KBRA Affirms Six Ratings for CBAM 2020-13, Ltd.
5 Nov 2024 | New York
KBRA affirms the ratings for Class A, Class B-1, Class B-2, Class C, Class D-1, and Class D-2 Notes issued by CBAM 2020-13, Ltd. (CBAM 2020-13), a cash flow collateralized loan obligation (CLO) backed by a diversified portfolio of broadly syndicated corporate loans.
CBAM 2020-13 is a $432.3 million cash flow CLO managed by CBAM Partners, LLC (“CBAM” or the “portfolio manager”). The CLO closed on December 16, 2020, and the reinvestment period ends in January 2026. The notes were collateralized by a $450.0 million portfolio of broadly syndicated senior secured term loans to corporate borrowers at closing.
As of the October 2024 trustee report, the aggregate principal balance of collateral obligations is $443.4 million, and there is a negative principal proceeds balance of 1.1 million. There are no defaulted obligations and no discount obligations reported by the trustee. The transaction is in compliance with all portfolio profile test and coverage tests. The current K-WARF of the portfolio is 2451 which represents a weighted average portfolio assessment of around B.
KBRA’s ratings on the Class A, B-1 and B-2 notes consider timely payment of interest and ultimate payment of principal by the applicable stated maturity date. KBRA’s ratings on the Class C and D-1 notes consider ultimate payment of interest and principal by the applicable stated maturity date. KBRA’s rating on the Class D-2 notes considers ultimate payment of principal by the applicable stated maturity date.
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