KBRA Assigns Preliminary Ratings to Elm 2018-2 Trust

Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of debt (the Debt) issued by Elm 2018-2 Trust.

Elm 2018-2 Trust (the Issuer or Elm 2018-2) will issue the Class A-1 Senior Secured Revolving Floating Rate Senior Advances, the Class A-2 Senior Secured Fixed Rate Senior Notes and the Class B Fixed Rate Subordinated Notes (collectively, the Debt).

The Debt is secured by an initial pool (the Initial Loans) comprised primarily of:

(1)   First lien term loans to life sciences companies (the Life Sciences Loans),
(2) First or second lien term loans to technology companies (the Technology Term Loans) and
(3) Fully funded pari passu participations in senior secured revolving loans to technology companies (the Senior Revolving Technology Loans and, collectively with the Technology Term Loans, the Technology Loans).

The Initial Loans were originated by MidCap Financial Trust (the Originator) and will be serviced by MidCap Financial Services Capital Management, LLC (MidCap Financial or the Servicer). This transaction is the second ABS securitization for the Originator and Servicer, collectively referred to as MidCap or the Company.

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Founded in 2008, MidCap is a middle market-focused, specialty finance firm that provides senior debt solutions to companies across all industries. The Company provides a broad array of products intended to finance growth and manage working capital. MidCap has focused on the direct origination of life sciences loans, technology loans, asset-backed loans, leveraged loans, real estate loans and lender finance loans.

KBRA analyzed the transaction using KBRAs Global General Rating Methodology for Asset-Backed Securities, published on November 28, 2017.

For complete details on the analysis, please see KBRAs pre-sale report, Elm 2018-2 Trust, which was published at www.kbra.com.

Representations & Warranties Disclosure

All Nationally Recognized Statistical Rating Organizations are required, pursuant to SEC Rule 17g-7, to provide a description of a transactions representations, warranties and enforcement mechanisms that are available to investors when issuing credit ratings. KBRAs disclosure for this transaction can be found in the report available 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, is 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.

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