KBRA Affirms All Ratings for Glendower Capital Secondaries CFO, LLC
12 Jul 2024 | New York
KBRA affirms the ratings on the Class A, Class B, and Class C Loans (collectively, the "Rated Debt") issued by Glendower Capital Secondaries CFO, LLC (the "Issuer"). The outlook on these ratings remains Stable. This decision is based on KBRA's assessment of the transaction and investment performance reports.
As of December 31, 2023, the total net deal size of the underlying look-through transaction collateral has grown to approximately $4.23 billion, up from $2.62 billion at issuance. The diversification of the collateral by strategy, sector, and general partner remains largely consistent with the original characteristics. Since issuance, the transaction has generally performed stably, with deployment and realization rates aligning with initial expectations. The LTV on the Rated Debt is significantly lower than the initial advance rate, due to a combination of purchase price discounts and appreciation in the value of the underlying LP Interests, which now carry a value exceeding the cost associated with the Issuer's capital calls.
Note: In the first sentence, a correction was made from "reaffirms" to "affirms".
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