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This morning the management of PennantPark Floating Rate Capital opened trading on the Tel Aviv Stock Exchange in honor of the company's dual listing on the Exchange. The company is subject to the regulation governing business development companies supervised by the U.S. Securities and Exchange Commission and engages in extending floating rate loans to middle-market companies (generally companies with EBITDA of $10 million to $50 million),mostly in the U.S.
PennantPark joins 57 companies dual-listed in Tel Aviv.
In November 2017, PennantPark raised 488 million shekels and joined the bond market, which today has 29 non-Israeli companies that issued bonds on the TASE during the last four years. PennantPark is the first company to list from the finance sector rather than the real estate sector.
Art Penn – PFLT Chairman & PennantPark Founding Partner: “We are excited to be the first American financing company traded on NASDAQ to dual list and list bonds on the Tel Aviv Stock Exchange. We highly appreciate the support we received from the Israel Securities Authority, the TASE and our Israeli advisers who accompanied us along the issuance process. We see this as just the first step in building and developing long-term investment relations with the capital market in Israel”.
Yacov Reizman – FCC Ltd: “PennantPark Floating Rate Capital is an outstanding company with excellent management and an impressive track record. The company’s loan portfolio has a track record of zero wright-offs in aggregate since inception, and has distributed approx. 8% annual dividends on monthly basis. PFLT dual listing and placement of securities on the TASE creates significant advantages for both: PennantPark and for Israeli investors”.
Hani Shitrit-Bach, EVP and head of the Listing & Economics Department at TASE, stated, "I am happy that PennantPark has joined the dual listings on the Tel Aviv Stock Exchange. Israel's bond market is a unique one, a liquid market in which 608 series of corporate bonds are traded, and companies from the U.S. are tapping into its potential. To date, 29 American companies have listed, raising 22 billion shekels in 47 series of bonds on the TASE. American companies raised 9.5 billion shekels in 2017 alone. Because of the growing number of American bond issuers, the TASE recently launched the Tel Bond-Global Index, consisting of non-linked fixed rate non-Israeli bonds traded on the TASE. The index includes 24 series of bonds with a combined market cap of 16 billion shekels."
Image from left to right:
Hani Shitrit Bach, EVP and head of the TASE Economics Department; Ranen Cohen Orgad, Leader
Rivka Reizman &Yacov Reizman, FCC Ltd; Art Penn PFLT, Chairman & PennantPark Founding Partner; Whit Williams, PennantPark Founding Partner; Eileen Patrick, Pennant Park Head of Strategy; Amnon Neubach, TASE Chairman of the Board and Ittai Ben-Zeev, TASE CEO
Photo credit: Omer messinger. The photo has been provided free.
