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29

PennantPark, A BDC, To Buy Assets Of Struggling Rival Lender MCG Capital

By Tony Seruga

PennantPark Floating Rate Capital, a business-development company, announced plans today to expand its portfolio through the acquisition of MCG Capital, a struggling lender to middle-market companies that had taken steps to wind down its portfolio.

PennantPark Floating Rate Capital, which trades on the NASDAQ under the symbol PFLT, will acquire MCGC in a $175 million cash-and-stock transaction, or $4.75 per MCGC share. MCGC stockholders will receive $4.521 in PFLT shares and $0.226 per share in cash fromPennantPark Investment PNNT +1.49% Advisers, and possibly an additional $0.25 depending on PFLT’s NAV over a 10-day period…

PennantPark, A BDC, To Buy Assets Of Struggling Rival Lender MCG Capital

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