BNP Paribas out with €414M reset of Penta CLO 5 for Partners Group

BNP Paribas as arranger and lead manager has launched the €414.45 million reset of Penta CLO 5 for Partners Group, with pricing targeted for the week commencing Jan. 18.

Details are as follows:

The deal is offered with a non-call period of around 1.5 years and a reinvestment period of around four years. The legal final maturity is around 14 years.

The manager as originator will retain a horizontal strip to comply with European risk-retention requirements.

The right of first refusal deadline is by close of business on Jan. 13. Pricing is subject to equity approval.

The original €413.9 million Penta CLO 5 priced in November 2018 via J.P. Morgan, paying a coupon of 102 basis points on the triple-A class A-1 notes, down to 740 bps on the single-B notes.