PennantPark Investment Corporation Prices Public Offering of $150 Million 4.50% Unsecured Notes Due 2026

NEW YORK, April 14, 2021 (GLOBE NEWSWIRE) -- PennantPark Investment Corporation (the “Company”) (NASDAQ: PNNT) announced that it has priced an underwritten public offering of $150 million in aggregate principal amount of its 4.50% unsecured notes due 2026 (the “Notes”). The Notes will mature on May 1, 2026 and may be redeemed in whole or in part at the Company’s option at any time at par plus a “make-whole” premium, if applicable; provided that the Notes may be redeemed at par three months prior to their maturity. The Notes will bear interest at a rate of 4.50% per year payable semi-annually on May 1 and November 1 of each year, beginning November 1, 2021.

The offering is expected to close on April 21, 2021, subject to customary closing conditions.

Raymond James & Associates, Inc., Keefe, Bruyette & Woods, Inc., A Stifel Company, Truist Securities, Inc. and J.P. Morgan Securities LLC are acting as joint book-running managers for this offering. Compass Point Research & Trading, LLC, JMP Securities LLC, Ladenburg Thalmann & Co. Inc. and Capital One Securities, Inc. are acting as co-managers for this offering.

The Company expects to use the net proceeds from this offering to reduce outstanding obligations under its credit facility, to invest in new or existing portfolio companies or for other general corporate or strategic purposes.

Other Information

Investors are advised to carefully consider the investment objectives, risks, charges and expenses of the Company before investing. The pricing term sheet, dated April 14, 2021, the preliminary prospectus supplement, dated April 14, 2021, and the accompanying prospectus, dated January 30, 2020, each of which has been filed with the Securities and Exchange Commission (the “SEC”), contain this and other information about the Company and should be read carefully before investing.

The information in the pricing term sheet, the preliminary prospectus supplement, the accompanying prospectus and this press release is not complete and may be changed. The pricing term sheet, the preliminary prospectus supplement, the accompanying prospectus and this press release are not offers to sell any securities of the Company and are not soliciting an offer to buy such securities in any state or jurisdiction where such offer and sale is not permitted.