KBRA Affirms Three Ratings for CBAM 2019-11R, Ltd.
5 Nov 2024 | New York
KBRA affirms the ratings for Class A-1, Class D and Class E Notes issued by CBAM 2019-11R, Ltd. (CBAM 2019-11R), a cash flow collateralized loan obligation (CLO) backed by a diversified portfolio of broadly syndicated corporate loans.
CBAM 2019-11R is a $504.0 million cash flow CLO managed by CBAM Partners, LLC (“CBAM” or the “portfolio manager”). The CLO closed on November 19th, 2020, and the reinvestment period ends in January 2027. The notes were collateralized by a $500.0 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 $494.1 million, and the transaction has a negative principal proceeds balance of $5.4 million. There are no defaulted assets in the portfolio and there are no discount obligations in the portfolio. The transaction is in compliance with all collateral quality tests and coverage tests. The current K-WARF of the portfolio is 2451 which represents a weighted average portfolio assessment of around B.
The rating on the Class A-1 Notes considers the timely payment of interest and ultimate payment of principal by the applicable stated maturity date, while the ratings on the Class D and E Notes consider the ultimate payment of interest and principal. All Notes have received timely interest distributions since the transaction has closed.
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