KBRA Affirms the Ratings for Golub Capital Partners ABS Funding 2022-1
6 Sep 2024 | New York
KBRA affirms the ratings of the notes issued by Golub Capital Partners ABS Funding 2022-1 (GCPAF 2022-1), a securitization backed by a portfolio of recurring revenue and middle market corporate loans. Since the transaction closed, the rated notes have received timely distributions of interest payments.
GCPAF 2022-1 is an approximate $450.0 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 securitization consists of $55.0 million Class A-1 variable funding notes, $23.5 million Class A-2A floating-rate notes, $205.0 million Class A-2B fixed-rate notes, $45.0 million Class B fixed-rate notes, and $126.6 million of Class A and B Subordinated Notes, which receive payments from a portfolio of recurring revenue loans (“RRLs”) and middle market loans (“MMLs”).
As of the August 8, 2024 trustee report, the current portfolio comprises 112 assets from 51 obligors, the pool balance of the collateral obligations is $445.7 million and there is a principal proceeds balance of $5.4 million, bringing the adjusted pool balance to $451.1 million. There are no defaulted, credit risk, or delinquent obligations in the portfolio. The transaction is in compliance with the borrowing base conditions and all portfolio tests, and is scheduled to exit its reinvestment period on September 7, 2024. The current portfolio K-WARF is 3532, which represents a weighted average portfolio credit assessment of around B-/CCC+.
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