PennantPark Floating Rate Capital Ltd. Amends Credit Facility, Lowering Spread and Extending Maturity
'We are appreciative of the support from our lending partners. The beneficial terms, lowering the interest rate spread and increasing advance rates, are a terrific result in the current market, which will benefit our investors,' said Arthur Penn, Chairman and Chief Executive Officer of PFLT.
The Credit Facility is secured by all of the assets held by PennantPark Floating Rate Funding I, LLC, a wholly-owned subsidiary of the Company, and includes customary covenants, including minimum asset coverage and minimum equity requirements.
ABOUT PENNANTPARK FLOATING RATE CAPITAL LTD.
PennantPark Floating Rate Capital Ltd. is a business development company which primarily invests in U.S. middle-market private companies in the form of floating rate senior secured loans, including first lien secured debt, second lien secured debt and subordinated debt. From time to time, the Company may also invest in equity investments. PennantPark Floating Rate Capital Ltd. is managed by PennantPark Investment Advisers, LLC.
ABOUT PENNANTPARK INVESTMENT ADVISERS, LLC
PennantPark Investment Advisers, LLC is a leading middle market credit platform, managing approximately $10 billion of investible capital, including leverage. Since its inception in 2007, PennantPark Investment Advisers, LLC has provided investors access to middle market credit by offering private equity firms and their portfolio companies as well as other middle-market borrowers a comprehensive range of creative and flexible financing solutions. PennantPark Investment Advisers, LLC is headquartered in Miami, and has offices in New York, Chicago, Houston, Los Angeles and Amsterdam.
FORWARD-LOOKING STATEMENTS
This press release may contain 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995. You should understand that under Section 27A(b)(2)(B) of the Securities Act of 1933, as amended, and Section 21E(b)(2)(B) of the Securities Exchange Act of 1934, as amended (the 'Exchange Act'), the 'safe harbor' provisions of the Private Securities Litigation Reform Act of 1995 do not apply to forward- looking statements made in periodic reports PennantPark Floating Rate Capital Ltd. files under the Exchange Act. All statements other than statements of historical facts included in this press release are forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in filings with the Securities and Exchange Commission. PennantPark Floating Rate Capital Ltd. undertakes no duty to update any forward-looking statement made herein. You should not place undue influence on such forward-looking statements as such statements speak only as of the date on which they are made.
CONTACT:Richard T. Allorto, Jr.PennantPark Floating Rate Capital Ltd.(212) 905-1000www.pennantpark.comSign in to access your portfolio
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
20 minutes ago
- Yahoo
BBVA Argentina Announces Second Quarter 2025 Financial Results
BUENOS AIRES, August 20, 2025--(BUSINESS WIRE)--Banco BBVA Argentina S.A (NYSE; BYMA; MAE: BBAR; LATIBEX: XBBAR) ("BBVA Argentina" or "BBVA" or "the Bank") announced today its consolidated results for the second quarter (2Q25), ended on June 30, 2025. As of January 1, 2020, the Bank started to inform its inflation adjusted results pursuant to IAS 29 reporting. To facilitate comparison, figures of comparable quarters of 2024 and 2025 have been updated according to IAS 29 reporting to reflect the accumulated effect of inflation adjustment for each period up to June 30, 2025. 2Q25 & 1H25 Highlights BBVA Argentina's inflation-adjusted net income in 2Q25 was $59.6 billion, 31.1% lower than the $86.5 billion reported on the first quarter of 2025 (1Q25), and 62.1% lower than the $157.4 billion reported on the second quarter of 2024 (2Q24). The 6 month accumulated net income for 2025 was $146.1 billion, 31.7% below the $213.8 billion reported in the same period of 2024. In 2Q25, BBVA Argentina posted an inflation adjusted average return on assets (ROAA) of 1.2% versus 2.0% the prior quarter, and an inflation adjusted average return on equity (ROAE) of 7.6% versus 11.4% the prior quarter. The six-month accumulated ROA for 2025 was 1.5% versus 3.0% in 2024, while the ROE was 9.6% versus 13.3% in 2024. The 2Q25 total NIM was 19.1% versus 19.2% in 1Q25. NIM in local currency was 21.7% and NIM in USD was 5.4%, the former remaining stable from 1Q25's 21.8% and the latter improving significantly from 3.9% in the prior quarter. In terms of activity, total consolidated financing to the private sector in 2Q25 totaled $11.3 trillion, increasing 15.7% in real terms compared to 1Q25, and 109.6% compared to 2Q24. In the quarter, the variation was driven by an overall growth