<SEC-DOCUMENT>0001193125-24-165697.txt : 20240814
<SEC-HEADER>0001193125-24-165697.hdr.sgml : 20240814
<ACCEPTANCE-DATETIME>20240621161957
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ACCESSION NUMBER:		0001193125-24-165697
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20240621

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PennantPark Floating Rate Capital Ltd.
		CENTRAL INDEX KEY:			0001504619
		ORGANIZATION NAME:           	
		IRS NUMBER:				273794690
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		590 MADISON AVENUE
		STREET 2:		15TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		(212) 905-1000

	MAIL ADDRESS:	
		STREET 1:		590 MADISON AVENUE
		STREET 2:		15TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PennantPark Senior Floating Rate Fund Inc.
		DATE OF NAME CHANGE:	20101029
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<TD VALIGN="top" STYLE="border-bottom:1.00px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">One&nbsp;International&nbsp;Place,&nbsp;40th&nbsp;Floor</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">100 Oliver Street</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Boston, MA 02110-2605</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">+1 617 728 7100 Main</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">+1 617 426 6567 Fax</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">www.dechert.com</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
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<TD VALIGN="top"><B>THOMAS J. FRIEDMANN</B></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">thomas.friedmann@dechert.com</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman">+1 617 728 7120
Direct</P></TD></TR>
</TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">June&nbsp;21, 2024 </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>VIA
EDGAR</U></B> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Investment Management </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, N.E. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, DC 20549 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attn: Anu Dubey </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom">Re:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">PennantPark Floating Rate Capital Ltd.</TD></TR>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Registration Statement on Form <FONT STYLE="white-space:nowrap">N-2</FONT></TD></TR>
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<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">File Number <FONT STYLE="white-space:nowrap">333-279726</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Ms.&nbsp;Dubey: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On behalf of PennantPark Floating Rate Capital Ltd., a Maryland corporation (the &#147;<U>Fund</U>&#148;), we hereby respond to the comments
raised by the staff (the &#147;<U>Staff</U>&#148;) of the Securities and Exchange Commission (the &#147;<U>Commission</U>&#148;) on telephone calls held on June&nbsp;10, 2024 between Anu Dubey of the Staff and Thomas Friedmann of Dechert LLP,
outside counsel to the Fund, regarding the Registration Statement on Form <FONT STYLE="white-space:nowrap">N-2</FONT> (Registration <FONT STYLE="white-space:nowrap">No.&nbsp;333-279726)</FONT> of the Fund (the &#147;<U>Registration
Statement</U>&#148;) filed on May&nbsp;24, 2024 and the prospectus included therein. On the date hereof, the Fund has also filed with the Commission a <FONT STYLE="white-space:nowrap">pre-effective</FONT> amendment No.&nbsp;1 to the Registration
Statement (the &#147;<U>Amendment</U>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For your convenience, a transcription of the Staff&#146;s comments is included in this
letter, and each comment is followed by the applicable response. Capitalized terms used in this letter and not otherwise defined herein shall have the meanings specified in the Amendment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.&#8195;Please review Form <FONT STYLE="white-space:nowrap">N-2</FONT> requirements and confirm that information incorporated by reference to satisfy each
disclosure requirement in Form <FONT STYLE="white-space:nowrap">N-2</FONT> is done in a way consistent with Rule 411(e). For example, add section references to specifically describe management and management fees (Items 9.1 and 20) and fund
directors (Item 18). Identify where in the incorporated document you have taken the relevant information. For example, add a heading for directors as you have for &#147;Risk Factors.&#148; </B></P>

