SAFCO Closes on $225 Million Asset-Backed Securities Issuance

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Jan 26, 2024, 16:49 ET

POMPANO BEACH, Fla., Jan. 26, 2024 /PRNewswire/ -- Southern Auto Finance Company, LLC ("SAFCO") is pleased to announce the successful completion of its second asset-backed securities ("ABS") issuance, further strengthening the company's liquidity position and ability to execute on its growth strategies.

SAFCO successfully issued $225 million in rated Notes. Notably, the Class A Note received a rating of AAA from Kroll, attesting to the consistent performance and strength of SAFCO's origination platform. The transaction was well received by the market with strong subscription levels.

George Fussell, CEO of SAFCO, emphasized the significance of this financing milestone, stating, "We have successfully secured long-term, fixed-rate financing at attractive rates. This financing transaction is designed to strengthen our balance sheet while at the same time supporting our expansion into new markets. Our focus remains on broadening our portfolio and accelerating growth in markets that align with our target demographic, particularly in underbanked segments. We expect to be a regular issuer in the capital markets with increasing frequency and larger deal sizes as we grow our portfolio."

About SAFCO

SAFCO is an industry-leading auto finance company with the power to see creditworthiness where others don't. Our proprietary originations system, complete with deep machine learning, enables us to see beyond credit scores and basic alternative data and instead base our decisions on unique, realistic insights that reveal the full credit potential of applicants. SAFCO is headquartered in Pompano Beach, Florida.

Contact: Jason Person
Chief Financial Officer
954-745-2503
[email protected]

SOURCE Southern Auto Finance Company, LLC