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Firm History—PennantPark Floating Rate Capital Ltd. is a newly organized, externally managed, closed-end, non-diversified management investment company that intends to file an election to be treated as a business development company under the 1940 Act. We were formed on October 28, 2010 as a Maryland Corporation.
On April 13, 2011 PennantPark Floating Rate Capital Ltd.closed its initial public offering and sold 6,700,000 shares of common stock at a price of $15.00 per share, resulting in net proceeds of $101 million, our common stock trades on the NASDAQ Global Select Market under the symbol "PFLT".
Funding I, our wholly owned subsidiary and a special purpose entity, was organized in Delaware as a limited liability company on May 18, 2011. We formed Funding I, in order to establish a senior secured revolving facility, the Credit Facility. On June 23, 2011, Funding I entered in to a five-year Credit Facility which allows Funding I to borrow up to $100.0 million at commercial paper rate that approximates LIBOR plus 225 basis points during the revolving period. The Credit Facility is secured by all of the assets held by Funding I.
Our Family of Funds
PennantPark Investment Corporation
PennantPark Floating Rate Capital Ltd.
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