KBRA Affirms the Rating for Golub Capital BDC 3 ABS 2022-1 LLC
8 Oct 2024 | New York
KBRA affirms the rating of the Class A note issued by Golub Capital BDC 3 ABS 2022-1 LLC, a securitization backed by a portfolio of recurring revenue and middle market corporate loans.
Golub Capital BDC ABS 2022-1 LLC is a $386.6 million securitization managed by GC Advisors LLC (collectively, with these affiliates and other funds managed by them and their affiliates “Golub Capital”). The transaction closed in January 2022 and the reinvestment period ended in January 2024.
As of the September 2024 trustee report, the portfolio comprises 88 assets from 55 obligors and the pool balance of the collateral obligations is $373.2 million. There are no defaulted, credit risk, or delinquent obligations in the portfolio. The transaction is failing the borrowing base condition, however, it has maintained a similar level of excess spread since the transaction first closed and there is sufficient enhancement to support the rated notes. The transaction is passing the portfolio profile tests.
KBRA’s rating on the Class A Notes consider timely payment of interest and ultimate payment of principal by the applicable stated maturity date. The rated notes have received timely interest distributions since the transaction has closed.
To access rating and relevant documents, click here.
Click here to view the report.