KBRA Affirms the Ratings for Cedar Crest 2021-1 LLC
18 Sep 2024 | New York
KBRA affirms the ratings of the notes issued by Cedar Crest 2021-1 LLC, a cash flow collateralized loan obligation (CLO) backed by a diversified portfolio of middle market and broadly syndicated senior secured leveraged loans and bonds. Since the transaction closed, the rated notes have received timely distributions of interest payments.
Cedar Crest 2021-1 LLC is a $643.6 million cash flow collateralized loan obligation (“CLO”) serviced by Panagram Structured Asset Management, LLC (“Panagram” or the “servicer”). The notes are collateralized by a $636.88 million portfolio of middle market and broadly syndicated senior secured term loans and bonds to corporate borrowers.
The CLO closed on September 17, 2021 and ended its reinvestment period on October 15, 2023. The current portfolio has a weighted average time to maturity of 3.8 years.
As of the August 2024 trustee report, the aggregate principal balance of the collateral obligations is $588.2 million with a principal proceeds balance of $55.4 million. There are two defaulted assets in the portfolio and there is one discount obligation in the portfolio. The transaction is in compliance with all portfolio profile tests. The current portfolio K-WARF is 3307, which represents a weighted average portfolio credit assessment of around B-.
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