KBRA Affirms Ratings for Maranon Loan Funding 2021-2, Ltd.
9 May 2025 | New York
KBRA affirms the ratings on Class A-1R, Class A-2R, Class B-R, Class C-R, Class D-R and Class E-R issued by Maranon Loan Funding 2021-2, Ltd., a cash flow collateralized loan obligation (CLO) backed by a diversified portfolio of middle market corporate loans. Since the transaction closed, the rated notes have received timely distributions of interest payments.
Maranon Loan Funding 2021-2, Ltd. is currently a $579.4 million cash flow CLO managed by Maranon Capital, L.P. The notes were collateralized by a $625.7 million portfolio of middle market secured term loans to corporate borrowers at closing. The deal closed in June 2021 and has approximately 0.25 years remaining in the reinvestment period.
As of the April 2025 trustee report, the aggregate principal balance of the collateral obligations is $573.5 million and there is a principal proceeds balance of $28.2 million. There are four defaulted assets and no discount obligations in the portfolio. Per the April 2025 trustee report, the transaction is in compliance with all portfolio profile tests. The current portfolio K-WARF is 3199, which represents a portfolio weighted average credit assessment of B-.
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