Welcome to our dedicated page for PennantPark Floating Rate Capital Ltd. news (Ticker: PFLT), a resource for investors and traders seeking the latest updates and insights on PennantPark Floating Rate Capital Ltd. stock.
PennantPark Floating Rate Capital Ltd. (NYSE: PFLT) is a closed-end, externally managed, non-diversified investment company that specializes in generating current income and capital appreciation. The company's core focus is investing in Floating Rate Loans and other investments made to U.S. middle-market companies. These loans offer an appealing risk-reward ratio for investors due to the limited capital available for such companies and the potential for rising interest rates.
Founded in 2007 and led by Arthur Penn, PennantPark Investment Advisers manages approximately $2.1 billion across its publicly-listed business development companies and private vehicles for institutional limited partners. The senior team at PennantPark has deep individual experience and a long-standing history of collaboration. As of June 30, 2023, PFLT’s portfolio totaled $1,105.3 million, consisting of $950.2 million in first lien secured debt, $0.1 million in second lien secured debt, and $154.9 million in preferred and common equity. The debt portfolio is 100% variable-rate, which provides a hedge against interest rate fluctuations.
PFLT generates revenue primarily through interest income on debt securities and dividends. For the three months ended June 30, 2023, PFLT reported an investment income of $37.7 million and a net investment income of $18.5 million. Recent developments include the issuance of 5,805,484 shares of common stock through the ATM Program, raising $64.1 million in net proceeds.
The company's portfolio includes investments in 130 companies with an average investment size of $8.5 million and a weighted average yield on debt investments of 12.4%. PFLT has also managed to maintain a low percentage of non-accrual portfolio companies, representing just 1% on a cost basis and zero percent on a fair value basis as of June 30, 2023.
Recent news highlights include financial results for the third quarter ended June 30, 2023, and announcements about new investments and portfolio adjustments. The company's commitment to providing flexible capital solutions to U.S. middle-market companies underscores its significance in the investment landscape.
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.
PennantPark Floating Rate Capital Ltd. (NYSE: PFLT) announced a monthly distribution of $0.095 per share for August 2022, payable on September 1, 2022, to stockholders of record by August 18, 2022. This distribution will be derived from taxable net investment income. As a regulated investment company, PFLT focuses on generating qualified interest income and short-term capital gains, potentially exempt from U.S. withholding tax for non-U.S. stockholders. Detailed tax characteristics will be reported on Form 1099 later this year.
PennantPark Floating Rate Capital Ltd. (NYSE: PFLT) announced that it will report third fiscal quarter results ending June 30, 2022, on August 3, 2022, after market close. A conference call will follow on August 4, 2022, at 9:00 a.m. ET to discuss these results. The company focuses on investing in U.S. middle-market private firms through floating rate senior secured loans. Managed by PennantPark Investment Advisers, LLC, the company oversees $6.0 billion in investable capital, aiming to provide flexible financing solutions to borrowers.
PennantPark Floating Rate Capital Ltd. (NYSE: PFLT) announced a monthly distribution of $0.095 per share for July 2022, payable on August 1, 2022, to stockholders of record by July 18, 2022. This distribution will be drawn from taxable net investment income. As a regulated investment company, PennantPark generates qualified interest income potentially exempt from U.S. withholding tax for non-U.S. stockholders. The specific tax characteristics of the distribution will be reported on Form 1099 and via the Company’s website.
PennantPark Floating Rate Capital Ltd. (NYSE: PFLT) has announced a monthly distribution of $0.095 per share for June 2022, payable on July 1, 2022, to stockholders of record as of June 17, 2022. This distribution will be sourced from taxable net investment income. The company, classified as a regulated investment company (RIC), primarily invests in U.S. middle-market private firms through floating rate senior secured loans. Tax characteristics of the distribution will be detailed in a Form 1099 after the year-end.
PennantPark Floating Rate Capital Ltd. (NYSE: PFLT) has appointed José A. Briones, Jr. to its Board of Directors as of May 3, 2022. Briones, a Senior Partner at PennantPark Investment Advisers, brings extensive industry experience to the board. His previous roles include a Partner at Apollo Investment Management, enhancing the board's strategic capabilities. This appointment expands the board to six members, indicating a focus on strengthening leadership as the firm navigates opportunities in the middle market credit landscape.
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