PennantPark Floating Rate Capital Ltd. (NYSE: PFLT) announced today
its financial results for the third quarter ended June 30, 2024.
HIGHLIGHTSQuarter ended June 30, 2024
(Unaudited)($ in millions, except per share amounts) |
|
Assets and Liabilities: |
|
|
|
|
|
Investment portfolio (1) |
|
|
|
$ |
1,658.9 |
|
Net assets |
|
|
|
$ |
816.7 |
|
GAAP net asset value per share |
|
|
|
$ |
11.34 |
|
Quarterly increase in GAAP net asset value per share |
|
|
|
|
(0.5 |
)% |
Adjusted net asset value per share (2) |
|
|
|
$ |
11.34 |
|
Quarterly increase in adjusted net asset value per share (2) |
|
|
|
|
(0.5 |
)% |
|
|
|
|
|
|
Credit Facility |
|
|
|
$ |
218.9 |
|
2036 Asset-Backed Debt |
|
|
|
$ |
284.0 |
|
2031 Asset-Backed Debt |
|
|
|
$ |
209.9 |
|
2026 Notes |
|
|
|
$ |
183.6 |
|
Regulatory debt to equity |
|
|
|
1.11x |
|
Weighted average yield on debt
investments at quarter-end |
|
|
|
|
12.1 |
% |
|
|
|
|
|
|
Operating Results: |
|
|
|
|
|
Net investment income |
|
|
|
$ |
21.2 |
|
Net investment income per share (GAAP) |
|
|
|
$ |
0.31 |
|
Core net investment income per share (3) |
|
|
|
$ |
0.31 |
|
Distributions declared per share |
|
|
|
$ |
0.31 |
|
|
|
|
|
|
|
Portfolio Activity: |
|
|
|
|
|
Purchases of investments |
|
|
|
$ |
320.9 |
|
Sales and repayments of investments |
|
|
|
$ |
137.6 |
|
|
|
|
|
|
|
PSSL Portfolio data: |
|
|
|
|
|
PSSL investment portfolio |
|
|
|
$ |
904.2 |
|
Purchases of investments |
|
|
|
$ |
84.5 |
|
Sales and repayments of investments |
|
|
|
$ |
47.0 |
|
_______________________
(1) |
Includes investments in PennantPark Senior Secured Loan Fund I LLC,
or PSSL, an unconsolidated joint venture, totaling $297.0 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 unrealized amounts on the Company's
multi-currency senior secured revolving credit facility with Truist
Bank and the other lenders (the "Credit Facility"). 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) |
Core net investment income (“Core NII”) is a non-GAAP financial
measure. The Company believes that Core NII provides useful
information to investors and management because it reflects the
Company's financial performance excluding one-time or non-recurring
investment income and expenses. 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.
For the quarter ended June 30 2024, there were no one-time events
resulting in $0.31 of Core NII. |
|
|
CONFERENCE CALL AT 9:00
A.M. ET ON AUGUST 8, 2024
The Company will also host a conference call at
9:00 a.m. (Eastern Time) on Thursday August 8, 2024 to discuss its
financial results. All interested parties are welcome to
participate. You can access the conference call by dialing
toll-free (888) 204-4368 approximately 5-10 minutes prior to the
call. International callers should dial (646) 828-8193 All callers
should reference conference ID #5158165 or PennantPark Floating
Rate Capital Ltd. An archived replay will also be available on a
webcast link located on the Quarterly Earnings page in the Investor
section of PennantPark’s website.
PORTFOLIO AND INVESTMENT
ACTIVITY
“We are pleased to have another quarter of solid
performance. We are actively investing in this strong vintage of
new core middle market loans,” said Art Penn, Chairman and CEO. “We
have been proactively growing PFLT's investment capacity in order
to best position the company for meaningfully increased
income.”
