PennantPark Floating Rate Capital announced it increased the size of its credit facility from $290 million to $350 million. All other terms remain unchanged including the interest rate at LIBOR plus 200 basis points.

PennantPark said SunTrust Robinson Humphrey and Capital One are joint lead arrangers in connection with the credit facility.

“We are pleased to have upsized our credit facility and it nicely complements our permanent equity base, which increased after our acquisition of MCG Capital. We are delighted to have received strong support from existing lenders and welcome the new relationships who 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, a wholly-owned subsidiary of the company, and includes customary covenants, including minimum asset coverage and minimum equity requirements.