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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States Securities and</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Exchange
Commission</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">June 21, 2024</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"> Page
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</P></TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Response: </B>The
Fund has revised the disclosure in response to the Staff&#146;s comment.<B> </B> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>2.&#8195;The Fund must disclose compliance with various subsidiaries
as follows: </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Please create a defined term of &#147;Subsidiary&#148; to include all of the Fund&#146;s wholly owned
subsidiaries and supplementally confirm if any subsidiaries are not wholly owned, other than PSSL.</B> </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Response: </B>The Fund has
created a defined term of &#147;Subsidiary&#148; to include all of the Fund&#146;s wholly owned subsidiaries in the Amendment and supplementally confirms that all of the Fund&#146;s subsidiaries are wholly owned by the Fund. The Fund supplementally
confirms that PSSL is an unconsolidated joint venture (rather than a Subsidiary) in which the Fund owns a 50% voting interest. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Please disclose that the Fund complies with provisions of the 1940 Act governing capital structure and
leverage (Section 18) on an aggregate basis with each Subsidiary, so that the Fund treats the Subsidiary&#146;s debt as its own debt under Section</B><B></B><B>&nbsp;18.</B> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Response: </B>As requested, the Fund has revised the disclosure under the heading, &#147;Organization and Structure of PennantPark Floating Rate Capital
Ltd.&#148; in the Amendment to provide that the Fund complies with Section&nbsp;18 of the 1940 Act governing capital structure and leverage on an aggregate basis. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Please respond supplementally that any investment adviser to a Subsidiary complies with 1940 Act provisions
relating to advisory contracts (Section 15) as if it were an adviser to the Fund. Confirm that any such advisory contract is filed as an exhibit to the Form <FONT STYLE="white-space:nowrap">N-2.</FONT> If the same adviser and advisory contract
governs all Subsidiaries, so disclose. </B> </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Response:</B> The Fund supplementally confirms that any investment adviser to a
Subsidiary will comply with 1940 Act provisions relating to advisory contracts (Section 15) as if it were an adviser to the Fund. To the extent that any investment adviser provides investment advisory services to any subsidiary, the advisory
contract is filed as an exhibit to the Amendment and the Fund confirms it will file any such contract entered into in the future in an Exchange Act filing, if applicable. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Please disclose that each Subsidiary complies with 1940 Act provisions related to affiliated transactions
and custody (Section 17). Identify</B> <B>custodian of a Subsidiary, if any. If the same as the Fund&#146;s custodian, so disclose.</B> </P></TD></TR></TABLE>

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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States Securities and</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Exchange
Commission</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">June 21, 2024</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"> Page
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</P></TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Response</B>: As
requested, the Fund revised the disclosure under the heading, &#147;Organization and Structure of PennantPark Floating Rate Capital Ltd.&#148; in the Amendment to clarify that each Subsidiary complies and intends to continue complying with the
affiliate transaction rules and custody rules set forth in the 1940 Act. The Fund supplementally confirms that each subsidiary uses either the Fund&#146;s custodian (The Bank of New York Mellon) or, alternatively, U.S. Bank National Association or
Wilmington Trust, National Association. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">(e)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Please supplementally explain whether financial statements of the Subsidiaries are consolidated with those
of the Fund. If not, explain why not. </B> </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Response: </B>The Fund supplementally confirms that the financial statements of all
Subsidiaries are consolidated with the financial statements of the Fund. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">(f)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Please supplementally confirm that each of the Subsidiaries and its board agree to inspection by Staff of
the Subsidiary&#146;s books and records, which will be maintained in accordance with Section</B><B></B><B>&nbsp;31 of the 1940 Act and rules thereunder.</B> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Response:</B> As requested, the Fund supplementally confirms that each Subsidiary maintains its books and records in accordance with Section&nbsp;31 of the
1940 Act and the rules thereunder. In addition, the Fund hereby agrees that it will permit members of the Staff to inspect such Subsidiary&#146;s books and records upon request. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">(g)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Please confirm that a Subsidiary&#146;s management fee, if any, will be included in a Management Fee line
item, and the Subsidiary&#146;s other expenses will be included in the &#147;other expenses&#148; line item in the fee table.</B> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Response:</B> The Fund supplementally confirms that there is no separate management fee payable by any Subsidiary and the Management Fee of the Fund is
calculated on a consolidated basis with the Subsidiary. Expenses are likewise calculated, and reported in the Prospectus, on a consolidated basis. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">(h)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>For a Subsidiary organized outside the United States, please confirm that the Subsidiary and its board agree
to designate an agent for service of process in the United States. </B> </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Response: </B>As requested, the Fund supplementally confirms
that each Subsidiary and its board agree to designate an agent for service of process in the United States. </P>

