News

PennantPark Sees Lower Leverage, More Covenants in Private Debt By Kelsey Butler – Bloomberg Bloomberg’s Kelsey Butler talked to Managing Partner Art Penn for an article covering PennantPark’s outlook on middle market lending, highlighting that the firm expects “lower leverage levels and juicier yields in private credit once the market gets back up and running.” Though the private credit sector is facing a market disruption due to the coronavirus outbreak, Art provided valuable perspective from...Continue Reading

PennantPark Seeks $1bn For A New Syndicated Loan Fund By David Graubard – Alternatives Watch PennantPark Founder and Managing Partner Art Penn spoke with David Graubard of Alternatives Watch about the firm’s newly-planned syndicated loan fund. “We are looking at potential bargains in the broadly syndicated loan space because there are some solid companies that do not seem to be impacted by Covid-19 at discounted prices,” Art said.   Read the Full ArticleContinue Reading

NEW YORK , April 06, 2020 (GLOBE NEWSWIRE) -- PennantPark Investment Corporation (“PNNT,” “we” or “our”) (Nasdaq: PNNT) announced today that it issued an open letter to its stakeholders regarding a business update amid the COVID-19 pandemic. The full text of the letter follows: Dear Stakeholders:Continue Reading

NEW YORK , April 06, 2020 (GLOBE NEWSWIRE) -- PennantPark Floating Rate Capital Ltd. (the “Company”) (NASDAQ: PFLT) (TASE: PFLT) announced today that it issued an open letter to its stakeholders regarding a business update amid the COVID-19 pandemic. The full text of the letter follows: DearContinue Reading

NEW YORK , April 02, 2020 (GLOBE NEWSWIRE) -- PennantPark Floating Rate Capital Ltd. (the "Company") (NASDAQ: PFLT) (TASE: PFLT) declares its monthly distribution for April 2020 of $0.095 per share, payable on May 1, 2020 to stockholders of record as of April 16, 2020 .Continue Reading

US Direct Lenders Hope For Helping Hand From Private Equity Lobbying By James Harvey – Alt Credit PennantPark Founder and Managing Partner Art Penn was featured in a story by Alt Credit’s James Harvey, which examined how private equity’s lobbying efforts for coronavirus relief loans could alleviate pressure on direct lenders. Specifically, Art provided insight into the small business investment company exceptions, noting that they will allow some borrowers to access SBA loans. “We’re still...Continue Reading

Direct Lenders Support Existing Investments But Open For Opportunities By Kristen Haunss – Reuters PennantPark Founder and Managing Partner Art Penn spoke with Reuters’ Kristen Haunss to discuss strategies BDCs are employing to simultaneously support existing investments while remaining open to new opportunities. Art provided insight on companies using revolving lines of credit to ensure ample liquidity – though he noted that none of PennantPark’s portfolio companies have made such requests yet – and offered...Continue Reading

NEW YORK , April 01, 2020 (GLOBE NEWSWIRE) -- Directors, officers and other employees of PennantPark Investment Advisers, LLC purchased an aggregate of 524,750 shares of PennantPark Floating Rate Capital Ltd. (“PFLT,” “we” or “our”) (Nasdaq: PFLT) (TASE: PFLT) common stock from February 12, 2020 toContinue Reading

NEW YORK , April 01, 2020 (GLOBE NEWSWIRE) -- Directors, officers and other employees of PennantPark Investment Advisers, LLC purchased an aggregate of 208,136 shares of PennantPark Investment Corporation (“PNNT,” “we” or “our”) (Nasdaq: PNNT) common stock from February 12, 2020 to March 31, 2020 .Continue Reading

The Bankruptcy Lawyers Are Smiling By Robin Blumenthal – Private Debt Investor PennantPark Founder and Managing Partner Art Penn spoke with Private Debt Investor’s Robin Blumenthal about the impact of the coronavirus on private lending, specifically in the distressed debt market. Art highlighted that PennantPark is working off the assumption that the majority of new deals are being postponed, as companies aren’t committing capital in the current environment – adding that the firm has long...Continue Reading