Daily News: April 3, 2013

SunTrust Bank Increases PennantPark Credit Facility


PennantPark Floating Rate Capital announced that through PennantPark Floating Rate Funding I, LLC, a wholly owned subsidiary of the company, it entered into an amendment of its amended and restated revolving credit facility with SunTrust Bank.

Among other things, the amendment (i) increased the size of the credit facility from $100 million to $125 million, (ii) reduced the interest rate on amounts drawn under the credit facility from 225 to 200 basis points above the LIBOR for the revolving period which extends through May 14, 2015, (iii) reduced the undrawn commitment fee and (iv) extended the maturity date to May 14, 2018.

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.