PennantPark Floating Rate Capital has issued its first listed fixed-income security, the 7.375% Notes due 2031, currently priced at par. PFLT's asset coverage ratio stands at 162% but could fall to 158% if all PFLA proceeds are invested in new assets, still above the regulatory 150% requirement. Recent dividend cuts and a decrease in the asset coverage ratio suggest caution for creditors, as coverage has tightened; NAV per share has also shown gradual depletion.