PennantPark Floating Rate Capital Ltd. completed a $301.4 million term debt securitization Sept. 19.
The debt is backed by a diversified portfolio of middle-market loans and consists of secured notes and preferred shares.
The company retained all of the class D notes and preferred shares through a consolidated subsidiary. The reinvestment period ends Oct. 15, 2023, and the secured notes will mature Oct. 15, 2031.
The proceeds from the secured notes will be used to repay a portion of PennantPark Floating Rate Capital's $520 million secured credit facility.
GreensLedge Capital Markets LLC was lead placement agent on the transaction.
