Chicago, July 11 – PennantPark Senior Loan Fund LLC sold $300 million in a collateralized loan obligation being issued by PennantPark CLO VII LLC, according to a presale report.
The notes will mature on July 20, 2035.
The CLO consists of $151 million of class A-1a senior secured floating-rate notes at SOFR plus 270 basis points, $20 million of class A-1b 6.55% senior secured fixed-rate notes, $12 million of class A-2 senior secured floating-rate notes at SOFR plus 320 bps, $21 million of class B senior secured floating-rate notes at SOFR plus 405 bps, $24 million of class C senior secured deferrable floating-rate notes at SOFR plus 470 bps, $18 million of class D senior secured deferrable floating-rate notes at SOFR plus 700 bps and $54 million of subordinated notes.
PennantPark Senior Loan Fund LLC will manage the collateral through the end of the reinvestment period on July 20, 2027.
Collateral for the notes consists of middle-market speculative-grade senior secured term loans.
The notes can be called starting July 20, 2025.
BNP Paribas Securities Corp. was the placement agent.
The middle-market investment firm is based in New York.
| Issuer: | PennantPark CLO VII LLC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $300 million
|
| Maturity: | July 20, 2035
|
| Structure: | Cash flow CLO
|
| Placement agent: | BNP Paribas Securities Corp.
|
| Manager: | PennantPark Senior Loan Fund LLC
|
| Call feature: | July 20, 2025
|
| Settlement date: | July 26
|
|
|
| Class A-1a notes
|
| Amount: | $151 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 270 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1b notes
|
| Amount: | $20 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 6.55%
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $12 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 320 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $21 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 405 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 470 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $18 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 700 bps
|
| Rating: | S&P: BBB-
|
|
|
| Subordinated notes
|
| Amount: | $54 million
|
| Securities: | Subordinated notes
|
|
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