Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes issued by Oxford Finance Funding 2019-1 LLC.
Oxford Finance Funding 2019-1 LLC (the Issuer or Oxford 2019-1) will issue the Class A-1 Revolving Notes (the Class A-1 Notes or the Variable Funding Notes), the Class A-2 Term Notes (the Class A-2 Notes) and, together with the Class A-1 Notes, the Class A Notes) and the Class B Term Notes (the Class B Notes and, together with the Class A Notes, the Notes). The Notes expect to receive payments from an initial pool of senior secured loans made to life sciences companies (the Life Sciences Loans) and healthcare services companies (the Healthcare Services Loans and, together with the Life Sciences Loans, the Initial Loans) and secured by certain assets of those companies.
The Initial Loans were originated by Oxford Finance LLC (Originator) who will also act as servicer (the Servicer) for Oxford 2019-1. This is the fifth term securitization of assets managed by Oxford Finance LLC (Oxford or the Company), and the third rated by KBRA. KBRA notes that the Company will be retaining the equity in Oxford 2019-1 as they did in the prior two securitizations.
Oxford, whose original predecessor was founded in 1987, is a specialty financial services firm that originates, underwrites, manages and finances senior secured loans provided exclusively to life sciences and healthcare services companies.
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As of December 21, 2018, the composition of the statistical loans (the Statistical Pool) will consist of 50 loans to 46 obligors with an aggregate outstanding loan balance of approximately $376.8 million (Statistical Pool Balance). The exposures to the Life Sciences Loans and Healthcare Services Loans will be approximately 89.4% and 10.6% of the Statistical Pool Balance, respectively. The loans consist primarily of senior term loans generally secured by substantially all assets of the obligor; provided, that certain Life Sciences Loans may not have a lien on intellectual property, but may have the benefit of a negative pledge over such intellectual property.
KBRA analyzed the transaction using KBRAs , published on November 28, 2017.
To access ratings, reports and disclosures, click .
About KBRA and KBRA Europe
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.
Anthony Nocera, Senior Managing Director
Michael Lepri, Associate Director