KBRA Affirms the Ratings for Monroe Capital Income Plus ABS Funding II, LLC
13 Sep 2024 | New York
KBRA affirms ratings for the Class A and B Notes issued by Monroe Capital Income Plus ABS Funding II, LLC. Since the transaction closed, the rated notes have received timely distributions of interest payments.
Monroe Capital Income Plus ABS Funding II, LLC is a $251.17 million securitization managed by Monroe Capital Management Advisors, LLC (“Monroe” or the “Collateral Manager”), an affiliate of Monroe Capital LLC. The transaction closed in September 2023 and the reinvestment period ends in October 2025.
The securitization consists of $160.75 million of Class A floating-rate loans and $25.10 million of Class B fixed-rate notes, $60.5 million of Class B fixed-rate notes (collectively the “rated Debt”), and $65.32 million of subordinated notes, which expect to receive payments from a portfolio of recurring revenue loans (“RRLs”) and middle market loans (“MMLs”).
As of the June 30, 2024 Monroe’s report, the portfolio comprises 44 obligors, the pool balance of the collateral obligations is $238.6 million and there is a principal proceeds balance of $8.8 million, bringing the adjusted pool balance to $247.4 million. There are no defaulted, credit risk, or delinquent obligations in the portfolio. The transaction is in compliance with the borrowing base condition and all portfolio tests. There is approximately 1.1 years remaining in the reinvestment period.
KBRA’s ratings on the Class A and B Notes consider timely payment of interest and ultimate payment of principal by the applicable stated maturity date. KBRA’s ratings do not address the payment of subordinated step-up interest due, if any, on the applicated rated Debt after the anticipated repayment date (the “ARD”) in January 2027.
To access rating and relevant documents, click here.
Click here to view the report.