|
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the
Securities
Exchange Act of 1934
|
|
Date
of Report: August 04, 2010
(Date
of earliest event reported)
|
|
PennantPark
Investment Corporation
(Exact
name of registrant as specified in its
charter)
|
|
Maryland
(State
or other jurisdiction
of
incorporation)
|
814-00736
(Commission
File Number)
|
20-8250744
(IRS
Employer
Identification
Number)
|
|
590
Madison Avenue, New York, New York
(Address
of principal executive offices)
|
10022
(Zip
Code)
|
|
|
212-905-1000
(Registrant's
telephone number, including area
code)
|
|
Not
Applicable
(Former
Name or Former Address, if changed since last report)
|
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
o Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material
pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
|
Item
2.02. Results of Operations and Financial Condition
Item
9.01. Financial Statements and Exhibits
(a)
Financial statements:
None
(b)
Pro forma financial information:
None
(c)
Shell company transactions:
None
(d)
Exhibits
|
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
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Dated:
August 04, 2010
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PENNANTPARK
INVESTMENT CORPORATION
By:
/s/ Aviv Efrat
Aviv Efrat
Chief
Financial Officer & Treasurer
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Exhibit
Index
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Exhibit No.
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Description
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|
Press
Release of PennantPark Investment Corporation dated August 04,
2010
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|
Exhibit 99.1
PennantPark
Investment Corporation Announces Financial Results for the Quarter Ended June
30, 2010
NEW YORK,
NY -- (Marketwire - August 04, 2010) - PennantPark Investment Corporation
(NASDAQ: PNNT) today announces financial results for its third fiscal quarter
ended June 30, 2010.
| HIGHLIGHTS | |
| Quarter Ended June 30, 2010 | |
| ($ in millions, except per share amounts) | |
| Investment portfolio | $ 623.2 |
| Net assets | $ 345.3 |
| Net asset value per share | $ 10.94 |
| Credit Facility (Cost $ 256.8) | $ 236.1 |
| Investment portfolio composition and yield: | |
| Subordinated debt, second lien secured debt, senior secured | |
| debt, and equity (core) | $ 602.5 |
| Senior secured debt (non-core) | $ 20.7 |
| Weighted average yield on debt investments | 11.9% |
| Weighted average yield on core investments | 12.3% |
| Weighted average yield on non-core investments | 2.7% |
| Operating Results: | |
| Net investment income | $ 8.8 |
| Net investment income per share | $ 0.28 |
| Distributions declared per share | $ 0.26 |
| Portfolio Activity: | |
| Purchase of long term investments | $ 93.8 |
| Sales and repayments of long term investments | $ 59.2 |
| Number of new portfolio companies invested | 3 |
| Number of existing portfolio companies invested | 4 |
| Number of portfolio companies at end of period | 42 |
Except
where the context suggests otherwise, the terms “we,” “us,” “our,” "Company"
or “PennantPark Investment” refer to PennantPark Investment Corporation and
its Subsidiaries.
CONFERENCE
CALL AT 10:00 A.M. ET ON AUGUST 5, 2010
The
Company will also host a conference call at 10:00 a.m. (Eastern Time) on
Thursday, August 5, 2010 to discuss the quarterly results. All interested
parties are welcome to participate. You can access the conference call by
dialing (800) 967-7134 approximately 5-10 minutes prior to the call.
International callers should dial (719) 325-2312. All callers should reference
PennantPark Investment Corporation. An archived replay of the call will be
available through August 19, 2010 by calling (888) 203-1112. International
callers please dial (719) 457-0820. For all replays, please reference conference
ID #4765149.
PORTFOLIO
AND INVESTMENT ACTIVITY
As of
June 30, 2010, our portfolio totaled $623.2 million and consisted of $213.5
million of subordinated debt, $150.5 million of second lien secured debt, $219.4
million of senior secured loans and $39.8 million of preferred and common equity
investments. This compares to our portfolio as of September 30, 2009, which
totaled $469.8 million and consisted of $157.1 million of subordinated debt,
$134.4 million of second lien secured debt, $150.6 million of senior secured
loans and $27.7 million of preferred and common equity investments.
Our core
assets totaled $602.5 million and consisted of investments in thirty-eight
different companies with an average investment size of $15.9 million per company
and a weighted average yield of 12.3% on debt investments as of June 30, 2010. This
compares to our core assets as of September 30, 2009, which totaled $427.1
million and consisted of investments in thirty different companies with an
average investment size of $14.2 million per company and a weighted average
yield of 12.5% on debt investments.
