Art Penn Quoted in Reuters Article

Direct Lenders Weigh Impact of Aggressive EBITDA Add-Backs

By David Brooke – Reuters

PennantPark Founder and Managing Partner Art Penn was recently quoted in a Reuters article examining the growing prevalence of EBITDA add-backs and their impact on middle market lenders. “Some of the add-backs that are synergies are not as tangible and more of a hope that they will occur,” Art said. “They also won’t be immediate so it’s a lot harder for a skeptical underwriter to believe that story.”