As of June 30, 2024, our portfolio totaled
$1,658.9 million, and consisted of $1,449.2 million of first lien
secured debt (including $237.7 million in PSSL), $1.2 million of
second lien secured debt and subordinated debt and $208.6 million
of preferred and common equity (including $59.3 million in PSSL).
Our debt portfolio consisted of approximately 100% variable-rate
investments. As of June 30, 2024, we had three portfolio
companies on non-accrual, representing 1.5% and 1.1% of our overall
portfolio on a cost and fair value basis, respectively. As of
June 30, 2024, the portfolio had net unrealized depreciation
of $15.7 million. Our overall portfolio consisted of 151 companies
with an average investment size of $11.0 million and had a weighted
average yield on debt investments of 12.1%.
As of September 30, 2023, our portfolio totaled
$1,067.2 million and consisted of $906.2 million of first lien
secured debt (including $210.1 million in PSSL), $0.1 million of
second lien secured debt and $160.9 million of preferred and common
equity (including $50.9 million in PSSL). Our debt portfolio
consisted of approximately 100% variable-rate investments. As of
September 30, 2023, we had three portfolio companies on
non-accrual, representing 0.9% and 0.2% of our overall portfolio on
a cost and fair value basis, respectively. As of September 30,
2023, the portfolio had net unrealized depreciation of $25.7
million. Our overall portfolio consisted of 131 companies with an
average investment size of $8.1 million, had a weighted average
yield on debt investments of 12.6%.
For the three months ended June 30, 2024,
we invested $320.9 million in nine new and 45 existing portfolio
companies at a weighted average yield on debt investments of 11.5%.
For the three months ended June 30, 2024, sales and repayments
of investments totaled $137.6 million, including $69.1 million of
sales to PSSL. For the nine months ended June 30, 2024, we
invested $961.8 million in 33 new and 71 existing portfolio
companies at a weighted average yield on debt investments of 11.7%.
For the nine months ended June 30, 2024, sales and repayments
of investments totaled $386.3 million, including $209.0 million of
sales to PSSL.
PennantPark Senior Secured Loan Fund I
LLC
As of June 30, 2024, PSSL’s portfolio
totaled $904.2 million and consisted of 108 companies with an
average investment size of $8.4 million and at a weighted average
yield on debt investments of 11.9%. As of September 30, 2023,
PSSL’s portfolio totaled $785.9 million, consisted of 105 companies
with an average investment size of $7.5 million and at a weighted
average yield on debt investments of 12.1%.
For the three months ended June 30, 2024,
PSSL invested $84.5 million (including $69.1 million purchased from
the Company) in five new and 11 existing portfolio companies at a
weighted average yield on debt investments of 11.6%. Sales and
repayments of investments for the three months ended June 30,
2024 totaled $47.0 million. For the nine months ended June 30,
2024, PSSL invested $240.4 million (including $209.0 million
purchased from the Company) in 15 new and 20 existing portfolio
companies at a weighted average yield on debt investments of 11.8%.
Sales and repayments of investments for the nine months ended
June 30, 2024 totaled $124.2 million.
RESULTS OF OPERATIONS
Set forth below are the results of operations for the three and
nine months ended June 30, 2024 and 2023.
Investment Income
For the three and nine months ended
June 30, 2024, investment income was $48.5 million and $130.8
million, respectively, which was attributable to $42.7 million and
$114.9 million from first lien secured debt and $5.8 million and
$15.9 million from other investments, respectively. For the three
and nine months ended June 30, 2023, investment income was
$37.7 million and $103.6 million, respectively, which was
attributable to $30.4 million and $88.6 million from first lien
secured debt and $7.3 million and $15.0 million from other
investments, respectively. The increase in investment income
compared to the same period in the prior year was primarily due to
the increase in the size of our debt portfolio.