As of
June 30, 2010, our non-core senior secured loan portfolio totaled $20.7 million
and consisted of four different companies with an average investment size of
$5.2 million, and a weighted average yield of 2.7% on debt investments. This
compares to our non-core assets as of September 30, 2009, which totaled
$42.7 million and consisted of thirteen different companies (including one
company also in our core portfolio) with an average investment size of $3.3
million and a weighted average yield of 3.1%.
Our
overall portfolio consisted of forty-two companies with an average investment
size of $14.8 million and a weighted average yield on debt investments of 11.9%,
and was invested 34% in subordinated debt, 24% in second lien secured debt, 35%
in senior secured loans and 7% in preferred and common equity investments as of June 30, 2010. This
compares to our overall portfolio as of September 30, 2009, which consisted of
forty-two companies with an average investment size of $11.2 million and a
weighted average yield on debt investments of 11.4%, and was invested 33% in
subordinated debt, 29% in second lien secured debt, 32% in senior secured loans
and 6% in preferred and common equity investments.
For the three months ended June 30,
2010, we invested $93.8 million in three new and four existing portfolio
companies with a weighted average yield on debt investments of 14.5%.
Sales and repayments of long-term
investments totaled $59.2 million for the same period. This compares to the
three months ended June 30, 2009, in which we invested $32.6 million in five new
and two existing portfolio companies, with an average yield of 14.0% on debt
investments. Sales and repayments of long-term investments totaled $7.3 million
for the same period.
"We are
pleased with the new investment activity and risk/reward we are seeing in our
business. It was also helpful to realize strong returns on several exits during
the quarter," said Arthur Penn, Chairman and Chief Executive Officer. “We are
particularly pleased to have received an SBIC license, which can help us grow
through long term attractively priced financing.”
RESULTS
OF OPERATIONS
Set forth
below are the results of our consolidated operations for the three and nine
months ended June 30, 2010 and 2009.
Investment
Income
Investment
income for the three and nine months ended June 30, 2010, was $16.3 million and
$43.4 million, respectively, and was primarily attributable to $6.6 million and
$17.9 million from subordinated debt investments, $3.3 million and $9.8 million
from second lien secured debt investments and $4.7 million and $11.4 million
from senior secured loan investments, respectively. The remaining investment
income was primarily attributed to net accretion of discount and amortization of
premium and other income. The increase in investment income compared with the
same periods in the prior year is due to the growth of our portfolio and the
transition of the portfolio from non-core to long-term core
investments.
Investment
income for the three and nine months ended June 30, 2009, was $10.8 million and
$33.3 million, respectively, of which $2.4 million and $7.4 million was
attributable to subordinated debt investments, $3.3 million and $10.6 million
was attributable to second lien secured debt investments, and $4.3 million and
$13.6 million was attributable to senior secured loan investments, respectively.
The remaining investment income was primarily attributed to interest income from
short-term investments and to net accretion of discount and amortization of
premium. The change in investment income compared with the same periods in the
prior year is due to the growth of our portfolio, the transition of the
portfolio from temporary to long-term core investments offset by lower interest
rates on our variable rate portfolio of investments.
Expenses
Expenses
for the three and nine months ended June 30, 2010, totaled $7.5 million and
$20.2 million, respectively. For the same respective periods, base management
fees totaled $3.0 million and $8.3 million, performance-based incentive fees
totaled $2.2 million and $5.8 million, credit facility related expenses totaled
$1.0 million and $2.6 million, general and administrative expenses totaled $1.3
million and $3.5 million. For the nine months ended June 30, 2010, an excise tax
of $0.1 million was incurred. The increase in expenses is primarily the result
of increased management and incentive fees that are driven by the growth of our
portfolio and net investment income.
Expenses
for the three and nine months ended June 30, 2009, totaled $5.1 million and
$16.6 million, respectively. For the same respective periods, base management
fees totaled $1.9 million and $5.5 million, performance-based incentive fees
totaled $1.4 million and $4.2 million, credit facility related expenses totaled
$0.8 million and $3.8 million, general and administrative expenses totaled $1.0
million and $3.1 million.
