PennantPark Investment Corporation’s Unconsolidated Joint Venture, PennantPark Senior Loan Fund, LLC Completes $300 Million CLO
26 Juillet 2023 - 10:05PM
PennantPark Investment Corporation (the “Company”) (NYSE: PNNT)
today announced that PennantPark Senior Loan Fund, LLC (“PSLF”)
through its wholly-owned and consolidated subsidiary, PennantPark
CLO VII, LLC (“CLO VII”), has closed a $300 million debt
securitization in the form of a collateralized loan obligation
(“CLO”) with a four-year reinvestment period and twelve-year final
maturity.
The notes issued in the CLO (the “CLO Notes”)
are structured in the following manner:
Class |
Par Amount ($ in millions) |
% of Capital Structure |
Coupon |
Expected Rating (S&P) |
Issuance Price |
A-1A Notes |
$151,000,000 |
50.3% |
|
3 Mo SOFR + 2.70% |
AAA |
100.0% |
|
A-1B Loans |
|
20,000,000 |
6.7% |
|
6.5490% |
AAA |
100.0% |
|
A-2 |
|
12,000,000 |
4.0% |
|
3 Mo SOFR + 3.20% |
AAA |
100.0% |
|
B |
|
21,000,000 |
7.0% |
|
3 Mo SOFR + 4.05% |
AA |
100.0% |
|
C |
|
24,000,000 |
8.0% |
|
3 Mo SOFR + 4.70% |
A |
100.0% |
|
D |
|
18,000,000 |
6.0% |
|
3 Mo SOFR + 7.00% |
BBB- |
100.0% |
|
Sub Notes |
|
54,000,000 |
18.0% |
|
|
NR |
NA |
|
Total |
$300,000,000 |
|
|
|
|
|
“This transaction demonstrates PennantPark’s
continued ability to raise attractive long-term financing, even
during challenging markets.” said Arthur Penn, Chief Executive
Officer. “We are pleased to enhance the capital position of both
PSLF and our platform and to participate in today’s excellent
vintage of both primary and secondary opportunities. With the
closing of CLO VII, PennantPark now manages approximately $2.1
billion in CLO middle market assets, and we look forward to
continued growth with the support of our current and new
investors.”
PSLF will retain all the Subordinated Notes
through a consolidated subsidiary. The reinvestment period for the
term debt securitization ends in July 2027 and the CLO Notes are
scheduled to mature in July 2035. The proceeds from the CLO Notes
will be used to repay a portion of PSLF’s $325 million secured
credit facility. In addition, PSLF acts as retention holder in the
transaction to retain exposure to the performance of the
securitized assets. BNP Paribas acted as lead placement agent in
the CLO transaction.
The CLO Notes offered as part of the term debt
securitization have not been and will not be registered under the
Securities Act of 1933, as amended (the “Securities Act”), or any
state “blue sky” laws, and may not be offered or sold in the United
States absent registration under Section 5 of the Securities Act or
an applicable exemption from applicable registration requirements.
The CLO is a form of secured financing incurred and consolidated by
PSLF. This press release shall not constitute an offer to sell or a
solicitation of an offer to buy nor shall there be any sale of the
notes in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
ABOUT PENNANTPARK INVESTMENT CORPORATION
PennantPark Investment Corporation is a business
development company which primarily invests in U.S. middle market
private companies in the form of first lien secured debt, second
lien secured debt, subordinated debt and equity investments.
PennantPark Investment Corporation is managed by PennantPark
Investment Advisers, LLC.
ABOUT PENNANTPARK SENIOR LOAN FUND, LLC
PennantPark Senior Loan Fund, LLC, is a joint
venture between PennantPark Investment Corporation and Pantheon
Ventures (UK), LLP and primarily invests in middle-market and other
corporate debt securities with PennantPark Investment Corporation’s
strategy.
ABOUT PENNANTPARK INVESTMENT ADVISERS, LLC
PennantPark is a leading middle market credit
platform, managing approximately $6.2 billion of investable
capital, including potential leverage. Since its inception in 2007,
PennantPark has provided investors access to middle market credit
by offering private equity firms and their portfolio companies as
well as other middle market borrowers a comprehensive range of
creative and flexible financing solutions. PennantPark is
headquartered in Miami, and has offices in New York, Chicago,
Houston, and Los Angeles.
FORWARD-LOOKING STATEMENTS
This press release may contain “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995. You should understand that under Section
27A(b)(2)(B) of the Securities Act and Section 21E(b)(2)(B) of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”),
the “safe harbor” provisions of the Private Securities Litigation
Reform Act of 1995 do not apply to forward-looking statements made
in periodic reports PennantPark Investment Corporation files under
the Exchange Act. All statements other than statements of
historical facts included in this press release are forward-looking
statements and are not guarantees of future performance or results
and involve a number of risks and uncertainties. Actual results may
differ materially from those in the forward-looking statements as a
result of a number of factors, including those described from time
to time in filings with the Securities and Exchange Commission.
PennantPark Investment Corporation undertakes no duty to update any
forward-looking statement made herein. You should not place undue
influence on such forward-looking statements as such statements
speak only as of the date on which they are made.
CONTACT:
Richard T. Allorto, Jr. PennantPark Investment
Corporation (212) 905-1000 www.pennantpark.com
Source: PennantPark Investment
Corporation
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