Item 1.01. Entry into a Material Definitive Agreement.
On September 4, 2019, PennantPark Investment Corporation (the “Company”) entered into a second amendment (the “Amendment”) to its second amended and restated senior secured revolving credit facility by and among the Company, as borrower, the lenders party thereto, and SunTrust Bank, as administrative agent (the “Credit Facility”). The Amendment, among other things: (i) increases the aggregate amount of the commitments under the Credit Facility from $445 million to $475 million, (ii) extends the term of the revolving period to September 4, 2023 and the final maturity date to September 4, 2024 for $420 million out of the total $475 million existing commitments (with the revolving period with respect to the remaining $55 million of commitments continuing to expire on May 25, 2021); (iii) amends the covenants in the Credit Facility to, in combination with our other existing debt sources, enable the Company to utilize the flexibility and incremental leverage provided by the Small Business Credit Availability Act in the future; and (iv) makes certain other changes to the Credit Facility, including with respect to the concentration limits and to add new financial covenants.
The description above is only a summary of the material provisions of the Amendment and is qualified in its entirety by reference to a copy of the Amendment, which is filed as Exhibit 10.1 to this Current Report onForm 8-K and is incorporated by reference herein.
FORWARD-LOOKING STATEMENTS
This report onForm 8-K, including Exhibit 99.1 furnished herewith, 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 and Section 21E(b)(2)(B) of the Securities Exchange Act of 1934, as amended, or 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 Investment Corporation files under the Exchange Act. All statements other than statements of historical facts included in this current report onForm 8-K 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 Investment Corporation 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.
PennantPark Investment Corporation may use words such as “anticipates,” “believes,” “expects,” “intends,” “seeks,” “plans,” “estimates,” and similar expressions to identify forward-looking statements. Such statements are based on currently available operating, financial and competitive information and are subject to various risks and uncertainties that could cause actual results to differ materially from its historical experience and present expectations.
Item 2.03. Creation of a Direct Financial Obligation or an Obligation under anOff-Balance Sheet Arrangement of a Registrant.
The information contained in Item 1.01 to this current report onForm 8-K is by this reference incorporated in this Item 2.03.
Item 7.01 Regulation FD Disclosure.
On September 9, 2019, the Company issued a press release, included herewith as Exhibit 99.1, and by this reference incorporated herein.
The information disclosed under this Item 7.01, including Exhibit 99.1 hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and shall not be deemed incorporated by reference into any filing made under the Securities Act of 1933, as amended, except as expressly set forth by specific reference in such filing.
