PennantPark Floating Rate Capital Ltd. Announces Financial Results for the Quarter Ended June 30, 2022

PennantPark Floating Rate Capital Ltd.
PennantPark Floating Rate Capital Ltd.

MIAMI, Aug. 03, 2022 (GLOBE NEWSWIRE) -- PennantPark Floating Rate Capital Ltd. (NYSE: PFLT) (TASE: PFLT) announced today financial results for the third fiscal quarter ended June 30, 2022.

HIGHLIGHTS
Quarter ended June 30, 2022
($ in millions, except per share amounts)

Assets and Liabilities:

 

 

Investment portfolio(1)

$

1,226.4

 

Net assets

$

504.9

 

GAAP net asset value per share

$

12.21

 

Quarterly decrease GAAP net asset value per share

 

3.2

%

Adjusted net asset value per share(2)

$

12.02

 

 

 

 

Credit Facility

$

253.6

 

2023 Notes

$

94.7

 

2026 Notes

$

182.1

 

2031 Asset-Backed Debt

$

225.8

 

Regulatory Debt to Equity

 

1.55x

 

Regulatory Net Debt to Equity(3)

 

1.45x

 

GAAP Net Debt to Equity(4)

 

1.42x

 

 

 

 

Weighted average yield on debt investments at quarter-end

 

8.5

%


Operating Results:

 

 

 

Net investment income

$

11.8

 

Net investment income per share

$

0.29

 

Distributions declared per share

$

0.285

 

 

 

 

 

PFLT Portfolio Activity:

 

 

 

Purchases of investments

$

104.8

 

Sales and repayments of investments

$

55.0

 

 

 

 

 

PSSL Portfolio data:

 

 

 

PSSL investment portfolio

$

746.8

 

Purchase of Investments

$

31.5

 

Sales and repayments of investments

$

13.5

 

________________________
(1)  Includes investments in PennantPark Senior Secured Loan Fund I LLC, or PSSL, an unconsolidated joint venture, totaling $248.9 million, at fair value.
(2)  This is a non-GAAP financial measure. The Company believes that this number provides useful information to investors and management because it reflects the Company’s financial performance excluding the impact of the $8.5 million unrealized loss on our multi-currency senior secured revolving credit facility, as amended and restated, with Truist Bank (formerly SunTrust Bank) and other lenders, or the Credit Facility, and our 4.3% Series A notes due 2023, or the 2023 Notes. The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP.
(3)  This is a non-GAAP financial measure. The Company believes that this number provides useful information to investors and management because it reflects the Company’s financial performance net of $40.6 million of cash and cash equivalents. The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP.
(4)  This is a non-GAAP financial measure. The Company believes that this number provides useful information to investors and management because it reflects the Company’s financial performance including the impact of the $8.5 million unrealized loss on the Credit Facility and the 2023 Notes net of $40.6 million of cash and cash equivalents. The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP.

CONFERENCE CALL AT 9:00 A.M. ET ON AUGUST 4, 2022

PennantPark Floating Rate Capital Ltd. (“we,” “our,” “us” or the “Company”) will also host a conference call at 9:00 a.m. (Eastern Time) on Thursday August 4, 2022 to discuss its financial results. All interested parties are welcome to participate. You can access the conference call by dialing toll-free (800) 289-0720 approximately 5-10 minutes prior to the call. International callers should dial (646) 828-8073. All callers should reference conference ID #1561290 or PennantPark Floating Rate Capital Ltd. An archived replay of the call will be available through August 18, 2022, by calling toll-free (888) 203-1112. International callers please dial (719) 457-0820. For all phone replays, please reference conference ID #1561290.

PORTFOLIO AND INVESTMENT ACTIVITY

“We are pleased with our strong credit performance this quarter. With our primary focus on lower risk, first lien senior secured floating rate loans to U.S. companies, we are positioned to preserve capital and protect against rising inflation and interest rates,” said Art Penn, Chairman and CEO. “We believe that the combination of rising base rates, higher spreads on new loan originations, and a growing PSSL joint venture create multiple pathways for income growth.”

