PFLA: A 7.375% Notes IPO From PennantPark Floating Rate Capital

PennantPark Floating Rate Capital issued its first listed fixed-income security, the 7.375% Notes due 2031, priced at par. Asset coverage ratio stands at 162% but could fall to 158% if proceeds are invested, still above the 150% regulatory requirement. Recent dividend cuts and NAV depletion suggest caution for creditors.