SoFi Completes Largest and Highest Rated Marketplace Securitization to Date
$411.9 Million Securitization of Refinanced Student Loans Rated by Three Ratings Agencies
Fifth Securitization Brings Total Issuance In Excess of $1.55 Billion
SAN FRANCISCO, June 10, 2015 /PRNewswire/ -- SoFi, a leader in marketplace lending, today announced it closed a $411.9 million securitization of refinanced student loans. Moody's, Standard & Poor's and DBRS gave the highest rated senior notes Aa2/A/AA (high) respectively. It is the largest securitization to date for a marketplace lender and is the only securitization of refinanced student loans to achieve such a rating. This is SoFi's fifth securitization; the firm completed its first in 2013. In 2014, SoFi became the first marketplace lender to secure investment grade ratings from S&P and Moody's for senior notes in a securitization.
The transaction was comprised of $146.676m of floating rate A-1 notes, $235.445m of fixed rate A-2 notes, and $29.78m of Class B bonds. It was backed by $441m in collateral. Goldman Sachs and Morgan Stanley led the transaction.
"Creating a capital efficient market helps us fuel a virtuous cycle, which in turn supports our goal of providing the best products and borrowing climate for our members," said Nino Fanlo, SoFi CFO and COO. "Securing the highest ratings for a marketplace lender is further proof of the stability and appeal of our platform and the category overall. As we complete our fifth securitization, it's gratifying to be continually broadening our universe of investors and spreading SoFi's brand to more companies, investors and individuals."
About SoFi
SoFi is a leader in marketplace lending and the largest provider of student loan refinancing, with over $2.5 billion dollars in loans funded. Recently recognized by CNBC as a Disruptor 50, we're transforming financial services for early stage professionals with student loan refinancing, mortgages, personal loans, and MBA loans. Unlike traditional lenders, our proprietary underwriting approach takes into account merit and employment history to offer unique credit products our members won't find elsewhere. We offer individual and institutional investors the ability to create positive social impact on the communities they care about while earning compelling rates of return. For more information, visit SoFi.com.
For press inquiries:
Debra Jack
[email protected]
415-706-5012
SOURCE SoFi
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