Chicago, Oct. 12 – PennantPark Investment Advisers LLC sold $298.7 million in a collateralized loan obligation being issued by PennantPark CLO V LLC, according to a presale report.
The notes will mature on Oct. 15, 2033.
The CLO consists of $40 million of class A-1A senior secured floating-rate notes at SOFR plus 270 basis points, $85 million of class A-1A floating-rate loans at SOFR plus 270 bps, $46 million of class A-1F 6.68% senior secured fixed-rate notes, $12 million of class A-2 senior secured floating-rate notes at SOFR plus 300 bps, $21 million of class B senior secured floating-rate notes at SOFR plus 365 bps, $24 million of class C senior secured deferrable floating-rate notes at SOFR plus 495 bps, $18 million of class D senior secured deferrable floating-rate notes at SOFR plus 650 bps, $18 million of class E senior secured deferrable floating-rate notes at SOFR plus 800 bps and $34.7 million of subordinated notes.
PennantPark Investment Advisers LLC will manage the collateral through the end of the reinvestment period on April 15, 2025.
Collateral for the notes consists of middle-market speculative-grade senior secured term loans.
The notes can be called starting April 15, 2024.
Credit Suisse Securities (USA) LLC was the placement agent.
The middle-market investment firm is based in New York.
| Issuer: | PennantPark CLO V LLC
|
| Issue: | Floating-rate notes, floating-rate loans, fixed-rate notes and subordinated notes
|
| Amount: | $298.7 million
|
| Maturity: | Oct. 15, 2033
|
| Structure: | Cash flow CLO
|
| Placement agent: | Credit Suisse Securities (USA) LLC
|
| Manager: | PennantPark Investment Advisers LLC
|
| Call feature: | April 15, 2024
|
| Settlement date: | Oct. 27
|
|
|
| Class A-1A notes
|
| Amount: | $40 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 270 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1A loans
|
| Amount: | $85 million
|
| Securities: | Floating-rate loans
|
| Coupon: | SOFR plus 270 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1F notes
|
| Amount: | $46 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 6.68%
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $12 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 300 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $21 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 365 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 495 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $18 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 650 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $18 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 800 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $34.7 million
|
| Securities: | Subordinated notes
|
|
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