in all lines, especially in prefinancing and financing of exports by 23.5%, in overdrafts by 34.6% and in other loans by 25.2%. BBVA's consolidated market share of private sector loans reached 11.61% as of 2Q25, gaining 35 bps quarter-over-quarter (QoQ), and 107 bps year-over-year (YoY). Total consolidated deposits in 2Q25 totaled $13.0 trillion, increasing 12.0% in real terms during the quarter, and 60.8% YoY. Quarterly increase was mainly explained by an increment in time deposits by 36.3%, and in savings accounts by 11.6%, the latter mainly due to deposits in foreign currency. The Bank's consolidated market share of private deposits reached 9.64% as of 2Q25 increasing 49 bps QoQ and 214 bps YoY. As of 2Q25, the non-performing loan ratio (NPL) reached 2.28%, with a 115.5% coverage ratio. The quarterly efficiency ratio in 2Q25 was 56.5%, remaining relatively stable compared to 1Q25's 56.3%. As of 2Q25, BBVA Argentina reached a regulatory capital ratio of 18.4% (Tier 1: 18.4%), entailing a 123.9% excess over minimum regulatory requirement. Total liquid assets represented 48.7% of the Bank's total deposits as of 2Q25 2Q25 Results Conference Call Thursday, August 21, 2025Time: 12:00 p.m. Buenos Aires time – (11:00 a.m. ET)To participate click to register About BBVA Argentina BBVA Argentina S.A. (NYSE; MAE; BYMA: BBAR; Latibex: XBBAR) is a subsidiary of the BBVA Group, its main shareholder since 1996. In Argentina, it has been one of the leading financial institutions since 1886. BBVA Argentina offers retail and corporate banking to a wide client base, including individuals, SMEs, and large corporations. BBVA's strategy is to support its clients' ambition to go further. This is achieved through constant and empathetic support during key moments, recognizing the inner strength that drives people. The value proposition focuses on anticipation and innovation to be the ideal partner that helps clients reach their goals. View source version on Contacts BBVA Argentina Investor Relations investorelations-arg@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
20 minutes ago
- Yahoo
Coty (NYSE:COTY) Exceeds Q2 Expectations But Stock Drops 10.9%
Beauty products company Coty (NYSE:COTY) reported Q2 CY2025 results exceeding the market's revenue expectations , but sales fell by 8.1% year on year to $1.25 billion. Its non-GAAP loss of $0.05 per share was significantly below analysts' consensus estimates. Is now the time to buy Coty? Find out in our full research report. Coty (COTY) Q2 CY2025 Highlights: Revenue: $1.25 billion vs analyst estimates of $1.21 billion (8.1% year-on-year decline, 3.9% beat) Adjusted EPS: -$0.05 vs analyst estimates of $0.02 (significant miss) Operating Margin: 1.2%, down from 2.5% in the same quarter last year Free Cash Flow was -$131.8 million, down from $116.7 million in the same quarter last year Organic Revenue fell 9% year on year vs analyst estimates of 8.9% declines (14.4 basis point miss) Market Capitalization: $4.27 billion "Coty is operating from a position of reinvigorated strength after five years of transformation and proven execution," said Sue Nabi, Coty's CEO. Company Overview With a portfolio boasting many household brands, Coty (NYSE:COTY) is a beauty products powerhouse spanning cosmetics, fragrances, and skincare. Revenue Growth A company's long-term sales performance can indicate its overall quality. Any business can put up a good quarter or two, but many enduring ones grow for years. With $5.89 billion in revenue over the past 12 months, Coty carries some recognizable products but is a mid-sized consumer staples company. Its size could bring disadvantages compared to larger competitors benefiting from better brand awareness and economies of scale. As you can see below, Coty's 3.6% annualized revenue growth over the last three years was sluggish. This shows it failed to generate demand in any major way and is a rough starting point for our analysis. This quarter, Coty's revenue fell by 8.1% year on year to $1.25 billion but beat Wall Street's estimates by 3.9%. Looking ahead, sell-side analysts expect revenue to remain flat over the next 12 months, a deceleration versus the last three years. This projection doesn't excite us and indicates its products will see some demand headwinds. Here at StockStory, we certainly understand the potential of thematic investing. Diverse winners from Microsoft (MSFT) to Alphabet (GOOG), Coca-Cola (KO) to Monster Beverage (MNST) could all have been identified as promising growth stories with a megatrend driving the growth. So, in that spirit, we've identified a relatively under-the-radar profitable growth stock benefiting from the rise of AI, available to you FREE via this link. Cash Is King Although earnings are undoubtedly valuable for