PennantPark offers financing to PE-backed companies in changing market Ann C. Logue – Alternatives Watch PennantPark’s Founder and Managing Partner, Art Penn, recently spoke with Ann Logue of Alternatives Watch to discuss his outlook on the private credit. Art emphasized the importance of “vintages” and how the economy today is more of a mixed bag than it was coming out of COVID. Read the Full ArticleContinue Reading
PennantPark Floating Rate Capital Ltd.’s Unconsolidated Joint Venture, PennantPark Senior Secured Loan Fund I, LLC Completes $297.8 Million CLO, Marking Continued Growth in PennantPark’s Middle Market CLO Platform with Six CLOs Under Management ennantPark Floating Rate Capital Ltd. (the “Company”) (NYSE: PFLT) (TASE: PFLT) today announced that PennantPark Senior Secured Loan Fund I, LLC (“PSSL”) through PSSL’s wholly-owned and consolidated subsidiary, PennantPark CLO VI, LLC (“CLO VI”) has closed a four-year reinvestment period, twelve-year final...Continue Reading
Art Penn talks about middle market credit Judy Khan Shaw – MiNYSE Floor Talk “We think 2023 is going to be a great vintage for middle market private credit because risk is lower, debt relative to cash flow is lower, tighter covenants and more time to do proper due diligence, and the yields and spreads are higher.” PennantPark’s Founder and Managing Partner, Art Penn, recently appeared on NYSE Floor Talk to discuss some of the...Continue Reading
Dealmaking in the Year Ahead Anastasia Donde – Middle Market Growth “We were funding a few deals at year-end, but it’s less than we thought we would, as a slowing economy and higher financing costs took hold,” says Art Penn, founder at private credit firm PennantPark. “We’re in the careful and cautious camp—not putting it all into the market right now. This environment is going to last a while, so it necessitates careful deployment.” PennantPark’s...Continue Reading
Credit Rendezvous: Make yourself comfortable, there’s a storm coming Hugh Minch – Creditflux “Even in the face of an expected US recession in 2023, Penn says that the low risk levels of the 2023 vintage of direct lending funds could see them become one of the best performing cohorts this year, echoing the perfor¬mance of the 2009-vintage market following the global financial crisis.” PennantPark’s Founder and Managing Partner, Art Penn, was recently featured in Hugh...Continue Reading
Private Credit Lenders Sharpen Focus On Portfolio Management; New Issuance Slows Abby Latour and Olivia Fishlow – PitchBook Data PennantPark’s Founder and Managing Partner, Art Penn, recently highlighted the importance and impact of lender protections in a portfolio of middle market loans. During his interview with Abby Latour and Olivia Fishlow of PitchBook Data, Art specifically noted how “tight monitoring processes, covenants, and equity cushions best help protect investor capital.” Read the Full ArticleContinue Reading
Rising Interest Rates to Test Middle Market Borrowers Madeline Shi – PitchBook Data “It’s a very interesting time for those who put on more leverage.” PennantPark’s Founder and Managing Partner, Art Penn, spoke with Madeline Shi of PitchBook Data about the current middle market landscape and how rising rates will impact private lenders. Read the Full ArticleContinue Reading
PennantPark Closes $300m CLO “We are particularly pleased in our ability to expand the strong capital position of our platform in order to be able to invest in today’s attractive vintage of both primary and secondary opportunities.” PennantPark’s Founder and Managing Partner, Art Penn, spoke with Robin Goldwyn Bluenthal of Private Debt Investor about the close of the firm’s fifth CLO. Read the Full ArticleContinue Reading
Direct Lenders Suddenly Cut Risk Even With $413 Billion Warchest David Brooke and Lisa Lee – Bloomberg Law “There’s a lot of cross-currents in direct lending. On the one hand you are protected because you are floating rate, but on the other you have to be more cautious because everyone has to contemplate a higher probability of a recession sooner.” Art Penn, Founder and Managing Partner of PennantPark, was quoted in a Bloomberg Law article...Continue Reading
Is Wall Street South Here to Stay? Meghan Daniels – Middle Market Growth “We wanted to have a flexible culture but also wanted the benefits of being in the office together, while attracting excellent people.” Art Penn, Founder and Managing Partner, was quoted in Middle Market Growth, on the establishment of PennantPark’s headquarters in Miami. PennantPark currently has eight full-time employees in Miami and hopes to increase its headcount to 20 or 25 over the...Continue Reading
