Golub Capital Partners CLO 34(M)-R Ltd. Notes Assigned Preliminary Ratings In Connection With Proposed Refinancing

  • Golub Capital Partners CLO 34(M)-R Ltd.'s issuance is a CLO transaction backed primarily by middle-market speculative-grade senior secured term loans that are governed by collateral quality tests.
  • We assigned our preliminary rating to the class A-R notes, A-R loans, A-R-F notes, B-1-R, B-2-R-F, C-R, and D-R notes.
  • The preliminary rating reflects our view of the transaction's diversified collateral pool, credit enhancement, and legal structure, among other factors.
NEW YORK (S&P Global Ratings) March 13, 2019--S&P Global Ratings today 
assigned its preliminary ratings to Golub Capital Partners CLO 34(M)-R Ltd./Gol
ub Capital Partners CLO 34(M)-R LLC's floating- and fixed-rate notes (see 
list) This is a proposed refinancing of its March 2017 transaction.

The note issuance is a collateralized loan obligation transaction backed 
primarily by middle-market speculative-grade senior secured term loans that 
are governed by collateral quality tests. 

The preliminary ratings are based on information as of March 13, 2019 
Subsequent information may result in the assignment of final ratings that 
differ from the preliminary ratings.

The preliminary ratings reflect:
  • The diversified collateral pool, which consists primarily of middle-market speculative-grade (rated 'BB+' and lower) senior secured term loans that are governed by collateral quality tests.
  • The credit enhancement provided through the subordination of cash flows, excess spread, and overcollateralization.
  • The collateral manager's experienced team, which can affect the performance of the rated notes through collateral selection, ongoing portfolio management, and trading.
  • The transaction's legal structure, which is expected to be bankruptcy remote.