By Neil Haggerty 1h ago

A Canadian real estate developer’s new loan for a Western Los Angeles office tower complex – which is 88.5% leased – is being partially financed through the mortgage securitization market. But the $405.15 million MBS deal has raised some unique risk concerns with a ratings agency: much of the cash flow supporting the loan will be derived from a potentially volatile tenant, shared workspace operator WeWork. According to a presale report from DBRS Morningstar, Onni Group has pledged all of the...

Just in time for the countdown to 2020, Dick Clark Productions is returning with its second securitization of fees and revenues backed by its five core television broadcasts, including its "Dick Clark’s New Year’s Rockin’ Eve" (with Ryan Seacrest) program. According to a report Kroll Bond Rating Agency, DCP will market $530 million in new Series 2019-1 notes through its DCP Rights LLC trust that previously issued $340 million in securities in 2014, a deal that also dropped just days before...

Los Angeles-based Centerstone SBA Lending is sponsoring its first securitization, a collateral pool of unguaranteed portions of SBA 7(A) small business loans. The inaugural asset-backed transaction for the Los Angeles-based lender will include $34.86 million in Class A notes, with an initial BBB rating from S&P Global Ratings. The 175 loans in the pool have an aggregate loan balance of $47.27 million, contributing to a 27.25% credit enhancement to the notes balance as a cushion against...

Serta Simmons Bedding, which holds $2.4 billion in widely dispersed debt in collateralized loan obligations, is not pleased with a near-default downgrade assigned this month by S&P Global Ratings. According to a recent statement issued by the highly leveraged mattress company, Serta criticized the ratings agency for overlooking the highly leveraged company’s improving cash-flow and earnings performance when the agency downgraded Serta’s corporate and first-lien debt ratings one notch each to...