Net
Investment Income
Net
investment income totaled $8.8 million and $23.1 million, or $0.28 and $0.82 per
share, for the three and nine months ended June 30, 2010, respectively. For
the same respective periods in the prior year, net investment income totaled
$5.7 million and $16.7 million, or $0.27 and $0.79 per share.
Net
Realized Gain (Loss)
Sales and
repayments of long-term investments for the three and nine months ended June 30,
2010 totaled $59.2 million and $82.7 million, respectively, and realized gains
(losses) totaled approximately $0.1 million and $(16.6) million, respectively,
due to sales, primarily, of non-core senior secured loans and restructurings on
investments offset by repayments on other investments.
Sales and
repayments of long-term investments for the three and nine months ended June 30,
2009 totaled $7.3 million and $12.9 million, respectively, and realized losses
totaled approximately $24.7 million and $30.8 million, respectively, due to
sales of non-core and core loans as well as restructurings on
investments.
Net
Unrealized Appreciation (Depreciation) on Investments and (Appreciation)
Depreciation on Credit Facility
For the
three and nine months ended June 30, 2010, our investments had a net change in
unrealized appreciation (depreciation) of $(1.5) million and $32.3 million,
respectively. On June 30, 2010 and September 30, 2009, net unrealized
appreciation (depreciation) on investments totaled $4.8 million and $(27.5)
million, respectively. The decrease for the quarter in unrealized appreciation
on investments is due to recent softness in the leveraged finance markets, which
offset to some extent appreciation for the nine months ended June 30, 2010. The
year-to-date increase in unrealized appreciation on investments was due to the
improvements in the overall leveraged finance credit markets.
For the
three and nine months ended June 30, 2010, our long-term credit facility had a
net change in unrealized appreciation of $3.2 million and $28.9 million,
respectively. On June 30, 2010 and September 30, 2009, net unrealized
depreciation on our long-term credit facility totaled $20.7 million and $49.6
million, respectively, which included the cumulative effect of adoption of ASC
825-10 on our credit facility of $41.8 million. The increase in unrealized
appreciation on our credit facility is due to the improvements in the overall
leveraged finance credit markets as well as its proximity to
maturity.
For the
three and nine months ended June 30, 2009, our investments had a net unrealized
appreciation of $27.4 million and $12.3 million, respectively. On June 30, 2009
and September 30, 2008, net unrealized depreciation on investments and cash
equivalents totaled $59.7 million and $72.0 million, respectively, primarily due
to the downturn in the leveraged finance credit markets.
For the
three and nine months ended June 30, 2009, our credit facility experienced a net
unrealized appreciation of $9.2 million and a net unrealized depreciation $11.4
million, respectively. On June 30, 2009, net unrealized appreciation on our
long-term credit facility totaled $53.2 million, which included the cumulative
effect of adoption of ASC 825-10 on our credit facility of $41.8
million.
Net
Increase (Decrease) in Net Assets from Operations
Net
increase in net assets resulting from operations totaled $4.3 million and $9.9
million, respectively, or $0.13 and $0.35 per share, respectively, for the three
and nine months ended June 30, 2010. The increase in net assets from operations
for the three months ended June 30, 2010 is due to net investment income offset
by the appreciation on the credit facility and net depreciation on investments.
The increase in net assets from operations for the nine months ended
June 30, 2010 is due to increases in the fair values of our investments and
net investment income offset by the increase in fair value of our credit
facility and realized losses on investments.
Net
(decrease) increase in net assets resulting from operations totaled $(0.8)
million and $9.6 million, respectively, or $(0.04) and $0.45 per share,
respectively, for the three and nine months ended June 30, 2009, primarily
due to an increase in investment values and a decline in market value of our
credit facility.
LIQUIDITY
AND CAPITAL RESOURCES
PennantPark
Investment's liquidity and capital resources are generated through its senior
secured, multi-currency, $300.0 million, five-year revolving credit facility
maturing in June 2012 as well as from cash flows from operations, investment
sales and prepayments, and income earned from investments, and cash equivalents.
On June 30, 2010, we had $256.8 million in borrowings outstanding, with a fair
market value of $236.1 million, with a weighted average interest rate at that
time of 1.39% exclusive of the fee on the undrawn commitment of 0.20% and $43.2
million remaining unused under our senior secured revolving credit
facility.
