PennantPark plans to sell 9 million shares in public stock offering

By Toni Weeks

San Diego, Sept. 24 - PennantPark Investment Corp. said it plans a public offering of its common stock.

The company will sell 9 million shares. Underwriters will have an over-allotment option for an additional 1.35 million shares.

Morgan Stanley & Co. LLC, Goldman Sachs & Co., J.P. Morgan Securities LLC and SunTrust Robinson Humphrey, Inc. are the joint bookrunners.

Proceeds will be used to pay off some debt under the company's credit facility, to invest in new or existing portfolio companies or for general corporate purposes.

The company's stock (Nasdaq: PNNT) closed at $11.24 on Friday.

New York-based PennantPark is a closed-end, externally managed, non-diversified investment company that focuses on debt and equity investments in U.S. middle-market companies.

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