KBRA Upgrades Two Ratings for Insurance Private Credit I LLC
22 May 2025 | New York
KBRA upgrades the ratings of two classes of notes issued by Insurance Private Credit I LLC (“IPC I LLC”).
IPC I LLC is a maximum $400.0 million delayed-draw middle market direct lending facility managed by Goldman Sachs Asset Management, L.P. The facility closed on June 8, 2021, and exited its commitment period/reinvestment period on June 8, 2024. The delayed-draw notes have been drawn to originate a portfolio of primarily middle market senior secured term loans to corporate borrowers.
As of the April 2025 trustee report, the aggregate principal balance of the collateral obligations, excluding the undrawn commitments of revolving and delayed draw collateral obligations, is $268.7 million, with approximately $8.0 in the principal collection account and $0.9 million in the revolver funding account. The trustee reports one defaulted obligation with a principal balance of $2.4 million, one discount obligation with a principal balance of $1.5 million, and one long-dated obligation with a principal balance of $4.4 million. Based on the April 2025 trustee report, the portfolio comprises 315 assets from 36 obligors.
The transaction exited the reinvestment period in June 2024 and has begun to amortize. The Class A Note balance is currently $134.3 million, or 55.9% of the maximum commitment. The transaction has seen a significant increase in credit enhancement over the past year, primarily due to the amortization of the Class A Notes. The trustee reported Class A and Class B Overcollateralization Ratio Test cushions currently stand at 63.0% and 18.8%, respectively.
KBRA’s rating on the Class A Notes considers the timely payment of interest and ultimate payment of principal by the applicable stated maturity date, while the rating on the Class B Notes considers the ultimate payment of interest and principal by the applicable stated maturity date. The surveillance analysis used information from the trustee report dated as of April 3, 2025, and reflects the distributions that occurred through the April 2025 payment date. All Notes have received timely interest distributions since the transaction closed.
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