PFLT - 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 | Benzinga
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% |