PennantPark Floating Rate Capital Ltd. Completes CLO, Marking Continued Growth in PennantPark’s CLO Platform

MIAMI, Feb. 22, 2024 (GLOBE NEWSWIRE) -- PennantPark Floating Rate Capital Ltd. (the “Company”) (NYSE: PFLT) today announced that it completed a $350.55 million term debt securitization transaction with a four-year reinvestment period, twelve-year final maturity 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 Loans	$60,000,000		17.1	%		3 Mo SOFR + 2.30%	AAA	100.0	%
A-1 Notes	139,500,000		39.8	%		3 Mo SOFR + 2.30%	AAA	100.0	%
A-2 Notes	14,000,000		4.0	%		3 Mo SOFR + 2.70%	AAA	100.0	%
B Notes	24,500,000		7.0	%		3 Mo SOFR + 2.90%	AA	100.0	%
C Notes	28,000,000		8.0	%		3 Mo SOFR + 3.90%	A	100.0	%
D Notes	21,000,000		6.0	%		3 Mo SOFR + 5.90%	BBB-	100.0	%
Sub Notes	63,550,000		18.1	%			NR	NA
Total	$350,550,000

“I am extremely pleased with the pricing and structure of our latest CLO, which speaks volumes about our track record and the strength of our investment platform,” said Arthur Penn, Chief Executive Officer. “The maturity, reinvestment period and pricing of this financing are attractive and are well matched to our asset base. With the closing of CLO VIII, PennantPark now manages approximately $2.5 billion in CLO assets, and we look forward to continued growth with the support of our current and new investors.”