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KBRA Assigns Preliminary Rating to Golub Capital Partners ABS Funding 2019-1, Ltd.

October 11, 2019

NEW YORK--(BUSINESS WIRE)--Oct 11, 2019--

Kroll Bond Rating Agency (KBRA) assigns a preliminary rating to one class of notes issued by Golub Capital Partners ABS Funding 2019-1, Ltd. (GCPAF 2019-1).

GCPAF 2019-1 is a $340.8 million securitization managed by GC Investment Management LLC (the collateral manager). The securitization consists of $208.57 million of Class A fixed-rate notes and $133.35 million subordinated notes and will have a two-year reinvestment period. The rating reflects initial credit enhancement levels, excess spread, and structural features.

The collateral in GCPAF 2019-1 mainly consists of middle market leveraged loans and late stage loans (LSLs). The obligors in the portfolio have a K-WARF of 3856, which represents a weighted average portfolio assessment between B- and CCC+. The portfolio contains exposures to 37 obligors with approximately 66% of the par exposure to the LSLs. The obligors related to the LSLs are typically software and technology services companies and are often younger in their lifecycles and may be growing more rapidly than a typical middle market lending borrower.

GC Investment Management LLC is an investment adviser established in 2010 and affiliate of GC Advisors LLC (collectively, with these affiliates and other funds managed by them and their affiliates “Golub Capital”). The collateral manager will leverage the Golub Capital platform, including its investment professionals and other resources. Founded in 1994, Golub Capital has over $30 billion in capital under management as of July 1, 2019 with $25 billion in middle market direct lending, $5 billion in broadly syndicated leveraged loans, and has originated $2.5 billion of LSLs.

KBRA analyzed the transaction using Global Structured Credit Rating Methodology published on August 7, 2018 and the Global Structured Finance Counterparty Methodology published on August 8, 2018.

The rating is based on information known to KBRA at the time of this publication.

Class

Initial Amount

Interest Rate

Par Subordination

Preliminary
Rating

Class A-1

$208,570,000

4.75%

39.00%

A (sf)

To access ratings, reports and disclosures, click here.

Related Publications: (available at www.kbra.com )

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About KBRA and KBRA Europe

KBRA is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider, and is a certified Credit Rating Agency (CRA) by the European Securities and Markets Authority (ESMA). Kroll Bond Rating Agency Europe Limited is registered with ESMA as a CRA.

View source version on businesswire.com:https://www.businesswire.com/news/home/20191011005426/en/

CONTACT: Analytical Contacts:

George Lyons, CFA, Senior Director

(646) 731-3314

glyons@kbra.comSean Malone, CFA, Director

(646) 731-2436

smalone@kbra.comKathy Song, CFA, Associate Director

(646) 731-1209

ksong@kbra.comEric Hudson, Managing Director

(646) 731-3320

ehudson@kbra.comBusiness Development Contact:

Jason Lilien, Managing Director

(646) 731-2442

jlilien@kbra.com

KEYWORD: UNITED STATES NORTH AMERICA NEW YORK

INDUSTRY KEYWORD: FINANCE BANKING PROFESSIONAL SERVICES INSURANCE

SOURCE: Kroll Bond Rating Agency

Copyright Business Wire 2019.

PUB: 10/11/2019 12:02 PM/DISC: 10/11/2019 12:02 PM

http://www.businesswire.com/news/home/20191011005426/en