Reckoner Capital Management, an ETF provider whose product line targets the collateralized loan obligation (CLO) space, is expanding its lineup with four new funds to increase distribution flexibility... ...

Core Viewpoint - PennantPark Floating Rate Capital Ltd. has successfully closed a $301 million debt securitization through its subsidiary, demonstrating resilience in challenging capital market conditions and achieving historically low AAA pricing [1][2]. Debt Structure - The debt issued in the securitization is structured as follows: - A-1 Loans: $30 million (9.9% of capital), coupon of 3 Mo SOFR + 1.45%, expected rating AAA - A-1 Notes: $141 million (46.8% of capital), coupon of 3 Mo SOFR + 1.45%, expected rating AAA - A-2 Notes: $12 million (4.0% of capital), coupon of 3 Mo SOFR + 1.60%, expected rating AAA - B Notes: $21 million (7.0% of capital), coupon of 3 Mo SOFR + 1.85%, expected rating AA - C Notes: $24 million (8.0% of capital), coupon of 3 Mo SOFR + 2.30%, expected rating A - D Notes: $18 million (6.0% of capital), coupon of 3 Mo SOFR + 3.30%, expected rating BBB - Subordinated Notes: $55.02 million (18.3% of capital), not rated - Total: $301.02 million [2]. Financial Strategy - Proceeds from the debt will be used to repay a portion of PSSL's $325 million secured credit facility, and PSSL will retain all Subordinated Notes to maintain exposure to the performance of the securitized assets [2][1]. - The reinvestment period for the term debt securitization ends in April 2029, with a final maturity scheduled for April 2037 [2]. 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 [4]. - The company is managed by PennantPark Investment Advisers, LLC, which oversees approximately $10 billion of investable capital [5][6].