PennantPark Floating Rate Capital Ltd. Amends Credit Facility, Lowering Spread and Extending Maturity
PennantPark Floating Rate Capital (PFLT) has successfully amended its credit facility agreement with Truist Bank, securing more favorable terms. The key changes include:
- Reduced pricing from SOFR plus 225 basis points to SOFR plus 200 basis points
- Extended reinvestment period by one year to August 2028
- Extended maturity date by one year to August 2030
- Increased maximum first lien advance rate from 70.0% to 72.5%
- Slight reduction in commitments from $736 million to $718 million
The Credit Facility is secured by assets held by PennantPark Floating Rate Funding I, , a wholly-owned subsidiary, and includes standard covenants for minimum asset coverage and equity requirements.
PennantPark Floating Rate Capital (PFLT) ha modificato con successo il proprio accordo di linea di credito con Truist Bank, ottenendo condizioni più vantaggiose. Le modifiche principali includono:
- Riduzione del tasso da SOFR più 225 punti base a SOFR più 200 punti base
- Estensione del periodo di reinvestimento di un anno fino ad agosto 2028
- Estensione della data di scadenza di un anno fino ad agosto 2030
- Aumento del tasso massimo di anticipo di primo privilegio dal 70,0% al 72,5%
- Leggera riduzione degli impegni da 736 milioni di dollari a 718 milioni di dollari
La linea di credito è garantita da attività detenute da PennantPark Floating Rate Funding I, una controllata al 100%, e include covenant standard relativi alla copertura minima degli asset e ai requisiti patrimoniali.
PennantPark Floating Rate Capital (PFLT) ha modificado con éxito su acuerdo de línea de crédito con Truist Bank, asegurando condiciones más favorables. Los cambios clave incluyen:
- Reducción del precio de SOFR más 225 puntos básicos a SOFR más 200 puntos básicos
- Extensión del período de reinversión por un año hasta agosto de 2028
- Extensión de la fecha de vencimiento por un año hasta agosto de 2030
- Incremento en la tasa máxima de adelanto de primer gravamen del 70,0% al 72,5%
- Ligera reducción en los compromisos de 736 millones a 718 millones de dólares
La línea de crédito está garantizada por activos mantenidos por PennantPark Floating Rate Funding I, una subsidiaria de propiedad total, e incluye convenios estándar para la cobertura mínima de activos y requisitos de capital.
PennantPark Floating Rate Capital (PFLT)는 Truist Bank와의 신용 시설 계약을 성공적으로 수정하여 보다 유리한 조건을 확보했습니다. 주요 변경 사항은 다음과 같습니다:
- SOFR + 225bp에서 SOFR + 200bp로 금리 인하
- 재투자 기간 1년 연장, 2028년 8월까지
- 만기일 1년 연장, 2030년 8월까지
- 1순위 담보 대출 한도율 70.0%에서 72.5%로 증가
- 약간의 약정액 감소, 7억 3,600만 달러에서 7억 1,800만 달러로
이 신용 시설은 전액 출자 자회사인 PennantPark Floating Rate Funding I가 보유한 자산을 담보로 하며, 최소 자산 커버리지 및 자본 요건에 대한 표준 약정이 포함되어 있습니다.
PennantPark Floating Rate Capital (PFLT) a réussi à modifier son accord de facilité de crédit avec Truist Bank, obtenant des conditions plus avantageuses. Les principaux changements comprennent :
- Réduction du taux de SOFR plus 225 points de base à SOFR plus 200 points de base
- Prolongation de la période de réinvestissement d’un an jusqu’en août 2028
- Prolongation de la date d’échéance d’un an jusqu’en août 2030
- Augmentation du taux maximal d’avance de premier rang de 70,0 % à 72,5 %
- Légère réduction des engagements de 736 millions à 718 millions de dollars
La facilité de crédit est garantie par les actifs détenus par PennantPark Floating Rate Funding I, une filiale en propriété exclusive, et inclut des clauses standard concernant la couverture minimale des actifs et les exigences en fonds propres.
PennantPark Floating Rate Capital (PFLT) hat seine Kreditlinienvereinbarung mit der Truist Bank erfolgreich geändert und sich günstigere Konditionen gesichert. Die wichtigsten Änderungen umfassen:
- Reduzierung des Zinssatzes von SOFR plus 225 Basispunkte auf SOFR plus 200 Basispunkte
- Verlängerung der Reinvestitionsperiode um ein Jahr bis August 2028
- Verlängerung des Fälligkeitsdatums um ein Jahr bis August 2030
- Erhöhung des maximalen Vorschusszinssatzes der ersten Grundschuld von 70,0 % auf 72,5 %
- Leichte Reduzierung der Zusagen von 736 Millionen auf 718 Millionen US-Dollar
Die Kreditlinie ist durch Vermögenswerte von PennantPark Floating Rate Funding I, einer hundertprozentigen Tochtergesellschaft, besichert und enthält Standardklauseln für Mindestvermögensdeckung und Eigenkapitalanforderungen.
- Reduced borrowing costs with 25 basis points decrease in interest rate spread
- Extended reinvestment period and maturity date by one year
- Increased first lien advance rate by 2.5 percentage points
- Reduction in credit facility commitments by $18 million
MIAMI, April 22, 2025 (GLOBE NEWSWIRE) -- PennantPark Floating Rate Capital Ltd. (“PFLT”) (NYSE: PFLT) announced that it amended its credit facility agreement led by Truist Bank (the “Credit Facility”). As part of the amendment, PFLT decreased pricing to SOFR plus 200 basis points from SOFR plus 225 basis points, extended the reinvestment period one year to August 2028, extended the maturity date one year to August 2030, and increased the maximum first lien advance rate to
“We are appreciative of the support from our lending partners. The beneficial terms, lowering the interest rate spread and increasing advance rates, are a terrific result in the current market, which will benefit our investors,” said Arthur Penn, Chairman and Chief Executive Officer of PFLT.
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.
ABOUT PENNANTPARK FLOATING RATE CAPITAL LTD.
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.
ABOUT PENNANTPARK INVESTMENT ADVISERS, LLC
PennantPark Investment Advisers, LLC is a leading middle market credit platform, managing approximately
FORWARD-LOOKING STATEMENTS
This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. You should understand that under Section 27A(b)(2)(B) of the Securities Act of 1933, as amended, and Section 21E(b)(2)(B) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 do not apply to forward- looking statements made in periodic reports PennantPark Floating Rate Capital Ltd. files under the Exchange Act. All statements other than statements of historical facts included in this press release are forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in filings with the Securities and Exchange Commission. PennantPark Floating Rate Capital Ltd. undertakes no duty to update any forward-looking statement made herein. You should not place undue influence on such forward-looking statements as such statements speak only as of the date on which they are made.
CONTACT:
Richard T. Allorto, Jr.
PennantPark Floating Rate Capital Ltd.
(212) 905-1000
www.pennantpark.com
FAQ
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