PennantPark Investment Corporation outlined plans to grow its PSLF joint venture portfolio by another couple hundred million dollars over the next 12 to 18 months. CEO Arthur Penn said the JV portfolio currently totals $1.3 billion with capacity to reach approximately $1.5 billion, and the company recently reduced funding costs through a revolver repricing and a July refinancing of a $300 million securitization that lowered the weighted average spread by 97 basis points to 1.69%. CFO Richard Allorto estimated the refinancing actions will add about $0.005 per share to PNNT's quarterly earnings, or roughly $0.02 annually. For the quarter ended June 30, core net investment income was $0.14 per share, exceeding the base dividend of $0.12 per share, while NAV per share declined 2.5% sequentially to $6.56, primarily due to supplemental dividend payments tied to undistributed taxable income.
PennantPark Investment CorporationRefinancing lowers funding costs and adds ~$0.02 annual EPS, while core NII exceeds dividend.
