PennantPark Floating Rate Capital agreed to expand its investment in PennantPark Senior Secured Loan Fund I (PSSL). This transaction is aimed at further strengthening the partnership, which was put into place over seven years ago.
PennantPark Floating Rate Capital and its joint venture partner agreed to invest an additional $100 million of capital in PSSL. In conjunction with increased leverage capacity at PSSL, the $100 million investment will expand the joint venture’s total investment capacity to $1.5 billion, representing a nearly $500 million increase.
“We are proud of the partnership and the strong returns the JV has generated,” Art Penn, CEO of PennantPark Floating Rate Capital, said. “The core middle market represents a differentiated investment opportunity for investors in direct lending. The increase in the joint venture will position PFLT’s shareholders to benefit from investments in today’s attractive vintage of core middle market senior secured loans.”
