Walkers advise PennantPark on the establishment of its European retention financing platform

We're pleased to have advised PennantPark Funding, LLC on the establishment of its European retention financing platform - PennantPark Funding Ireland DAC. 

We'll also provide listing and corporate administration services to PennantPark Funding Ireland DAC through our listing and professional services businesses.

PennantPark Investment Advisers, LLC is a leading alternative credit specialist, managing approximately $10 billion of investable capital. Through PennantPark Funding Ireland DAC, PennantPark will offer risk retention financing solutions to securitisation sponsors across the UK and European markets. 

Our team was led by Dublin-based Partner Paddy Rath who noted that: "From drafting the Irish law governed funding documents to navigating the various Irish legal, tax and regulatory considerations in connection with the establishment of the European platform, this project demonstrates our expertise and multi-disciplinary capabilities across financial services." 

Commenting on the transaction on behalf of PennantPark Funding, LLC, Jonathan M. Kitei, CEO said: “We are delighted to have worked with Paddy Rath and the exceptional team at Walkers to establish PennantPark Funding Ireland DAC. Their guidance and expertise was invaluable throughout the process. We look forward to partnering with securitization sponsors across Europe and the UK, building on the success of PennantPark Funding LLC in the U.S.”

Our team also included: Regulatory & Risk Advisory partner Niall Esler, Tax consultant Padhraic Mulpeter, head of listing services for Ireland Therese Redmond, Finance & Capital Markets of counsel Clare Mannion, Tax senior associate Michael Gallagher and Finance & Capital Markets associate Michael O'Brien.