As of June 30, 2022, our portfolio totaled $1,226.4 million, and consisted of $1,062.4 million of first lien secured debt (including $190.2 million in PSSL), $0.7 million of second lien secured debt and $163.4 million of preferred and common equity (including $58.8 million in PSSL). Our debt portfolio consisted of 100.0% variable-rate investments. As of June 30, 2022, we had two portfolio companies on non-accrual, representing 0.9% and 0.1% of our overall portfolio on a cost and fair value basis, respectively. Overall, the portfolio had net unrealized appreciation of $7.7 million. Our overall portfolio consisted of 123 companies with an average investment size of $10.0 million, had a weighted average yield on debt investments of 8.5%, and was invested 87% in first lien secured debt (including 16% in PSSL), less than 1% in second lien secured debt and 13% in preferred and common equity (including 5% in PSSL). As of June 30, 2022, 100.0% of the investments held by PSSL were first lien secured debt.

As of September 30, 2021, our portfolio totaled $1,081.6 million, and consisted of $934.4 million of first lien secured debt (including $140.9 million in PSSL), $8.9 million of second lien secured debt and $138.3 million of preferred and common equity (including $44.9 million in PSSL). Our debt portfolio consisted of 99% variable-rate investments. As of September 30, 2021, we had two portfolio companies on non-accrual, representing 2.7% and 2.6% of our overall portfolio on a cost and fair value basis, respectively. Overall, the portfolio had net unrealized depreciation of $11.0 million. Our overall portfolio consisted of 110 companies with an average investment size of $9.8 million, had a weighted average yield on debt investments of 7.4%, and was invested 86% in first lien secured debt (including 13% in PSSL), 1% in second lien secured debt and 13% in preferred and common equity (including 4% in PSSL). As of September 30, 2021, 99% of the investments held by PSSL were first lien secured debt.

For the three months ended June 30, 2022, we invested $104.8 million in six new and 39 existing portfolio companies with a weighted average yield on debt investments of 8.1 %. Sales and repayments of investments for the three months ended June 30, 2022 totaled $55.0 million. For the nine months ended June 30, 2022, we invested $553.1 million in 29 new and 104 existing portfolio companies with a weighted average yield on debt investments of 7.7%. Sales and repayments of investments for the nine months ended June 30, 2022 totaled $397.2 million.

For the three months ended June 30, 2021, we invested $248.3 million in 10 new and 16 existing portfolio companies with a weighted average yield on debt investments of 7.5%. Sales and repayments of investments for the three months ended June 30, 2021 totaled $283.3 million. For the nine months ended June 30, 2021, we invested $475.5 million in 19 new and 50 existing portfolio companies with a weighted average yield on debt investments of 7.5%. Sales and repayments of investments for the nine months ended June 30, 2021 totaled $565 million.

PennantPark Senior Secured Loan Fund I LLC

As of June 30, 2022, PSSL’s portfolio totaled $746.8 million and consisted of 89 companies with an average investment size of $8.4 million and had a weighted average yield on debt investments of 8.2%. As of September 30, 2021, PSSL’s portfolio totaled $564.8 million and consisted of 74 companies with an average investment size of $7.6 million and had a weighted average yield on debt investments of 7.1%.

For the three months ended June 30, 2022, PSSL invested $31.5 million (including $16.8 million purchased from the Company) in four new and seven existing portfolio companies with a weighted average yield on debt investments of 8.8%. Sales and repayments of investments for the three months ended June 30, 2022 totaled $13.5 million. For the nine months ended June 30, 2022, PSSL invested $228.6 million (including $225.2 million purchased from the Company) in 25 new and 15 existing portfolio companies with a weighted average yield on debt investments of 7.9%. Sales and repayments of investments for the nine months ended June 30, 2022 totaled $69.2 million.

