Loiter with a low companion (5)
I believe the answer is:
mooch
'loiter' is the definition.
(I've seen this before)
'with a low companion' is the wordplay.
'with' says to put letters next to each other.
'a low' becomes 'moo' (both can mean to make a cow noise).
'companion' becomes 'ch' (Companion of Honour).
'moo'+'ch' is 'MOOCH'.
(Other definitions for mooch that I've seen before include "Loiter in bored fashion" , "Wander aimlessly" , "Move aimlessly" , "Loiter in bored manner" , "Loiter listlessly" .)