KBRA Assigns Preliminary Ratings to the Class A Notes, Class B Notes and Class C Notes Issued by Alp CFO 2024, L.P.
15 Oct 2024 | New York
KBRA assigns preliminary ratings to the Class A Notes, Class B Notes and Class C Notes (together, the “Secured Notes”) issued by Alp CFO 2024, L.P (the “Issuer”). The total issuance amount is $1 billion, resulting in initial Loan-to-Value ratios of 50%, 65% and 75% for the Class A Notes, Class B Notes, and Class C Notes, respectively.
The net proceeds of the transaction will be initially invested in an asset portfolio consisting of (1) limited partnership interests (“LP Interests”) in several funds detailed in the accompanying report (“Private Assets”) and (2) eligible investments in Liquid Assets. The Liquid Assets and the distributions from the Private Assets are intended to fund capital calls and other fund obligations with respect to the Private Assets, expenses and interest on the Secured Notes and the Liquidity Facility as well as repayment of the Secured Notes and the Liquidity Facility. The Secured Notes and the Liquidity Facility will be secured by the mix of Private Assets and Liquid Assets (the “Assets”), certain contractual rights, securities accounts of the Issuer and distributions received by the Issuer with respect to the Assets.
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