Prestige Financial Securitizes $151 Million Loan Portfolio
SALT LAKE CITY — Prestige Financial Services Inc. completed its seventh rated term securitization, issuing $140.5 million in notes backed by $151.1 million in subprime automobile installment loans. Underwritten by BB&T Capital Markets, the notes were purchased in a private offering, with the transaction closing on Dec. 10.
The two note classes carried Standard & Poor’s ratings of A and BBB, which were based on several factors, including Prestige’s proven track record as a loan originator and servicer. The securitization did not require investor reliance on the Federal Reserve’s Term Asset-Backed Securities Loan Facility (TALF), and the company believes this to be just the second transaction of its kind to succeed in the market since May 2008.
Prestige provides consumer financing solutions for automobile dealerships in 13 states. Founded in 1994 as an affiliate of The Larry H. Miller Group of Companies, Prestige employs more than 250 credit professionals and support staff to service a wide range of borrower types. Quadrant Financial Group advised the company on this most recent securitization.
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