KBRA Assigns Preliminary Ratings to Drug Royalty III LP 1, Series 2018-1 Senior Secured Notes
NEW YORK--(BUSINESS WIRE)--Nov 27, 2018--Kroll Bond Rating Agency (KBRA) announces the preliminary ratings to two note classes of Drug Royalty III LP 1, Series 2018-1, a drug royalty securitization.
This transaction is backed by royalty revenues from 15 royalty streams on 14 pharmaceutical products. The series 2018-1 notes will be the Issuer’s third series within the master trust and will be serviced by DRI Capital Inc. (“DRI”, or the “Company”). The other remaining series under the master trust are the 2016-1, and 2017-1 notes and will have an outstanding balance of approximately $59.7 million and $101.18 million respectively at the closing date of the transaction. KBRA did not rate the 2016-1 securitization. The 2018-1 notes will be paid pari passu with the 2016-1 and 2017-1 notes. The new notes will be collateralized by the existing drug royalty portfolio as well as the royalty streams from three additional products.
The total discounted asset value (“DAV”) for the portfolio is approximately $542.0 million and the overcollateralization is approximately 52%, calculated as the amount by which the aggregate DAV of the assets exceeds the principal balance of the notes.
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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, is 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.
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SOURCE: Kroll Bond Rating Agency
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PUB: 11/27/2018 03:14 PM/DISC: 11/27/2018 03:14 PM