KBRA Assigns Ratings to Shawnee 1892 LLC
14 Nov 2024 | New York
KBRA assigns ratings to five classes of notes issued by Shawnee 1892 LLC (Shawnee 1892), a cash flow collateralized loan obligation (CLO) backed by a diversified portfolio of broadly syndicated and middle market corporate loans.
Shawnee 1892 is a cash flow CLO serviced by Panagram Structured Asset Management, LLC (“Panagram” or the “servicer”), that originally closed in September 2020. The transaction is being amended to refinance the existing notes. The ratings on the existing transaction are being withdrawn in connection with the execution of the reset and redemption of the existing notes. There were no principal losses or interest shortfalls reported during the life of the withdrawn securities.
The legal final maturity is on October 23, 2036. The ratings reflect initial credit enhancement levels, excess spread, and coverage tests including overcollateralization ratio and interest coverage tests.
The collateral in Shawnee 1892 primarily consists of both middle market and broadly syndicated leveraged loans issued by corporate obligors diversified across sectors. The total portfolio par amount is approximately $780.0 million with exposure to 84 obligors. The obligors in the portfolio have a K-WARF of 3206, which represents a weighted average portfolio credit assessment of approximately B-.
The ratings on the Class A-RR and B-RR Notes consider the timely payment of interest and ultimate payment of principal by the applicable stated maturity date. KBRA’s ratings on the Class C-RR, D-RR, and E-RR notes consider the ultimate payment of interest and principal by the applicable stated maturity date.
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