For the three months ended June 30, 2021, PSSL invested $133.7 million (including $98.9 million purchased from the Company) in six new and 15 existing portfolio companies with a weighted average yield on debt investments of 7.0%. Sales and repayments of investments for the three months ended June 30, 2021 totaled $88.8 million. For the nine months ended June 30, 2021, PSSL invested $277.8 million (including $224.1 million purchased from the Company) in 30 new and 26 existing portfolio companies with a weighted average yield on debt investments of 7.2%. Sales and repayments of investments for the nine months ended June 30, 2021 totaled $163.1 million.

RESULTS OF OPERATIONS

Set forth below are the results of operations for the three and nine months ended June 30, 2022 and 2021.

Investment Income

Investment income for the three and nine months ended June 30, 2022 was $25.7 million and $76.7 million, respectively, which was attributable to $21.1 million and $64.0 million from first lien secured debt and $4.6 million and $12.7 million from other investments, respectively. This compares to investment income for the three and nine months ended June 30, 2021 of $20.9 million and $61.1 million, respectively, which was attributable to $18.2 million and $53.5 million from first lien secured debt and $2.7 million and $7.6 million from other investments, respectively. The increase in investment income compared to the same periods in the prior year was primarily due to an increase in the size of our portfolio.

Expenses

Expenses for the three and nine months ended June 30, 2022 totaled $13.9 million and $40.8 million, respectively. Base management fee for the same periods totaled $3.1 million and $8.9 million, performance-based incentive fee totaled $2.6 million and $8.5 million, debt related interest and expenses totaled $7.4 million and $20.7 million and general and administrative expenses totaled $0.8 million and $2.4 million, respectively. This compares to expenses for the three and nine months ended June 30, 2021 that totaled $10.6 million and $30.8 million, respectively. Base management fee for the same periods totaled $2.6 million and $8.0 million, performance-based incentive fee totaled $1.7 million and $4.7 million, debt related interest and expenses totaled $5.9 million and $16.0 million and general and administrative expenses totaled $0.4 million and $1.8 million, respectively. The increase in expenses for the three and nine months ended June 30, 2022 compared to the same period in the prior year was primarily due to an increase in performance-based incentive fees and debt-related interest and expenses.

Net Investment Income

Net investment income totaled $11.8 million and $35.9 million, or $0.29 and $0.90 per share, for the three and nine months ended June 30, 2022, respectively. Net investment income totaled $10.3 million and $30.3 million, or $0.27 and $0.78 per share, for the three and nine months ended June 30, 2021, respectively. The increase in net investment income compared to the same periods in the prior year was primarily due to an increase in the size of our portfolio.

Net Realized Gains or Losses

Sales and repayments of investments for the three and nine months ended June 30, 2022 totaled $55.0 million and $397.2 million, respectively, and net realized gains (losses) totaled $0.7 million and $(11.6) million, respectively. Sales and repayments of investments for the three and nine months ended June 30, 2021 totaled $283.3 million and $565.5 million, respectively, and net realized losses totaled $13.0 million and $15.3 million, respectively. The change in realized gains/losses was primarily due to changes in the market conditions of our investments and the values at which they were realized.

Unrealized Appreciation or Depreciation on Investments, the Credit Facility and the 2023 Notes

For the three and nine months ended June 30, 2022, we reported net change in unrealized depreciation on investments of $17.7 million and $3.7 million, respectively. For the three and nine months ended June 30, 2021, we reported net change in unrealized appreciation on investments of $14.2 million and $48.8 million, respectively. As of June 30, 2022, and September 30, 2021, our net unrealized appreciation on investments totaled $7.7 million and $11.0 million, respectively. The net change in unrealized appreciation on our investments compared to the same period in the prior year was primarily due to changes in the market conditions of our investments and the values at which they were held.

For the three and nine months ended June 30, 2022, the Credit Facility and the 2023 Notes had a net change in unrealized depreciation of less than $0.1 million and $1.3 million, respectively. For the three and nine months ended June 30, 2021, the Credit Facility and the 2023 Notes had a net change in unrealized depreciation (appreciation) of $3.2 million and $(11.3) million, respectively. As of June 30, 2022, and September 30, 2021, the net unrealized depreciation on the Credit Facility and the 2023 Notes totaled $8.5 million and $7.2 million, respectively. The net change in net unrealized depreciation compared to the same period in the prior year was primarily due to changes in the capital markets.

