In The News

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

Art Penn Featured on Bloomberg Markets: The Close “Because we like this vintage (of loans), we are okay if this stays like this for a little while. It’s okay if we have a choppy market for the next year because we are going to be able to get better deals.” PennantPark’s Founder and Managing Partner, Art Penn, recently spoke with Bloomberg TV’s Kriti Gupta & Sonali Basak about his outlook for the credit market in...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