Expenses
For the three and nine months ended
June 30, 2024, expenses totaled $27.3 million and $71.1
million, respectively and were comprised of: $16.3 million and
$39.9 million of debt related interest and expenses, $3.9 million
and $10.3 million of base management fees, $5.3 million and $14.9
million of performance-based incentive fees, $1.5 million and $5.0
million of general and administrative expenses, $0.2 million and
$0.9 million of taxes, and $0.1 million and $0.1 million of Credit
Facility amendment costs. For the three and nine months ended
June 30, 2023, expenses totaled $19.2 million and $54.6
million, respectively and were comprised of; $10.0 million and
$29.6 million of debt related interest and expenses, $2.8 million
and $8.6 million of base management fee, $4.6 million and $12.2
million of performance-based incentive fee, $1.6 million and $3.3
million of general and administrative expenses and $0.2 million and
$0.8 million of taxes. The increase in expenses compared to the
same period in the prior year was primarily due to the increase
in interest expense from increased borrowings and an increase
in base management fees as a result of the increase in our
investment portfolio.
Net Investment Income
For the three and nine months ended
June 30, 2024, net investment income totaled $21.2 million or
$0.31 per share, and $59.7 million or $0.95 per share,
respectively. For the three and nine months ended June 30,
2023, net investment income totaled $18.5 million or $0.36 per
share, and $49.0 million or $1.02 per share, respectively. The
increase in net investment income was primarily due to an increase
in investment income partially offset by an increase in expenses
compared to the same period in the prior year.
Net Realized Gains or
Losses
For the three and nine months ended
June 30, 2024, net realized gains (losses) totaled $(0.4)
million and $0.6 million, respectively. For the three and nine
months ended June 30, 2023, net realized (losses) totaled
$(6.1) million and $(13.8) million, respectively. The change in net
realized gains (losses) 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 realized.
Unrealized Appreciation or Depreciation on Investments
and Debt
For the three and nine months ended
June 30, 2024, we reported net change in unrealized
appreciation (depreciation) on investments of $(4.0) million and
$10.0 million, respectively. For the three and nine months ended
June 30, 2023, we reported net change in unrealized
appreciation (depreciation) on investments of $(1.1) million and
$(22.0) million, respectively. As of June 30, 2024 and
September 30, 2023, our net unrealized appreciation
(depreciation) on investments totaled $(15.7) million and $(25.7)
million, respectively. The net change in unrealized appreciation
(depreciation) on our investments compared to the same period in
the prior year was primarily due to the operating performance of
the portfolio companies within our portfolio and changes in the
capital market conditions of our investments.
For the three and nine months ended
June 30, 2024, our Credit Facility had a net change in
unrealized appreciation (depreciation) of less than $0.1 million
and less than $(0.1) million, respectively. For the three and nine
months ended June 30, 2023, our Credit Facility and the 2023
Notes had a net change in unrealized appreciation (depreciation) of
$(5.8) million and $(4.8) million, respectively. As of
June 30, 2024 and September 30, 2023, the net unrealized
appreciation (depreciation) on the Credit Facility and the 2023
Notes totaled less than $0.1 million and zero, respectively. The
net change in net unrealized appreciation or (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
For the three and nine months ended
June 30, 2024, net increase (decrease) in net assets resulting
from operations totaled $16.9 million or $0.25 per share, and $70.5
million or $1.12 per share, respectively. For the three and nine
months ended June 30, 2023, net increase (decrease) in net
assets resulting from operations totaled $5.6 million or $0.11 per
share and $11.2 million or $0.23 per share, respectively. The net
increase or (decrease) from operations compared to the same
period in the prior year was primarily due to operating performance
of our portfolio and changes in capital market conditions of our
investments along with change in size and cost yield of our debt
portfolio and costs of financing.
LIQUIDITY AND CAPITAL
RESOURCES
Our liquidity and capital resources are derived
primarily from cash flows from operations, including income earned,
proceeds from investment sales and repayments, and proceeds of
securities offerings and debt financings. 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 our portfolio and proceeds from public and private offerings
of securities to finance our investment objectives and
operations.
