KBRA Affirms Ratings for Shawnee 2022-2 LLC
13 Dec 2024 | New York
KBRA affirms ratings on five classes of notes issued by Shawnee 2022-2 LLC (“Shawnee 2022-2”), currently a $593.2 million cash flow collateralized loan obligation (“CLO”) serviced by Panagram Structured Asset Management, LLC. The notes are collateralized by a $603.2 million static portfolio of middle market and broadly syndicated senior secured term loans to corporate borrowers. The CLO originally closed in December 2023. The ratings reflect current credit enhancement levels, excess spread, coverage tests including overcollateralization ratio and interest coverage tests.
As of the October 2024 trustee report, the aggregate principal balance of the collateral obligations is $603.2 million and there are $19.6 million in principal proceeds. The trustee does not report any defaulted obligations. The K-WARF of the transaction is 3076 which represents a weighted average credit assessment of B-. Since the deal closed in December 2023, the Class A Notes have repaid $206.4 million, or 39.8% of the original note balance, from sale and prepayment proceeds
KBRA’s ratings on the Class A and Class B Notes considers the timely payment of interest and ultimate payment of principal by the applicable stated maturity date, while the ratings on the Class C, D, and E Notes consider the ultimate payment of interest and principal by the applicable stated maturity date. All notes have received timely interest distributions since the transaction closed.
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