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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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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...
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DLD follows up with Art Penn of PennantPark: “There is a general belief that we’ve seen the worst” By Kelly Thompson – Direct Lending Deals PennantPark Founder and Managing Partner Art Penn spoke with Kelly Thompson of Direct Lending Deals to discuss how companies and direct lenders navigated the Covid-19 crisis, and the state of the current economic recovery. “There is a general belief that we’ve seen the worst,” Art said. “That’s not to say...
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U.S. Direct Lending Wrap: Firms Anticipate Year-End Deal Rush By Kelsey Butler – Bloomberg PennantPark Founder and Managing Partner Art Penn was recently quoted in Kelsey Butler’s Bloomberg piece on U.S. direct lenders’ expectations that deal flow will increase ahead of the new year, and potential tax changes under a new administration. Specifically, Art discussed the opportunities that are emerging in the direct lending space. “This upcoming vintage of loans is likely to be the...
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PennantPark Founder and Managing Partner Art Penn recently participated in Private Debt Investor’s New York Forum, where he discussed trends in companies’ earnings and liquidity, leverage levels, changes in the CLO market and adjustments to covenants that he has seen across the market.
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Frozen Deal Market Turns Frenzied as Election Approaches By Julie Segal – Institutional Investor PennantPark Founder and Managing Partner Art Penn recently spoke with Julie Segal of Institutional Investor to discuss his observations across the market. Specifically, Art discussed how November’s election will impact market activity, detailing that companies are exploring opportunities to invest in companies that have successfully weathered the Covid-19 downturn. “It’s going to be a busy three months here before year-end,” he...
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Federal Relief: Too Little Too Late? By Robin Blumenthal – Private Debt Investor PennantPark founder and Managing Partner Art Penn recently spoke with Robin Blumenthal of Private Debt Investor about the federal relief efforts intended to help companies whose businesses were upended during the disruption of the U.S. economy. While previous iterations of the programs have provided an extensive amount of capital, the Congressional Oversight Commission has suggested that the Fed and Treasury consider lowering...
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