KBRA Affirms the Ratings for JCP Direct Lending CLO 2023-1 LTD
20 Jun 2025 | New York
KBRA affirms eight classes of notes for JCP Direct Lending CLO 2023-1 LTD.
JCP Direct Lending CLO 2023-1 LTD is a $347.9 million delayed-draw middle market cash flow collateralized loan obligation (“CLO”) managed by Jefferies Credit Partners LLC. The CLO originally closed in June 2023. There is approximately two years remaining in the reinvestment period.
As of the April 2025 trustee report, the aggregate principal balance of the collateral obligations is $331.8 million and there is a principal cash balance of $18.6 million. There are no defaulted assets in the portfolio. The transaction is in compliance with all portfolio profile tests. The current portfolio K-WARF is 3169, which represents a weighted average portfolio assessment of approximately B-.
The surveillance analysis used information from the trustee report dated as of April 30, 2025, and reflects the distributions that occurred though the April 2025 payment date. All Notes have received timely interest distributions since the transaction has closed.
In performing the rating review, KBRA utilized its Structured Credit Global Rating Methodology, as well as its Global Structured Finance Counterparty Methodology and ESG Global Rating Methodology.
The ratings are based on information known to KBRA at the time of this publication.
To access ratings and relevant documents, click here.
Click here to view the report.