Net Change in Net Assets Resulting from Operations

Net increase (decrease) in net assets resulting from operations totaled $(5.1) million and $16.6 million, or $(0.12) and $0.42 per share, respectively, for the three and nine months ended June 30, 2022. Net increase in net assets resulting from operations totaled $14.7 million and $52.5 million, or $0.38 and $1.35 per share, respectively, for the three and nine months ended June 30, 2021. The decrease in the net change in net assets from operations for the three and nine months ended June 30, 2022 compared to the same period in the prior year was primarily due to a lower realized and unrealized change in our investment and debt.

LIQUIDITY AND CAPITAL RESOURCES

Our liquidity and capital resources are derived primarily from proceeds of securities offerings, debt capital and cash flows from operations, including investment sales and repayments, and income earned. Our primary use of funds from operations includes investments in portfolio companies and payments of fees and other operating expenses we incur. We have used, and expect to continue to use, our debt capital, proceeds from the rotation of our portfolio and proceeds from public and private offerings of securities to finance our investment objectives.

The annualized weighted average cost of debt for the nine months ended June 30, 2022 and 2021, inclusive of the fee on the undrawn commitment on the Credit Facility, amendment costs and debt issuance costs, was 3.7% and 3.4%, respectively. As of June 30, 2022 and September 30, 2021, we had $40.7 million and $80.6 million of unused borrowing capacity under the Credit Facility, as applicable, respectively, subject to leverage and borrowing base restrictions.

As of June 30, 2022, and September 30, 2021, our wholly owned subsidiary, PennantPark Floating Rate Funding I, LLC, borrowed $259.3 million and $219.4 million under the Credit Facility, respectively. The Credit Facility had a weighted average interest rate of 3.3% and 2.3%, exclusive of the fee on undrawn commitments as of June 30, 2022 and September 30, 2021, respectively.

As of June 30, 2022, and September 30, 2021, we had cash equivalents of $40.6 million and $49.8 million, respectively, available for investing and general corporate purposes. We believe our liquidity and capital resources are sufficient to allow us to efficiently operate the business.

Our operating activities used cash of $111.6 million for the nine months ended June 30, 2022, and our financing activities provided cash of $101.7 million for the same period. Our operating activities used cash primarily for our investment activities and our financing activities provided cash primarily due to the issuance of $85 million of our 2026 Add-on Notes borrowings under our Credit Facility.

Our operating activities provided cash of $124.4 million for the nine months ended June 30, 2021, and our financing activities used cash of $132.3 million for the same period. Our operating activities provided cash primarily from our investment activities and our financing activities used cash primarily to pay down our Credit Facility, partially offset by the 2026 Notes issuance.

DISTRIBUTIONS

During the three and nine months ended June 30, 2022, we declared distributions of $0.285 and $0.855 per share, respectively, for total distributions of $11.8 and $34.1 million, respectively. During the three and nine months ended June 30, 2021, we declared distributions of $0.285 and $0.855 per share, respectively, for total distributions of $11.1 and $33.2 million, respectively. We monitor available net investment income to determine if a return of capital for tax purposes may occur for the fiscal year. To the extent our taxable earnings fall below the total amount of our distributions for any given fiscal year, stockholders will be notified of the portion of those distributions deemed to be a tax return of capital. Tax characteristics of all distributions will be reported to stockholders subject to information reporting on Form 1099-DIV after the end of each calendar year and in our periodic reports filed with the SEC.

AVAILABLE INFORMATION

The Company makes available on its website its Quarterly Report on Form 10-Q filed with the SEC, and stockholders may find such report on its website at www.pennantpark.com.

