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 |
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