NEW YORK–(BUSINESS WIRE)–Kroll Bond Rating Agency (KBRA) releases its A Look at CRE CLO Re-Bridging report, in response to investor interest on the topic.
To date, we have observed a few re-bridging transactions among KBRA-rated commercial real estate collateralized loan obligation (CRE CLO) securitizations, although their occurrence has been fairly limited on an overall basis.
Re-bridging (also known as bridge-to-bridge) occurs when a borrower uses a new bridge loan to refinance an existing one—potentially with higher proceeds and/or a lower interest rate. In this report, KBRA reviews two situations in which re-bridging was observed:
KBRA has observed the following re-bridging activity across our rated universe:
To view the report, click here.
Related Publications: (available at www.kbra.com)
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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. KBRA is also 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.
Contacts
Analytical:
Margit Grejdus, Director
(215) 882-5850
mgrejdus@kbra.com
Roy Chun, Managing Director
(646) 731-2376
rchun@kbra.com
Nitin Bhasin, CFA, Senior Managing Director
(646) 731-2334
nbhasin@kbra.com
Eric Thompson, Senior Managing Director
(646) 731-2355
ethompson@kbra.com
Business Development:
Michele Patterson, Managing Director
(646) 731-2397
mpatterson@kbra.com
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