ข่าวประชาสัมพันธ์การเงิน/หลักทรัพย์

Ratings Assigned To European CMBS Transaction Kantoor Finance 2018’s Class A To E Notes

          LONDON (S&P Global Ratings) July 12, 2018--S&P Global Ratings today assigned its credit ratings to Kantoor Finance 2018 DAC's class A to E notes. At closing, Kantoor Finance 2018 also issued unrated class X1 and X2 certificates (see list below). 
          The transaction is backed by two Dutch commercial mortgage loans, which Goldman Sachs Bank USA (Goldman Sachs) originated to facilitate either the refinancing or acquisition of commercial real estate between October 2017 and April 2018. The largest loan, the PPF loan, has a current balance of EUR184.97 million and equates to 74.6% of the pool by loan balance. The other loan, the Iron loan, has a current balance of EUR58.37 million and a EUR4.49 million capital expenditure tranche, which equates to 25.4% of the pool. 
          The aggregate market value of the two portfolios is EUR391.4 million, equivalent to a loan-to-value (LTV) ratio of 62.2% (excluding Iron loan's capital expenditure tranche). Both loans benefit from scheduled amortization. 
          As part of EU and U.S. risk retention requirements, the issuer and the issuer lender (Goldman Sachs), will enter into a EUR12.4 million issuer loan agreement that represents 5% of each class of notes and ranks pari passu to the notes of each class and the class X certificates. The issuer lender advanced the issuer loan to the issuer on the closing date. The issuer applies the issuer loan proceeds as partial consideration for the purchase of the PPF and Iron loans.