PennantPark Floating Rate Capital Ltd. Closes New Securitization, Substantially Lowering Borrowing Costs
PennantPark Floating Rate Capital Ltd. Closes New Securitization, Substantially Lowering Borrowing Costs
PFLT will continue to retain the Class D Notes and the Subordinated Notes. The reinvestment period for the term debt securitization ends no later than April 2029 and the Debt is scheduled to mature in April 2037. The term debt securitization is expected to be approximately 100% funded at close. In addition, the Company acts as retention holder in the transaction to retain exposure to the performance of the securitized assets. GreensLedge Capital Markets LLC acted as lead placement agent on the CLO transaction.MIAMI, Feb. 21, 2025 (GLOBE NEWSWIRE) -- PennantPark Floating Rate Capital Ltd. (the "Company") (NYSE: PFLT) today announced that it completed a $474.6 million term debt securitization transaction with a four-year reinvestment period, twelve-year final maturity in the form of a collateralized loan obligation ("CLO").
邁阿密，2025年2月21日（環球新聞） -- PennantPark Floating Rate Capital Ltd.（"公司"）（紐交所：PFLT）今天宣佈，它完成了一筆47460萬美元的定期債務證券化交易，具有四年的再投資期和十二年的最終到期，以擔保貸款債務（"CLO"）的形式進行。
The debt issued in this securitization transaction (the " Debt") is structured in the following manner:
此次證券化交易中發行的債務（"債務"）的結構如下：
|
Class |
Par Amount ($ in millions) |
% of Capital Structure |
Coupon | Expected Rating (S&P) |
Issuance Price |
|||
| A-1L-A Loans | $ | 10,000,000 | 2.1% | 3 Mo SOFR + 1.49% | AAA | 100.0% | ||
| A-1L-B Loans | 45,000,000 | 9.5% | 3 Mo SOFR + 1.49% | AAA | 100.0% | |||
| A-1 Notes | 220,500,000 | 46.5% | 3 Mo SOFR + 1.49% | AAA | 100.0% | |||
| A-2 Notes | 19,000,000 | 4.0% | 3 Mo SOFR + 1.60% | AAA | 100.0% | |||
| B Notes | 28,500,000 | 6.0% | 3 Mo SOFR + 1.75% | AA | 100.0% | |||
| C Notes | 38,000,000 | 8.0% | 3 Mo SOFR + 2.20% | A | 100.0% | |||
| D Notes | 28,500,000 | 6.0% | Retained | BBB- | 100.0% | |||
| Subordinated Notes | 85,100,000 | 17.9% | NR | NA | ||||
| Total | $ | 474,600,000 | ||||||
|
課堂 |
面值 (單位：百萬美元) |
% 的資本 結構 |
票息 | 預計 評級 (S&P) |
發行 價格 |
|||
| A-1L-A 貸款 | $ | 10,000,000 | 2.1% | 3個月SOFR + 1.49% | AAA | 100.0% | ||
| A-1L-B貸款 | 45,000,000 | 9.5% | 3個月SOFR + 1.49% | AAA | 100.0% | |||
| A-1票據 | 220,500,000 | 46.5% | 3個月SOFR + 1.49% | AAA | 100.0% | |||
| A-2票據 | 19,000,000 | 4.0% | 3個月SOFR + 1.60% | AAA | 100.0% | |||
| B類債券 | 28,500,000 | 6.0% | 3個月SOFR + 1.75% | AA | 100.0% | |||
| C票 | 38,000,000 | 8.0% | 3個月SOFR + 2.20% | A | 100.0% | |||
| D票 | 28,500,000 | 6.0% | 保留 | BBb- | 100.0% | |||
| 次級票據 | 85,100,000 | 17.9% | NR | NA | ||||
| 總計 | $ | 474,600,000 | ||||||
"We are delighted to close on the lowest spread debt financing in PFLT's 14-year history, which will support the Company's growth and net investment income. The weighted average spread of 159 basis points on $361 million of financing is a 66-basis point reduction from the bank facility this capital is replacing. We are also thrilled about the continued momentum and positive market recognition that our senior lending strategy has received, which is demonstrative of our industry-leading team as well as the merits of our disciplined and differentiated approach to core middle market credit investing," said Arthur Penn, Chief Executive Officer. "We are proud to have onboarded several new investors into our securitization liabilities as part of this transaction and now have over 75 unique investors across our securitization platform. With their support, we were able to issue our largest securitization to date while also achieving our lowest cost of capital to date. Together, these attributes will continue to enable and further enhance PFLT's ability to offer attractive risk-adjusted returns to its investors. With the closing of its eleventh securitization, PennantPark Investment Advisers, LLC currently manages approximately $3.7 billion in CLO assets, and we look forward to continued growth with the support of our current and new investors."
「我們很高興能在PFLT 14年的歷史中，達成最低利差的債務融資，這將支持公司的增長和淨投資收益。融資的加權平均利差爲159個點子，金額爲36100萬美元，這比此次資本所取代的銀行貸款減少了66個點子。我們對我們的高級貸款策略所獲得的持續動能和積極的市場認可感到興奮，這體現了我們行業領先的團隊以及我們在覈心中型市場信貸投資中有紀律和差異化的策略的優點，」首席執行官Arthur Penn說。「我們很自豪在此次交易中引入了幾位新的投資者進入我們的證券化負債，並且現在在我們的證券化平台上擁有超過75位獨特投資者。在他們的支持下，我們能夠發行迄今爲止最大的證券化，同時也實現了迄今爲止最低的資本成本。這些特徵將繼續使PFLT能夠爲其投資者提供有吸引力的風險調整回報。隨着第十一筆證券化的完成，PennantPark Investment Advisers, LLC目前管理約37億的CLO資產，我們期待在現有和新投資者的支持下繼續增長。」
PFLT will continue to retain the Class D Notes and the Subordinated Notes. The reinvestment period for the term debt securitization ends no later than April 2029 and the Debt is scheduled to mature in April 2037. The term debt securitization is expected to be approximately 100% funded at close. In addition, the Company acts as retention holder in the transaction to retain exposure to the performance of the securitized assets. GreensLedge Capital Markets LLC acted as lead placement agent on the CLO transaction.
