KBRA Affirms Ratings for Golub Capital Partners ABS Funding 2023-1
12 May 2025 | New York
KBRA affirms the ratings 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.
As of the April 2025 trustee report, the current portfolio comprises 49 obligors. The pool balance of the collateral obligations is $317.4 million and there is a principal proceeds balance of $33.9 million, bringing the adjusted pool balance to $351.4 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 profile tests except the Level 1 Minimum Floating Spread Test. The current K-WARF of the transaction is 3593 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 ratings and relevant documents, click here.
Click here to view the report.