Earnest Prices $175 million Securitization of Refinanced Student Loans; Achieves AA (High) Rating by DBRS
(firmenpresse) - SAN FRANCISCO, CA -- (Marketwired) -- 05/24/17 -- today announced the close of the $175 million Earnest 2017-A transaction backed by refinanced student loans. The offering received an AA (high) rating on the senior notes by DBRS which is now only one notch below the highest attainable rating of AAA. The transaction was three-times oversubscribed and traded at the tight end of market guidance.
Earnest has now completed five securitizations of refinanced student loans since February 2016 for a total value of over $877 million. In 15 months, the company has increased its rating on the senior notes from A to AA (high), a progression that often takes several years. This speaks to the quality of the underlying collateral and the advancement Earnest has made as a programmatic issuer in the capital markets.
"This marks another strong securitization for Earnest, providing us the opportunity to welcome new investors and continue building our capital markets program. We''re thrilled at the appetite and investor confidence in our offerings," said Louis Beryl, CEO and co-founder of Earnest.
Earnest is a technology company using data science, smarter design, and exceptional service to rebuild financial services. Founded in 2013 on the belief that financially responsible people deserve better options and access to credit, Earnest''s lending products are built for a new generation seeking to reach life''s milestones. The company''s mission is to democratize access to high-quality financial services.
Earnest is headquartered in San Francisco and backed by Maveron, Battery Ventures, Adams Street Partners, Andreessen Horowitz, Accomplice Ventures, Wildcat Venture Partners, First Round Capital, and others. For more information, please visit or follow the team on , , and the .
Earnest
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 24.05.2017 - 17:34 Uhr
Sprache: Deutsch
News-ID 1505733
Anzahl Zeichen: 2454
contact information:
Contact person:
Town:
SAN FRANCISCO, CA
Phone:
Kategorie:
Commercial & Investment Banking
Typ of Press Release:
type of sending:
Date of sending:
Anmerkungen:
Diese Pressemitteilung wurde bisher 399 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Earnest Prices $175 million Securitization of Refinanced Student Loans; Achieves AA (High) Rating by DBRS
"
steht unter der journalistisch-redaktionellen Verantwortung von
Earnest (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
