Chicago, April 14 – PennantPark Investment Corp. sold an upsized $150 million of 4.5% notes due May 1, 2026 (Egan-Jones: BBB), according to a press release on Wednesday.
The notes were expected in the 4.75% area and had been talked with a $100 million issue size.
The SEC-registered notes feature a make-whole call until three months prior to maturity and then a par call.
Raymond James & Associates Inc., Keefe, Bruyette & Woods Inc., Truist Securities Inc. and J.P. Morgan Securities LLC are the bookrunners.
The co-managers are Compass Point Research & Trading LLC, JMP Securities LLC, Ladenburg Thalmann & Co. Inc. and Capital One Securities Inc.
Settlement is expected on April 21.
Proceeds will be used to repay debt under a credit facility and for general corporate or strategic purposes.
The business development company, which principally invests in U.S. middle-market private companies in the form of senior secured loans, mezzanine debt and equity investments, is based in New York.
| Issuer: | PennantPark Investment Corp.
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| Issue: | Notes
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| Amount: | $150 million
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| Maturity: | May 1, 2026
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| Bookrunners: | Raymond James & Associates Inc., Keefe, Bruyette & Woods Inc., Truist Securities Inc. and J.P. Morgan Securities LLC
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| Co-managers: | Compass Point Research & Trading LLC, JMP Securities LLC, Ladenburg Thalmann & Co. Inc. and Capital One Securities Inc.
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| Coupon: | 4.5%
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| Call features: | Make-whole call until three months before maturity, then par call
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| Trade date: | April 14
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| Settlement date: | April 21
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| Ratings: | Egan-Jones: BBB
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| Distribution: | SEC-registered
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| Price talk: | 4.75% area, sized at $100 million
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