NEW YORK, May 09, 2018 (GLOBE NEWSWIRE) -- PennantPark Investment Corporation (NASDAQ:PNNT) announced today
financial results for the second fiscal quarter ended March 31, 2018.
| |
|
|
|
| HIGHLIGHTS |
|
|
|
| Quarter ended March 31, 2018 |
|
|
|
| ($ in millions, except per share amounts) |
|
|
|
| |
|
|
|
| Assets and Liabilities: |
|
|
|
| Investment portfolio |
|
$ |
947.9 |
| Net assets |
|
$ |
639.6 |
| Net asset value per share |
|
$ |
9.00 |
| |
|
|
|
|
| Credit Facility |
|
$ |
41.7 |
| 2019 Notes |
|
$ |
250.6 |
| SBA debentures |
|
$ |
194.9 |
| |
|
|
|
|
| Yield on debt investments at quarter-end |
|
|
|
11.5% |
| |
|
|
|
|
| Operating Results: |
|
|
|
|
| Net investment income |
|
|
$ |
13.4 |
| Net investment income per share |
|
|
$ |
0.19 |
| Distributions declared per share |
|
|
$ |
0.18 |
| |
|
|
|
|
| Portfolio Activity: |
|
|
|
|
| Purchases of investments |
|
|
$ |
97.0 |
| Sales and repayments of investments |
|
|
$ |
246.4 |
| |
|
|
|
|
| Number of new portfolio companies invested |
|
|
|
3 |
| Number of existing portfolio companies invested |
|
|
|
6 |
| Number of ending portfolio companies |
|
|
|
49 |
| |
|
|
|
|
| |
|
|
|
|
CONFERENCE CALL AT 10:00 A.M. ET ON MAY 10, 2018
PennantPark Investment Corporation (“we,” “our,” “us” or “Company”) will host a conference call at 10:00 a.m.
(Eastern Time) on Thursday, May 10, 2018 to discuss its financial results. All interested parties are welcome to participate. You
can access the conference call by dialing toll-free (800) 263-0877 approximately 5-10 minutes prior to the call. International
callers should dial (323) 794-2094. All callers should reference PennantPark Investment Corporation. An archived replay of the call
will be available through May 24, 2018 by calling toll-free (888) 203-1112. International callers please dial (719) 457-0820. For
all phone replays, please reference conference ID #3843269.
PORTFOLIO AND INVESTMENT ACTIVITY
As of March 31, 2018, our portfolio totaled $947.9 million and consisted of $382.4 million of first lien secured
debt, $368.6 million of second lien secured debt, $32.3 million of subordinated debt and $164.6 million of preferred and common
equity. Our debt portfolio consisted of 87% variable-rate investments (including 8% where London Interbank Offered Rate, or LIBOR,
was below the floor) and 13% fixed-rate investments. As of March 31, 2018, we had no companies on non-accrual. Overall, the
portfolio had net unrealized depreciation of $92.7 million as of March 31, 2018. Our overall portfolio consisted of 49 companies
with an average investment size of $19.3 million, had a weighted average yield on interest bearing debt investments of 11.5% and
was invested 40% in first lien secured debt, 39% in second lien secured debt, 4% in subordinated debt and 17% in preferred and
common equity.
As of September 30, 2017, our portfolio totaled $1,153.6 million and consisted of $466.1 million of first
lien secured debt, $399.5 million of second lien secured debt, $120.7 million of subordinated debt and $167.3 million of preferred
and common equity. Our debt portfolio consisted of 82% variable-rate investments (including 13% where LIBOR was below the floor)
and 18% fixed-rate investments. As of September 30, 2017, we had no companies on non-accrual. Overall, the portfolio had net
unrealized depreciation of $56.4 million as of September 30, 2017. Our overall portfolio consisted of 55 companies with an average
investment size of $21.0 million, had a weighted average yield on interest bearing debt investments of 11.5% and was invested 40%
in first lien secured debt, 35% in second lien secured debt, 10% in subordinated debt and 15% in preferred and common equity.
