Purchasing Power® Completes $200 Million Asset Backed Securitization

News provided by

Mar 05, 2024, 08:59 ET

ATLANTA, March 5, 2024 /PRNewswire/ -- Purchasing Power, LLC, a voluntary benefit company that offers the leading employee purchase program through the convenience of payroll deduction, announced today it closed a $200 million securitization on February 28, 2024. Capital One acted as Structuring Agent in the deal with Barclays Bank as Joint Bookrunner. The new credit facility will support Purchasing Power's growth plan into the first quarter of 2026.

"Purchasing Power's mission of Powering People to a Better Life is always well received and resonates deeply in the investment community," said Ron Oertell, Chief Financial Officer at Purchasing Power. "This securitization maintains our ability to continue to serve our employee customers and employer clients by offering this unique, highly valuable benefit. We could not have done it without the support of our long-term banking partners, Capital One and Barclays."

Purchasing Power serves employees as a voluntary benefit offered through large businesses including more than 50 Fortune 1000 companies, trade associations, unions and government agencies. Using the employee purchase program, workers have an opportunity to purchase from 45,000 of the latest brand-name consumer products and household necessities, including major appliances, electronics, furniture and automobile tires, online education services and vacation packages through payroll deduction. They make manageable, fixed payments over 6 or 12 months with no ballooning interest, credit checks, hidden fees, or late fees.

About Purchasing Power, LLC
For more information, visit https://corp.purchasingpower.com/.

Purchasing Power is a registered trademark of Purchasing Power, LLC.
©2024 Purchasing Power, LLC. All rights reserved.

Media Contact:
Joe Swaney, 404.273.7354
[email protected]

SOURCE Purchasing Power, LLC