Attached files
file | filename |
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EX-14.1 - EX-14.1 - PennantPark Floating Rate Capital Ltd. | d197563dex141.htm |
EX-5.1 - EX-5.1 - PennantPark Floating Rate Capital Ltd. | d197563dex51.htm |
EX-1.2 - EX-1.2 - PennantPark Floating Rate Capital Ltd. | d197563dex12.htm |
EX-1.1 - EX-1.1 - PennantPark Floating Rate Capital Ltd. | d197563dex11.htm |
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 (Date of earliest event reported): August 20, 2021
PennantPark Floating Rate Capital Ltd.
(Exact name of registrant as specified in its charter)
Maryland | 814-00891 | 27-3794690 | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification Number) | ||
590 Madison Avenue, 15th Floor, New York, NY |
10022 | |||
(Address of principal executive offices) | (Zip Code) |
212-905-1000
(Registrants 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:
☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class |
Trading Symbol(s) |
Name of Each Exchange on Which Registered | ||
Common Stock, par value $0.001 per share | PFLT | The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 1.01. Entry into a Material Definitive Agreement
On August 20, 2021, PennantPark Floating Rate Capital, Ltd. (the Company) entered into equity distribution agreements (together, the Equity Distribution Agreements) with each of JMP Securities LLC and Raymond James & Associates, Inc., as the sales agents (each, a Sales Agent, and together, the Sales Agents), in connection with the sale of shares of the Companys common stock, par value $0.001 per share (the Common Stock), with an aggregate offering price of up to $75 million. The Equity Distribution Agreements provide that the Company may offer and sell shares of the Common Stock from time to time through a Sales Agent in amounts and at times to be determined by the Company (the Offering). Actual sales will depend on a variety of factors to be determined by the Company from time to time, including, market conditions and the trading price of the Common Stock. The Company expects to use the net proceeds from this offering to invest in new or existing portfolio companies or for other general corporate or strategic purposes, including repaying amounts outstanding under its existing indebtedness.
Any shares of Common Stock offered and sold in the Offering will be sold pursuant to a prospectus supplement dated August 20, 2021 (the Prospectus Supplement) to the Companys registration statement on Form N-2 (File No. 333-235532) declared effective by the U.S. Securities and Exchange Commission on January 29, 2020 (such registration statement as of its effective date, including the exhibits thereto and the documents incorporated by reference therein, are hereinafter referred to as the Registration Statement) and the base prospectus, dated January 29, 2020 (the Base Prospectus), relating to the Offering that forms a part of the Registration Statement.
Sales of the Common Stock, if any, under the Prospectus Supplement and the Base Prospectus may be made in negotiated transactions or transactions that are deemed to be at the market, as defined in Rule 415 under the Securities Act of 1933, as amended, including sales made directly on The Nasdaq Global Select Market or any similar securities exchange or sales made to or through a market maker other than on a securities exchange, at prices related to the prevailing market prices or at negotiated prices. Under the terms of the Equity Distribution Agreements, each Sales Agent will receive a commission from the Company of up to 2.0% of the gross sales price of any shares of the Common Stock sold through such Sales Agent under the applicable Equity Distribution Agreement. The Equity Distribution Agreements contain customary representations, warranties and agreements of the Company, indemnification rights and other obligations of the parties and termination provisions.
The foregoing description of the Equity Distribution Agreements is not complete and is qualified in its entirety by reference to the full text of the Equity Distribution Agreements, copies of which are attached hereto as Exhibits 1.1 and 1.2 and are incorporated herein by reference.
This Current Report on Form 8-K shall not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.
On August 20, 2021, Venable LLP delivered its legality opinion with respect to the Common Stock to be sold pursuant to the Prospectus Supplement, a copy of which is attached hereto as Exhibit 5.1.
Item 5.05. Amendments to the Registrants Code of Ethics, or Waiver of a Provision of the Code of Ethics.
On August 20, 2021, the board of directors of the Company (the Board) adopted an amended Joint Code of Ethics (as amended, the Code) applicable to, among others, the Company and PennantPark Investment Advisers, LLC, the Companys investment adviser (the Adviser). The Code was amended to extend the Trading Window (as defined in the Code), in the case of the Companys and the Advisers decision to sell the Companys equity securities, from no later than 30 days after the release of financial results for a fiscal quarter to no later than the end of the quarter during which such financial results have been publicly released.
The amendments reflected in the Code did not relate to or result in any waiver, explicit or implicit, of any provision of the previous Joint Code of Ethics.
The foregoing description of the amendments reflected in the Code is not complete and is qualified in its entirety by reference to the full text of the Code, a copy of which is attached hereto as Exhibit 14.1 and is incorporated by reference into this Item 5.05. A copy of the Code is also publicly available in the governance documents section of the Companys website at: www.pflt.pennantpark.com.
Item 9.01. Financial Statements and Exhibits
(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.
Dated: August 20, 2021 | PENNANTPARK FLOATING RATE CAPITAL LTD. | |||||
By: | /s/ Richard Cheung | |||||
Richard Cheung Chief Financial Officer & Treasurer |