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 offering floating rate loans, typically ranging from $2 million to $50 million per investment. The company focuses on businesses that carry no formal credit rating, or those that would fall into a below-investment-grade category, and it holds these investments for anywhere between three and ten years. At least 80 percent of its capital is kept in floating rate loans or similar instruments, with the majority of the portfolio made up of senior secured loans.
