PennantPark Floating Rate Capital .(US:PFLT) Globenewswire·2025-05-22 20:05Core Viewpoint - PennantPark Floating Rate Capital Ltd. has successfully closed a $315.8 million debt securitization, indicating the strength of its platform and ability to execute transactions amid market volatility [1][3]. Debt Securitization Details - The securitization includes a four-year reinvestment period and a twelve-year final maturity [1]. - The total debt issued is structured as follows: - Class A-R Loans: $228 million (72.2% of capital) with a coupon of +1.85% rated A- - Class B-R Loans: $18 million (5.7% of capital) with a coupon of +4.50% rated BBB- - Class C-R Loans: $18 million (5.7% of capital) retained with a rating of BB- - Subordinated Notes: $51.8 million (16.4% of capital) rated NR [2]. Company Growth and Strategy - The reset of CLO VI is expected to significantly reduce the cost of capital for both the Company and PennantPark Senior Secured Loan Fund I LLC (PSSL) [3]. - The Company and PSSL have approximately $850 million available for investment in middle market loans [3]. - PennantPark currently manages around $4.0 billion in middle market assets in securitizations and aims for continued growth with existing and new investors [3]. Management and Structure - PSSL will retain the Subordinated Notes and Class C-R Loans through a consolidated subsidiary, with the maturity of the replacement debt extended to April 2037 [3]. - GreensLedge Capital Markets LLC acted as the structurer and sole arranger for this transaction [3]. Company Overview - PennantPark Floating Rate Capital Ltd. primarily invests in U.S. middle market private companies through floating rate senior secured loans, including first lien, second lien, and subordinated debt [5]. - PennantPark Investment Advisers, LLC manages approximately $10 billion of investable capital, providing a range of financing solutions to middle market borrowers [8].