0001504619 2026-02-24 2026-02-24 iso4217:USD 0001504619 false 8-K 2026-02-24 PennantPark Floating Rate Capital Ltd. MD 814-00891 27-3794690 1691 Michigan Avenue Miami Beach FL 33139 786 297-9500 false false false false Common stock, par value $0.001 per share PFLT NYSE false <div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On February 24, 2026 (“<div style="text-decoration: underline; letter-spacing: 0px; top: 0px;display:inline;">Closing Date</div>”), PennantPark CLO VIII, LLC (the “<div style="text-decoration: underline; letter-spacing: 0px; top: 0px;display:inline;">Issuer</div>”), a wholly-owned and consolidated subsidiary of PennantPark Floating Rate Capital Ltd. (the “<div style="text-decoration: underline; letter-spacing: 0px; top: 0px;display:inline;">Company</div>”), closed the refinancing and upsize of a four-year reinvestment period, twelve-year final maturity $356.5 million debt securitization in the form of a collateralized loan obligation (the “<div style="text-decoration: underline; letter-spacing: 0px; top: 0px;display:inline;">CLO Reset Transaction</div>”). </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The CLO Reset Transaction was executed through: (A) the issuance by the Issuer of the following classes of notes pursuant that certain indenture, dated February 22, 2024 (the “<div style="text-decoration: underline; letter-spacing: 0px; top: 0px;display:inline;">Original Closing Date</div>”), by and between the Issuer and Wilmington Trust, National Association, as amended by the supplemental indenture, dated February 24, 2026, the “<div style="text-decoration: underline; letter-spacing: 0px; top: 0px;display:inline;">Indenture</div>”): (i) $123 million of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space:nowrap;display:inline;">A-1-R</div></div> Notes, which bear interest at the three-month secured overnight financing rate (“<div style="text-decoration: underline; letter-spacing: 0px; top: 0px;display:inline;">SOFR</div>”) plus 1.43%, (ii) $14 million of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space:nowrap;display:inline;">A-2-R</div></div> Notes, which bear interest at three-month SOFR plus 1.60%, (iii) $26.25 million of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Class B-R</div> Notes, which bear interest at three-month SOFR plus 1.75%,(iv) $24.5 million of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">C-R</div> Notes, which bear interest at three-month SOFR plus 2.15% and (v) $19.25 million of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">D-R</div> Notes, which bear interest at three-month SOFR plus 3.20% (collectively, the “<div style="text-decoration: underline; letter-spacing: 0px; top: 0px;display:inline;">Secured Notes</div>”), (B) the issuance by the Issuer of $5.9 million of subordinated notes pursuant to the Indenture (the “<div style="text-decoration: underline; letter-spacing: 0px; top: 0px;display:inline;">Additional Subordinated Notes</div>” and, collectively with the $63.55 million in aggregate principal amount of Subordinated Notes issued on the Original Closing Date and the Secured Notes, the “<div style="text-decoration: underline; letter-spacing: 0px; top: 0px;display:inline;">Replacement Notes</div>”) and (C) the borrowing by the Issuer of $80.0 million of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space:nowrap;display:inline;">Class A-1-R</div></div> Loans, which bear interest at three-month SOFR plus 1.43% (the “<div style="text-decoration: underline; letter-spacing: 0px; top: 0px;display:inline;">Class</div><div style="text-decoration: underline; letter-spacing: 0px; top: 0px;display:inline;"></div><div style="text-decoration: underline; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space:nowrap;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> A-1-R</div></div> Loans</div>” and, together with the Replacement Notes, the “<div style="text-decoration: underline; letter-spacing: 0px; top: 0px;display:inline;">Replacement Debt</div>”), pursuant to a credit agreement, dated as of the Closing Date (the “<div style="text-decoration: underline; letter-spacing: 0px; top: 0px;display:inline;">Credit Agreement</div>”), by and between the Issuer, the various financial institutions and other persons party thereto, as lenders and Wilmington Trust, National Association, as loan agent and as trustee. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Replacement Debt matures in April 2038. The Replacement Debt was 100% funded at closing. The obligations of the Issuer under the Replacement Debt are <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-recourse</div> to the Company. The Company will retain the Subordinated Notes through a consolidated subsidiary. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Replacement Notes offered as part of the term CLO Reset Transaction have not been and will not be registered under the Securities Act of 1933, as amended (the “<div style="text-decoration: underline; letter-spacing: 0px; top: 0px;display:inline;">Securities Act</div>”), or any state “blue sky” laws, and may not be offered or sold in the United States absent registration under Section 5 of the Securities Act or an applicable exemption from such registration requirements </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As part of the CLO Reset Transaction, on the Closing Date, the Company and the Issuer also amended and restated the master loan sale agreement, originally dated as of the February 22, 2024 (as amended, the “<div style="text-decoration: underline; letter-spacing: 0px; top: 0px;display:inline;">Amended and Restated Master Loan Sale Agreement</div>”), by and between the Company and the Issuer, which provided for the sale and contribution of approximately $265 million par amount of middle market loans from the Company to the Issuer on the Original Closing Date and for future sales and contributions, as applicable, from the Company to the Issuer on an ongoing basis. Such loans constituted part of the initial portfolio of assets securing the Replacement Debt (other than the Subordinated Notes). The Company made customary representations, warranties, and covenants to the Issuer pursuant to the Amended and Restated Master Loan Sale Agreement. </div><div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company will continue to serve as portfolio manager to the Issuer pursuant to an Amended and Restated Collateral Management Agreement, dated as of the Closing Date (the “<div style="text-decoration: underline; letter-spacing: 0px; top: 0px;display:inline;">Collateral Management Agreement</div>”), between the Company and the Issuer. For so long as the Company serves as portfolio manager, the Company will elect to irrevocably waive any base management fee or subordinated interest to which it may be entitled under the Collateral Management Agreement. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The description of the second supplemental indenture, the Credit Agreement, Amended and Restated Master Loan and Sale Agreement and the Amended and Restated Collateral Management Agreement contained in this Current Report on Form <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">8-K</div> do not purport to be complete and are qualified in their entirety by reference to the full text of the second supplemental indenture, the Credit Agreement, the Amended and Restated Master Loan and Sale Agreement and the Amended and Restated Collateral Management Agreement attached hereto as Exhibits 10.1, 10.2, 10.3 and 10.4, respectively. </div> 356500000 As part of the CLO Reset Transaction, on the Closing Date, the Company and the Issuer also amended and restated the master loan sale agreement, originally dated as of the February 22, 2024 (as amended, the “<div style="text-decoration: underline; letter-spacing: 0px; top: 0px;display:inline;">Amended and Restated Master Loan Sale Agreement</div>”), by and between the Company and the Issuer, which provided for the sale and contribution of approximately $265 million par amount of middle market loans from the Company to the Issuer on the Original Closing Date and for future sales and contributions, as applicable, from the Company to the Issuer on an ongoing basis. Such loans constituted part of the initial portfolio of assets securing the Replacement Debt (other than the Subordinated Notes). The Company made customary representations, warranties, and covenants to the Issuer pursuant to the Amended and Restated Master Loan Sale Agreement.