For the three months ended March 31, 2018, we invested $97.0 million in three new and six existing portfolio
companies with a weighted average yield on debt investments of 8.9%. Sales and repayments of investments for the three months ended
March 31, 2018 totaled $246.4 million. For the six months ended March 31, 2018, we invested $235.4 million in eight new and 13
existing portfolio companies with a weighted average yield on debt investments of 10.0%. Sales and repayments of investments for
the six months ended March 31, 2018 totaled $438.7 million.
For the three months ended March 31, 2017, we invested $60.5 million in three new and seven existing portfolio
companies with a weighted average yield on debt investments of 9.5%. Sales and repayments of investments for the three months ended
March 31, 2017 totaled $202.0 million. For the six months ended March 31, 2017, we invested $289.7 million in 12 new and 14
existing portfolio companies with a weighted average yield on debt investments of 10.8%. Sales and repayments of investments for
the six months ended March 31, 2017 totaled $266.2 million.
RESULTS OF OPERATIONS
Set forth below are the results of operations for the three and six months ended March 31, 2018 and 2017.
Investment Income
Investment income for the three and six months ended March 31, 2018 was $27.2 million and $55.9 million,
respectively, and was attributable to $12.7 million and $25.4 million from first lien secured debt, $11.3 million and $24.2 million
from second lien secured debt and $3.2 million and $6.3 million from subordinated debt, preferred and common equity, respectively.
This compares to investment income for the three and six months ended March 31, 2017, which was $33.7 million and $65.6 million,
respectively, and was attributable to $15.2 million and $28.3 million from first lien secured debt, $13.0 million and $25.6 million
from second lien secured debt and $5.5 million and $11.7 million from subordinated debt, preferred and common equity, respectively.
The decrease in investment income compared to the same periods in the prior year was primarily due to a reduction of our portfolio
at cost.
Expenses
Net expenses for the three and six months ended March 31, 2018 totaled $13.8 million and $28.3 million,
respectively. Base management fee for the same periods totaled $3.9 million and $8.7 million (after a base management fee waiver of
$0.9 million), incentive fee totaled $2.8 million and $5.5 million (after an incentive fee waiver of $0.5 million), debt related
interest and expenses totaled $5.9 million and $11.8 million and general and administrative expenses totaled $1.2 million and $2.3
million, respectively. This compares to net expenses for the three and six months ended March 31, 2017, which totaled $17.5 million
and $34.4 million, respectively. Base management fee for the same periods totaled $5.3 million (after a base management fee waiver
of $1.0 million) and $10.6 million (after a base management fee waiver of $2.0 million), incentive fee totaled $3.1 million (after
an incentive fee waiver of $0.6 million) and $5.9 million (after an incentive fee waiver of $1.1 million), debt related interest
and expenses totaled $7.2 million and $13.9 million, general and administrative expenses totaled $1.5 million and $3.1 million and
provision for taxes totaled $0.4 million and $0.9 million, respectively. The decrease in expenses compared to the same periods in
the prior year was primarily due to a reduction of our portfolio at cost, a decrease in debt related interest and expenses and base
management fees.
Net Investment Income
Net investment income totaled $13.4 million and $27.6 million, or $0.19 and $0.39 per share, for the three and
six months ended March 31, 2018, respectively. Net investment income totaled $16.2 million and $31.2 million, or $0.23 and $0.44
per share, for the three and six months ended March 31, 2017, respectively. The decrease in net investment income per share
compared to the same periods in the prior year was primarily due to a reduction of our portfolio at cost.
Net Realized Gains or Losses
Sales and repayments of investments for the three and six months ended March 31, 2018 totaled $246.4 million and
$438.7 million, respectively, and net realized gains totaled $21.8 million and $25.5 million, respectively. Sales and repayments of
investments for the three and six months ended March 31, 2017 totaled $202.0 million and $266.2 million, respectively, and net
realized losses totaled $18.7 million and $40.9 million, respectively. The change in realized gains/losses was primarily due to
changes in the market conditions of our investments and the values at which they were realized.
