Chicago, April 14 – PennantPark Senior Secured Loan Fund I LLC sold $297.8 million in a collateralized loan obligation issued by PennantPark CLO VI LLC, according to a presale report.
The notes will mature on April 22, 2035.
The CLO consists of $30 million of class A senior secured floating-rate loans at SOFR plus 268 basis points, $141 million of class A senior secured floating-rate notes at SOFR plus 268 bps, $28 million of class B-1 senior secured floating-rate notes at SOFR plus 375 bps, $5 million of class B-2 7.63% senior secured fixed-rate notes, $24 million of class C senior secured deferrable floating-rate notes at SOFR plus 525 bps, $18 million of class D senior secured deferrable floating-rate notes at SOFR plus 700 bps and $51.8 million of subordinated notes.
PennantPark Senior Secured Loan Fund I LLC will manage the collateral through the end of the reinvestment period on April 22, 2027.
Collateral for the notes consists of middle-market speculative-grade senior secured term loans.
The notes can be called starting April 12, 2025.
GreensLedge Capital Markets LLC was the placement agent.
The middle-market investment firm is based in New York.
| Issuer: | PennantPark CLO VI LLC
|
| Issue: | Floating-rate loans, floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $297.8 million
|
| Maturity: | April 22, 2035
|
| Structure: | Cash flow CLO
|
| Placement agent: | GreensLedge Capital Markets LLC
|
| Manager: | PennantPark Senior Secured Loan Fund I LLC
|
| Call feature: | April 12, 2025
|
| Settlement date: | April 12
|
|
|
| Class A loans
|
| Amount: | $30 million
|
| Securities: | Senior secured floating-rate loans
|
| Coupon: | SOFR plus 268 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A notes
|
| Amount: | $141 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 268 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-1 notes
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| Amount: | $28 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 375 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-2 notes
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| Amount: | $5 million
|
| Securities: | Senior secured fixed-rate notes
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| Coupon: | 7.63%
|
| Rating: | S&P: AA
|
|
|
| Class C notes
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| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
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| Coupon: | SOFR plus 525 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
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| Amount: | $18 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 700 bps
|
| Rating: | S&P: BBB-
|
|
|
| Subordinated notes
|
| Amount: | $51.8 million
|
| Securities: | Subordinated notes
|
|
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