As of June 30, 2024 and September 30, 2023, we
had $218.9 million and $9.4 million in outstanding borrowings under
the Credit Facility, respectively, and the weighted average
interest rate was 7.7% and 7.7%, respectively. As of June 30, 2024
and September 30, 2023, we had $392.1 million and $376.6 million of
unused borrowing capacity under the Credit Facility, as applicable,
respectively, subject to leverage and borrowing base
restrictions.
As of June 30, 2024 and September 30, 2023, we
had cash equivalents of $84.6 million and $100.6 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.
For the nine months ended June 30, 2024,
our operating activities used cash of $509.6 million and our
financing activities provided cash of $493.7 million. Our operating
activities used cash primarily due to our investment activities and
our financing activities provided cash primarily due to borrowings
under our Credit Facility, proceeds from public offerings under our
ATM program and proceeds from the 2036 Asset-Backed Debt partially
offset by the repayment of the 2023 Notes.
For the nine months ended June 30, 2023, our
operating activities provided cash of $62.4 million and our
financing activities used cash of $54.2 million. Our operating
activities provided cash primarily realized from our investment
activities and our financing activities used cash primarily due to
repayments under our Credit Facility and principal repayment of our
2023 Notes partially offset by proceeds from our equity
offering.
DISTRIBUTIONS
During the three and nine months ended
June 30, 2024, we declared distributions of $0.3075 and
$0.9225 per share for total distributions of $21.0 million and
$57.9 million, respectively. During the three and nine months ended
June 30, 2023, we declared distributions of $0.3025 and
$0.8775 per share for total distributions of $15.4 million and
$42.4 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.
RECENT DEVELOPMENTS
On July 25, 2024, we completed the refinancing
of the 2031 Asset-Backed Debt from a $301 million to $351 million
debt securitization in the form of a collateralized loan
obligation. We retained $85.0 million of the securitization in the
form of Class D-R Notes and Subordinate Notes through a
consolidated subsidiary.
For the period subsequent to June 30, 2024
through August 2, 2024, we invested $116.4 million in portfolio
companies.
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
SUBSIDIARIESCONSOLIDATED STATEMENTS OF ASSETS AND
LIABILITIES(in thousands, except per share
data)(Unaudited) |
|
|
|
June 30, 2024(Unaudited) |
|
|
September 30, 2023 |
|
Assets |
|
|
|
|
|
|
Investments at fair value |
|
|
|
|
|
|
Non-controlled, non-affiliated investments (amortized cost—
$1,303,071 and $768,240, respectively) |
|
$ |
1,314,452 |
|
|
$ |
772,178 |
|
Controlled, affiliated investments (amortized cost— $371,613 and
$324,639, respectively) |
|
|
344,492 |
|
|
|
294,996 |
|
Total investments (amortized cost— $1,674,684 and $1,092,878,
respectively) |
|
|
1,658,944 |
|
|
|
1,067,174 |
|
Cash and cash equivalents
(cost— $84,589 and $100,555, respectively) |
|
|
84,590 |
|
|
|
100,555 |
|
Interest receivable |
|
|
12,510 |
|
|
|