Additionally,
at June 30, 2010, we had approximately $170 million of select assets, which had
a coupon of 9% or lower. We will look to rotate those assets with lower coupons
into new higher yielding investments over time.
On
February 2, 2010, our stockholders approved a proposal that authorizes us to
sell shares of our common stock below the then current net asset value per share
of our common stock in one or more offerings for a period of 12 months. Any
decision to sell shares below the then current net asset value per share of our
common stock in one or more offerings is subject to the determination by our
board of directors that such issuance and sale is in our and our stockholders'
best interests. Any sale or other issuance of shares of our common stock at a
price below net asset value per share has resulted and will continue to result
in an immediate dilution to our stockholder's interest in our common stock and a
reduction of our net asset value per share.
During
the nine months ended June 30, 2010, we generated operating cash flows primarily
from interest earned on debt investments, and our primary use of funds from
operations during the same period consisted of investments in portfolio
companies, payments of fees and other operating expenses we incurred. For the
nine months ended June 30, 2010, our operating activities used cash of $101.6
million and our financing activities provided cash of $69.6 million, primarily
from proceeds of common stock offerings.
During
the nine months ended June 30, 2009, we generated operating cash flows primarily
from interest earned on debt investments, and our primary use of funds for
operations during the same period consisted of investments in portfolio
companies, payments of fees and other operating expenses we incurred. Our
operating activities used cash of $9.8 million for the nine months ended June
30, 2009, and our financing activities used cash of $29.9 million for the same
period, primarily from net borrowings on our credit facility.
DISTRIBUTIONS
During
the three and nine months ended June 30, 2010, we declared distributions of
$0.26 and $0.77 per share, respectively, for total distributions of $8.2 million
and $22.9 million, respectively. For the same periods in the prior year, we
declared distributions of $0.24 and $0.72 per share, respectively, for total
distributions of $5.1 million and $15.2 million, respectively.
Tax
characteristics of all dividends will be reported to stockholders on form
1099-DIV after the end of the calendar year.
RECENT
DEVELOPMENTS
Effective
July 30, 2010, PennantPark Investment’s wholly-owned subsidiary, PennantPark
SBIC LP (“SBIC LP”), received a license from the Small Business Administration
(“SBA”) to operate as a Small Business Investment Company (“SBIC”) under Section
301(c) of 1958 Act. As an SBIC, PennantPark SBIC LP will be subject to a variety
of regulations and oversight by the SBA concerning, among other things, the size
and nature of the companies in which it may invest as well as the structure of
those investments.
With an
SBIC license, SBIC LP may apply for SBA-guaranteed debentures. SBA-guaranteed
debentures are non-recourse to us, have a 10-year maturity, and may be prepaid
at any time without penalty. The interest rate of SBA-guaranteed debentures is
fixed at the time of issuance at a market-driven spread over 10-year U.S.
Treasury Notes. Leverage through SBA-guaranteed debentures is subject to
required capitalization thresholds. SBA current regulations limit the amount
that SBIC LP may borrow to a maximum of $150 million, which is up to twice its
regulatory capital. This means that SBIC LP may access the maximum borrowing if
it has $75 million in regulatory capital, which generally equates to the amount
of its equity capital. However, we may capitalize SBIC LP with a lesser
amount.
In
connection with the filing of its SBA license application, PennantPark
Investment applied for exemptive relief from the SEC to permit us to exclude the
debt of SBIC LP from our consolidated asset coverage ratio. There can be no
assurance that (i) we will be able to capitalize SBIC LP with the sufficient
regulatory capital to access the maximum borrowing amount available or (ii) that
we will receive an exemptive relief from the SEC with respect to the
SBA-guaranteed debentures.
AVAILABLE
INFORMATION
PennantPark
Investment Corporation makes available on its website its report on Form 10-Q.
The Company has filed its report on Form 10-Q with the Securities Exchange
Commission, and stockholders may find the report on
www.pennantpark.com.
