DBRS Morningstar Comments on the Rating Condition for Cerberus Onshore Levered IV LLC’s Commitment Increase

DBRS, Inc. (DBRS Morningstar) notes that the execution of the proposed Commitment Increase Agreement, dated as of February 5, 2020, entered into among Cerberus Onshore Levered IV LLC as the Borrower, Cerberus Levered IV Holdings LLC as the Servicer and the Retention Provider, Natixis New York Branch as Administrative Agent, and U.S. Bank National Association as the Collateral Agent and Custodian (the Agreement), will not, in and of itself, result in the loans being downgraded or the related rating being withdrawn.

The Agreement increases the total commitment permitted under the Class A-R Loans to $258,000,000 and the total commitment permitted under the Class A-T Loans to $142,000,000 (together, the Loans).

Satisfaction of the Rating Agency Condition with respect to the Loans in the context of the Agreements does not signify the approval of the Agreement by DBRS Morningstar, nor is it an opinion by DBRS Morningstar as to whether the Agreement is beneficial or detrimental to the holders of the Loans.

Notes:
All figures are in U.S. dollars unless otherwise noted.

The principal methodology is Rating CLOs and CDOs of Large Corporate Credit, which can be found on dbrs.com under Methodologies & Criteria.

For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.

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