Renew Financial's First PACE ABS Transaction of 2018 Receives Top Ratings

OAKLAND, Calif., June 27, 2018 /PRNewswire/ -- Renew Financial, a national leader in home improvement financing, announced today the completion of its latest PACE ABS transaction totaling $169.7 million. The PACE assessments included in the deal originated in partnership with Los Angeles County, the California Statewide Community Development Authority, the Western Riverside Council of Governments and the Florida Green Finance Authority.

The transaction included:

• $147,342,000 Class A Notes rated AAA (sf) by DBRS and GB1 (Excellent) by Moody's;
• $4,556,000 Class M Notes at AA (sf) by DBRS and GB1 (Excellent) by Moody's; and
• $17,800,000 Class B Notes at BBB (sf) by DBRS.

"Every one of Renew Financial's PACE deals represents the culmination of months of hard work, helping thousands of homeowners to live more comfortably and securely," said Mary Kathryn Lynch, EVP of Capital Markets at Renew Financial. "We're pleased that investor interest in PACE ABS continues to grow because it means we'll be able to help thousands more homeowners in the future."

"Our first securitization of 2018 reflects so much of what is positive about Renew Financial," said Kirk Inglis, the company's CEO. "We come to work every day to provide homeowners with the most trusted PACE financing option in the market. Whether it's for insulation and a new AC unit or storm windows and shingles, we help homeowners make the critical improvements they need. This is increasingly true in Florida, where we're now helping more homeowners than ever before to prepare for hurricane season and a hot summer. We look forward to continued growth in 2018, and to serving even more families in the months and years ahead."

Barclays served as the deal's sole structuring agent and bookrunner. Morgan Stanley and Natixis Securities Americas LLC also served as bookrunners.

PACE financing – invented by Renew Financial – has now enabled more than 220,000 American homeowners to make energy efficiency, renewable energy and hurricane-mitigation improvements to their properties. PACE administrators provide homeowners with 100 percent of the upfront capital for home improvements, and the homeowners repay these costs over time through an additional line item on their property taxes.

About Renew Financial
Renew Financial Group LLC ("Renew Financial") is one of the nation's leading home improvement financing companies. Renew Financial administers and provides multiple financing products across the country, with programs available in several states, including Property Assessed Clean Energy (PACE) programs operating in California and Florida. PACE is a financing tool enabled by state and local governments that provides homeowners and business owners with access to private capital to finance the entire cost of energy efficiency, water conservation, renewable energy, seismic, and wind mitigation upgrades, and then pay for those upgrades on their property tax bill. PACE was named by Scientific American as one of the "top 20 ideas that can change the world." PACE is a job-creating policy tool that enjoys broad support, having been championed in state legislatures and local communities nationwide by business leaders, advocacy organizations and elected officials from both sides of the aisle.

Renew Financial® is a registered trademark of Renew Financial Holdings Inc.

Additional information may be found at: 
renewfinancial.com | @RenewFinancial | LinkedIn | Facebook | Blog 

SOURCE Renew Financial

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