High demand for PennantPark TASE bond offering

Tel Aviv Stock Exchange Photo: Eli Yizhar

PennantPark Floating Rate Capital Ltd. has priced an institutional offering of $138.7 million (NIS 490 million) on the TASE.

PennantPark Floating Rate Capital Ltd. (Nasdaq: PFLT) announced that it has priced an institutional offering of $138.7 million (NIS 490 million) on the Tel Aviv Stock Exchange (TASE) of its 3.83% Series A Notes (2023 Notes). The 2023 Notes will be issued pursuant to a deed of trust between the PennantPark and Mishmeret Trust Company, Ltd. as trustee.

Leader Underwriters managed the bond issue as the lead underwriter and bookrunner.

PennantPark is a non-banking finance and loan company, and as such has become the first non-real estate company to issue bonds on the TASE in the latest wave of US debt offerings designed to take advantage of lower interest rates available in Israel. PennantPark had only planned raising NIS 400 million but took advantage of demand of NIS 1.4 billion.

PennantPark's bond is rated AA- by S&P Ma'alot with a stable forecast with the final repayment due in 2023. The company has a market cap of $540 million.

PennantPark Floating Rate Capital Ltd. is managed by PennantPark Investment Advisers, LLC. The company also plans dual listing its shares on the TASE.

Published by Globes [online], Israel business news - www.globes-online.com - on November 22, 2017

© Copyright of Globes Publisher Itonut (1983) Ltd. 2017

5 Comments
View comments in rows
Update by email about comments talkback
POST
Comments
Tel Aviv Stock Exchange Photo: Eli Yizhar
Tel Aviv Stock Exchange Photo: Eli Yizhar
Twitter Facebook Linkedin RSS Newsletters גלובס Israel Business Conference 2018