KBRA Affirms the Ratings for Deerpath Newbury Partners LLC
20 Mar 2024 | New York
KBRA affirms four classes of notes of Deerpath Newbury Partners LLC.
Deerpath Newbury Partners LLC is a $90.0 million delayed-draw middle market cash flow collateralized loan obligation (“CLO”) managed by Deerpath Capital Management, LP. The CLO originally closed in December 2020, and subsequently issued additional notes in March 2022 (the “additional issuance”). Deerpath Newbury Partners LLC had issued an additional Class A-2 Note, which are pari-passu with the Class A-1 Note (collectively the Class A Notes) and an additional Class B-2 Note, which are pari-passu with the Class B-2 Note (collectively the Class B Notes).
As of the January 2024 trustee report, the aggregate principal balance of the collateral obligations is $90.1 million, there is a principal proceeds balance of $1.1 million. There are $6.9 million defaulted assets with recovery value of $4.5 million. The transaction is in compliance with all portfolio profile tests. The current portfolio K-WARF is 3170, which represents a weighted average portfolio assessment of approximately B-.
The surveillance analysis used information from the trustee report dated as of January 31, 2024 and reflects the distributions that occurred though the January 2024 payment date. All Notes have received timely interest distributions since the transaction has closed.
The ratings are based on information known to KBRA at the time of this publication.
To access rating and relevant documents, click here.
Click here to view the report.