KBRA Affirms Ratings for Insurance Private Credit II LLC
25 Nov 2024 | New York
KBRA affirms the ratings for two classes of notes issued by Insurance Private Credit II LLC (“IPC II LLC”).
Insurance Private Credit II LLC is a max $375.0 million delayed-draw middle market direct lending facility managed by Goldman Sachs Asset Management, L.P. (“GSAM” or “the collateral manager”). The facility closed on December 28, 2022, and has approximately 0.5 years remaining in the commitment period/reinvestment period. The delayed-draw notes are drawn to originate a portfolio of primarily middle market senior secured term loans to corporate borrowers.
As of the October 2024 trustee report, the aggregate principal balance of the collateral obligations, excluding the undrawn commitments, revolving and delayed drawn collateral obligations, and defaulted obligations, is $274.5 million, with $19.8 million in the principal collection account. The recovery amount of the defaulted obligations is $2.3 million, resulting in an adjusted collateral principal amount of $292.3 million.
The surveillance analysis used information from the trustee report dated as of October 3, 2024, and reflects the distributions that occurred through the October 2024 payment date. All Notes have received timely interest distributions since the transaction closed.
In performing the rating review, KBRA utilized its Structured Credit Global Rating Methodology, the Global Structured Finance Counterparty Methodology and the ESG Global Rating Methodology.
To access ratings and relevant documents, click here.
Click here to view the report.