KBRA Assigns Ratings to Shawnee 2024-1 LLC
27 Sep 2024 | New York
KBRA assigns ratings to five classes of notes issued by Shawnee 2024-1 LLC (Shawnee 2024-1), a $407.64 million cash flow collateralized loan obligation (CLO) backed by a diversified portfolio of broadly syndicated and middle market corporate loans.
Shawnee 2024-1 is serviced by Panagram Structured Asset Management LLC (“Panagram” or the “servicer”) and will have a static portfolio with no ability to reinvest. 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 2024-1 will primarily consist of both middle market and broadly syndicated leveraged loans issued by corporate obligors diversified across sectors. The total portfolio par amount is $410.8 million with exposure to 61 obligors. The obligors in the portfolio have a K-WARF of 3182, which represents a weighted average portfolio credit assessment of approximately B-.
Panagram is a wholly owned subsidiary of Eldridge Industries, LLC, a diversified holdings company established in 2015. Panagram currently has approximately $15.1 billion of assets under management (as of June 30, 2024).
The ratings on the Class A and B Notes considers the timely payment of interest and ultimate payment of principal by the applicable stated maturity date, while the ratings on the Class C, D, and E Notes consider the ultimate payment of interest and principal.
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