PennantPark Senior Secured Loan Fund I resets USD 316.7 million securitization, cuts borrowing spread to SOFR+1.82%
PFLT•Securitization reset details
PennantPark Senior Secured Loan Fund I, an unconsolidated joint venture of PennantPark Floating Rate Capital, reset a USD 316.7 million debt securitization.
The reset closed via its wholly owned subsidiary PennantPark CLO II with a four-year reinvestment period and twelve-year final maturity.
Preferred shares and notes retention
PennantPark Senior Secured Loan Fund I will retain the Preferred Shares and Class E-R2 Notes through a consolidated subsidiary.
Expected financing cost and maturity changes
The weighted average cost of capital is expected to fall to SOFR + 1.82% from SOFR + 2.31%.
The maturity of the replacement debt was extended to April 2038, and financing is expected to be about 100% funded at close.
