PennantPark obtains $300 million five-year revolver via subsidiary

By Wendy Van Sickle

Columbus, Ohio, Aug. 18 – PennantPark Floating Rate Capital Ltd. established a $300 million revolving credit facility through wholly owned subsidiary PennantPark Floating Rate Funding I, LLC on Aug. 12, according to an 8-K filing with the Securities and Exchange Commission.

An accordion feature permits the revolver to be expanded to up to $520 million.

The maturity date is Aug. 12, 2026.

Truist Securities, Inc. is the lead arranger. U.S. Bank NA is the collateral agent. Truist Bank is the administrative agent.

For the first three years, which is the reinvestment period, borrowings bear interest at the highest of (i) Truist’s Prime rate, (ii) the Federal Funds rate plus 50 basis points and (iii) Libor plus 225 bps. After the reinvestment period, the rate resets to the base rate plus 250 bps.

PennantPark Floating Rate Capital is managed by New York-based PennantPark Investment Advisers, LLC. The business development company invests primarily in U.S. middle-market private companies in the form of floating-rate senior secured loans.

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