PennantPark Floating Rate Capital prices $200 million bond offering

PennantPark Floating Rate Capital Ltd. (NYSE: PFLT) announced it has priced an underwritten public offering of $200 million aggregate principal amount of 6.75% notes due 2029.

The notes will mature on March 4, 2029 and may be redeemed in whole or in part at the company's option at any time at par plus a make-whole premium. The notes may be redeemed at par three months prior to maturity. The offering is expected to close on or about March 4, 2026, subject to customary closing conditions.

The company plans to use net proceeds to repay outstanding obligations under its revolving credit facility, invest in new or existing portfolio companies and for general corporate purposes, according to the press release.

Raymond James & Associates Inc., Keefe Bruyette & Woods, Citizens JMP Securities LLC and Truist Securities Inc. are serving as joint book-running managers. ING Financial Markets LLC, Oppenheimer & Co. Inc. and Regions Securities LLC are acting as co-managers.

PennantPark Floating Rate Capital is a business development company that primarily invests in U.S. middle-market companies through floating rate senior secured loans, including first lien secured debt, second lien secured debt and subordinated debt. The company is managed by PennantPark Investment Advisers LLC.

PennantPark Investment Advisers and its affiliates manage approximately $10 billion of investable capital, including potential leverage. The firm has provided middle-market credit access since 2007 and is headquartered in Miami with offices in New York, Chicago, Houston, Los Angeles, Amsterdam and Zurich.

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