PennantPark Floating Rate Capital Prices 4.40 Mln Shares At $14.20/shr

(RTTNews) - PennantPark Floating Rate Capital Ltd. (PFLT) announced Tuesday that it has entered into an agreement to sell 4.40 million shares of common stock at a public offering price of $14.20 per share, raising about $62.48 million in gross proceeds.

The company also has granted the underwriters an option to purchase up to an additional 660,000 shares of common stock to cover over-allotments, if any.

The company noted that it expects to use the net proceeds to reduce outstanding obligations under its credit facility, to invest in new or existing portfolio companies or for general corporate or strategic purposes.

The closing of the transaction is subject to customary closing conditions and the shares are expected to be delivered on July 19, 2013.