Unrealized Appreciation or Depreciation on Investments, Credit Facility and Notes
For the three and six months ended March 31, 2018, we reported net change in unrealized depreciation on
investments of $29.5 million and $36.3 million, respectively. For the three and six months ended March 31, 2017, we reported net
change in unrealized appreciation on investments of $20.2 million and $45.5 million, respectively. As of March 31, 2018 and
September 30, 2017, our net unrealized depreciation on investments totaled $92.7 million and $56.4 million, respectively. The net
change in unrealized depreciation on our investments was driven primarily by changes in the capital market conditions, the
financial performance of certain portfolio companies and the reversal of unrealized appreciation/depreciation of investments that
were realized.
For the three and six months ended March 31, 2018, our multi-currency, senior secured revolving credit facility,
as amended and restated, or the Credit Facility and our 4.50% notes due 2019, or 2019 Notes had a net change in unrealized
depreciation of $0.4 million and $1.5 million, respectively. For the three and six months ended March 31, 2017, our Credit
Facility, the 2019 Notes and our 6.25% notes due 2025 had a net change in unrealized appreciation of $6.1 million and $0.3 million,
respectively. As of March 31, 2018 and September 30, 2017, our net unrealized appreciation on the Credit Facility and the 2019
Notes totaled $0.8 million and $2.3 million, respectively. The net change in unrealized depreciation compared to the same periods
in the prior year was primarily due to changes in the capital markets.
Net Change in Net Assets Resulting From Operations
Net change in net assets resulting from operations totaled $6.0 million and $18.3 million, or $0.08 and $0.26
per share, for the three and six months ended March 31, 2018, respectively. This compares to a net change in net assets resulting
from operations of $11.5 million and $35.5 million, or $0.16 and $0.50 per share, for the three and six months ended March 31,
2017, respectively. The decrease in the net change in net assets from operations compared to the same periods in the prior year was
primarily due to a reduction of our portfolio and depreciation of our investments.
LIQUIDITY AND CAPITAL RESOURCES
Our liquidity and capital resources are derived primarily from proceeds of securities offerings, debt capital
and cash flows from operations, including investment sales and repayments, and income earned. Our primary use of funds from
operations includes investments in portfolio companies and payments of fees and other operating expenses we incur. We have used,
and expect to continue to use, our debt capital, proceeds from the rotation of our portfolio and proceeds from public and private
offerings of securities to finance our investment objectives.
The annualized weighted average cost of debt for the six months ended March 31, 2018 and 2017, inclusive of the
fee on the undrawn commitment and amendment costs on the Credit Facility, amortized upfront fees on Small Business Administration,
or SBA, debentures and debt issuance costs, was 4.58% and 4.38%, respectively.
As of March 31, 2018 and September 30, 2017, we had $41.5 million and $79.4 million, respectively, in
outstanding borrowings under the Credit Facility. The Credit Facility had a weighted average interest rate of 2.88% and 2.42%,
respectively, exclusive of the fee on undrawn commitments of 0.375%, as of March 31, 2018 and September 30, 2017. As of March 31,
2018 and September 30, 2017, we had $403.5 million and $365.6 million of unused borrowing capacity under our Credit Facility,
respectively, subject to the regulatory restrictions.
As of March 31, 2018 and September 30, 2017, we had $250.0 million in aggregate principal amount of 2019 Notes
outstanding, with a fixed interest rate of 4.50% per year. As of March 31, 2018 and September 30, 2017, we had $200.0 million and
$199.0 million in SBA debentures outstanding, respectively.
As of March 31, 2018 and September 30, 2017, we had cash and cash equivalents of $170.2 million and $38.2
million, respectively, available for investing and general corporate purposes. We believe our liquidity and capital resources are
sufficient to take advantage of market opportunities.
Our operating activities provided cash of $196.1 million for the six months ended March 31, 2018, and our
financing activities used cash of $64.2 million for the same period. Our operating activities provided cash from sales and
repayments on our investments and our financing activities used cash primarily to pay distributions to stockholders and for net
repayments under the Credit Facility.
Our operating activities used cash of $18.8 million for the six months ended March 31, 2017, and our financing
activities provided cash of $9.5 million for the same period. Our operating activities used cash primarily for our investment
activities and our financing activities provided cash primarily for net borrowings under the Credit Facility.