assessing company performance, we believe cash is king because you can't use accounting profits to pay the bills. Coty has shown mediocre cash profitability over the last two years, giving the company limited opportunities to return capital to shareholders. Its free cash flow margin averaged 4%, subpar for a consumer staples business. Taking a step back, we can see that Coty's margin dropped by 4.2 percentage points over the last year. This decrease warrants extra caution because Coty failed to grow its revenue organically. Its cash profitability could decay further if it tries to reignite growth through investments. Coty burned through $131.8 million of cash in Q2, equivalent to a negative 10.5% margin. The company's cash flow turned negative after being positive in the same quarter last year, suggesting its historical struggles have dragged on. Key Takeaways from Coty's Q2 Results We enjoyed seeing Coty beat analysts' revenue expectations this quarter despite in-line organic revenue. On the other hand, its operating margin decline year-on-year and its EPS fell short of Wall Street's estimates. Overall, this quarter could have been better. The stock traded down 10.9% to $4.30 immediately following the results. Coty didn't show it's best hand this quarter, but does that create an opportunity to buy the stock right now? We think that the latest quarter is just one piece of the longer-term business quality puzzle. Quality, when combined with valuation, can help determine if the stock is a buy. We cover that in our actionable full research report which you can read here, it's free. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
The Hill
21 minutes ago
- The Hill
FTC sues LA Fitness for making it too hard to cancel gym memberships
The Federal Trade Commission (FTC) filed a lawsuit against the operators of LA Fitness on Wednesday, alleging the popular gym chain makes the process of canceling memberships too difficult for consumers. 'The FTC's complaint describes a scenario that too many Americans have experienced – a gym membership that seems impossible to cancel,' Bureau of Consumer Protection Director Christopher Mufarrige said in a statement, noting 'tens of thousands of LA Fitness customers reported difficulties.' 'The FTC will not hesitate to act on behalf of consumers when it believes companies are stifling consumers' ability to choose which recurring charges they want to keep,' he continued. LA Fitness did not immediately respond to request for comment. The complaint was filed in federal court in the Central District of California against Fitness International, LLC and Fitness & Sports Clubs, LLC. The companies operate gyms including LA Fitness, Esporta Fitness, City Sports Club and Club Studio, covering more than 600 locations and over 3.7 million members. The gym memberships cost anywhere from $30 to $299 per month and often involve annual fees. To cancel, LA Fitness requires consumers to go to the gym in person or send a cancelation notice by mail. But the FTC says it's not that simple. In the complaint, the FTC outlines the 'opaque and complicated methods' that LA Fitness allegedly uses to 'to make it extremely difficult for consumers to cancel their memberships.' First, consumers must print out cancelation forms by logging into its website. If consumers forget their log-in credentials, LA Fitness requires them to provide a 'key tag' number assigned to them at sign-up and to provide the first five digits of their credit card or bank account number to reset the account. They do not tell consumers, according to the FTC, that members have the option of submitting a written cancelation notice, nor did they specify what that request should include. The gyms also told consumers that the mail-in cancelations should be sent by certified or registered mail, according to the FTC. When consumers tried to cancel in person, the FTC said, they similarly faced obstacles. Members could only cancel with one specific employee — even though several were authorized to oversee cancelations — and only during designated hours when most people were working—even though most locations were open for 19 hours a day, according to the FTC. The FTC further alleges that LA Fitness has 'trained staff to reject escalated requests and to deny cancellations requested by phone or email, reiterating that all cancellations must be done in person with one specific employee or by mail.' 'Consumers who try to cancel their memberships by stopping charges to their bank or credit card find they are rebilled, often under new account numbers,' the FTC said. The FTC says these practices violate the FTC Act and the Restore Online Shoppers' Confidence Act (ROSCA) and it is seeking money back for consumers allegedly harmed by the practices.
