By Susanna Moon
Chicago, Jan. 16 - PennantPark Investment Corp. priced a public offering of $67.5 million 6¼% senior notes due 2025 with an over-allotment option for $10.125 million more notes, according to a company press release.
The notes have a par value of $25 and pay interest quarterly.
Stifel, Nicolaus & Co., Inc. and RBC Capital Markets, LLC are the joint bookrunning managers.
The notes are callable after three years.
Proceeds will be used to reduce debt under its credit facility, to invest in new or existing portfolio companies or for other general corporate or strategic purposes.
The company said it plans to apply to list the notes on the New York Stock Exchange under the ticker "PNTA."
New York-based PennantPark is a closed-end, externally managed, non-diversified investment company that focuses on debt and equity investments in U.S. middle-market companies.
| Issuer: | PennantPark Investment Corp.
|
| Issue: | Senior notes
|
| Amount: | $67.5 million
|
| Greenshoe: | $10.125 million
|
| Maturity: | Feb. 1, 2025
|
| Coupon: | 6¼%, payable quarterly
|
| Call option: | Beginning Feb. 1, 2016
|
| Bookrunners: | Stifel, Nicolaus & Co., Inc. and RBC Capital Markets, LLC
|
| Co-managers: | Robert W. Baird & Co. Inc., Credit Suisse Securities (USA) LLC, Janney Montgomery Scott LLC, Ladenburg Thalmann & Co. Inc., Stephens Inc. and Sterne, Agee & Leach, Inc.
|
| Pricing date: | Jan. 16
|
| Settlement date: | Jan. 22
|
| Listing: | PNTA on New York Stock Exchange
|
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