9.9 million, respectively. For the three and nine
months ended June 30, 2018, the SunTrust Credit Facility and the
2019 Notes had a net change in unrealized depreciation of $1.6
million and $3.1 million, respectively. As of June 30, 2019, the
net unrealized depreciation on the Credit Facilities totaled $11.5
million. As of September 30, 2018, the net unrealized depreciation
on the SunTrust Credit Facility and the 2019 Notes totaled $1.6
million. The net change in net 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 $5.6 million and $7.7 million, or $0.08 and
$0.11 per share, for the three and nine months ended June 30, 2019.
Net change in net assets resulting from operations totaled $16.9
million and $35.2 million, or $0.24 and $0.50 per share, for the
three and nine months ended June 30, 2018. The decrease in the net
change in net assets from operations compared to the same periods
in the prior year was primarily due to depreciation of the
portfolio.
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, 2019 and 2018, inclusive of the fee
on the undrawn commitment under the SunTrust Credit Facility, debt
issuance costs on the BNP Credit Facility, prepayment penalties on
the 2019 Notes and amortized upfront fees on SBA debentures, was
5.4% and 4.6%, respectively (excluding debt issuance costs and
prepayment penalties, amounts were 4.6% and 4.6%,
respectively).
As of June 30, 2019, PennantPark Investment
Funding I, LLC, or Funding I, had $178.0 million in outstanding
borrowings under the BNP Credit Facility. The BNP Credit Facility
had a weighted average interest rate of 5.0% as of June 30, 2019.
As of June 30, 2019, Funding I had $72.0 million of unused
borrowing capacity under the BNP Credit Facility, subject to the
regulatory restrictions.
As of June 30, 2019 and September 30, 2018, we
had $382.6 million (including a $12.0 million temporary draw) and
$80.5 million (including a $2.0 million temporary draw),
respectively, in outstanding borrowings under the SunTrust Credit
Facility. The SunTrust Credit Facility had a weighted average
interest rate of 4.7% and 3.8%, respectively, exclusive of the fee
on undrawn commitments of 0.4%, as of June 30, 2019 and September
30, 2018. As of the same periods, we had $114.5 million and $364.5
million of unused borrowing capacity under the SunTrust Credit
Facility, respectively, subject to the regulatory restrictions.
As of June 30, 2019 and September 30, 2018, we
had zero and $250.0 million in aggregate principal amount of 2019
Notes outstanding, respectively, with a fixed interest rate of
4.50% per year. As of June 30, 2019 and September 30, 2018, we had
$150.0 million and $180.0 million in SBA debentures outstanding,
respectively.
As of June 30, 2019 and September 30, 2018, we
had cash and cash equivalents of $21.7 million and $19.5 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 used cash of $146.7
million for the nine months ended June 30, 2019, and our financing
activities provided cash of $148.9 million for the same period. Our
operating activities used cash primarily for our investment
activities and our financing activities provided cash primarily
from net borrowings under the Credit Facilities.
Our operating activities provided cash of $173.7
million for the nine months ended June 30, 2018 and our financing
activities used cash of $104.7 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
SunTrust Credit Facility.
STOCK REPURCHASE PROGRAM
On May 9, 2018, we announced a share repurchase
program which allowed us to repurchase up to $30 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 expired on
May 9, 2019. During the three and nine months ended June 30,
2019, we repurchased zero and 2.0 million shares of common stock,
respectively, in open market transactions for an aggregate cost
(including transaction costs) of zero and $14.5 million,
respectively. We repurchased 4.0 million shares of common
stock in open market transactions while the program was in effect
for an aggregate cost (including transaction costs) of $29.5
million.
DISTRIBUTIONS
During the three and nine months ended June 30,
2019, we declared distributions of $0.18 and $0.54 per share, for
total distributions of $12.1 million and $36.4 million,
respectively. For the same periods in the prior year, we declared
distributions of $0.18 and $0.54 per share, respectively, for total
distributions of $12.6 million and $38.2 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 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.
