KBRA Assigns Preliminary Ratings to KCG Securitization 2024-1, LLC
15 Mar 2024 | New York
KBRA assigns preliminary ratings to two classes of notes (the “Notes”) issued by KCG Securitization 2024-1, LLC (“KCG 2024-1”).
Kalamata.com, LLC (“Kalamata”), through its subsidiaries, Kalamata Capital Group, LLC (“KCG”, the “Company” or “Servicer") and Black Olive Capital LLC (BOC), provides financing to small and medium-sized business through merchant cash advances and small business loans. Kalamata was founded in 2013 and has provided businesses with access to over $1 billion across over 13,000 fundings based on its proprietary risk scoring models, traditional underwriting, transactional data, and technology systems. Kalamata has approximately 62 employees with offices in Bethesda, MD and New York, NY.
KCG 2024-1 is the inaugural securitization for the Company. KCG Securitization 2024-1, LLC (the “Issuer”) will issue two classes of Series 2024-1 Notes, Class A and Class B Notes (collectively, the “Notes” or “KCG 2024-1”) totaling $80 million. The proceeds of the sale of the Series 2024-1 Notes will be used to purchase receivables, fund the reserve account, and pay related fees and expenses. The Series 2024-1 Notes are “expandable” term notes such that at any time during the Revolving Period, the Issuer may periodically issue additional Notes, up to a maximum amount of $500 million, as long as certain conditions are met, including receipt of Rating Agency Confirmation.
KCG 2024-1 is collateralized by Business Loans made to small-and medium-sized businesses (“Merchants”) and Business Advances purchased from Merchants at a discounted purchase price. A Business Advance is also commonly referred to as a Merchant Cash Advance (“MCA”).
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