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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States Securities and</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Exchange
Commission</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">June 21, 2024</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"> Page
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Please disclose that, if the Fund will only invest through Subsidiaries, the Fund does not, or does not
intend to, create or acquire primary control of any entity which engages in investment activities in securities or other assets, other than entities wholly-owned by the Fund.</B> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Response</B>: The Fund respectfully submits that it does not intend to invest solely through wholly owned subsidiaries. In addition, the Fund may from time
to time may invest in operating companies that, in the course of their business, invest in assets other than securities. Accordingly, the Fund respectfully declines to add the requested disclosure. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>3.&#8195;In &#147;General Business of PennantPark Floating Rate Capital,&#148; please disclose what &#147;managed assets&#148; means for the purposes of
the 80% policy. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Response: </B>The Fund has revised the disclosure in response to the Staff&#146;s comment.<B> </B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>4.&#8195;In &#147;Risks associated with our Business,&#148; please add hyperlinks to the latest Forms <FONT STYLE="white-space:nowrap">10-K</FONT> and <FONT
STYLE="white-space:nowrap">10-Q</FONT> as required by Rule <FONT STYLE="white-space:nowrap">0-4(d)</FONT> under the 1940 Act. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Response: </B>The
Fund has added hyperlinks to the relevant disclosure in response to the Staff&#146;s comment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>5.&#8195; If the Fund is investing in covenant lite
loans and such investing is a principal strategy, please add disclosure of risks of such loans or show supplementally where in the Form <FONT STYLE="white-space:nowrap">10-K</FONT> these risks are disclosed. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Response: </B>The Fund confirms that investing in covenant lite loans is not a principal strategy of the Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>6.&#8195;Please confirm whether the costs associated with preferred stock, rights, warrants and debt are reflected in the fee table. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Response: </B>The Fund will include the costs associated with preferred stock, rights, warrants and/or debt in the applicable prospectus supplement in
connection with the issuance of any such securities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>7.&#8195;Please make sure that all acronyms used in the Form
<FONT STYLE="white-space:nowrap">N-2</FONT> are defined. We did not find PTSF&#146;s definition. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Response: </B>The Fund has added the definition
of &#147;PTSF&#148; in response to the Staff&#146;s comment. </P>

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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States Securities and</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Exchange
Commission</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">June 21, 2024</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"> Page
 5
</P></TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>8.&#8195;Under
&#147;Risk Factors&#148; heading, add hyperlink to the Form <FONT STYLE="white-space:nowrap">10-K</FONT> referenced in the second sentence as required by Rule <FONT STYLE="white-space:nowrap">0-4(d)</FONT> under the 1940 Act. Also, clarify what
&#147;accepted&#148; means in the same sentence. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Response: </B>The Fund has revised the disclosure in response to the Staff&#146;s comment.<B>
</B> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>9.&#8195;Please reconcile the disclosure of use of proceeds under &#147;Use of Proceeds&#148; with the disclosure under &#147;Prospectus
Summary.&#148; State the approximate amount to be used for each purpose (Item 7.1 for Form <FONT STYLE="white-space:nowrap">N-2)</FONT> and undertake to provide all necessary form requirements, such as for repayment of debt. Specifically, if a
material part of the proceeds will be used to discharge indebtedness, state the interest rate and maturity of the indebtedness. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Response: </B>The
Fund has revised the disclosure in the Amendment to reconcile the disclosure of use of proceeds under &#147;Use of Proceeds&#148; with the disclosure under &#147;Prospectus Summary.&#148; The Fund will include the requested disclosures in the
relevant prospectus supplements in connection with any offering under the Amendment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>10.&#8195;Under &#147;Senior Securities&#148; heading, add
hyperlink to the Form <FONT STYLE="white-space:nowrap">10-K</FONT> referenced in the second sentence as required by Rule <FONT STYLE="white-space:nowrap">0-4(d)</FONT> under the 1940 Act and clarify what &#147;accepted&#148; means. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Response: </B>The Fund has revised the disclosure to address the Staff&#146;s comments.<B> </B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>11.&#8195;Under &#147;Portfolio Management&#148;, if any of the individuals identified are portfolio managers, please so disclose and use the term
portfolio manager. Please disclose information required by Item 21.1 for each portfolio manager that manages these other accounts. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Response:
</B>The Fund has revised the disclosure in response to the Staff&#146;s comments. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>12.&#8195;Immediately following the sentence &#147;Our charter
contains such a provision, which eliminates directors&#146; and officers&#146; liability to the maximum extent permitted by Maryland law, subject to the requirements of the 1940 Act&#148;, please add a statement that says &#147;nothing in the
charter modifying, restricting or eliminating the duties or liabilities of directors will apply to, or in any way limit, the duties (including state law fiduciary duties of loyalty and care) or liabilities of such persons with respect to matters
arising under the federal securities laws.&#148; </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Response: </B>The Fund has revised the disclosure in response to the Staff&#146;s comment. </P>

