Pennantpark Floating Rate Cap Stock Price, News & Analysis

PennantPark Floating Rate Capital Ltd. (NYSE: PFLT) announced the successful closure of a $297.8 million debt securitization via its wholly-owned subsidiary, PennantPark CLO VI, LLC. This collateralized loan obligation (CLO) features a four-year reinvestment period and a twelve-year final maturity. The debt issuance includes several classes of notes with varying amounts, structures, and expected ratings, underpinning a well-structured financing strategy that highlights the company's ability to navigate a volatile market. CEO Arthur Penn emphasized the strength of their capital position and the potential for growth with ongoing support from investors. Proceeds will partially repay a $325 million credit facility, and the CLO is expected to maintain a nearly 100% funding rate upon closing.

PennantPark Floating Rate Capital Ltd. (NYSE: PFLT) announced it will report its second fiscal quarter results on May 10, 2023, after market close. A conference call to discuss these results is scheduled for May 11, 2023, at 9:00 a.m. ET. Interested parties can join by calling toll-free (888) 256-1007 or internationally at (929) 477-0448, referencing conference ID #9075273.

PennantPark primarily invests in U.S. middle-market private companies through floating rate senior secured loans, including first and second lien secured debt, and subordinated debt. Managed by PennantPark Investment Advisers, LLC, which oversees $6.1 billion in investable capital, the company aims to provide flexible financing solutions in the middle market.

PennantPark Floating Rate Capital Ltd. (NYSE: PFLT) announced a monthly distribution of $0.10 per share for April 2023, payable on May 1, 2023, to stockholders of record by April 18, 2023. The distribution will be sourced from taxable net investment income. The Company, acting as a regulated investment company (RIC), primarily invests in U.S. middle-market private companies through floating rate senior secured loans. Furthermore, it offers tax benefits for non-U.S. stockholders under U.S. tax law for specific types of distributions. Detailed tax characteristics of the distribution will be shared in future reports.

PennantPark Floating Rate Capital Ltd. (NYSE: PFLT) reported its financial results for the first fiscal quarter ending December 31, 2022, showing net investment income of $13.7 million or $0.30 per share. The GAAP net asset value per share decreased by 2.7% to $11.30, while the adjusted net asset value fell by 3.2% to $11.22. The company's investment portfolio was valued at $1,151.1 million, with a weighted average yield on debt investments of 11.3%. A distribution increase of 5.3% to $0.10 per share was announced. The board's focus remains on senior secured floating-rate loans to mitigate risks from rising interest rates and inflation.

PennantPark Floating Rate Capital Ltd. (NYSE: PFLT) announced a monthly distribution of $0.095 per share for February 2023, payable on March 1, 2023, to stockholders on record as of February 16, 2023. This distribution will primarily come from taxable net investment income and may be exempt from U.S. withholding tax for non-U.S. stockholders. The company operates as a regulated investment company that invests in U.S. middle-market private companies via floating-rate loans and may also engage in equity investments. Additional tax details will be provided on Form 1099.

PennantPark Floating Rate Capital Ltd. (NYSE: PFLT) announced an underwritten primary offering of 4,250,000 shares of common stock, with an additional option for underwriters to purchase 637,500 shares. The offering will utilize its effective shelf registration statement with the SEC. The proceeds are earmarked for reducing existing debt, investing in new or existing portfolio companies, and general corporate purposes. Major financial institutions including Morgan Stanley and Goldman Sachs are acting as joint book-running managers. Investors should review the preliminary prospectus supplement before investing.

PennantPark Floating Rate Capital Ltd. (PFLT) is set to report its fiscal Q1 2023 results on February 8, 2023, after market close. A conference call to discuss these results will take place on February 9, 2023, at 9:00 a.m. ET. Interested participants can join by calling toll-free at (888) 394-8218. The company focuses on investing in U.S. middle-market private companies through floating rate senior secured loans and may also make equity investments. PennantPark Investment Advisers, managing $6.4 billion in capital, oversees the firm's operations.

PennantPark Floating Rate Capital Ltd. (NYSE: PFLT) announced a monthly distribution of $0.095 per share for January 2023, payable on February 1, 2023, to stockholders of record as of January 19, 2023. This distribution is expected to come from taxable net investment income. As a regulated investment company, PFLT generates interest income and short-term capital gains, which may be exempt from U.S. withholding tax for non-U.S. stockholders under certain conditions. Detailed tax characteristics will be reported in the Company's periodic filings.