S&P: Liberty Interactive LLC Proposed Debentures Rated 'BB' (Recovery: 3)
The note issuance is a commercial mortgage-backed securities transaction backed by a $370.0 million trust loan, which is part of a whole mortgage loan structure in the aggregate principal amount of $450 million and secured by a first lien on the borrower's fee interest in the 1.16 million-sq.-ft., 12-story class A office complex located in Washington, D. C.'s Central Business District office market. The mortgage loan seller is retaining $80 million in pari passu non-trust companion loans, all of which is pari pasu to class A. Both the trust loan and the companion loans are collectively secured by the same mortgage on the property and will be serviced and administered according to the trust and servicing agreement for this securitization.
The ratings reflect view of the collateral's historical and projected performance, the sponsor's experience, the trustee-provided liquidity, the mortgage loan's terms, and the transaction's structure.
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