SunTrust Leads PennantPark $200MM Credit Facility
PennantPark Floating Rate Capital announced an increase of the size of its credit facility to $200 million. All other terms remain unchanged. SunTrust Robinson Humphrey acted as lead arranger as the company entered into an amended and restated revolving credit and security agreement. SunTrust Bank remains as the administrative agent, and U.S. Bank National Association remains as the collateral agent, backup collateral manager and custodian.
“We are pleased to have amended our credit facility to this new size as it nicely complements our permanent equity base. We are delighted to have received strong support from existing lenders and welcome new relationships that have joined our growing list of lending partners,” said Chairman and Chief Executive Officer Arthur H. Penn.
The credit facility is secured by all of the assets held by PennantPark Floating Rate Funding I, LLC, a wholly owned subsidiary of the company, and includes customary covenants, including minimum asset coverage and minimum equity requirements.
PennantPark Floating Rate Capital is a business development company that primarily invests in U.S. middle-market private companies in the form of floating rate senior secured loans.