S&P: Golub Capital Investment Corp. CLO 2016(M) LLC Class A Notes Rated
The note issuance is a collateralized loan obligation (CLO) transaction backed by middle-market speculative-grade senior secured loans.
The rating reflects:The diversified collateral pool, which consists primarily of middle-market speculative-grade (i. e., rated 'BB+' or 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.