DBRS Confirms Ratings on the Notes Issued by Whitehorse Finance Warehouse, LLC and Removes Under Review with Positive Implications

DBRS, Inc. (DBRS) has today confirmed the ratings on the Revolving Notes and the Term Notes (collectively, the Notes), at AA (sf). The Notes are issued by WhiteHorse Finance Warehouse, LLC, up to the Total Commitment of $150,000,000 pursuant to the Amended and Restated Credit and Security Agreement, dated as of August 13, 2014.

The Notes are collateralized primarily by a portfolio of U.S. middle market corporate loans and other corporate obligations. WhiteHorse Finance Warehouse, LLC is managed by WhiteHorse Finance, Inc., an affiliate of H.I.G. Capital, LLC

The DBRS ratings address WhiteHorse Finance Warehouse, LLC’s ability to make timely payments of interest and ultimate payment of principal on or before the Final Maturity Date (as defined in the Amended and Restated Credit and Security Agreement referred to above).

DBRS has also removed Under Review with Positive Implications on the Notes. The rating action reflects the conclusion of the impact review of the updates to the “Rating CLOs and CDOs of Large Corporate Credit” methodology. Updates to the methodology include (a) additional recovery rates for non-investment grade rating categories and (b) minor updates to country tiers.

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

The applicable methodology is Rating CLOs and CDOs of Large Corporate Credit (April 2015), which can be found on our website under Methodologies.

This rating is endorsed by DBRS Ratings Limited for use in the European Union.