PENNANTPARK
INVESTMENT CORPORATION AND SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF ASSETS AND LIABILITIES
|
|
June 30, 2010
(unaudited)
|
September 30, 2009
|
||||||
|
Assets
|
|
|||||||
|
Investments
at fair value
|
|
|||||||
|
Non-controlled,
non-affiliated investments, at fair value (cost—$600,409,815 and
$479,909,805, respectively)
|
|
$
|
606,401,552
|
$
|
453,644,335
|
|||
|
Non-controlled,
affiliated investments, at fair value (cost—$17,963,471 and $17,378,081,
respectively)
|
|
16,776,046
|
16,115,738
|
|||||
|
Total
of Investments, at fair value (cost—$618,373,286 and $497,287,886,
respectively)
|
|
623,177,598
|
469,760,073
|
|||||
|
Cash
and Cash equivalents
|
|
1,303,502
|
33,247,666
|
|||||
|
Interest
receivable
|
|
7,633,183
|
5,539,056
|
|||||
|
Receivables
for investments sold
|
|
3,272,912
|
2,726,007
|
|||||
|
Prepaid
expenses and other assets
|
|
1,651,324
|
1,108,567
|
|||||
|
Total
assets
|
|
637,038,519
|
512,381,369
|
|||||
|
|
||||||||
|
Liabilities
|
|
|||||||
|
Distributions
payable
|
|
8,205,281
|
5,056,505
|
|||||
|
Payable
for investments purchased
|
|
18,675,000
|
19,489,525
|
|||||
|
Unfunded
investments
|
|
22,320,388
|
6,331,385
|
|||||
|
Credit
facility payable, at fair value (cost—$256,800,000 and $225,100,000,
respectively)
|
|
236,076,000
|
175,475,380
|
|||||
|
Interest
payable on credit facility
|
|
149,427
|
72,788
|
|||||
|
Management
fee payable
|
|
3,035,172
|
2,220,110
|
|||||
|
Performance-based
incentive fee payable
|
|
2,205,311
|
1,508,164
|
|||||
|
Accrued
other expenses
|
|
1,105,890
|
1,647,244
|
|||||
|
Total
liabilities
|
|
291,772,469
|
211,801,101
|
|||||
|
|
||||||||
|
Net
Assets
|
|
|||||||
|
Common
stock, par value $0.001 per share, 100,000,000 shares authorized,
31,558,772 and 25,368,772 shares issued and outstanding,
respectively
|
|
31,559
|
25,369
|
|||||
|
Paid-in
capital in excess of par
|
|
384,602,224
|
327,062,304
|
|||||
|
Undistributed
net investment income
|
|
2,242,960
|
1,890,235
|
|||||
|
Accumulated
net realized loss on investments and cash equivalents
|
|
(67,139,005
|
)
|
(50,494,447
|
)
|
|||
|
Net
unrealized appreciation (depreciation) on investments
|
|
4,804,312
|
(27,527,813
|
)
|
||||
|
Net
unrealized depreciation on credit facility
|
|
20,724,000
|
49,624,620
|
|||||
|
Total
net assets
|
|
$
|
345,266,050
|
$
|
300,580,268
|
|||
|
|
||||||||
|
Total
liabilities and net assets
|
|
$
|
637,038,519
|
$
|
512,381,369
|
|||
|
|
||||||||
|
Net
asset value per share
|
|
$
|
10.94
|
$
|
11.85
|
|||
|
|
||||||||
PENNANTPARK
INVESTMENT CORPORATION AND SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF OPERATIONS
(Unaudited)
|
|
Three
months ended June 30,
|
Nine
months ended June 30,
|
|||||||||||||
|
|
2010
|
2009
|
2010
|
2009
|
|||||||||||
|
Investment
income:
|
|
||||||||||||||
|
From
non-controlled, non-affiliated investments:
|
|
||||||||||||||
|
Interest
|
|
$
|
15,404,934
|
$
|
10,333,025
|
$
|
41,140,098
|
$
|
32,129,612
|
||||||
|
Other
|
|
594,978
|
138,335
|
1,327,063
|
152,652
|
||||||||||
|
From
non-controlled, affiliated investments:
|
|
||||||||||||||
|
Interest
|
|
335,159
|
298,349
|
991,388
|
988,668
|
||||||||||
|
Total
investment income
|
|
16,335,071
|
10,769,709
|
43,458,549
|
33,270,932
|
||||||||||
|
|
|||||||||||||||
|
Expenses:
|
|
||||||||||||||
|
Base
management fee
|
|
3,035,172
|
1,928,082
|
8,331,957
|
5,495,505
|
||||||||||
|
Performance-based
incentive fee
|
|
2,205,310
|
1,412,925
|
5,779,297
|
4,175,224
|
||||||||||
|
Interest
and other credit facility expenses
|
|
962,597
|
791,587
|
2,619,555
|
3,817,133
|
||||||||||
|
Administrative
services expenses
|
|
709,737
|
582,177
|
1,806,860
|
1,558,672
|
||||||||||
|
Other
general and administrative expenses
