Symphony CLO 36 Ltd. Debt Assigned Preliminary Ratings In Connection With Proposed Refinancing And Extension

We reviewed Symphony CLO 36 Ltd., which, based on its proposed supplemental indenture, is expected to refinance its class A-1, A-2, B-1, B-2, C, D, and E debt on Sept. 27, 2024, 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-R, B-1-R, B-2-R, C-R, D-1-R, D-2a-R, D-2b-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. NEW YORK (S&P Global Ratings) Sept. 18, 2024--S&P Global Ratings

...- We reviewed Symphony CLO 36 Ltd., which, based on its proposed supplemental indenture, is expected to refinance its class A-1, A-2, B-1, B-2, C, D, and E debt on Sept. 27, 2024, 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-R, B-1-R, B-2-R, C-R, D-1-R, D-2a-R, D-2b-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. NEW YORK (S&P Global Ratings) Sept. 18, 2024--S&P Global Ratings today assigned its preliminary ratings to the class A-R, B-1-R, B-2-R, C-R, D-1-R, D-2a-R, D-2b-R, and E-R replacement debt from Symphony CLO 36 Ltd./Symphony CLO 36 LLC, a CLO originally issued in September 2022 that is managed by Symphony...

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