NEW YORK, Oct. 25, 2017 (GLOBE NEWSWIRE) -- PennantPark Floating Rate Capital Ltd. (Nasdaq:PFLT) announced that it has entered into an agreement to sell 6,000,000 shares of common stock resulting in net proceeds exclusive of offering expenses to the Company of approximately $84.3 million, or $14.06 per share.

The Company’s investment adviser, PennantPark Investment Advisers, LLC (the “Investment Adviser”), has agreed to bear a portion of the sales load payable to the underwriters. The Company is not obligated to repay the portion of the sales load paid by our Investment Adviser.

The closing of the transaction is subject to customary closing conditions and the shares are expected to be delivered on October 27, 2017. The Company also has granted the underwriters an option to purchase up to an additional 900,000 shares of common stock.

The Company expects to use the net proceeds to reduce outstanding debt obligations, to invest in new or existing portfolio companies, to capitalize a subsidiary or new joint venture or for other general corporate or strategic purposes.

Morgan Stanley & Co. LLC, Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Keefe, Bruyette & Woods, A Stifel Company, RBC Capital Markets, LLC and SunTrust Robinson Humphrey, Inc. are acting as joint bookrunning underwriters. Comerica Securities, Inc., Janney Montgomery Scott LLC, JMP Securities LLC, Ladenburg Thalmann & Co. Inc. and Maxim Group LLC are acting as co-managers.

ABOUT PENNANTPARK FLOATING RATE CAPITAL LTD.

PennantPark Floating Rate Capital Ltd. is a business development company which primarily invests in U.S. middle-market private companies in the form of floating rate senior secured loans. From time to time, the Company may also invest in mezzanine debt and equity investments. PennantPark Floating Rate Capital Ltd. is managed by PennantPark Investment Advisers, LLC.