 

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
(in thousands, except per share data)

 

 

 

 

 

 

 

 

 

June 30, 2022

 

 

September 30, 2021

 

 

 

(unaudited)

 

 

 

 

Assets

 

 

 

 

 

 

Investments at fair value

 

 

 

 

 

 

Non-controlled, non-affiliated investments (cost— $924,233 and $824,542, respectively

 

$

944,658

 

 

$

856,806

 

Non-controlled, affiliated investments (cost— $ — and $22,380, respectively

 

 

 

 

 

7,433

 

Controlled, affiliated investments (cost— $294,469 and $223,714, respectively

 

 

281,784

 

 

 

217,380

 

Total investments (cost— $1,218,702 and $1,070,636, respectively

 

 

1,226,442

 

 

 

1,081,619

 

Cash and cash equivalents (cost—$40,632 and $49,825, respectively)

 

 

40,616

 

 

 

49,825

 

Interest receivable

 

 

6,209

 

 

 

5,446

 

Receivable for investments sold

 

 

6,609

 

 

 

33,966

 

Prepaid expenses and other assets

 

 

11,278

 

 

 

 

Total assets

 

 

1,291,154

 

 

 

1,170,856

 

Liabilities

 

 

 

 

 

 

Distributions payable

 

 

3,928

 

 

 

3,690

 

Payable for investments purchased

 

 

9,800

 

 

 

13,546

 

Credit Facility payable, at fair value (cost—$259,277 and $219,400, respectively)

 

 

253,443

 

 

 

218,851

 

2023 Notes payable, at fair value (par—$97,006 and $117,793, respectively)

 

 

94,717

 

 

 

111,114

 

2026 Notes payable, net (par—$185,000 and $100,000, respectively)

 

 

182,082

 

 

 

97,171

 

2031 Asset-Backed Debt, net (par—$228,000)

 

 

225,970

 

 

 

225,497

 

Interest payable on debt

 

 

4,500

 

 

 

5,455

 

Base management fee payable

 

 

3,062

 

 

 

2,707

 

Performance-based incentive fee payable

 

 

2,576

 

 

 

624

 

Deferred tax liability

 

 

5,340

 

 

 

 

Accrued other expenses

 

 

823

 

 

 

1,590

 

Total liabilities

 

 

786,241

 

 

 

680,245

 

Commitments and contingencies

 

 

 

 

 

 

Net assets

 

 

 

 

 

 

Common stock, 41,345,638 and 38,880,728 shares issued and outstanding, respectively Par value $0.001 per share and 100,000,000 shares authorized

 

 

41

 

 

 

39

 

Paid-in capital in excess of par value

 

 

570,663

 

 

 

538,814

 

Accumulated deficit

 

 

(65,791

)

 

 

(48,242

)

Total net assets

 

$

504,913

 

 

$

490,611

 

Total liabilities and net assets

 

$

1,291,154

 

 

$

1,170,856

 

Net asset value per share

 

$

12.21

 

 

$

12.62

 

 

 

 

 

 

 

 

 

 


 

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(Unaudited)

 

 

 

 

 

 

 

 

 

Three Months Ended June 30,

 

 

Nine Months Ended June 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Investment income:

 

 

 

 

 

 

 

 

 

 

 

 

From non-controlled, non-affiliated investments:

 

 

 

 

 

 

 

 

 

 

 

 

Interest

 

$

16,701

 

 

$

14,495

 

 

$

49,753

 

 

$

43,521

 

Dividend

 

 

577

 

 

 

 

 

 

1,731

 

 

 

 

Other income

 

 

285

 

 

 

1,161

 

 

 

3,795

 

 

 

2,534

 

From non-controlled, affiliated investments:

 

 

 

 

 

 

 

 

 

 

 

 

Interest

 

 

 

 

 

 

 

 

112

 

 

 

280

 

Other income

 

 

 

 

 

 

 

 

 

 

 

122

 

From controlled, affiliated investments:

 

 

 

 

 

 

 

 

 

 

 

 

Interest

 

 

4,228

 

 

 

2,931

 

 

 

10,633

 

 

 

8,253

 

Dividend

 

 

3,938

 

 

 

2,319

 

 

 

10,675

 

 

 

6,169

 

Other Income

 

 

 

 

 

 

 

 

