KBRA Affirms Two Ratings for Insurance Private Credit III LLC
26 Jun 2025 | New York
KBRA affirms the ratings for two classes of notes of Insurance Private Credit III LLC (“IPC III LLC”).
Insurance Private Credit III LLC is a max $663.0 million delayed-draw middle market direct lending facility managed by Goldman Sachs Asset Management, L.P. (“GSAM” or “the collateral manager”). The facility closed on June 24, 2024, and has approximately 1.2 years remaining in the commitment period/reinvestment period. The delayed-draw notes are drawn pro-rata to originate a portfolio of primarily middle market senior secured term loans to corporate borrowers.
As of the May 2025 trustee report, the reported aggregate principal balance of the collateral obligations, excluding the undrawn commitments or revolving and delayed drawn collateral obligations, is $380.3 million, with $11.5 million in the principal collection account. The portfolio comprises of 47 obligors. The Class A Notes and Class B Notes balance are both currently 58% drawn of their maximum commitments. The Class A and Class B O/C are at 143.0% and 118.2% 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 May 5, 2025, and reflects the distributions that occurred through the April 2025 payment date. All Note shave received timely interest distributions since the transaction closed.
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