PennantPark Floating Rate Capital Ltd.’s Unconsolidated Joint Venture, PennantPark Senior Secured Loan Fund I LLC Completes the Reset of $316.7 Million Securitization, Substantially Reducing Borrowing Costs
The debt issued in this securitization (the “Debt”) is structured in the following manner:
| Class | Par Amount | % of Capital Structure |
Coupon | Expected Rating (S&P) |
Issuance Price |
| X Notes | 1.6% | 3 Mo SOFR + 1.05% | 100.0% | ||
| A-1-R2 Notes | 172,500,000 | 54.5% | 3 Mo SOFR + 1.51% | 100.0% | |
| A-2-R2 Notes | 13,500,000 | 4.3% | 3 Mo SOFR + 1.70% | 100.0% | |
| B-R2 Notes | 22,500,000 | 7.1% | 3 Mo SOFR + 1.90% | AA | 100.0% |
| C-R2 Notes | 19,500,000 | 6.1% | 3 Mo SOFR + 2.45% | A | 100.0% |
| D-R2 Notes | 18,000,000 | 5.7% | 3 Mo SOFR + 4.25% | BBB- | 100.0% |
| E-R2 Notes | 18,000,000 | 5.7% | 3 Mo SOFR + 7.50% | BB- | N/A |
| Preferred Shares | 47,700,000 | 15.0% | N/A | NR | N/A |
| Total |
“We are pleased to have completed this reset which enables us to optimize financing costs in the current market, reinforcing our commitment to deliver sustained value for our investors,” said
PSSL will continue to retain the Preferred Shares and Class E-R2 Notes through a consolidated subsidiary. The maturity of the replacement Debt is now extended to
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
ABOUT
ABOUT PENNANTPARK SENIOR SECURED LOAN FUND I LLC
ABOUT PENNANTPARK INVESTMENT ADVISERS, LLC
PennantPark, a leading middle-market credit platform, and its affiliates manage over $10 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, Los Angeles, Amsterdam, and Zurich. For more information about PennantPark and its affiliates, please go to our website at www.pennantpark.com.
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 the Company 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. The Company 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
