- The stock price of Pennantpark Floating Rate Capital (PFLT) fell by over 7% intraday today. This is why.
The stock price of Pennantpark Floating Rate Capital (PFLT) fell by over 7% intraday today.
Why: PennantPark Floating Rate Capital announced that it has commenced an underwritten primary offering of 4,250,000 shares of its common stock. And the company also expects to grant the underwriters an option to purchase 637,500 additional shares of its common stock. This offering will be made pursuant to the company’s shelf registration statement, which was filed with and has been declared effective by the SEC.
Proceeds: The company expects to use the net proceeds from the offering to reduce outstanding obligations under its existing indebtedness, to invest in new or existing portfolio companies, to capitalize a subsidiary or joint venture or for other general corporate or strategic purposes.
Managers: Morgan Stanley, UBS Investment Bank, Goldman Sachs & Co. LLC, J.P. Morgan and Keefe, Bruyette & Woods, A Stifel Company, are serving as joint book-running managers for the offering.