Continental Finance Company Closes Seventh Credit Card Term Securitization for $550 Million

WILMINGTON, Del., Dec. 5, 2024 /PRNewswire/ -- Continental Finance Company, LLC ("CFC"), a leading marketer and servicer of credit cards to the near prime market, today announced the issuance of $550 million in credit card asset back securities. The Series 2024-A notes mark the fourth issuance out of the Company's master trust (CFCCMT), and seventh term issuance for the Company. 

The securitization was comprised of five classes of fixed rates notes: Class A, Class B, Class C, Class D, and Class E. Ratings were assigned by KBRA AA-, A-, BBB, BB, and B, respectively. ATLAS SP, led the transaction and was co-managed by JP Morgan and Piper Sandler. 

Steve McSorley, CFC's President commented, "the amount of investor demand for the Series 2024-A notes issued out of the company's master trust was met with incredible enthusiasm.  Based on this overwhelming demand, the transaction was significantly upsized, yet still multiple times over-subscribed."  Mr. McSorley noted that this transaction was by far the company's largest securitization to date, coupled with the fact that there were numerous first-time investors to CFC's securitization program.  Because of its mature securitization program, the company has been afforded broad access to the capital markets, which enables it to fund its comprehensive marketing and servicing platform.

"Customers of the credit cards we service view the utility of their card as a necessity for recurring essential transactions, retail, gas and groceries, leading to resilient customer behavior even in economic downturns. The disciplined lending strategy and focus on providing best-in-class customer support for the card products we service have positioned our Company to provide long-term value to our investors. We are very proud to provide these services in partnership with our bank sponsors, and we appreciate the support from investors as we continue our growth in this underserved segment of the American consumer," said Brett Landrum, Chief Financial Officer at CFC.

About Continental Finance Company

Founded in 2005, Continental Finance Company is dedicated to being the leading marketer and servicer of credit cards to the near prime market. With over 5.3 million credit cards managed since its founding, Continental Finance prides itself on excellent customer service and access to bank-issued credit products with innovative features that provide affordable and safe options to consumers with poor or limited credit. Utilizing responsible innovation, Continental Finance works to provide each customer with the necessary educational tools for them to be successful in managing their personal credit.

Since its founding in 2005, Continental Finance has prided itself on fostering financial inclusion with innovative and flexible technology to deliver best-in-class customer support for those consumers who are excluded by traditional credit card programs.

SOURCE Continental Finance Company, LLC