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PennantPark Founder and Managing Partner Art Penn discuss the historical leverage levels and vintages following the Global Financial Crisis through the Covid-19 disruption, highlighting how capital preservation protected PennantPark leading up to the 2020 market downturn.   Watch the full webinar here
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American Airlines Joins Debt-Market Behemoths By Matt Wirz – The Wall Street Journal PennantPark Founder and Managing Partner Art Penn spoke with Matt Wirz of The Wall Street Journal for his article on American Airlines’ activity in the debt markets since the onset of the pandemic. American Airlines serves as an example of how private lenders can provide capital solutions to companies that were heavily impacted by last year’s shutdown, but Art noted that it’s...
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Private Debt Seen Succumbing to Junk Frenzy as Yields Evaporate By Kelsey Butler – Bloomberg PennantPark Founder and Managing Partner Art Penn spoke with Kelsey Butler of Bloomberg for her piece on how borrower-friendly terms in the junk-bond and leveraged loan markets are impacting the upper middle market for private debt. The core middle market, where we are focused, has not seen that type of pressure. “We want to focus on an area where we...
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PennantPark banks strong Q4 with BDCs By Susan Barreto – Alternatives Watch Susan Barreto of Alternatives Watch recently highlighted PennantPark’s Q1 earnings, noting that the firm enjoyed a strong quarter across our portfolio, including the increase in net asset value across both PNNT and PFLT. Our excellent performance during the GFC a decade ago and now through COVID has differentiated us among direct lenders.   Read the Full Article
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Middle Market Movie Theater Industry Headwinds Exacerbated by Pandemic; Consolidation Remains in Question as Uncertainty Among Larger Players Plagues Industry By Millie Dent – Reorg PennantPark Founder and Managing Partner Art Penn spoke with Millie Dent of Reorg for her piece on the outlook for middle market movie theaters in 2021 and discussed some of the obstacles that middle market theaters are facing as they aim to access additional capital. Art noted that larger chains...
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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...
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Private Lender PennantPark Boosts Opportunistic Debt Firepower By Kelsey Butler – Bloomberg Kelsey Butler of Bloomberg recently highlighted the successful closing of the PennantPark Credit Opportunities Fund III, LP, including a statement from Founder and Managing Partner Art Penn. As Art detailed, private debt investments provide “consistent absolute returns in a low-yield environment while also capitalizing on attractive opportunities during times of market volatility.”   Read the Full Press Release   The following story appeared...
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Nonprofit News Special Report: 2021 Alternative Investments Outlook By Justin Slaughter – FIN News PennantPark Founder and Managing Partner Art Penn spoke with Justin Slaughter of Financial Investment News for his piece on the outlook for alternative investments in 2021. Art discussed how private credit remained resilient as an asset class throughout the pandemic and highlighted how private debt managers will be in a position to help companies in the coming year. “This pandemic was...
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