PennantPark Floating Rate Capital Ltd.’s Unconsolidated Joint Venture, PennantPark Senior Secured Loan Fund I LLC Completes $301 Million Securitization, Marking Continued Growth in PennantPark’s Middle Market Platform with Twelve CLOs Under Management
PennantPark Floating Rate Capital (NYSE: PFLT) has announced the completion of a $301 million debt securitization through its joint venture PSSL's subsidiary, PennantPark CLO 12. The collateralized loan obligation (CLO) features a four-year reinvestment period and twelve-year final maturity.
The securitization is structured across multiple classes, with AAA-rated tranches comprising the majority of the capital structure. The proceeds will be used to repay a portion of PSSL's $325 million secured credit facility. PSSL will retain all Subordinated Notes through a consolidated subsidiary.
This marks PennantPark's lowest AAA pricing in its platform's history, with the company now managing approximately $4.0 billion in CLO middle market assets. The reinvestment period ends in April 2029, with debt maturity scheduled for April 2037. CIBC World Markets Corp. served as lead placement agent for the securitization.
PennantPark Floating Rate Capital (NYSE: PFLT) ha annunciato il completamento di una cartolarizzazione del debito da 301 milioni di dollari tramite la sua joint venture PSSL, attraverso la controllata PennantPark CLO 12. L'obbligazione garantita da prestiti (CLO) prevede un periodo di reinvestimento di quattro anni e una scadenza finale di dodici anni.
La cartolarizzazione è strutturata in più classi, con tranche classificate AAA che costituiscono la maggior parte della struttura del capitale. I proventi saranno utilizzati per rimborsare una parte della linea di credito garantita da 325 milioni di dollari di PSSL. PSSL manterrà tutte le Note Subordinate tramite una controllata consolidata.
Questo rappresenta il prezzo AAA più basso di PennantPark nella storia della sua piattaforma, con la società che ora gestisce circa 4,0 miliardi di dollari in asset CLO di mercato intermedio. Il periodo di reinvestimento terminerà nell'aprile 2029, con scadenza del debito prevista per aprile 2037. CIBC World Markets Corp. ha agito come agente principale per il collocamento della cartolarizzazione.
PennantPark Floating Rate Capital (NYSE: PFLT) ha anunciado la finalización de una titulización de deuda por 301 millones de dólares a través de su empresa conjunta PSSL y su subsidiaria PennantPark CLO 12. La obligación de préstamo garantizada (CLO) cuenta con un periodo de reinversión de cuatro años y un vencimiento final de doce años.
La titulización está estructurada en varias clases, con tramos calificados como AAA que constituyen la mayoría de la estructura de capital. Los ingresos se utilizarán para pagar una parte de la línea de crédito garantizada de 325 millones de dólares de PSSL. PSSL retendrá todas las Notas Subordinadas a través de una subsidiaria consolidada.
Esto representa el precio AAA más bajo de PennantPark en la historia de su plataforma, con la compañía gestionando ahora aproximadamente 4.000 millones de dólares en activos CLO de mercado medio. El periodo de reinversión finaliza en abril de 2029, con el vencimiento de la deuda programado para abril de 2037. CIBC World Markets Corp. actuó como agente principal de colocación para la titulización.
PennantPark Floating Rate Capital (NYSE: PFLT)는 합작 투자사 PSSL의 자회사인 PennantPark CLO 12를 통해 3억 1천만 달러 규모의 부채 유동화 완료를 발표했습니다. 이 담보 대출 채권(CLO)은 4년간의 재투자 기간과 12년의 최종 만기를 특징으로 합니다.
유동화는 여러 등급으로 구조화되어 있으며, AAA 등급 트랜치는 자본 구조의 대부분을 차지합니다. 수익금은 PSSL의 3억 2천 5백만 달러 담보 신용 시설 일부 상환에 사용될 예정입니다. PSSL은 통합 자회사를 통해 모든 후순위 채권을 보유할 것입니다.
이번 거래는 PennantPark 역사상 가장 낮은 AAA 가격을 기록했으며, 회사는 현재 약 40억 달러 규모의 중간 시장 CLO 자산을 관리하고 있습니다. 재투자 기간은 2029년 4월에 종료되며, 부채 만기는 2037년 4월로 예정되어 있습니다. CIBC World Markets Corp.가 유동화의 주간 배정 기관으로 참여했습니다.
PennantPark Floating Rate Capital (NYSE : PFLT) a annoncé la finalisation d'une titrisation de dette de 301 millions de dollars via la filiale PennantPark CLO 12 de sa coentreprise PSSL. L'obligation de prêt garantie (CLO) comprend une période de réinvestissement de quatre ans et une échéance finale de douze ans.
La titrisation est structurée en plusieurs tranches, les tranches notées AAA représentant la majorité de la structure du capital. Les fonds seront utilisés pour rembourser une partie de la facilité de crédit garantie de 325 millions de dollars de PSSL. PSSL conservera toutes les obligations subordonnées via une filiale consolidée.
Cela représente le prix AAA le plus bas de PennantPark dans l'histoire de sa plateforme, la société gérant désormais environ 4,0 milliards de dollars d'actifs CLO de marché intermédiaire. La période de réinvestissement se termine en avril 2029, avec une échéance de la dette prévue en avril 2037. CIBC World Markets Corp. a agi en tant qu'agent principal pour le placement de la titrisation.
