NEW YORK--(BUSINESS WIRE)--KBRA assigns preliminary ratings to the Senior Notes issued by NPC SIP 2024-1 Ltd. (the “Issuer”), a long-dated, General Partner-led Collateralized Fund Obligation (GP CFO) transaction. The total issuance amount is $700 million, resulting in an initial Loan-to-Value ratio of approximately 85.7% for the Senior Notes. NPC SIP 2024-1 Ltd. will be managed by Churchill Asset Management, who will invest in private credit and private equity strategies. This transaction will have a legal maturity of 30 years with a 25-year investment period to allocate proceeds into various assets.
The net proceeds of the transaction will be initially invested in an asset portfolio consisting of (1) separately managed accounts in several funds detailed in the accompanying report (“Private Assets”), (2) eligible investments in Liquid Assets and (3) zero-coupon US Treasuries (“Principal Assets”). The Principal Assets are intended to accrue to a value that satisfies repayment of the Senior Notes at maturity. The Senior Notes and the unrated liquidity facility will be secured by the mix of Private Assets, Liquid Assets and Principal Assets (the “Assets”), certain contractual rights, securities accounts of the Issuer and distributions received by the Issuer with respect to the Assets.
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