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Monica Wolfe
Monica Wolfe
Articles (757) 

Pennantpark Announces Public Offering and Insiders Buy

March 25, 2013 | About:

Last week Pennantpark Floating Rate Capital (PFLT) announced that it is going to sell 3 million shares of common stock at a public offering price of $14 per share. The closing of this transaction is set to be delivered on March 26. The company is planning on using the net proceeds to reduce outstanding debts, to fund investments in compliance to its investment objectives, or for general corporate purposes. Taking advantage of the common stock price, Director Samuel Katz added 30,000 shares to his stake costing him a total of $420,000. Katz now holds on to 59,500 shares in company stock. The last time Katz invested in the company was in August 2011, and since then he has seen the price per share increase 30.57%.

Samuel Katz has been with the Pennantpark family since 2007. Katz has served on the board for Pennantpark Investment Corp. since 2007 and for Pennantpark Floating Capital since 2010. Katz has also been the managing partner of TZP Group LLC since 2007. He was formerly the CEO of MacAndrews & Forbes Acquisition Holdings.

You can see more of Samuel Katz’s insider trades here.

Pennantpark Floating Rate Capital was formed in 2010 as a sister company to PennantPark Investment Corporation (PNNT). Pennantpark is an externally managed, closed-end, non-diversified management investment company. The company primarily invests in U.S. middle-market private companies in the form of senior secured loans, mezzanine debt and equity investments.

According to the GuruFocus analysis of Pennantpark, there is a cash flow divergence from the reported net income. This might mean that the company is not receiving payment from its customers or it has other activities that are adversely affecting its cash flow. For more analysis on the company, look at the warning signs for Pennantpark Floating Rate Capital.

Market Cap: 94.8 M P/E: 9
P/B: 1 P/S: 7
52 Week Low: 11.29 52 Week High: 14.48

There are currently no gurus followed by GuruFocus that hold any shares in Pennantpark.

With its shares up 0.36% this afternoon, Pennantpark Floating Rate Capital trades at $14.

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Rating: 5.0/5 (1 vote)


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GuruFocus has detected 7 Warning Signs with PennantPark Floating Rate Capital Ltd $PFLT.
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