KBRA Affirms Ratings for Golub Capital Partners ABS Funding 2021-2
19 Sep 2024 | New York
KBRA affirms the ratings for two classes of notes issued by Golub Capital Partners ABS Funding 2021-2 (GCPAF 2021-2), a securitization backed by a portfolio of recurring revenue and middle market corporate loans.
Golub Capital Partners ABS Funding 2021-2 is a $582.1 million securitization managed by GC Investment Management LLC (“GCIM” or the “Collateral Manager”), an investment adviser and affiliate of GC Advisors LLC (collectively, with these affiliates and other funds managed by them and their affiliates “Golub Capital”). The transaction closed in November 2021 .
As of the August 2024 trustee report, the portfolio is comprised of 91 assets from 53 obligors and the adjusted pool balance is $570.7 million including $0 million principal proceeds. There are no defaulted, credit risk, or delinquent obligations in the portfolio and the transaction is in compliance with the borrowing base condition and all portfolio tests. The transaction is currently amortizing as the reinvestment period ended in November 2023.
KBRA’s ratings on the Class A and Class B Notes consider timely payment of interest and ultimate payment of principal by the applicable stated maturity date. The rated notes have received timely interest distributions since the transaction has closed.
To access rating and relevant documents, click here.
Click here to view the report.