RECENT DEVELOPMENTS
Subsequent to quarter-end, we announced a share repurchase plan which allows us to repurchase up to $30.0
million of our outstanding common stock in the open market at prices below our net asset value as reported in our then most
recently published consolidated financial statements. The program will expire on May 8, 2019.
Subsequent to quarter-end, we repaid $15.0 million of SBA debentures.
DISTRIBUTIONS
During the three and six months ended March 31, 2018, we declared distributions of $0.18 and $0.36 per share,
respectively, for total distributions of $12.8 million and $25.6 million, respectively. For the same periods in the prior year, we
declared distributions of $0.18 and $0.46 per share, respectively, for total distributions of $12.8 million and $32.7 million,
respectively. We monitor available net investment income to determine if a return of capital for taxation purposes may occur for
the fiscal year. To the extent our taxable earnings fall below the total amount of our distributions for any given fiscal year,
stockholders will be notified of the portion of those distributions deemed to be a tax return of capital. Tax characteristics of
all distributions will be reported to stockholders subject to information reporting on Form 1099-DIV after the end of each calendar
year and in our periodic reports filed with the Securities and Exchange Commission, or the SEC.
AVAILABLE INFORMATION
The Company makes available on its website its report on Form 10-Q filed with the SEC and stockholders may find
the report on our website at www.pennantpark.com.
| |
| PENNANTPARK INVESTMENT CORPORATION AND
SUBSIDIARIES |
| CONSOLIDATED STATEMENTS OF ASSETS AND
LIABILITIES |
| |
| |
|
March 31, 2018 |
|
|
September 30, 2017 |
|
| |
|
(unaudited) |
|
|
|
|
|
| Assets |
|
|
|
|
|
|
|
|
| Investments at fair value |
|
|
|
|
|
|
|
|
| Non-controlled, non-affiliated investments (cost—$705,364,389 and
$824,106,322, respectively) |
|
$ |
728,195,206 |
|
|
$ |
849,351,548 |
|
| Non-controlled, affiliated investments (cost—$91,601,721 and
$185,799,943, respectively) |
|
|
74,902,002 |
|
|
|
189,674,977 |
|
| Controlled, affiliated investments (cost—$243,662,176 and
$200,120,407, respectively) |
|
|
144,842,821 |
|
|
|
114,550,983 |
|
| Total of investments (cost—$1,040,628,286 and $1,210,026,672,
respectively) |
|
|
947,940,029 |
|
|
|
1,153,577,508 |
|
| Cash and cash equivalents (cost—$170,265,666 and $38,182,373, respectively) |
|
|
170,219,549 |
|
|
|
38,202,068 |
|
| Interest receivable |
|
|
6,118,899 |
|
|
|
5,906,976 |
|
| Receivable for investments sold |
|
|
26,983,525 |
|
|
|
— |
|
| Prepaid expenses and other assets |
|
|
2,285,185 |
|
|
|
4,509,289 |
|
| Total assets |
|
|
1,153,547,187 |
|
|
|
1,202,195,841 |
|
| Liabilities |
|
|
|
|
|
|
|
|
| Distributions payable |
|
|
12,790,950 |
|
|
|
12,790,950 |
|
| Payable for investments purchased |
|
|
— |
|
|
|
1,014,000 |
|
| Credit Facility payable (cost—$41,520,000 and $79,392,900, respectively) |
|
|
41,685,939 |
|
|
|
76,037,341 |
|
| 2019 Notes payable (par—$250,000,000) |
|
|
250,617,500 |
|
|
|
255,665,000 |
|
| SBA debentures payable, net (par—$200,000,000 and $199,000,000, respectively) |
|
|
194,866,410 |
|
|
|
194,364,653 |
|
| Base management fee payable, net |
|
|
3,873,738 |
|
|
|
4,845,237 |
|
