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PennantPark Floating Rate Capital Upsizes Credit Facility to $366MM

September 22, 2022, 06:04 AM
Filed Under: Industry News

PennantPark Floating Rate Capital increased the size of its multi-currency, senior secured credit facility (as amended, the “Credit Facility”) from $300 million to $366 million and replaced the London interbank offer rate, or LIBOR, benchmark provisions with secured overnight financing rate, or SOFR, benchmark provisions. All other terms remain unchanged.

“We are pleased to have upsized our Credit Facility and it nicely complements our unsecured bonds and permanent equity base. We are delighted with the continued confidence and support from our lending partners,” said Chairman and Chief Executive Officer Arthur H. Penn, adding “This increased facility will expand our ability to serve middle-market sponsor and borrower clients by providing them with larger senior secured solutions.”

The Credit Facility is secured by all of the assets held by PennantPark Floating Rate Funding I, LLC, a wholly-owned subsidiary of the Company, and includes customary covenants, including minimum asset coverage and minimum equity requirements.

PennantPark Floating Rate Capital Ltd. is a business development company which primarily invests in U.S. middle-market private companies in the form of floating rate senior secured loans, including first lien secured debt, second lien secured debt and subordinated debt. From time to time, the Company may also invest in equity investments. PennantPark Floating Rate Capital Ltd. is managed by PennantPark Investment Advisers, LLC.

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