PennantPark Enters Material Agreement, Takes on New Obligation

TL;DR

**PennantPark Floating Rate Capital Ltd. just reported a new material agreement and financial obligation on February 22, 2024, details pending.**

AI Summary

PennantPark Floating Rate Capital Ltd. filed an 8-K on February 27, 2024, reporting that on February 22, 2024, it entered into a material definitive agreement and created a direct financial obligation. The filing indicates these significant corporate actions without providing specific details on the nature or terms of the agreement or obligation. This 8-K serves to disclose these events to the SEC and investors.

Why It Matters

Entering a material definitive agreement and creating a direct financial obligation can significantly impact a company's financial health, operational strategy, and future performance, potentially affecting shareholder value. Investors will need to monitor for further details on the nature and terms of these commitments.

Risk Assessment

Risk Level: medium — The company has entered into a material definitive agreement and created a direct financial obligation, which inherently carries risk due to new commitments, though specific details are not provided in this filing.

Key Players & Entities

• PennantPark Floating Rate Capital Ltd. (company) — Registrant
• February 22, 2024 (date) — Date of earliest event reported
• February 27, 2024 (date) — Filed as of date

FAQ

Key Financial Figures

• $0.001 — ich Registered Common Stock, par value $0.001 per share PFLT The New York Stock E
• $350.55 million — apital Ltd. (the "Company") completed a $350.55 million term debt securitization transaction (t
• $139.5 million — ington Trust, National Association: (i) $139.5 million of AAA(sf) Class A-1 Notes, which bear
• $14 million — k of New York ("SOFR") plus 2.30%, (ii) $14 million of AAA(sf) Class A-2 Notes, which bear
• $24.5 million — t at three-month SOFR plus 2.70%, (iii) $24.5 million of AA(sf) Class B Notes, which bear int
• $28 million — st at three-month SOFR plus 2.90%, (iv) $28 million of A(sf) Class C Notes, which bear inte
• $21 million — est at three-month SOFR plus 3.90%, (v) $21 million of BBB-(sf) Class D Notes, which bear i
• $63.55 million — ogether, the "Secured Notes"), and (vi) $63.55 million of subordinated notes ("Subordinated No
• $60.0 million — and (B) the borrowing by the Issuers of $60.0 million under AAA(sf) Class A-1 floating rate l
• $265.03 million — sale and contribution of approximately $265.03 million par amount of middle market loans, and
• $386.0 million — sed to repay a portion of the Company's $386.0 million secured credit facility. The above de

Filing Documents

• d620677d8k.htm (8-K) — 35KB
• d620677dex101.htm (EX-10.1) — 2160KB
• d620677dex102.htm (EX-10.2) — 327KB
• d620677dex103.htm (EX-10.3) — 200KB
• d620677dex104.htm (EX-10.4) — 208KB
• 0001193125-24-047922.txt ( ) — 3605KB
• pflt-20240222.xsd (EX-101.SCH) — 3KB
• pflt-20240222_lab.xml (EX-101.LAB) — 17KB
• pflt-20240222_pre.xml (EX-101.PRE) — 11KB
• d620677d8k_htm.xml (XML) — 3KB

Forward-Looking Statements

Forward-Looking Statements This report on Form 8-K 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 and Section 21E(b)(2)(B) of 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 the Company files under the Exchange Act. All statements other than statements of historical facts included in this report on Form 8-K 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. The Company 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. The Company may use words such as "anticipates," "believes," "expects," "intends," "seeks," "plans," "estimates" and similar expressions to identify forward-looking statements. Such statements are based on currently available operating, financial and competitive information and are subject to various risks and uncertainties that could cause actual results to differ materially from its historical experience and present expectations. Item9.01.

Financial Statements and Exhibits

Financial Statements and Exhibits (a) Financial statements: None (b) Pro forma financial information: None (c) Shell company transactions: None (d) Exhibits 10.1 Indenture, dated as of February 22, 2024, by and between PennantPark CLO VIII, LLC, as issuer, and Wilmington Trust, National Association, as trustee and as collateral agent. 10.2 Credit Agreement, dated as of February 22, 2024, by and among PennantPark CLO VIII, LLC, as borrower, the various financial institutions party thereto from time to time, as lenders, and Wilmington Trust, National Association, as collateral agent and as loan agent. 10.3 Collateral Management Agreement, dated as of February 22, 2024, between PennantPark CLO VIII, LLC, as issuer, and PennantPark Investment Advisers, LLC, as collateral manager. 10.4 Master Loan Sale Agreement, dated as of February 22, 2024, among PennantPark Floating Rate Capital Ltd., as seller, PennantPark CLO VIII, LLC, as buyer, and PennantPark Floating Rate Funding I, LLC as the financing subsidiary. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) SIGNATURE Pursuant to the requirements of the Exchange Act, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Dated: February 27, 2024 PENNANTPARK FLOATING RATE CAPITAL LTD. By: /s/ Richard T. Allorto, Jr. Richard T. Allorto, Jr. Chief Financial Officer & Treasurer

View Full Filing

View this 8-K filing on SEC EDGAR