By Wendy Van Sickle
Columbus, Ohio, Oct. 14 – PennantPark Investment Corp. priced $165 million of 4% five-year notes (Egan-Jones: BBB) at 99.436 to yield 4.125% on Thursday, according to an FWP filed with the Securities and Exchange Commission.
The notes priced at a spread of 307.3 basis points over Treasuries.
The notes are redeemable at the greater of a make-whole call and a par call.
Raymond James & Associates, Keefe, Bruyette & Woods Inc., Truist Securities Inc. and J.P. Morgan Securities LLC are the bookrunners.
Proceeds will be used to redeem all of the company’s $86.3 million of 5.5% notes due 2024 and to invest in portfolio companies or for other general corporate or strategic purposes, including repaying debt.
PennantPark is a New York-based middle-market investment company.
| Issuer: | PennantPark Investment Corp.
|
| Issue: | Notes
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| Amount: | $165 million
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| Maturity: | Nov. 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 Oppenheimer & Co. Inc.
|
| Coupon: | 4%
|
| Price: | 99.436
|
| Yield: | 4.125%
|
| Spread: | Treasuries plus 307.3 bps
|
| Call features: | Greater of par and make-whole call at Treasuries plus 50 bps
|
| Trade date: | Oct. 14
|
| Settlement date: | Oct. 21
|
| Rating: | Egan-Jones: BBB
|
| Distribution: | SEC registered
|
| Cusip: | 708062AD6
|
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