PENNANTPARK INVESTMENT CORPORATION AND
SUBSIDIARIESCONSOLIDATED STATEMENTS OF ASSETS AND
LIABILITIES
|
|
June 30, 2019 |
|
|
September 30, 2018 |
|
|
|
(unaudited) |
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
Investments at fair value |
|
|
|
|
|
|
|
|
Non-controlled, non-affiliated investments (cost—$1,002,864,286 and
$896,720,950, respectively) |
|
|
1,001,919,866 |
|
|
$ |
905,271,258 |
|
Non-controlled, affiliated investments (cost—$37,446,796 and
$91,520,908, respectively) |
|
|
30,753,466 |
|
|
|
78,078,331 |
|
Controlled, affiliated investments (cost—$293,382,082 and
$255,574,317, respectively) |
|
|
242,162,582 |
|
|
|
148,735,885 |
|
Total of investments (cost—$1,333,693,164 and $1,243,816,175,
respectively) |
|
|
1,274,835,914 |
|
|
|
1,132,085,474 |
|
Cash and cash equivalents
(cost—$21,754,580 and $19,543,625, respectively) |
|
|
21,744,836 |
|
|
|
19,506,154 |
|
Interest receivable |
|
|
7,219,742 |
|
|
|
7,606,964 |
|
Prepaid expenses and other
assets |
|
|
373,782 |
|
|
|
920,235 |
|
Total assets |
|
|
1,304,174,274 |
|
|
|
1,160,118,827 |
|
Liabilities |
|
|
|
|
|
|
|
|
Distributions payable |
|
|
12,068,118 |
|
|
|
12,429,712 |
|
BNP Credit Facility payable
(cost—$178,000,000 and zero, respectively) |
|
|
177,110,000 |
|
|
|
— |
|
SunTrust Credit Facility
payable (cost—$382,636,000 and $80,520,000, respectively) |
|
|
372,060,191 |
|
|
|
77,645,830 |
|
2019 Notes payable (par— zero
and $250,000,000, respectively) |
|
|
— |
|
|
|
251,322,500 |
|
SBA debentures payable, net
(par—$150,000,000 and $180,000,000, respectively) |
|
|
146,001,990 |
|
|
|
175,373,229 |
|
Base management fee payable,
net |
|
|
4,653,657 |
|
|
|
4,086,831 |
|
Performance-based incentive
fee payable, net |
|
|
2,471,086 |
|
|
|
2,964,265 |
|
Interest payable on debt |
|
|
4,007,743 |
|
|
|
6,576,393 |
|
Accrued other expenses |
|
|
91,965 |
|
|
|
818,172 |
|
Total liabilities |
|
|
718,464,750 |
|
|
|
531,216,932 |
|
Commitments and
contingencies |
|
|
|
|
|
|
|
|
Net
assets |
|
|
|
|
|
|
|
|
Common stock, 67,045,105 and
69,053,958 shares issued and outstanding, respectively Par
value $0.001 per share and 100,000,000 shares authorized |
|
|
67,045 |
|
|
|
69,054 |
|
Paid-in capital in excess of
par value |
|
|
789,259,509 |
|
|
|
803,729,220 |
|
Accumulated distributable net
loss |
|
|
(203,617,030 |
) |
|
|
(174,896,379 |
) |
Total net assets |
|
$ |
585,709,524 |
|
|
$ |
628,901,895 |
|
Total liabilities and net assets |
|
$ |
1,304,174,274 |
|
|
$ |
1,160,118,827 |
|
Net asset value per
share |
|
$ |
8.74 |
|
|
$ |
9.11 |
|
PENNANTPARK INVESTMENT CORPORATION AND
SUBSIDIARIESCONSOLIDATED STATEMENTS OF
OPERATIONS(Unaudited)
|
|
Three Months Ended June 30, |
|
|
Nine Months Ended June 30, |
|
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
Investment income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From non-controlled,
non-affiliated investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
$ |
19,928,284 |
|
|
$ |
19,491,552 |
|
|
$ |
66,484,378 |
|
|
$ |
60,608,891 |
|
Payment-in-kind |
|
|
1,987,294 |
|
|
|
1,585,945 |
|
|
|
4,625,804 |
|
|
|
4,545,929 |
|
Other income |
|
|
530,923 |
|
|
|
1,494,072 |
|
|
|
1,992,875 |
|
|
|
5,567,138 |
|
From non-controlled,
affiliated investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
|
— |
|
|
|
253,191 |
|
|
|
— |
|
|
|
2,845,090 |
|
Payment-in-kind |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,807,655 |
|
From controlled, affiliated
investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
|
3,435,510 |
|
|
|
1,480,768 |
|
|
|
7,272,766 |
|
|
|
2,931,462 |
|
Payment-in-kind |
