Business Description
PennantPark Floating Rate Capital Ltd. is a business development company that primarily lends money to mid-sized private businesses in the United States by providing floating rate loans, typically ranging from $2 million to $50 million per investment. The company focuses on businesses that carry higher credit risk, targeting firms that would fall below investment grade if formally rated, and holds these investments for three to ten years. Alongside its lending activity, it may also take equity stakes through instruments such as preferred stock, warrants, or options, with at least 80 percent of its assets kept in floating rate loans or similar income-generating investments at any given time.