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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States Securities and</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Exchange
Commission</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">June 21, 2024</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"> Page
 6
</P></TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>13.&#8195;File
the actual agreements rather than forms of agreements for exhibits (h)(1) (Form of Underwriting Agreement for debt), (h)(2) (Form of Underwriting Agreement for equity), (j) (Form of Custodian Agreement), (k)(1) (Form of Stock Transfer Agency
Agreement) and (k)(3) (Form of Trademark License Agreement). </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Response: </B>The Fund respectfully confirms that it has filed its existing
underwriting agreements for equity under its <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">at-the-market</FONT></FONT> program equity program as exhibits (h)(3), (h)(4) and (h)(5) in the Amendment. The form of underwriting
agreement (h)(1) and the form of underwriting agreement (h)(2) for debt are illustrative forms only; to the extent any such agreement is entered into in connection with any issuance of securities under the registration statement, the applicable
underwriting agreement will be filed with the SEC and incorporated into the prospectus by reference. The Fund has filed the executed custodian agreement, stock transfer agency agreement and trademark license agreement as exhibits (j), (k)(1) and
k(3), respectively. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>14.&#8195;Please confirm that the prospectus supplement for any Rights Offering will disclose an example showing the extent of the
dilutive effect when the subscription price is below NAV on the pricing date. Please enhance first sentence after Table of Contents of such prospectus supplement to say that the offering may substantially dilute the aggregate NAV of shares owned by
those stockholders who do not fully exercise their rights, and these stockholders should expect to own a smaller proportional interest in the Fund upon completion of the offering than before the offering. Please also include that disclosure on the
cover page of the prospectus supplement. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Response: </B>The Fund confirms that any prospectus supplement for any Rights Offering will include the
above disclosure. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>15.&#8195; Please file the power of attorney for the signatures page as a separate exhibit (Rule 483(b)). </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Response: </B>The Fund has added the power of attorney as a separate exhibit. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">* * * * * * * * * * </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If you have
any questions, please contact the undersigned by telephone at 617.728.7120 (or by email at thomas.friedmann@dechert.com). Thank you for your cooperation and attention to this matter. </P>

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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States Securities and</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Exchange
Commission</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">June 21, 2024</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"> Page
 7
</P></TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sincerely, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">/s/ Thomas J. Friedmann </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thomas J. Friedmann </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD WIDTH="95%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">cc:&#8195;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Arthur H. Penn</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Richard T. Allorto, Jr.</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; font-size:10pt; font-family:Times New Roman">PennantPark Floating Rate Capital Ltd.</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Stephen R. Pratt</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Ross A. MacConnell</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Paul Stevens</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; font-size:10pt; font-family:Times New Roman">Dechert LLP</P></TD></TR>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