PennantPark Floating Rate Capital (NYSE: PFLT) hat die Durchführung einer 301 Millionen US-Dollar schweren Schuldtitelverbriefung über die Tochtergesellschaft PennantPark CLO 12 seines Joint Ventures PSSL bekannt gegeben. Die besicherte Kreditverpflichtung (CLO) verfügt über eine vierjährige Reinvestitionsphase und eine zwölfjährige Endfälligkeit.
Die Verbriefung ist in mehrere Klassen strukturiert, wobei AAA-bewertete Tranchen den Großteil der Kapitalstruktur ausmachen. Die Erlöse werden zur Rückzahlung eines Teils der gesicherten Kreditfazilität von PSSL in Höhe von 325 Millionen US-Dollar verwendet. PSSL behält alle nachrangigen Schuldverschreibungen über eine konsolidierte Tochtergesellschaft.
Dies markiert die niedrigste AAA-Bewertung von PennantPark in der Geschichte seiner Plattform, wobei das Unternehmen nun etwa 4,0 Milliarden US-Dollar an CLO-Mittelmarktvermögen verwaltet. Die Reinvestitionsphase endet im April 2029, die Schuldenfälligkeit ist für April 2037 geplant. CIBC World Markets Corp. fungierte als leitender Platzierungsagent für die Verbriefung.
- Achieved lowest AAA pricing in platform's history
- Successfully raised $301 million in long-term financing
- Manages significant $4.0 billion in CLO middle market assets
- 100% funding expected at close
- Structured with majority AAA-rated tranches (60.7% of capital)
- Operating in challenging capital markets with interest rate volatility
- Increasing debt load through new CLO issuance
- Uncertain economic prospects affecting credit markets
Insights
PFLT's unconsolidated joint venture PSSL has successfully executed a
The structure offers significant advantages: the long-term nature (12-year maturity) provides stable financing while the 4-year reinvestment period grants operational flexibility to rotate the portfolio. PSSL retaining all subordinated notes (
This transaction is particularly meaningful as it repays a portion of PSSL's
The company now manages approximately
MIAMI, April 15, 2025 (GLOBE NEWSWIRE) -- PennantPark Floating Rate Capital Ltd. (the “Company”) (NYSE: PFLT) today announced that PennantPark Senior Secured Loan Fund I LLC (“PSSL”) through PSSL’s wholly-owned and consolidated subsidiary, PennantPark CLO 12, LLC (“CLO 12”) has closed a four-year reinvestment period, twelve-year final maturity
The debt issued in this Securitization (the “Debt”) is structured in the following manner:
| Class | Par Amount ($ in millions) | % of Capital Structure | Coupon | Expected Rating (S&P) | |
| A-1 Loans | 3 Mo SOFR + | AAA | |||
| A-1 Notes | 141,000,000 | 3 Mo SOFR + | AAA | ||
| A-2 Notes | 12,000,000 | 3 Mo SOFR + | AAA | ||
| B | 21,000,000 | 3 Mo SOFR + | AA | ||
| C | 24,000,000 | 3 Mo SOFR + | A | ||
| D | 18,000,000 | 3 Mo SOFR + | BBB- | ||
| Sub Notes | 55,020,000 | NR | |||
| Total | |||||
“This transaction demonstrates PennantPark’s resilience and ability to raise attractive long-term financing with our joint venture partner, especially in these challenging capital markets conditions in which interest rate volatility and uncertain economic prospects have disrupted credit markets,” said Arthur Penn, Chief Executive Officer. “We are particularly pleased to have achieved our lowest AAA pricing in our platform’s history which further enhances our strong capital position allowing us to participate in today’s excellent vintage of both primary and secondary opportunities. With the closing of CLO 12, PennantPark now manages approximately
PSSL will continue to retain all of the Subordinated Notes through a consolidated subsidiary. The reinvestment period for the term debt securitization ends in April 2029 and the Debt is scheduled to mature in April 2037. The term debt securitization is expected to be approximately
The 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 such registration requirements. The CLO is a form of secured financing incurred and consolidated by the Company. 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 FLOATING RATE CAPITAL LTD.
PennantPark Floating Rate Capital Ltd. is a business development company which primarily invests in U.S. middle-market private companies in the form of floating rate senior secured loans, including first lien secured debt, second lien secured debt and subordinated debt. From time to time, the Company may also invest in equity investments. PennantPark Floating Rate Capital Ltd. is managed by PennantPark Investment Advisers, LLC.
ABOUT PENNANTPARK INVESTMENT ADVISERS, LLC
PennantPark Investment Advisers, LLC is a leading middle-market credit platform, managing approximately
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 Floating Rate Capital Ltd. 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 Floating Rate Capital Ltd. 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 Floating Rate Capital Ltd.
(212) 905-1000
www.pennantpark.com
Source: PennantPark Floating Rate Capital Ltd.
FAQ
What is the size and structure of PFLT's latest CLO securitization?
When does PFLT's new CLO 12 reinvestment period end and mature?
How much CLO middle market assets does PennantPark now manage after CLO 12?
What will the proceeds from PFLT's new CLO be used for?
What is significant about the pricing of PFLT's CLO 12?