| Performance-based incentive fee payable, net |
|
|
2,845,616 |
|
|
|
2,270,008 |
|
| Interest payable on debt |
|
|
6,444,374 |
|
|
|
6,876,756 |
|
| Accrued other expenses |
|
|
865,683 |
|
|
|
1,523,425 |
|
| Total liabilities |
|
|
513,990,210 |
|
|
|
555,387,370 |
|
| Commitments and contingencies |
|
|
— |
|
|
|
— |
|
| Net assets |
|
|
|
|
|
|
|
|
Common stock, 71,060,836 shares issued and outstanding
Par value $0.001 per share and 100,000,000 shares authorized |
|
|
71,061 |
|
|
|
71,061 |
|
| Paid-in capital in excess of par value |
|
|
818,737,784 |
|
|
|
818,737,784 |
|
| Undistributed net investment income |
|
|
5,334,784 |
|
|
|
3,333,195 |
|
| Accumulated net realized loss on investments |
|
|
(91,071,422 |
) |
|
|
(116,598,355 |
) |
| Net unrealized depreciation on investments |
|
|
(92,731,791 |
) |
|
|
(56,425,773 |
) |
| Net unrealized appreciation on debt |
|
|
(783,439 |
) |
|
|
(2,309,441 |
) |
| Total net assets |
|
$ |
639,556,977 |
|
|
$ |
646,808,471 |
|
| Total liabilities and net assets |
|
$ |
1,153,547,187 |
|
|
$ |
1,202,195,841 |
|
| Net asset value per share |
|
$ |
9.00 |
|
|
$ |
9.10 |
|
| |
| |
| PENNANTPARK INVESTMENT CORPORATION AND
SUBSIDIARIES |
| CONSOLIDATED STATEMENTS OF
OPERATIONS |
| (Unaudited) |
| |
| |
|
Three Months Ended
March 31, |
|
|
Six Months Ended
March 31, |
|
| |
|
2018 |
|
|
2017 |
|
|
2018 |
|
|
2017 |
|
| Investment income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| From non-controlled, non-affiliated investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest |
|
$ |
19,734,120 |
|
|
$ |
22,881,267 |
|
|
$ |
41,117,339 |
|
|
$ |
44,532,692 |
|
| Payment in kind |
|
|
1,675,075 |
|
|
|
1,209,049 |
|
|
|
2,959,984 |
|
|
|
1,429,753 |
|
| Other income |
|
|
2,486,424 |
|
|
|
1,565,617 |
|
|
|
4,073,066 |
|
|
|
3,668,153 |
|
| From non-controlled, affiliated investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest |
|
|
1,376,065 |
|
|
|
2,990,507 |
|
|
|
2,591,899 |
|
|
|
5,781,439 |
|
| Payment in kind |
|
|
234,349 |
|
|
|
1,449,879 |
|
|
|
1,807,655 |
|
|
|
2,884,628 |
|
| Other income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
22,500 |
|
| From controlled, affiliated investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest |
|
|
970,264 |
|
|
|
210,809 |
|
|
|
1,450,694 |
|
|
|
390,544 |
|
| Payment in kind |
|
|
749,312 |
|
|
|
3,407,865 |
|
|
|
1,893,397 |
|
|
|
6,874,194 |
|
| Total investment income |
|
|
27,225,609 |
|
|
|
33,714,993 |
|
|
|
55,894,034 |
|
|
|
65,583,903 |
|
| Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Base management fee |
|
|
3,873,739 |
|
|
|
6,332,507 |
|
|
|
9,608,876 |
|
|
|
12,607,289 |
|
| Performance-based incentive fee |
|
|
2,845,616 |
|
|
|
3,643,189 |
|
|
|
6,030,820 |
|
|
|
7,017,399 |
|
| Interest and expenses on debt |
|
|
5,940,893 |
|
|
|
7,179,057 |
|
|
|
11,798,271 |
|
|
|
13,914,631 |
|
| Administrative services expenses |
|
|
521,625 |
|
|
|
894,000 |
|
|
|
1,043,250 |
|
|
|
1,788,000 |
|
| Other general and administrative expenses |
|
|
628,290 |
|
|
|
668,483 |
|
|
|
1,256,580 |
|
|
|
1,336,990 |
|
| Expenses before Management Fees waiver and provision for
taxes |
|
|
13,810,163 |
|
|
|
18,717,236 |
|
|
|
29,737,797 |
|
|
|
36,664,309 |
|
| Management Fees waiver |
|
|
— |
|
|
|
(1,596,111 |
) |
|
|
(1,427,253 |
