Chicago, Feb. 28 – PennantPark Senior Loan Fund LLC sold $304 million in a collateralized loan obligation being issued by PennantPark CLO IV LLC, according to a pre-sale report.
The notes will mature on April 15, 2034.
The CLO consists of $91 million of class A-1a senior secured floating-rate notes at SOFR plus 170 basis points, $30 million of class A-1a senior secured floating-rate loans at SOFR plus 170 bps, $50 million of class A-1b 3.45% senior secured fixed-rate notes, $12 million of class A-2 senior secured floating-rate notes at SOFR plus 190 bps, $21 million of class B senior secured floating-rate notes at SOFR plus 210 bps, $24 million of class C senior secured deferrable floating-rate notes at SOFR plus 290 bps, $18 million of class D senior secured deferrable floating-rate notes at SOFR plus 400 bps and $58 million of subordinated notes.
PennantPark Senior Loan Fund LLC will manage the collateral through the end of the reinvestment period on April 15, 2026.
The CLO will be backed by senior secured loans, cash and eligible investments with most borrowers based in the United States.
The notes can be called starting March 2, 2024.
BNP Paribas Securities Corp. was the placement agent.
The middle-market investment firm is based in New York.
| Issuer: | PennantPark CLO IV LLC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $304 million
|
| Maturity: | April 15, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | BNP Paribas Securities Corp.
|
| Manager: | PennantPark Senior Loan Fund LLC
|
| Call feature: | March 2, 2024
|
| Settlement date: | March 2
|
|
|
| Class A-1a notes
|
| Amount: | $91 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 170 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1a loans
|
| Amount: | $30 million
|
| Securities: | Senior secured floating-rate loans
|
| Coupon: | SOFR plus 170 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1b notes
|
| Amount: | $50 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 3.45%
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $12 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 190 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $21 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 210 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 290 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $18 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 400 bps
|
| Rating: | S&P: BBB-
|
|
|
| Subordinated notes
|
| Amount: | $58 million
|
| Securities: | Subordinated notes
|
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