Press Release|Structured Credit
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KBRA Affirms Ratings for Shawnee 2024-1 LLC

25 Sep 2025   |   New York

Contacts

KBRA affirms ratings on five classes of notes issued by Shawnee 2024-1 LLC (“Shawnee 2024-1”), currently a $259.4 million cash flow collateralized loan obligation (“CLO”) serviced by Eldridge Structured Credit Advisers, LLC (“Eldridge” or the “Servicer”, f/k/a Panagram Structured Asset Management, LLC). The notes are collateralized by a $262.2 million static portfolio of middle market and broadly syndicated senior secured term loans to corporate borrowers. The CLO originally closed in September 2024. The ratings reflect current credit enhancement levels, excess spread, coverage tests including overcollateralization ratio and interest coverage tests.

As of the August 2025 trustee report, the aggregate principal balance of the collateral obligations is $255.6 million and there is a principal cash balance of $6.6 million. The trustee does not report any defaulted obligations. The transaction is static and does not have the ability to reinvest proceeds. Since the September 2024 closing date, the Class A Notes have paid down $148.2 million, or 54.9% of the original note balance, from sale and prepayment proceeds. Since the September 2024 closing date, the Class A/B overcollateralization ratio has increased to 167.2% from 136.5%, primarily due to the amortization of the Class A notes. The portfolio comprises assets from 44 unique obligors. The K-WARF of the portfolio has increased to 3348 from 3182 at the September 2024 closing date.

KBRA’s ratings on the Class A and Class B Notes consider the timely payment of interest and ultimate payment of principal by the applicable stated maturity date, while the ratings on the Classes C, D, and E Notes consider the ultimate payment of interest and principal by the applicable stated maturity date. All notes have received timely interest distributions since the transaction closed.

To access ratings and relevant documents, click here.

Click here to view the report.

Methodologies

Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

Doc ID: 1011475