...- We reviewed Empower CLO 2023-1 Ltd., which, based on its proposed supplemental indenture, is expected to refinance its class A, B, C, D, and E debt on May 7, 2025, through an optional redemption and replacement debt issuance. - After analyzing the changes to the transaction, we assigned our preliminary ratings to the replacement class A-L loans and class A-R, B-R, C-R, D-1-R, D-2-R, and E-R debt. The original debt is expected to be fully redeemed with the proceeds from the replacement debt on the refinancing date. - The preliminary ratings reflect our view of the credit support available to the refinanced debt after examining the new capital structure and payment mechanics. TORONTO (S&P Global Ratings) May 1, 2024--S&P Global Ratings today assigned its preliminary ratings to the replacement class A-L loans and class A-R, B-R, C-R, D-1-R, D-2-R, and E-R debt from Empower CLO 2023-1 Ltd./Empower CLO 2023-1 LLC, a CLO managed by Empower Capital Management LLC that was originally issued in...