) |
|
|
(3,139,950 |
) |
| Provision for taxes |
|
|
— |
|
|
|
425,000 |
|
|
|
— |
|
|
|
850,000 |
|
| Net expenses |
|
|
13,810,163 |
|
|
|
17,546,125 |
|
|
|
28,310,544 |
|
|
|
34,374,359 |
|
| Net investment income |
|
|
13,415,446 |
|
|
|
16,168,868 |
|
|
|
27,583,490 |
|
|
|
31,209,544 |
|
| Realized and unrealized (loss) gain on investments and debt: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net realized gain (loss) on investments on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-controlled, non-affiliated investments |
|
|
12,876,286 |
|
|
|
13,248,244 |
|
|
|
14,669,329 |
|
|
|
(8,947,090 |
) |
| Non-controlled and controlled, affiliated investments |
|
|
8,877,164 |
|
|
|
(31,990,981 |
) |
|
|
10,857,604 |
|
|
|
(31,990,981 |
) |
| Net realized gain (loss) on investments |
|
|
21,753,450 |
|
|
|
(18,742,737 |
) |
|
|
25,526,933 |
|
|
|
(40,938,071 |
) |
| Net change in unrealized (depreciation) appreciation on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-controlled, non-affiliated investments |
|
|
(4,219,398 |
) |
|
|
(6,279,870 |
) |
|
|
(2,481,333 |
) |
|
|
13,356,331 |
|
| Non-controlled and controlled, affiliated investments |
|
|
(25,313,724 |
) |
|
|
26,429,957 |
|
|
|
(33,824,685 |
) |
|
|
32,166,856 |
|
| Debt depreciation (appreciation) |
|
|
399,236 |
|
|
|
(6,116,548 |
) |
|
|
1,526,002 |
|
|
|
(285,864 |
) |
| Net change in unrealized (depreciation) appreciation on
investments and debt |
|
|
(29,133,886 |
) |
|
|
14,033,539 |
|
|
|
(34,780,016 |
) |
|
|
45,237,323 |
|
| Net realized and unrealized (loss) gain from investments and
debt |
|
|
(7,380,436 |
) |
|
|
(4,709,198 |
) |
|
|
(9,253,083 |
) |
|
|
4,299,252 |
|
| Net increase in net assets resulting from operations |
|
$ |
6,035,010 |
|
|
$ |
11,459,670 |
|
|
$ |
18,330,407 |
|
|
$ |
35,508,796 |
|
| Net increase in net assets resulting from operations per common share |
|
$ |
0.08 |
|
|
$ |
0.16 |
|
|
$ |
0.26 |
|
|
$ |
0.50 |
|
| Net investment income per common share |
|
$ |
0.19 |
|
|
$ |
0.23 |
|
|
$ |
0.39 |
|
|
$ |
0.44 |
|
| |
ABOUT PENNANTPARK INVESTMENT CORPORATION
PennantPark Investment Corporation is a business development company which invests primarily in U.S.
middle-market companies in the form of first lien secured debt, second lien secured debt, subordinated debt and equity investments.
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. You should understand that under Section 27A(b)(2)(B) of the Securities Act of 1933, as amended, and
Section 21E(b)(2)(B) of the Securities Exchange Act of 1934, as amended, or the Exchange Act, the “safe harbor” provisions of the
Private Securities Litigation Reform Act of 1995 do not apply to forward-looking statements made in periodic reports we file under
the Exchange Act. 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 SEC. The Company undertakes no duty to update any forward-looking statement made herein. You
should not place undue influence on such forward-looking statements as such statements speak only as of the date on which they are
made.
We may use words such as “anticipates,” “believes,” “expects,” “intends,” “seeks,” “plans,” “estimates” 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.
CONTACT:
Aviv Efrat
PennantPark Investment Corporation
Reception: (212) 905-1000
www.pennantpark.com
