In The News

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...Continue Reading

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 ArticleContinue Reading

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...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

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...Continue Reading

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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...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

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...Continue Reading

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...Continue Reading