Chicago, March 25 – PennantPark Investment Advisers LLC sold $298.89 million in a collateralized loan obligation being issued by PennantPark CLO IX LLC, according to a presale report.
The notes will mature on April 20, 2034.
The CLO consists of $174 million of class A-1 senior secured floating-rate notes at SOFR plus 198 basis points, $9 million of class A-2 senior secured floating-rate notes at SOFR plus 235 bps, $15 million of class B senior secured floating-rate loans at SOFR plus 260 bps, $12 million of class B senior secured floating-rate notes at SOFR plus 260 bps, $21 million of class C senior secured deferrable floating-rate notes at SOFR plus 330 bps and $67,885,000 of subordinated notes.
PennantPark Investment Advisers LLC will manage the collateral through the end of the reinvestment period on April 20, 2026.
Collateral for the notes consists of middle-market speculative-grade senior secured term loans.
The notes can be called starting March 28, 2025.
CIBC World Markets Corp. was the placement agent.
The middle-market investment firm is based in New York.
| Issuer: | PennantPark CLO IX LLC
|
| Issue: | Floating-rate notes, floating-rate loans and subordinated notes
|
| Amount: | $298,885,000
|
| Maturity: | April 20, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | CIBC World Markets Corp.
|
| Manager: | PennantPark Investment Advisers LLC
|
| Call feature: | March 28, 2025
|
| Pricing date: | March 22
|
| Settlement date: | March 28
|
|
|
| Class A-1 notes
|
| Amount: | $174 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 198 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $9 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 235 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B loans
|
| Amount: | $15 million
|
| Securities: | Senior secured floating-rate loans
|
| Coupon: | SOFR plus 260 bps
|
| Rating: | S&P: AA
|
|
|
| Class B notes
|
| Amount: | $12 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 260 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $21 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 330 bps
|
| Rating: | S&P: A
|
|
|
| Subordinated notes
|
| Amount: | $67,885,000
|
| Securities: | Subordinated notes
|
|
|
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