Follow-On Offering

Technology & Services
Follow-On Offering

Summary

Baird served as a co-bookrunner in this offering.

About

PennantPark Investment Corporation (NASDAQ: PNNT) (“PennantPark” or the “Company”) recently completed a follow-on offering of 5.75 million shares of its common stock at $10.00 per share, generating gross proceeds of $57.5 million for the Company. PennantPark expects to use the net proceeds for general corporate purposes, including repayment of outstanding indebtedness and to fund investments in accordance with its investment objectives.

PennantPark Investment Corporation is a business development company (“BDC”) which principally invests in U.S. middle-market private companies in the form of mezzanine debt, senior secured loans and equity investments. As of December 31, 2009, PennantPark’s portfolio totaled $513.1 million and consisted of $176.8 million of subordinated debt, $147.1 million of second lien secured debt, $160.7 million of senior secured loans, and $28.5 million of preferred and common equity investments. PennantPark’s core assets totaled $478.2 million and consisted of investments in thirty-five different companies with an average investment size of $13.7 million per company and a weighted average yield of 12.2% on debt investments. The Company’s non-core senior secured loan portfolio totaled $34.9 million and consisted of nine different companies with an average investment size of $3.9 million and a weighted average yield of 2.7% on debt investments. PennantPark Investment Corporation is managed by PennantPark Investment Advisers, LLC.

For additional information about this transaction, please contact:

Mark C. Micklem (703) 821-5787
Justin J. Glasgow (703) 821-5763
Technology & Services
Follow-On Offering
Date
March 2010
Company
PennantPark Investment Corporation
Transaction
M&A
Sectors
Technology & Services
Target Location
North America

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