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PennantPark Investment prices public offering of unsecured notes due 2024

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PennantPark Investment prices public offering of unsecured notes due 2024

PennantPark Investment Corp. priced its public offering of $75 million in aggregate principal amount of unsecured notes due Oct. 15, 2024.

The notes may be redeemed in whole or in part at any time or from time to time at the company's option on or after Oct. 15, 2021. They will bear interest at a rate of 5.50% per year, payable quarterly on Jan. 15, April 15, July 15 and Oct. 15 of each year, with the first interest payment due Jan. 15, 2020.

PennantPark Investment has granted the underwriters an option to purchase up to an additional $11.3 million aggregate principal amount of the notes to cover overallotments, if any.

The company expects to use the net proceeds to reduce outstanding obligations under its credit facilities and/or Small Business Administration debentures, to invest in new or existing portfolio companies, or for other general corporate purposes.

The offering is expected to close Sept. 27. The company intends to apply to list the notes on the Nasdaq Global Select Market and if the application is approved, expects trading in the notes on the Nasdaq Global Select Market to start within 30 days from the original issue date under the ticker symbol PNNTG.

Keefe Bruyette & Woods and Morgan Stanley & Co. LLC are acting as joint book runners for this offering. BB&T Capital Markets, Janney Montgomery Scott LLC, Ladenburg Thalmann & Co. Inc. and Maxim Group LLC are acting as co-managers.