PennantPark Floating Rate Capital Ltd.’s Unconsolidated Joint Venture, PennantPark Senior Secured Loan Fund I LLC Completes the Refinancing of $300.7 Million CLO, Marking Continued Support of PennantPark’s Middle Market CLO Platform

MIAMI, May 21, 2024 (GLOBE NEWSWIRE) -- PennantPark Floating Rate Capital Ltd. (the “Company”) (NYSE: PFLT) today announced that PennantPark Senior Secured Loan Fund I LLC (“PSSL”) through PSSL’s wholly-owned and consolidated subsidiary, PennantPark CLO II, Ltd (“CLO II”) has closed the refinancing of a four-year reinvestment period, twelve-year final maturity $300.7 million debt securitization in the form of a collateralized loan obligation (“CLO”).

The debt issued in the CLO (the “Debt”) is structured in the following manner:

Class	Par Amount ($ in millions)	% of Capital Structure	Coupon	Expected Rating (S&P)	Issuance Price
A-1-R Loans	$103,000,000	34.3%	3 Mo SOFR + 1.93%	AAA	100.0%
A-1-R Notes	71,000,000	23.6%	3 Mo SOFR + 1.93%	AAA	100.0%
A-2-R Notes	5,000,000	1.7%	3 Mo SOFR + 2.20%	AAA	100.0%
B-R Notes	25,000,000	8.3%	3 Mo SOFR + 2.35%	AA	100.0%
C-R Notes	24,000,000	8.0%	3 Mo SOFR + 3.10%	A	100.0%
D-R Notes	18,000,000	6.0%	3 Mo SOFR + 4.95%	BBB-	100.0%
E-R Notes	18,000,000	6.0%	3 Mo SOFR + 7.50%	BB-	N/A
Preferred Shares	36,700,000	12.1%	N/A	NR	N/A
Total	$300,700,000