Penta CLO 20 DAC: 24 September 2025

A securitisation of mainly Senior Secured Obligations (at least 90%) with the remainder of the portfolio made up of Senior Unsecured, Mezzanine, Second-Lien Loans and High-Yield Bonds. It will be actively managed by Partners Group (UK) Management Ltd.

It features a non-call period until March 2027 and a re-investment period which ends in April 2030.
The Issuer anticipates that, by the Issue Date, it (or the Collateral Manager on its behalf) will have purchased or committed to purchase Collateral Obligations the Aggregate Principal Balance of which is equal to at least €355mln, which is 90.00% of the Target Par Amount.
The Notes (other than a portion of the Subordinated Notes, which will be purchased directly by PGGLF 2 from the Issuer on the Issue Date) are being offered by the Issuer through Citigroup Global Markets Limited or an affiliate … subject to prior sale.

EU Risk Retention: … the Retention Holder (Partners Group (UK) Management Ltd) will, … agree to acquire on the Issue Date and hold on an on-going basis for so long as any Class of Notes remains Outstanding, a material net economic interest in the transaction described herein which will be comprised of not less than 5.0% of the Principal Amount Outstanding of each tranche of Notes in accordance with (i) Article 6(3)(a) of the EU Retention Requirements and (ii) SECN 5.2.8R(1)(a) for the purposes of complying with the Retention Requirements as they apply on the Issue Date.
US Risk Retention: Each of the Collateral Manager and the Originator does not intend to purchase or retain Debt for the purposes of satisfying the US Risk Retention Rules and, instead, each of the Collateral Manager and the Originator intends to use the “Safe harbor for certain foreign related transactions” contained in Section __.20 of the US Risk Retention Rules.