KBRA Affirms Two Ratings for Insurance Private Credit I LLC
23 May 2024 | New York
KBRA affirms the ratings for two classes of notes of Insurance Private Credit I LLC (“IPC I LLC”).
IPC I LLC is a $400.0 million delayed-draw middle market direct lending facility managed by Goldman Sachs Asset Management, L.P. The facility closed on June 8, 2021, and will exit its commitment period/reinvestment period on June 8, 2024. The delayed-draw notes have been drawn to originate a portfolio of primarily middle market senior secured term loans to corporate borrowers.
As of the April 2024 trustee report, the aggregate principal balance of the collateral obligations, excluding the undrawn commitments of revolving and delayed draw collateral obligations, is $332.3 million, with $24.0 in the principal collection account and $3.6 million revolver funding account. The resulting aggregate principal balance amount is $359.9 million. One asset in the portfolio has a defaulted KBRA Credit Assessment with a principal balance of $6.6 million. Based on the April 2024 trustee report, the portfolio comprises 337 assets from 45 obligors. The Class A and B O/C cushion currently stand at 28.1% and 8.3%, respectively, as the notes were drawn to purchase and/or originate assets.
KBRA’s ratings on the Class A considers the timely payment of interest and ultimate payment of principal by the applicable stated maturity date, while the ratings on the Class B Notes consider the ultimate payment of interest and principal by the applicable stated maturity date. All notes have received timely interest distributions since the transaction closed.
The surveillance analysis used information from the trustee report dated as of April 3, 2024, and reflects the distributions that occurred through the April 2024 payment date. All Notes have received timely interest distributions since the transaction closed.
In performing the rating review, KBRA utilized its Structured Credit Global Rating Methodology, the Global Structured Finance Counterparty Methodology and the ESG Global Rating Methodology.
To access rating and relevant documents, click here.
Click here to view the report.