By Devika Patel
Knoxville, Tenn., April 15 – PennantPark Investment Corp. offered further details, including the price and yield, about an upsized $150 million sale of 4.5% notes due May 1, 2026 (Egan-Jones: BBB) that priced on Wednesday, according to an FWP filed with the Securities and Exchange Commission.
The notes priced at 99.443 to yield 4.625%, with a spread of Treasuries plus 377 basis points.
The notes were expected in the 4.75% area and had been talked with a minimum $100 million issue size.
Raymond James & Associates Inc., Keefe, Bruyette & Woods Inc., Truist Securities Inc. and J.P. Morgan Securities LLC were the bookrunners.
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
|
| 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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| Price: | 99.443
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| Yield: | 4.625%
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| Spread: | Treasuries plus 377 bps
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| Call features: | Make-whole call until Feb. 1, 2026, then par call
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| Trade date: | April 14
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| Settlement date: | April 21
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| Rating: | Egan-Jones: BBB
|
| Distribution: | SEC registered
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| Price talk: | 4.75% area, sized at minimum $100 million
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