10,423 |
|
Distributions receivable |
|
|
635 |
|
|
|
565 |
|
Due from affiliate |
|
|
65 |
|
|
|
— |
|
Prepaid expenses and other
assets |
|
|
152 |
|
|
|
894 |
|
Total assets |
|
|
1,756,896 |
|
|
|
1,179,611 |
|
Liabilities |
|
|
|
|
|
|
Credit Facility payable, at
fair value (cost— $218,855 and $9,400, respectively) |
|
|
218,862 |
|
|
|
9,400 |
|
2036 Asset-Backed Debt, net
(par—$287,000) |
|
|
283,951 |
|
|
|
— |
|
2031 Asset-Backed Debt, net
(par—$210,699 and $228,000, respectively) |
|
|
209,931 |
|
|
|
226,759 |
|
2026 Notes payable, net
(par—$185,000) |
|
|
183,637 |
|
|
|
183,054 |
|
Interest payable on debt |
|
|
15,119 |
|
|
|
8,615 |
|
Distributions payable |
|
|
7,380 |
|
|
|
6,020 |
|
Payable for investments
purchased |
|
|
9,201 |
|
|
|
4,905 |
|
Incentive fee payable |
|
|
5,307 |
|
|
|
4,628 |
|
Base management fee
payable |
|
|
3,908 |
|
|
|
2,759 |
|
Deferred tax liability |
|
|
1,564 |
|
|
|
1,794 |
|
Accounts payable and accrued
expenses |
|
|
1,310 |
|
|
|
1,287 |
|
Due to affiliates |
|
|
— |
|
|
|
566 |
|
2023 Notes payable, at fair
value (par—$0 and $76,219, respectively) |
|
|
— |
|
|
|
76,219 |
|
Total liabilities |
|
|
940,170 |
|
|
|
526,006 |
|
|
|
|
|
|
|
|
Net
assets |
|
|
|
|
|
|
Common stock, 71,998,138 and
58,734,702 shares issued and outstanding, respectively Par value
$0.001 per share and 100,000,000 shares authorized |
|
|
72 |
|
|
|
59 |
|
Paid-in capital in excess of
par value |
|
|
915,684 |
|
|
|
765,187 |
|
Accumulated deficit |
|
|
(99,030 |
) |
|
|
(111,641 |
) |
Total net assets |
|
$ |
816,726 |
|
|
$ |
653,605 |
|
Total liabilities and net assets |
|
$ |
1,756,896 |
|
|
$ |
1,179,611 |
|
Net asset value per
share |
|
$ |
11.34 |
|
|
$ |
11.13 |
|
|
PENNANTPARK FLOATING RATE CAPITAL LTD. AND
SUBSIDIARIESCONSOLIDATED STATEMENTS OF
OPERATIONS(in thousands, except per share
data)(Unaudited) |
|
|
|
Three Months Ended June 30, |
|
|
Nine Months Ended June 30, |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Investment
income: |
|
|
|
|
|
|
|
|
|
|
|
|
From non-controlled,
non-affiliated investments: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
$ |
34,456 |
|
|
$ |
21,988 |
|
|
$ |
88,693 |
|
|
$ |
65,440 |
|
Dividend |
|
|
768 |
|
|
|
4,390 |
|
|
|
1,853 |
|
|
|
5,602 |
|
Other income |
|
|
591 |
|
|
|
734 |
|
|
|
3,622 |
|
|
|
1,460 |
|
From controlled, affiliated
investments: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
|
8,841 |
|
|
|
8,151 |
|
|
|
25,595 |
|
|
|
22,701 |
|
Dividend |
|
|
3,719 |
|
|
|
2,450 |
|
|
|
10,938 |
|
|
|
8,400 |
|
Other income |
|
|
130 |
|
|
|
— |
|
|
|
130 |
|
|
|
— |
|
Total investment income |
|
|
48,505 |
|
|
|
37,713 |
|
|
|
130,831 |
|
|
|
103,603 |
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest and expenses on debt |
|
|
16,293 |
|
|
|
9,985 |
|
|
|
39,923 |
|
|
|
29,595 |
|
Performance-based incentive fee |
|
|
5,307 |
|
|
|
4,625 |
|
|
|
14,937 |
|
|
|
12,245 |
|
Base management fee |
|
|
3,908 |
|
|
|
2,840 |
|
|
|
10,283 |
|
|
|
8,643 |
|
General and administrative expenses |
|
|
1,050 |
|
|
|
1,134 |
|
|
|
3,293 |
|
|
|
2,545 |
|
Administrative services expenses |
|
|
450 |
|
|
|
477 |
|
|
|
1,661 |
|
|
|
764 |
|
