Chicago, Dec. 21 – PennantPark Investment Advisers LLC sold $300.8 million in a collateralized loan obligation being issued by PennantPark CLO III Ltd./PennantPark CLO III LLC, according to a pre-sale report.
The notes will mature on Oct. 22, 2032.
The CLO consists of $171 million of class A-1 senior secured floating-rate notes at Libor plus 162 basis points, $12 million of class A-2 senior secured floating-rate notes at Libor plus 175 bps, $21 million of class B senior secured floating-rate notes at Libor plus 190 bps, $24 million of class C senior secured deferrable floating-rate notes at Libor plus 280 bps, $18 million of class D senior secured deferrable floating-rate notes at Libor plus 410 bps, $18 million of class E senior secured deferrable floating-rate notes at Libor plus 814 bps and $36.8 million of subordinated notes.
PennantPark Investment Advisers LLC will manage the collateral through the end of the reinvestment period on Oct. 22, 2024.
Collateral for the notes comes from a pool of middle-market speculative-grade senior secured term loans.
The notes can be called starting Oct. 22, 2022.
Credit Suisse Securities (USA) LLC was the placement agent.
The middle-market investment firm is based in New York.
| Issuer: | PennantPark CLO III Ltd./PennantPark CLO III LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $300.8 million
|
| Maturity: | Oct. 22, 2032
|
| Structure: | Cash flow CLO
|
| Placement agent: | Credit Suisse Securities (USA) LLC
|
| Manager: | PennantPark Investment Advisers LLC
|
| Call feature: | Oct. 22, 2022
|
| Settlement date: | Nov. 10
|
|
|
| Class A-1 notes
|
| Amount: | $171 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 162 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $12 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 175 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $21 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 280 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $18 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 410 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $18 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 814 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $36.8 million
|
| Securities: | Subordinated notes
|
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