PennantPark (PNNT) Founder On The NYSE Listing TD Ameritrade Art Penn, Founder and Managing Partner of PennantPark, spoke with Nicole Petallides of TD Ameritrade Network following the company’s listing on the New York Stock Exchange, where he discussed the on the value of lenders like PennantPark amid the current environment of rising rates, inflation and geopolitical tensions.Continue Reading
At PennantPark, Art Penn says volatility turns investors’ attentions to middle-market CLOs John S. Hintze – Asset Securitization Report Middle market domestic companies, especially those owned by private-equity firms, face many of the same hurdles as their larger brethren, whether the tight labor market, supply chain snafus, inflation, interest-rate hikes, and the list goes on. However, their debt, often provided by a single lender or a small club, is arguably less volatile than much larger...Continue Reading
PennantPark Investment Corporation Unconsolidated Joint Venture, PennantPark Senior Loan Fund, LLC Completes $304 Million CLO PennantPark Investment Corporation announced that PennantPark Senior Loan Fund, through PSLF’s wholly-owned and consolidated subsidiary, PennantPark CLO IV, LLC, has closed a four-year reinvestment period, 12-year final maturity $304.0 million debt securitization in the form of a collateralized loan obligation (“CLO”). The transaction is the fourth middle market CLO for PennantPark, which has issued CLO vehicles since 2019. “PennantPark remains...Continue Reading
Dealmakers Look Forward to an Active but Slightly Cooler Market in 2022 Anastasia Donde – Middle Market Growth PennantPark Founder and Managing Partner, Art Penn, spoke with Middle Market Growth’s Anastasia Donde on the 2022 outlook for dealmaking. Art shared his positive outlook, noting that while it will still be a busy year for deals, he expects activity to slow down compared to the unprecedented activity in 2021. Read the Full ArticleContinue Reading
Rising inflation may spare smaller middle-market lenders Nell Mackenzie – Risk Art Penn, Founder and Managing Partner of PennantPark, was featured in Risk, following his conversation with reporter Nell Mackenzie, where he discussed the core middle market, the rise of lending by private credit firms, and how lenders like PennantPark will prevail amid rising inflation. Read the Full ArticleContinue Reading
PennantPark Continues To Grow Its Middle Market CLO Business with the Closing of a $300.8 Million CLO PennantPark Investment Advisers, LLC announced the closing of a $300.8 million debt securitization in the form of a collateralized loan obligation (“CLO”). The debt issued in the CLO, has a three-year reinvestment period and 11-year final maturity. “This transaction reinforces PennantPark’s commitment to the growth of our CLO platform, and our ability to access attractive, long-term financing well...Continue Reading
PennantPark Senior Secured Loan Fund, LLC Completes $300.7 Million CLO In January 2021, PennantPark Floating Rate Capital officially announced that its joint venture, PennantPark Senior Secured Loan Fund, LLC (PSSL), completed a $300.7 million CLO. The transaction allows PSSL to grow with low cost, long-term financing, and its successful execution is a testament to the resiliency of the firm’s portfolio. “Having a three-year reinvestment period, an 11-year final maturity, and attractive pricing will enhance returns...Continue Reading
CLO Outlook: Managers Aim To Pace Issuance In An Uneven Recovery Driven by Covid Vaccine By David Graubard – LevFin Insights In December, PennantPark Founder and Managing Partner Art Penn spoke with David Graubard for his piece in LevFin Insights, which evaluated the 2021 outlook for the CLO market. As detailed below, the best-case scenario is that vaccines begin diminishing Covid-19 in the first half of 2021, before CLOs normalize to 2018-19 spread levels and...Continue Reading
In September 2019, PennantPark issued its inaugural CLO, PennantPark CLO I. The $301.4 million vehicle is backed by a diversified portfolio of middle market loans, and has a four-year re-investment period. “I am extremely pleased with the pricing and structure of PennantPark’s inaugural collateralized loan obligation, which speaks volumes about our track record and the strength of our investment platform,” said Art Penn, Chief Executive Officer. “The maturity, reinvestment period and pricing of this financing...Continue Reading
