PennantPark Floating Rate Capital Ltd. Files 8-K

TL;DR

PFLT filed an 8-K on 10/21/24 covering operations and other events.

AI Summary

PennantPark Floating Rate Capital Ltd. filed an 8-K on October 21, 2024, reporting on its results of operations and financial condition, as well as other events. The filing indicates the company's fiscal year ends on September 30th. The company was formerly known as PennantPark Senior Floating Rate Fund Inc. before a name change on October 29, 2010.

Why It Matters

This filing provides an update on the company's financial performance and operational events, which is crucial for investors to assess the company's current standing and future prospects.

Risk Assessment

Risk Level: low — This is a routine filing providing operational and financial updates, not indicating any immediate significant risks.

Key Players & Entities

• PennantPark Floating Rate Capital Ltd. (company) — Registrant
• October 21, 2024 (date) — Filing Date
• September 30 (date) — Fiscal Year End
• PennantPark Senior Floating Rate Fund Inc. (company) — Former Company Name
• October 29, 2010 (date) — Date of Name Change

FAQ

Key Financial Figures

• $0.001 — ch Registered Common Stock, par value $0.001 per share PFLT The New York Stock E
• $351.0 million — ment period, twelve-year final maturity $351.0 million debt securitization, of which the Compa
• $85.0 million — tization, of which the Company retained $85.0 million. The weighted average spread of 1.89% i
• $2.1 million — h the refinancing, the Company expensed $2.1 million of financing fees and expenses and real
• $0.4 million — ees and expenses and realized a loss of $0.4 million related to the write-off of unamortized
• $636 million — endment increased lender commitments to $636 million from $611 million, decreased our borrow
• $611 m — lender commitments to $636 million from $611 million, decreased our borrowing cost to
• $6.4 million — h the refinancing, the Company expensed $6.4 million financing fees and expenses. Prelimin
• $11.28 — ue per share is estimated to be between $11.28 and $11.33 per common share at Septembe
• $11.33 — e is estimated to be between $11.28 and $11.33 per common share at September 30, 2024.
• $11.34 — o a net asset value per common share of $11.34 at June 30, 2024. The decrease in net a
• $0.08 — share was attributable to approximately $0.08 per share of one-time non-recurring exp
• $0.23 — tment income is estimated to be between $0.23 and $0.25 per common share for the quar
• $0.25 — me is estimated to be between $0.23 and $0.25 per common share for the quarter ended
• $0.31 — is compares to net investment income of $0.31 per common share for the quarter ended

Filing Documents

• pflt-20241021.htm (8-K) — 55KB
• 0000950170-24-115972.txt ( ) — 225KB
• pflt-20241021.xsd (EX-101.SCH) — 60KB
• pflt-20241021_htm.xml (XML) — 4KB

02 Results of Operations and Financial Condition

Item 2.02 Results of Operations and Financial Condition Highlights and Preliminary Estimates of Results as of September 30, 2024 On October 21, 2024, PennantPark Floating Rate Capital Ltd. (the "Company") announced certain highlights and preliminary estimates of its financial results for the quarter ended September 30, 2024. Highlights: In July 2024, PennantPark CLO I, Ltd, a wholly-owned and consolidated subsidiary of the Company, closed the refinancing and upsize of a four-year reinvestment period, twelve-year final maturity $351.0 million debt securitization, of which the Company retained $85.0 million. The weighted average spread of 1.89% is a meaningful decrease of 50 basis points from the prior level of 2.39% spread. The main contributor to this decrease was a favorable market environment in which the AAA portion of the structure priced at an attractive weighted average spread of 1.75%. In connection with the refinancing, the Company expensed $2.1 million of financing fees and expenses and realized a loss of $0.4 million related to the write-off of unamortized deferred financing costs. In August 2024, PennantPark Floating Rate Funding I, LLC, a wholly-owned subsidiary of the Company, closed an amendment and extension of its multi-currency senior secured revolving credit facility with Truist Bank and other lenders (the "Credit Facility"). Among other things, the amendment increased lender commitments to $636 million from $611 million, decreased our borrowing cost to SOFR + 2.25%, down from SOFR + 2.36% and extended the revolving period to August 12, 2027 from August 12, 2024. In connection with the refinancing, the Company expensed $6.4 million financing fees and expenses. Preliminary estimates: Net asset value per share is estimated to be between $11.28 and $11.33 per common share at September 30, 2024. This compares to a net asset value per common share of $11.34 at June 30, 2024. The decrease in net asset value per share was attributable to app

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 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 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.

01 Other Information

Item 8.01 Other Information The information set forth under Item 2.02 above is incorporated herein by reference. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Dated: October 21, 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