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Capital One Agents $420MM Revolving Credit Facility for PennantPark

May 15, 2018, 07:00 AM
Filed Under: Lender Finance

Capital One announced that it served as the administrative agent for a $420 million, five-year senior secured line of credit for PennantPark Senior Secured Loan Fund I, LLC, which is a portfolio company of PennantPark Floating Rate Capital, Ltd., a business development company affiliate of PennantPark Investment Advisers, LLC.  The credit facility initially closed in June 2017 at $100 million and was increased to $210 million in December 2017.

“We worked closely with PennantPark to create a facility that could be scaled over time to meet the company’s growing demand for capital,” said Matt Tallo, Managing Director at Capital One’s Financial Institutions Group. “PennantPark is a premier middle-market lender with a world-class team of investment professionals, and we look forward to being a part of their continued success.”

PennantPark is a leading investment manager with deep expertise in direct lending to middle market companies. With approximately $2.3 billion of assets under management, the firm has been an active investor in the middle market, investing approximately $7 billion into 467 companies since its inception in 2007.

“Capital One has been a very responsive partner,” said Art Penn, PennantPark’s Founder, Chief Executive Officer and Chairman of the Board of Directors. “The team worked with us to design a highly customized and flexible leverage facility that allows our joint venture to generate higher returns.  They provided an initial credit line nearly a year ago and were able to accommodate our need for additional capacity with a syndicate of highly regarded financial institutions, many of which are new relationships for PennantPark."

Capital One’s Financial Institutions Group is dedicated to the lender finance market and works with a wide variety of non-bank financial institutions and asset managers. The team is focused on providing customized lending, advisory, and financing products and solutions—including asset securitization, recourse financing, and interest-rate hedging.

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