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PennantPark Sees Lower Leverage, More Covenants in Private Debt (April 6, 2020) By Kelsey Butler – Bloomberg Bloomberg’s Kelsey Butler talked to Managing Partner Art Penn for an article covering PennantPark’s outlook on middle market lending, highlighting that the firm expects “lower leverage levels and juicier yields in private credit once the market gets back up and running.” Though the private credit sector is facing a market disruption due to the coronavirus outbreak, Art provided...
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Direct Lenders Support Existing Investments But Open For Opportunities By Kristen Haunss – Reuters PennantPark Founder and Managing Partner Art Penn spoke with Reuters’ Kristen Haunss to discuss strategies BDCs are employing to simultaneously support existing investments while remaining open to new opportunities. Art provided insight on companies using revolving lines of credit to ensure ample liquidity – though he noted that none of PennantPark’s portfolio companies have made such requests yet – and offered...
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The Bankruptcy Lawyers Are Smiling By Robin Blumenthal – Private Debt Investor PennantPark Founder and Managing Partner Art Penn spoke with Private Debt Investor’s Robin Blumenthal about the impact of the coronavirus on private lending, specifically in the distressed debt market. Art highlighted that PennantPark is working off the assumption that the majority of new deals are being postponed, as companies aren’t committing capital in the current environment – adding that the firm has long...
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Dealmaking in a Pandemic By Julie Segal – Institutional Investor PennantPark Founder and Managing Partner Art Penn recently discussed the impact of the coronavirus on deal activity with Julie Segal of Institutional Investor. Art emphasized the importance of patience and focusing on its existing portfolio companies, given that overall activity has slowed. “It’s hard to price risk right now, whether you’re a lender, in private equity, or a shareholder,” he said. “People are pivoting to...
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Coronavirus Puts Private Credit To The Test By Andrew Hedlund, David Brooke – Reuters PennantPark Founder and Managing Partner Art Penn was recently featured in Andrew Hedlund’s and David Brooke’s Reuters article, which assessed the impact of the coronavirus on the private credit market. Art provided insight on the theory that long-term sell-off in the market may open the door to lower valuations for companies. “Private markets ultimately take their cues from the public, liquid...
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Institutions Seeing More Private Credit Risks By Arleen Jacobius – Pensions & Investments Arleen Jacobius of Pensions & Investments talked to PennantPark Founder and Managing Partner Art Penn for an article that addressed and evaluated the perception that risks are increasing in the private credit. Art discussed aspects of PennantPark’s approach that account for risk and provided insight on how the later-stage credit cycle is impacting EBITDA adjustments. “People say it’s a riskier environment and,...
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DLD chats with Art Penn of PennantPark about Direct Lending: It’s Not Some Exotic ‘Alternative Asset Class.’ By: Kelly Thompson – Direct Lending Deals PennantPark Founder and Managing Partner Art Penn recently had a conversation with Kelly Thompson of Direct Lending Deals. Art discussed PennantPark’s definition of the middle market, portfolio evaluation during the coronavirus outbreak, and his definition of direct lending, among other topics. “It’s not some exotic ‘alternative asset class,'” he said. “It’s...
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Middle-Market Tech Expected to Stay Hot Amid Global Uncertainty, Advisors Say By Darcy Reddan – Reorg PennantPark Founder and Managing Partner Art Penn was recently featured in an article by Darcy Reddan of Reorg, which evaluated the increasing amount of middle market tech deal activity. Art commented on the growing number of investments in the cybersecurity and data platform space and highlighted the importance of investing in technologies that would not be impacted by potential...
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The U.S. Small and Medium-sized Lending Markets Are Rapidly Expanding: An interview with Art Penn, Founder of Pennant Park, an Investment Company Specializing in U.S. SME Financing By: Momoe Ban – Nikkei Newspaper: “World Plus” Edition Momoe Ban and Nikkei Asian Review conducted a Q&A with PennantPark Founder and Managing Partner Art Penn, delving into the expansion of investment opportunities and strategies for SME financing. Specifically, Art provided his perspective on Japanese institutional investors’ expansion...
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Direct Lenders Weigh Impact of Aggressive EBITDA Add-Backs By” David Brooke – Reuters PennantPark Founder and Managing Partner Art Penn was recently quoted in a Reuters article examining the growing prevalence of EBITDA add-backs and their impact on middle market lenders. “Some of the add-backs that are synergies are not as tangible and more of a hope that they will occur,” Art said. “They also won’t be immediate so it’s a lot harder for a...
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