PennantPark Floating Rate Capital slides on pricing stock deal

Pennantpark Floating Rate Capital

24/01/2023 12:30

** PennantPark Floating Rate Capital's  PFLT.N  shares down
6.8% at $11.01 premarket after overnight follow-on prices
    ** Business development company sells 4.25 mln shares at
$11.10, 6% discount to last sale
    ** Co to use net offering proceeds to reduce debt, fund new
investments
    ** Alongside offering launch, PFLT said estimates net income
of 29-31 cents/sh for qtr ended Dec; also estimates NAV/sh
between $11.17-$11.25 and cash/cash equivalents of approx $53
mln as of Dec 31
    ** PFLT has ~45.4 mln shares outstanding for roughly $536
mln market cap
    ** With co's current qtrly dividend of 28.5 cents/sh, PFLT's
stock yields 9.65% based on last close
    ** Stock up 7.6% YTD and up ~12% over past three months,
through Mon close
    ** Morgan Stanley, UBS, Goldman, JP Morgan and KBW jt
bookrunners for equity offering
 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))