By Aleesia Forni
Virginia Beach, Sept. 16 – PennantPark Investment Corp. priced $250 million of 4.5% notes due 2019 at Treasuries plus 275 basis points, according to a market source and a 497AD filing with the Securities and Exchange Commission.
Pricing was at 99.905 to yield 4.521%.
The notes (/BBB-/BBB-) sold on top of talk, which came at the tight end of initial guidance set in the area of Treasuries plus 275 bps to 287.5 bps.
Proceeds will be used to repay debt under a credit facility.
The bookrunners were J.P. Morgan Securities LLC, Goldman Sachs & Co., Morgan Stanley & Co. LLC and SunTrust Robinson Humphrey Inc.
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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| Amount: | $250 million
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| Description: | Notes
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| Maturity: | Oct. 1, 2019
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| Bookrunners: | J.P. Morgan Securities LLC, Goldman Sachs & Co., Morgan Stanley & Co. LLC, SunTrust Robinson Humphrey Inc.
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| Joint lead managers: | Keefe Bruyette & Woods, RBC Capital Market LLC
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| Co-managers: | Comerica Inc., ING
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| Coupon: | 4.5%
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| Price: | 99.905
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| Yield: | 4.521%
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| Spread: | Treasuries plus 275 bps
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| Trade date: | Sept. 16
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| Settlement date: | Sept. 23
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| Ratings: | Standard & Poor's: BBB-
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| Fitch: BBB-
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| Price talk: | Treasuries plus 275 bps, tightened from Treasuries plus 275 bps to 287.5 bps
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| Make-whole call: | Treasuries plus 45 bps
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