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PennantPark Investment Advisers Completes $298.7 Million CLO

MIAMI, Oct. 27, 2022 (GLOBE NEWSWIRE) -- PennantPark Investment Advisers, LLC (the "Company" or "PennantPark") today announced that PennantPark CLO V, LLC has closed a two-and-a-half year reinvestment period, eleven-year final maturity $298.7 million debt securitization in the form of a collateralized loan obligation ("CLO").

The transaction is the fifth middle-market CLO for PennantPark Investment Advisers, LLC, which has issued CLO vehicles since 2019.

The debt issued in the CLO is structured in the following manner:

Class Par Amount
($ in millions)
  % of Capital Structure Coupon Expected Rating (S&P)
A-1A Notes $40,000,000   13.4% 3 Mo. SOFR + 2.70% AAA
A-1A Loans 85,000,000   28.5% 3 Mo. SOFR + 2.70% AAA
A-1F Notes 46,000,000   15.4% 6.6764% AAA
A-2 Notes 12,000,000   4.0% 3 Mo. SOFR + 3.00% AAA
B Notes 21,000,000   7.0% 3 Mo. SOFR + 3.65% AA
C Notes 24,000,000   8.0% 3 Mo. SOFR + 4.95% A
D Notes 18,000,000   6.0% 3 Mo. SOFR + 6.50% BBB-
E Notes 18,000,000   6.0% 3 Mo. SOFR + 8.00% BB-
Subordinated Notes 34,700,000   11.6% N/A NR
Total $298,700,000        

"This transaction demonstrates PennantPark's commitment to our CLO platform and our ability to access attractive, long-term financing, even in this challenging market," said Arthur Penn, Chief Executive Officer of PennantPark. "We are particularly pleased in our ability to expand the strong capital position of our platform in order to be able to invest in today's attractive vintage of both primary and secondary opportunities. As always, we are appreciative of the trust and support of both our debt and equity investors."

The reinvestment period for the term debt securitization ends in April 2025 and the Debt is scheduled to mature in October 2033. Credit Suisse Securities (USA) LLC acted as lead placement agent on the CLO Transaction, and KeyBanc Capital Markets, Inc. acted as co-structuring agent.

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. 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
PennantPark is a leading middle market credit platform, which today has approximately $6 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.

Stefan Prelog