Expenses before provision for taxes and financing
costs |
|
|
27,008 |
|
|
|
19,061 |
|
|
|
70,097 |
|
|
|
53,792 |
|
Provision for taxes on net investment income |
|
|
193 |
|
|
|
150 |
|
|
|
894 |
|
|
|
834 |
|
Credit Facility amendment costs |
|
|
94 |
|
|
|
— |
|
|
|
94 |
|
|
|
— |
|
Total expenses |
|
|
27,295 |
|
|
|
19,211 |
|
|
|
71,085 |
|
|
|
54,626 |
|
Net investment income |
|
|
21,210 |
|
|
|
18,502 |
|
|
|
59,746 |
|
|
|
48,977 |
|
Realized and unrealized
gain (loss) on investments and debt: |
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gain (loss) on: |
|
|
|
|
|
|
|
|
|
|
|
|
Non-controlled, non-affiliated investments |
|
|
(353 |
) |
|
|
(6,065 |
) |
|
|
568 |
|
|
|
(13,520 |
) |
Non-controlled and controlled, affiliated investments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Provision for taxes on realized gain on investments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(300 |
) |
Net realized gain (loss) on investments |
|
|
(353 |
) |
|
|
(6,065 |
) |
|
|
568 |
|
|
|
(13,820 |
) |
Net change in unrealized
appreciation (depreciation) on: |
|
|
|
|
|
|
|
|
|
|
|
|
Non-controlled, non-affiliated investments |
|
|
(1,064 |
) |
|
|
3,051 |
|
|
|
7,443 |
|
|
|
(12,204 |
) |
Controlled and non-controlled, affiliated investments |
|
|
(2,889 |
) |
|
|
(4,143 |
) |
|
|
2,519 |
|
|
|
(9,825 |
) |
Provision for taxes on unrealized appreciation (depreciation) on
investments |
|
|
— |
|
|
|
— |
|
|
|
230 |
|
|
|
2,929 |
|
Debt (appreciation) depreciation |
|
|
16 |
|
|
|
(5,752 |
) |
|
|
(7 |
) |
|
|
(4,842 |
) |
Net change in unrealized appreciation (depreciation) on
investments and debt |
|
|
(3,937 |
) |
|
|
(6,844 |
) |
|
|
10,185 |
|
|
|
(23,942 |
) |
Net realized and
unrealized gain (loss) from investments and debt |
|
|
(4,290 |
) |
|
|
(12,909 |
) |
|
|
10,753 |
|
|
|
(37,762 |
) |
Net increase (decrease)
in net assets resulting from operations |
|
$ |
16,920 |
|
|
$ |
5,593 |
|
|
$ |
70,499 |
|
|
$ |
11,215 |
|
Net increase (decrease)
in net assets resulting from operations per common
share |
|
$ |
0.25 |
|
|
$ |
0.11 |
|
|
$ |
1.12 |
|
|
$ |
0.23 |
|
Net investment income per common
share |
|
$ |
0.31 |
|
|
$ |
0.36 |
|
|
$ |
0.95 |
|
|
$ |
1.02 |
|
|
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 $7.7 billion of
investable capital, including available 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, Los Angeles, and Amsterdam.
FORWARD-LOOKING STATEMENTS AND
OTHER
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.
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.
The information contained herein is based on
current tax laws, which may change in the future. The Company
cannot be held responsible for any direct or incidental loss
resulting from applying any of the information provided in this
publication or from any other source mentioned. The information
provided in this material does not constitute any specific legal,
tax or accounting advice. Please consult with qualified
professionals for this type of advice.
CONTACT: |
Richard T. Allorto, Jr. |
|
PennantPark Floating Rate Capital Ltd. |
|
(212) 905-1000 |
|
www.pennantpark.com |
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