 

 

 

195

 

Total investment income

 

 

25,729

 

 

 

20,906

 

 

 

76,699

 

 

 

61,074

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Base management fee

 

 

3,062

 

 

 

2,622

 

 

 

8,904

 

 

 

7,972

 

Performance-based incentive fee

 

 

2,576

 

 

 

1,652

 

 

 

8,461

 

 

 

4,716

 

Interest and expenses on debt

 

 

7,369

 

 

 

5,903

 

 

 

20,713

 

 

 

16,025

 

Administrative services expenses

 

 

144

 

 

 

150

 

 

 

431

 

 

 

750

 

Other general and administrative expenses

 

 

655

 

 

 

200

 

 

 

1,964

 

 

 

1,000

 

Expenses before provision for taxes

 

 

13,806

 

 

 

10,527

 

 

 

40,473

 

 

 

30,463

 

Provision for taxes on net investment income

 

 

100

 

 

 

100

 

 

 

300

 

 

 

300

 

Total expenses

 

 

13,906

 

 

 

10,627

 

 

 

40,773

 

 

 

30,763

 

Net investment income

 

 

11,823

 

 

 

10,279

 

 

 

35,926

 

 

 

30,311

 

Realized and unrealized gain (loss) on investments and debt:

 

 

 

 

 

 

 

 

 

 

 

 

Net realized gain (loss) on:

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

701

 

 

 

7,614

 

 

 

10,694

 

 

 

6,380

 

Non-controlled and controlled, affiliated investments

 

 

 

 

 

(20,588

)

 

 

(22,315

)

 

 

(21,640

)

Net realized gain (loss) on investments

 

 

701

 

 

 

(12,974

)

 

 

(11,621

)

 

 

(15,260

)

Net change in unrealized appreciation (depreciation) on:

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

(11,204

)

 

 

(6,281

)

 

 

(12,243

)

 

 

28,407

 

Controlled and non-controlled, affiliated investments

 

 

(6,431

)

 

 

20,451

 

 

 

8,597

 

 

 

20,370

 

Provision for taxes on unrealized appreciation on investments

 

 

 

 

 

 

 

 

(5,340

)

 

 

 

Debt (appreciation) depreciation

 

 

26

 

 

 

3,232

 

 

 

1,273

 

 

 

(11,317

)

Net change in unrealized (depreciation) appreciation on investments and debt

 

 

(17,609

)

 

 

17,402

 

 

 

(7,713

)

 

 

37,460

 

Net realized and unrealized (loss) gain from investments and debt

 

 

(16,908

)

 

 

4,428

 

 

 

(19,334

)

 

 

22,200

 

Net increase (decrease) in net assets resulting from operations

 

$

(5,085

)

 

$

14,707

 

 

$

16,592

 

 

$

52,511

 

Net increase (decrease) in net assets resulting from operations per common share

 

$

(0.12

)

 

$

0.38

 

 

$

0.42

 

 

$

1.35

 

Net investment income per common share

 

$

0.29

 

 

$

0.27

 

 

$

0.90

 

 

$

0.78

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ABOUT PENNANTPARK FLOATING RATE CAPITAL LTD.

PennantPark Floating Rate Capital Ltd. is a business development company which primarily invests in U.S. middle-market 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 $6.0 billion of investable capital, including potential leverage. Since its inception in 2007, PennantPark Investment Advisers, LLC has provided investors access to middle-market credit by offering private equity firms and their portfolio companies as well as other middle-market borrowers a comprehensive range of creative and flexible financing solutions. PennantPark Investment Advisers, LLC is headquartered in Miami and has offices in New York, Chicago, Houston, and Los Angeles.

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, or 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 we file 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 as well as changes in the economy and risks associated with possible disruption in the Company’s operations or the economy generally due to terrorism, natural disasters or pandemics such as COVID-19. 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.

We 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 our historical experience and our present expectations.

CONTACT:

 

Richard T. Allorto, Jr.
PennantPark Floating Rate Capital Ltd.
(212) 905-1000
www.pennantpark.com