Simpson Thacher represented the underwriters, led by J.P. Morgan Securities Inc., Robert W. Baird & Co. Incorporated, Stifel, Nicolaus & Company, Incorporated and SunTrust Robinson Humphrey, Inc., in connection with the follow-on offering of 5,750,000 shares of common stock (including shares in connection with the exercise of the over-allotment option) of PennantPark Investment Corporation (“PennantPark”), resulting in aggregate gross proceeds of $57.5 million. PennantPark’s common stock is listed on the NASDAQ Global Select Market under the symbol “PNNT.” PennantPark will use the net proceeds of the offering to reduce outstanding obligations under its credit facility, to invest in new or existing portfolio companies, and for other general corporate purposes.
PennantPark is a closed-end, externally managed, non-diversified investment company regulated as a “business development company” under the Investment Company Act of 1940. PennantPark invests primarily in highly leveraged companies, including middle-market companies, in the form of senior secured loans, mezzanine loans and equity securities.
The Simpson Thacher team included, among others, Sarah Cogan, Gustavo Benchimol and Daeyna Grant (Capital Markets); and Andrew Pagliughi (FINRA and Blue Sky). Paralegal Karla Johnson also provided valuable assistance.