Penta CLO 14 DAC (2nd Refinance): 22 June 2026

The assets securing the Notes will consist of a portfolio of primarily Senior Obligations, Mezzanine Obligations and High Yield Bonds, and will be managed by Partners Group CLO Advisers LP.

On 8 March 2023 (the 2023 Issue Date) the Issuer issued Class A Senior Secured Floating Rate Notes due 2036, Class B Senior Secured Floating Rate Notes due 2036, Class C Senior Secured Deferrable Floating Rate Notes due 2036, Class D Senior Secured Deferrable Floating Rate Notes due 2036, Class E Senior Secured Deferrable Floating Rate Notes due 2036, Class F Senior Secured Deferrable Floating Rate Notes due 2036 and Subordinated Notes due 2036.

On 26 September 2024 (the 2024 Issue Date) the Issuer refinanced the 2023 Rated Debt by issuing Class X-R Senior Secured Floating Rate Notes due 2037, Class A-1-R Senior Secured Floating Rate Notes due 2037, Class A-2-R Senior Secured Floating Rate Notes due 2037, Class B-R Senior Secured Floating Rate Notes due 2037, Class C-R Senior Secured Deferrable Floating Rate Notes due 2037, Class D-R Senior Secured Deferrable Floating Rate Notes due 2037, Class E-R Senior Secured Deferrable Floating Rate Notes due 2037, and Class F-R Senior Secured Deferrable Floating Rate Notes due 2037.

On 19 June 2026 (the Re-issue Date) the Issuer, subject to the satisfaction of certain conditions, will redeem the 2024 Refinanced Notes by issuing Class X-R-R Senior Secured Floating Rate Notes due 2040, Class A-R-R Senior Secured Floating Rate Notes due 2040, Class B-R-R Senior Secured Floating Rate Notes due 2040, Class C-R-R Senior Secured Deferrable Floating Rate Notes due 2040, Class D-R R Senior Secured Deferrable Floating Rate Notes due 2040, Class E-R-R Senior Secured Deferrable Floating Rate Notes due 2040, Class F-R-R Senior Secured Deferrable Floating Rate Notes due 2040 and additional Subordinated Notes due 2040.

The Existing Subordinated Notes were issued on the 2023 Issue Date and are not being offered pursuant to this Offering. They shall form part of the new Subordinated Notes.

The Offered Notes (other than any Notes being sold directly by the Issuer to the Retention Holder or its Affiliates) are being offered by the Issuer through Standard Chartered Bank or an affiliate thereof in its capacity as Placement Agent and Arranger of the Offered Notes subject to prior sale.