PennantPark Floating Rate Capital Ltd. Announces Upsize of Joint Venture
PennantPark Floating Rate Capital (PFLT) announced an expansion of its investment in PennantPark Senior Secured Loan Fund I (PSSL). The joint venture partners agreed to invest an additional $100 million of capital in PSSL. Combined with increased leverage capacity, this investment will expand the JV's total investment capacity to $1.5 billion, representing a nearly $500 million increase.
The strategic partnership, established over seven years ago, focuses on core middle market senior secured loans and has generated strong returns. PFLT is managed by PennantPark Investment Advisers, , a middle market credit platform managing approximately $8.7 billion of investible capital.
PennantPark Floating Rate Capital (PFLT) ha annunciato un'espansione del suo investimento nel PennantPark Senior Secured Loan Fund I (PSSL). I partner della joint venture hanno deciso di investire ulteriori 100 milioni di dollari nel PSSL. Combinato con la maggiore capacità di leva, questo investimento porterà la capacità totale di investimento della JV a 1,5 miliardi di dollari, rappresentando un aumento di quasi 500 milioni di dollari.
La partnership strategica, creata sette anni fa, si concentra su prestiti senior garantiti nel mercato medio e ha generato forti rendimenti. PFLT è gestita da PennantPark Investment Advisers, una piattaforma di credito di mercato medio che gestisce circa 8,7 miliardi di dollari di capitale investibile.
PennantPark Floating Rate Capital (PFLT) anunció una expansión de su inversión en el PennantPark Senior Secured Loan Fund I (PSSL). Los socios de la empresa conjunta acordaron invertir 100 millones de dólares adicionales en el PSSL. Combinado con la capacidad de apalancamiento aumentada, esta inversión ampliará la capacidad total de inversión de la JV a 1.5 mil millones de dólares, lo que representa un aumento de casi 500 millones de dólares.
La asociación estratégica, establecida hace siete años, se centra en préstamos senior garantizados en el mercado medio y ha generado fuertes rendimientos. PFLT es administrada por PennantPark Investment Advisers, una plataforma de crédito del mercado medio que gestiona aproximadamente 8.7 mil millones de dólares de capital invertible.
펜넌트파크 변동금리 자본(PFLT)은 펜넌트파크 선순위 담보 대출 기금 I(PSSL)에 대한 투자 확대를 발표했습니다. 공동 투자 파트너들은 PSSL에 추가로 1억 달러를 투자하기로 합의했습니다. 증가된 레버리지 용량과 결합하여, 이 투자는 JV의 총 투자 능력을 15억 달러로 확대하여 거의 5억 달러의 증가를 나타냅니다.
7년 전에 설립된 이 전략적 파트너십은 중소 시장의 선순위 담보 대출에 집중하고 있으며 강력한 수익을 창출해왔습니다. PFLT는 약 87억 달러의 투자 가능한 자본을 관리하는 중소 시장 신용 플랫폼인 펜넌트파크 투자 자문사에 의해 관리됩니다.
PennantPark Floating Rate Capital (PFLT) a annoncé une expansion de son investissement dans le PennantPark Senior Secured Loan Fund I (PSSL). Les partenaires de la coentreprise ont convenu d'investir un montant supplémentaire de 100 millions de dollars dans le PSSL. Associé à une capacité de levier accrue, cet investissement élargira la capacité totale d'investissement de la coentreprise à 1,5 milliard de dollars, représentant une augmentation de près de 500 millions de dollars.
Ce partenariat stratégique, établi il y a sept ans, se concentre sur les prêts garantis senior sur le marché intermédiaire et a généré de forts rendements. PFLT est géré par PennantPark Investment Advisers, une plateforme de crédit pour le marché intermédiaire gérant environ 8,7 milliards de dollars de capital investissable.
PennantPark Floating Rate Capital (PFLT) hat eine Erweiterung seiner Investition in den PennantPark Senior Secured Loan Fund I (PSSL) angekündigt. Die Partner des Joint Ventures haben vereinbart, zusätzlich 100 Millionen Dollar in das PSSL zu investieren. Zusammen mit der erhöhten Hebelkapazität wird diese Investition die Gesamtkapazität des Joint Ventures auf 1,5 Milliarden Dollar erhöhen, was einen Anstieg von fast 500 Millionen Dollar darstellt.
Die strategische Partnerschaft, die vor sieben Jahren gegründet wurde, konzentriert sich auf senior gesicherte Kredite im Mittelschichtmarkt und hat starke Renditen erzielt. PFLT wird von PennantPark Investment Advisers verwaltet, einer Kreditplattform für den Mittelschichtmarkt, die etwa 8,7 Milliarden Dollar an investierbarem Kapital verwaltet.
- Joint venture expansion increases total investment capacity by $500 million to $1.5 billion
- Additional $100 million capital investment strengthens strategic partnership
- Strong historical returns from the joint venture
- Increased exposure to attractive core middle market senior secured loans
- None.
Insights
Joint Venture to Continue to Target the Attractive Core Middle Market
Joint Venture Is Generating Strong Returns
MIAMI, Dec. 12, 2024 (GLOBE NEWSWIRE) -- PennantPark Floating Rate Capital Ltd. (“PFLT”) (NYSE: PFLT) today announced it has agreed to expand its investment in PennantPark Senior Secured Loan Fund I LLC (“PSSL” or the “JV”). This transaction further strengthens this strategic partnership, which was put into place over seven years ago, and has generated strong returns to date.
PFLT and its JV partner jointly agreed to invest an additional
“We are proud of the partnership and the strong returns the JV has generated,” stated Art Penn, Chief Executive Officer of PFLT. “The core middle market represents a differentiated investment opportunity for investors in direct lending. The increase in the JV will position PFLT’s shareholders to benefit from investments in today’s attractive vintage of core middle market senior secured loans.”
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
What is the new investment capacity of PFLT's joint venture after the December 2023 expansion?
How much additional capital did PFLT and its partner invest in the PSSL joint venture?
What is the main investment focus of PFLT's joint venture?
How long has PFLT's joint venture partnership been in operation?
What is the total assets under management of PennantPark Investment Advisers, PFLT's manager?
