Pennant Investment Corp

PennantPark Investment Corporation, a business development company is a private equity fund specializes in direct and mezzanine investments in middle market companies. It invests in the form of mezzanine debt, senior secured loans, and equity investments. The fund typically invests in buildings and real estate, hotels, gaming and leisure, technology, telecommunications, transportation, information technology services, electronics, healthcare & pharmaceuticals, education and childcare, financial services, printing and publishing, consumer products, business services, energy & Related Services and utilities, distribution, oil and gas, media, environmental services, aerospace and defense, building materials, capital equipment, chemicals, plastics, & rubber, food & beverage, wholesale, manufacturing and basic industries and retail. It invests in equity securities and debt transactions through preferred stock, common stock, warrants, options, senior secured debt, subordinated debt, subordinated loans, first lien debt, mezzanine loans, and distressed debt securities and private equity co-investments. It seeks to invest in companies based in the United States. The fund seeks to invest between $10 million and $100 million cross the capital structure (senior secured loans, subordinated debt, and other investments) in its portfolio companies with EBITDA between $10 to $50 million. Its mezzanine loans, senior secured loans, and other investments in its portfolio companies are between $15 million and $50 million. The fund may also make non-control equity and debt investments.

PennantPark Investment Corporation

PennantPark offers investors selectively designed exposure to middle market credit. Our expertise is affirmed by our track record and forged by productive, principled relationships with renowned middle market private equity sponsors. Getting to know us is a winning proposition.
 
Founded in 2007, PennantPark today manages approximately $6.8 billion across publicly-listed business development companies (PennantPark Investment Corporation -  "PNNT"; PennantPark Floating Rate Capital Ltd. - “PFLT”), private vehicles for institutional limited partners (including the PennantPark Credit Opportunities Fund II, LP - "PCOF II", the PennantPark Credit Opportunities Fund III, LP - "PCOF III", the PennantPark Credit Opportunities Fund IV, LP - "PCOF IV", PennantPark Senior Credit Fund “PSCF”, PennantPark Senior Credit Fund Levered “PSCF-Lev”, multiple managed accounts, co-investment vehicles), and CLOs (PennantPark CLO I - CLO VII Ltd. ). 
 
Led by founder Arthur Penn, PennantPark's senior team has deep individual experience and a long history of working together. From inception to September 30, 2023, they have invested over $18.5 billion into 680+ transactions across a range of industries including Government Services, Healthcare, Software / Technology, Consumer, and Business Services.

Cybele Holdings

PennantPark Investment Advisers, LLC

Art Penn discusses the lending opportunity in the core middle market with Vonnie Quinn and Sonali Basak of Bloomberg TV. Of note, Art looks back on a strong 2023 where yields rose to the low double digits for first-lien senior secured loans on the back of rising rates and a lender-friendly market environment. While default rates remain below long-term averages, Art notes that “as prudent credit selectors we underwrite looking at the downside case and hoping for the upside.” Art also looks forward to 2024 and he expects the core middle market to remain active and resilient as interest rates stabilize. He believes that credit quality will remain strong, especially for the high free cash flow service-oriented industries where PennantPark is focused.

Finally, Art compares the core middle market to the upper middle market and broadly syndicated loan market, which have become increasingly competitive and sacrificed certain lender protections in the process. “In the core middle market there is a lot less competition. We can structure lower leverage, we can structure better yields, we can structure covenants that have meaning.”

https://lnkd.in/e2J7w8JB

PennantPark celebrated the grand opening of our new headquarters in the City of Miami Beach last weekend! We’re thankful to the investors, city officials, contractors, and others that joined us to celebrate and have graciously welcomed us to the South Florida community. Pictured is Mayor Dan Gelber, who really knows his way around giant scissors. We also took time to honor our veterans, with four branches of the military represented by our guests and their families 

NYSE:PNNT

PennantPark Investment Corporation

Last Close

7.28

26/07 20:00

Market Cap

513.97M

Beta: 1.62

Volume Today

402.56K

Avg: 410.66K

PE Ratio

−13.19

PFCF: 3.95

Dividend Yield

12.67%

Payout:−96.47%

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