KBRA Affirms Golub Capital Partners ABS Funding 2023-1
15 May 2024 | New York
KBRA affirms the rating of the Class A and Class B Notes issued by Golub Capital Partners ABS Funding 2023-1 (GCPAF 2023-1), a portfolio of middle market loans (“MMLs”) and recurring revenue loans (“RRLs”). Since the transaction closed, the rated notes have received timely distributions of interest payments.
GCPAF 2023-1 is an approximately $350.0 million securitization managed by GC Investment Management LLC (“GCIM” or the “Collateral Manager”), an investment adviser and affiliate of GC Advisors LLC (collectively, with these affiliates and other funds managed by them and their affiliates “Golub Capital”). The CLO closed in July 2023 and reinvestment period ends in July 2025.
The current portfolio comprises assets from 44 obligors, the adjusted pool balance of the collateral obligations is $350.3 million. There are no defaulted, credit risk, or delinquent obligations in the portfolio. Since closing, the transaction is in compliance with the borrowing base condition and all portfolio tests. The current K-WARF of the transaction is 3409 which represents a weighted average credit assessment of B-/CCC+.
KBRA’s ratings on the Class A and Class B Notes consider timely payment of interest and ultimate payment of principal by the applicable stated maturity date.
To access rating and relevant documents, click here.
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