By Wendy Van Sickle
Columbus, Ohio, March 19 – PennantPark Floating Rate Capital Ltd. priced a $100 million offering of five-year notes at par with a coupon of 4.25% (Egan-Jones: BBB) at 99.441 to yield 4.375%, according to a Securities and Exchange Commission filing.
The notes priced at a spread over Treasuries of 351.3 basis points.
Goldman Sachs & Co. LLC, Keefe, Bruyette & Woods Inc. and Truist Securities Inc. are the bookrunners.
Proceeds will be used to reduce borrowings under the company’s credit facility, to invest in new or existing portfolio companies or for other general corporate or strategic purposes.
PennantPark is a New York City-based middle-market investment company.
| Issuer: | PennantPark Floating Rate Capital Ltd.
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| Description: | Notes
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| Amount: | $100 million
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| Maturity: | April 1, 2026
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| Bookrunners: | Goldman Sachs & Co. LLC, Keefe, Bruyette & Woods, Inc. and Truist Securities, Inc.
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| Co-managers: | JMP Securities LLC and Ladenburg Thalmann & Co. Inc.
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| Coupon: | 4.25%
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| Price: | 99.441
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| Yield: | 4.375%
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| Spread: | Treasuries plus 351.3 bps
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| Call: | Make-whole call at greater of par and an amount discounted at Treasuries plus 50 bps until Jan. 1, 2026; par call afterward
|
| Pricing date: | March 18
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| Settlement date: | March 23
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| Rating: | Egan-Jones BBB
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| Distribution: | SEC registered
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