PFLT將繼續持有D類債券和次級債券。長期債務證券化的再投資期不遲於2029年4月結束，債務計劃在2037年4月到期。預計長期債務證券化在成交時資金約100%到位。此外，公司在交易中作爲持有者，以保留對證券化資產表現的曝光。GreensLedge Capital Markets LLC在CLO交易中擔任主要配售代理。
The notes offered as part of the term debt securitization have not been and will not be registered under the Securities Act of 1933, as amended (the "Securities Act"), or any state "blue sky" laws, and may not be offered or sold in the United States absent registration under Section 5 of the Securities Act or an applicable exemption from such registration requirements. The CLO is a form of secured financing incurred and consolidated by the Company. This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of the notes in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
作爲長期債務證券化的一部分所提供的債券尚未也將不會根據《1933年證券法》及其修訂版（"證券法"）或任何州的"藍天"法進行登記，且在沒有根據《證券法》第5節註冊或適用豁免的情況下，可能不會在美國被提供或銷售。CLO是公司發生和合並的一種有擔保融資形式。該新聞稿不構成出售要約或購買要約的徵求，也不應在任何州或法律管轄區內進行債券的銷售，而在該等州或管轄區內的任何提供、徵求或銷售在未根據任何這種州或管轄區的證券法進行登記或合格的情況下將是非法的。
ABOUT PENNANTPARK FLOATING RATE CAPITAL LTD.
關於PennantPark Floating Rate Capital Ltd.
PennantPark Floating Rate Capital Ltd. is a business development company which primarily invests in U.S. middle-market private companies in the form of floating rate senior secured loans, including first lien secured debt, second lien secured debt and subordinated debt. From time to time, the Company may also invest in equity investments. PennantPark Floating Rate Capital Ltd. is managed by PennantPark Investment Advisers, LLC.
PennantPark Floating Rate Capital Ltd.是一家業務發展公司，主要在美國中型市場私營公司中進行投資，形式爲浮動利率的高級擔保貸款，包括第一擔保債務、第二擔保債務和次級債務。公司不時也可能投資於股權投資。PennantPark Floating Rate Capital Ltd.由PennantPark Investment Advisers, LLC管理。
ABOUT PENNANTPARK INVESTMENT ADVISERS, LLC
關於PennantPark Investment Advisers, LLC
PennantPark Investment Advisers, LLC is a leading middle-market credit platform, managing approximately $9.5 billion of investable capital, including available leverage. Since its inception in 2007, PennantPark Investment Advisers, LLC has provided investors access to middle-market credit by offering private equity firms and their portfolio companies as well as other middle-market borrowers a comprehensive range of creative and flexible financing solutions. PennantPark Investment Advisers, LLC is headquartered in Miami and has offices in New York, Chicago, Houston, Los Angeles, and Amsterdam.
PennantPark Investment Advisers, LLC 是一家領先的中型市場信用平台，管理着大約95億可投資資本，包括可用槓桿。自2007年成立以來，PennantPark Investment Advisers, LLC 爲投資者提供中型市場信用的訪問，通過爲私募股權公司及其投資組合公司以及其他中型市場借款人提供一系列全面的創意和靈活的融資解決方案。PennantPark Investment Advisers, LLC 總部位於邁阿密，並在紐約、芝加哥、休斯頓、洛杉磯和阿姆斯特丹設有辦事處。
FORWARD-LOOKING STATEMENTS
前瞻性聲明
This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. You should understand that under Section 27A(b)(2)(B) of the Securities Act and Section 21E(b)(2)(B) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 do not apply to forward-looking statements made in periodic reports PennantPark Floating Rate Capital Ltd. files under the Exchange Act. All statements other than statements of historical facts included in this press release are forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in filings with the Securities and Exchange Commission. PennantPark Floating Rate Capital Ltd. undertakes no duty to update any forward-looking statement made herein. You should not place undue influence on such forward-looking statements as such statements speak only as of the date on which they are made.
本新聞稿可能包含根據1995年《私人證券訴訟改革法案》定義的「前瞻性聲明」。您應該理解，根據《證券法》第27A(b)(2)(B)節和1934年《證券交易法》第21E(b)(2)(B)節（修訂版）（「交易法」），1995年《私人證券訴訟改革法案》的「安全港」條款不適用於PennantPark Floating Rate Capital Ltd. 根據交易法所提交的定期報告中所作的前瞻性聲明。本新聞稿中包含的所有除歷史事實之外的聲明均爲前瞻性聲明，並不保證未來的表現或結果，並涉及一些風險和不確定性。由於多種因素，實際結果可能會與前瞻性聲明中的結果存在重大差異，包括不時在美國證券交易委員會的文件中描述的因素。PennantPark Floating Rate Capital Ltd. 不承擔在此更新任何前瞻性聲明的責任。您不應對這些前瞻性聲明施加不當影響，因爲這些聲明僅在作出時有效。
CONTACT:
Richard T. Allorto, Jr.
PennantPark Floating Rate Capital Ltd.
(212) 905-1000
聯繫方式：
理查德·T·阿洛爾託，二世
PennantPark Floating Rate Capital Ltd.
(212) 905-1000
Source: PennantPark Floating Rate Capital Ltd.
來源：PennantPark浮動利率資本有限公司。
譯文內容由第三人軟體翻譯。
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