|
|
1,454,009 |
|
|
|
453,974 |
|
|
|
2,855,450 |
|
|
|
2,347,371 |
|
Other income |
|
|
776,944 |
|
|
|
— |
|
|
|
949,445 |
|
|
|
— |
|
Total investment income |
|
|
28,112,964 |
|
|
|
24,759,502 |
|
|
|
84,180,718 |
|
|
|
80,653,536 |
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Base management fee |
|
|
4,653,657 |
|
|
|
3,772,669 |
|
|
|
13,583,748 |
|
|
|
13,381,545 |
|
Performance-based incentive fee |
|
|
2,471,085 |
|
|
|
2,497,843 |
|
|
|
5,146,696 |
|
|
|
8,528,663 |
|
Interest and expenses on debt |
|
|
7,808,175 |
|
|
|
5,565,240 |
|
|
|
21,119,041 |
|
|
|
17,363,511 |
|
Administrative services expenses |
|
|
538,125 |
|
|
|
521,625 |
|
|
|
1,592,375 |
|
|
|
1,564,875 |
|
Other general and administrative expenses |
|
|
692,178 |
|
|
|
626,213 |
|
|
|
2,002,723 |
|
|
|
1,882,793 |
|
Expenses before Management Fees waiver and provision for
taxes |
|
|
16,163,220 |
|
|
|
12,983,590 |
|
|
|
43,444,583 |
|
|
|
42,721,387 |
|
Debt issuance costs |
|
|
— |
|
|
|
— |
|
|
|
2,696,498 |
|
|
|
— |
|
Make-whole premium |
|
|
— |
|
|
|
— |
|
|
|
2,162,526 |
|
|
|
— |
|
Management Fees waiver |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,427,253 |
) |
Provision for taxes |
|
|
300,000 |
|
|
|
— |
|
|
|
900,000 |
|
|
|
— |
|
Net expenses |
|
|
16,463,220 |
|
|
|
12,983,590 |
|
|
|
49,203,607 |
|
|
|
41,294,134 |
|
Net investment income |
|
|
11,649,744 |
|
|
|
11,775,912 |
|
|
|
34,977,111 |
|
|
|
39,359,402 |
|
Realized and
unrealized (loss) gain on investments and debt: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized (loss) gain on
investments on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-controlled, non-affiliated investments |
|
|
(43,486,868 |
) |
|
|
17,085,362 |
|
|
|
(33,757,334 |
) |
|
|
31,754,691 |
|
Non-controlled and controlled, affiliated investments |
|
|
(56,148,032 |
) |
|
|
342,086 |
|
|
|
(56,375,131 |
) |
|
|
11,199,690 |
|
Net realized (loss) gain on investments |
|
|
(99,634,900 |
) |
|
|
17,427,448 |
|
|
|
(90,132,465 |
) |
|
|
42,954,381 |
|
Net change in unrealized
appreciation (depreciation) on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-controlled, non-affiliated investments |
|
|
36,381,944 |
|
|
|
(12,925,765 |
) |
|
|
7,535,406 |
|
|
|
(15,407,098 |
) |
Non-controlled and controlled, affiliated investments |
|
|
57,045,559 |
|
|
|
(927,824 |
) |
|
|
45,366,352 |
|
|
|
(34,752,509 |
) |
Debt depreciation |
|
|
186,504 |
|
|
|
1,560,376 |
|
|
|
9,914,139 |
|
|
|
3,086,378 |
|
Net change in unrealized appreciation (depreciation) on
investments and debt |
|
|
93,614,007 |
|
|
|
(12,293,213 |
) |
|
|
62,815,897 |
|
|
|
(47,073,229 |
) |
Net realized and
unrealized loss (gain) from investments and debt |
|
|
(6,020,893 |
) |
|
|
5,134,235 |
|
|
|
(27,316,568 |
) |
|
|
(4,118,848 |
) |
Net increase in net
assets resulting from operations |
|
$ |
5,628,851 |
|
|
$ |
16,910,147 |
|
|
$ |
7,660,543 |
|
|
$ |
35,240,554 |
|
Net increase in net assets
resulting from operations per common share |
|
$ |
0.08 |
|
|
$ |
0.24 |
|
|
$ |
0.11 |
|
|
$ |
0.50 |
|
Net investment income per
common share |
|
$ |
0.17 |
|
|
$ |
0.17 |
|
|
$ |
0.51 |
|
|
$ |
0.55 |
|
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.
ABOUT PENNANTPARK INVESTMENT ADVISERS, LLC
PennantPark Investment Advisers, LLC is a leading middle market
credit platform, which today has more than $3 billion of assets
under management. 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 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 Corporation(212)
905-1000www.pennantpark.com
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