|
|
601,011
|
388,507
|
1,705,400
|
1,523,505
|
||||||||||
|
Expenses
before taxes
|
|
7,513,827
|
5,103,278
|
20,243,069
|
16,570,039
|
||||||||||
|
|
|||||||||||||||
|
Excise
tax
|
|
—
|
—
|
97,890
|
—
|
||||||||||
|
Total
expenses
|
|
7,513,827
|
5,103,278
|
20,340,959
|
16,570,039
|
||||||||||
|
|
|||||||||||||||
|
Net
investment income
|
|
8,821,244
|
5,666,431
|
23,117,590
|
16,700,893
|
||||||||||
|
|
|||||||||||||||
|
Realized
and unrealized gain (loss) on investments and credit
facility:
|
|
||||||||||||||
|
Net
realized gain (loss) on non-controlled, non-affiliated
investments
|
100,295
|
(24,701,776
|
)
|
(16,644,556
|
)
|
(30,847,040
|
)
|
||||||||
|
Net
change in unrealized (depreciation) appreciation on:
|
|
||||||||||||||
|
Non-controlled,
non-affiliated investments
|
|
(1,732,131
|
)
|
27,736,328
|
32,257,205
|
14,960,676
|
|||||||||
|
Non-controlled,
affiliated investments
|
|
279,017
|
(318,107
|
)
|
74,918
|
(2,638,476
|
)
|
||||||||
|
Credit
facility unrealized (appreciation) depreciation
|
|
(3,208,992
|
)
|
(9,202,647
|
)
|
(28,900,620
|
)
|
11,446,442
|
|||||||
|
Net
change in unrealized (depreciation) appreciation
|
|
(4,662,106
|
)
|
18,215,574
|
3,431,503
|
23,768,642
|
|||||||||
|
|
|||||||||||||||
|
Net
realized and unrealized loss from investments and credit
facility
|
|
(4,561,811
|
)
|
(6,486,202
|
)
|
(13,213,053
|
)
|
(7,078,398
|
)
|
||||||
|
|
|||||||||||||||
|
Net
increase (decrease) in net assets resulting from
operations
|
|
$
|
4,259,433
|
$
|
(819,771
|
)
|
$
|
9,904,537
|
$
|
9,622,495
|
|||||
|
|
|||||||||||||||
|
Net
increase (decrease) in net assets resulting from operations per common
share
|
$
|
0.13
|
$
|
(0.04
|
)
|
$
|
0.35
|
$
|
0.45
|
||||||
|
Net
investment income per common share
|
|
0.28
|
0.27
|
0.82
|
0.79
|
||||||||||
ABOUT
PENNANTPARK INVESTMENT CORPORATION
PennantPark
Investment Corporation is a business development company which principally
invests in U.S. middle-market private companies in the form of mezzanine debt,
senior secured loans and equity investments. From time to time, we may also
invest in public companies whose securities are thinly traded. PennantPark
Investment Corporation is managed by PennantPark Investment Advisers,
LLC.
FORWARD-LOOKING
STATEMENTS
This
press release may contain "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. All statements other than
statements of historical facts included in this press release are
forward-looking statements and are not guarantees of future performance or
results and involve a number of risks and uncertainties. Actual results may
differ materially from those in the forward-looking statements as a result of a
number of factors, including those described from time to time in filings with
the Securities and Exchange Commission. The Company undertakes no duty to update
any forward-looking statement made herein. All forward-looking statements speak
only as of the date of this press release.
We may
use words such as "anticipates," "believes," "expects," "intends," "will,"
"should," "may" and similar expressions to identify forward-looking statements.
Such statements are based on currently available operating, financial and
competitive information and are subject to various risks and uncertainties that
could cause actual results to differ materially from our historical experience
and our present expectations. Undue reliance should not be placed on such
forward-looking statements as such statements speak only as of the date on which
they are made. We do not undertake to update our forward-looking statements
unless required by law.
Contact:
Aviv
Efrat
PennantPark
Investment Corporation
Reception:
(212) 905-1000
Visit us
on the web at: www.pennantpark.com