Pennantpark Floating Rate Cap Stock Price, News & Analysis

PennantPark Floating Rate Capital Ltd. (NYSE: PFLT) reported its financial results for Q4 and FY 2022, ending September 30. Investment income rose to $28.8 million, up from $21.6 million in Q4 2021, reflecting growing LIBOR and SOFR rates. However, the company saw a net change in unrealized depreciation of $(20.9) million, leading to a net decrease in net assets of $(13.1) million for Q4. Adjusted net asset value per share fell 3.6% to $11.59. The company declared a quarterly distribution of $0.285 per share. A conference call is scheduled for November 17, 2022.

PennantPark Floating Rate Capital Ltd. (NYSE: PFLT) announced a monthly distribution of $0.095 per share for November 2022, payable on December 1, 2022. Stockholders of record as of November 17, 2022 will receive this distribution, which will primarily derive from taxable net investment income. As a regulated investment company, PFLT generates qualified interest income that may be exempt from U.S. withholding tax for non-U.S. stockholders. Full tax details will be provided on Form 1099 after year-end.

PennantPark Floating Rate Capital Ltd. (NYSE: PFLT) will announce its fourth fiscal quarter results for the period ending September 30, 2022, on November 16, 2022, after market close.

A conference call to discuss these results will take place on November 17, 2022, at 9:00 a.m. (ET). Interested participants can join by calling (888) 394-8218 for domestic or (646) 828-8193 for international, referencing conference ID #7682895.

PennantPark Floating Rate Capital Ltd. (NYSE: PFLT) announced its monthly distribution of $0.095 per share for October 2022, payable on November 1 to stockholders of record by October 18. This distribution is derived from taxable net investment income. As a regulated investment company, PFLT generates qualified interest income and capital gains that can be exempt from U.S. withholding tax for non-U.S. stockholders. Further tax characteristics will be provided on Form 1099.

PennantPark Floating Rate Capital Ltd. (NYSE: PFLT) has announced an increase in its multi-currency senior secured credit facility from $300 million to $366 million. This facility replaces the LIBOR benchmark with SOFR benchmark provisions while retaining all other terms. The Chairman expressed satisfaction with this upsizing, which is expected to enhance their ability to support middle-market clients. The Credit Facility is secured by assets from its wholly-owned subsidiary.

PennantPark Floating Rate Capital Ltd. (NYSE: PFLT) announced a monthly distribution of $0.095 per share for September 2022, payable on October 3, 2022. Stockholders of record as of September 19, 2022 will receive the payment, primarily sourced from taxable net investment income. As a regulated investment company (RIC), PFLT can distribute interest-related dividends exempt from U.S. withholding tax for non-U.S. stockholders with proper documentation. Further tax characteristics will be provided via Form 1099 after the calendar year.

PennantPark Floating Rate Capital Ltd. (NYSE: PFLT) has initiated a primary offering of 4 million shares at $12.40 each, aiming for gross proceeds of approximately $49.6 million. The offering, slated to close on August 11, 2022, includes a 30-day option for underwriters to purchase an additional 600,000 shares. Proceeds will be utilized for debt reduction, investments in portfolio companies, and general corporate purposes. The offering is managed by major financial institutions including Morgan Stanley and Goldman Sachs.

PennantPark Floating Rate Capital Ltd. (NYSE: PFLT) has initiated an underwritten primary offering of common stock. This offering, backed by a shelf registration statement, includes an option for underwriters to purchase additional shares. The net proceeds will be allocated for reducing existing debt, investing in portfolio companies, and general corporate purposes. Leading financial firms, including Morgan Stanley and Goldman Sachs, are managing the offering. Investors are advised to review the preliminary prospectus for detailed investment risks and charges.

PennantPark Floating Rate Capital Ltd. (PFLT) announced financial results for Q3 ended June 30, 2022. The investment portfolio reached $1.226 billion, with net assets at $504.9 million and a GAAP net asset value per share of $12.21, down 3.2% quarter-over-quarter. Net investment income was $11.8 million, or $0.29 per share, reflecting a year-on-year increase. However, the company reported a $5.1 million net decrease in net assets from operations. PFLT's regulatory net debt to equity ratio stood at 1.45x, highlighting its leverage position against rising interest rates.