Affirm completes $ 500 million asset-backed securitization to support continued growth

0

SAN FRANCISCO – (COMMERCIAL THREAD) – Affirm Holdings, Inc. (NASDAQ: AFRM), the payments network that empowers consumers and helps merchants drive growth, today announced the closing of a $ 500 million securitization of its loans installment at the point of sale. The show follows an active and successful period for Affirm, which was recently recognized as “Esoteric ABS Issuer of the YearAs part of the 2021 US Securitization Awards announced by GlobalCapital. The transaction marks Affirm’s third securitization in 2021, the sixth since its program launched in July 2020 and represents the company’s most successful issue to date.

“Our capital strategy continues to be an important competitive differentiator for Affirm as our ABS program builds on its already strong execution,” said Michael Linford, CFO at Affirm. “Our 2021-B securitization has been our most efficient execution to date and gives us even greater flexibility to support our growth in 2021 and beyond. We appreciate the exceptionally strong investor demand for this offering and the confidence in our platform from our large and diverse group of institutional capital partners. ”

The offering included five fixed rate note classes: Class A, Class B, Class C, Class D and Class E, all rated by DBRS-Morningstar, with assigned ratings of AA (sf), A (sf), BBB (sf), BB (sf) and B (sf), respectively. The Notes were placed with a diverse pool of institutional investors in a private offering in accordance with Rule 144A of the Securities Act of 1933, as amended. Barclays acted as senior bookrunner and structuring agent with JP Morgan and Truist Securities as associate bookkeepers and Morgan Stanley, Regions Securities and R. Seelaus & Co. as co-managers.

About Affirm

Affirm’s mission is to provide honest financial products that improve lives. By creating a new kind of payment network, based on trust, transparency and putting people first, we empower millions of consumers to spend and save responsibly, and empower thousands of businesses. tools needed to stimulate growth. Unlike credit cards and other installment payment options, we show consumers exactly what they will pay up front, never increase that amount, and never charge late fees or hidden fees. Follow Affirm on social networks: LinkedIn | Instagram | Facebook | Twitter.

AFRM-F



Source link

Leave A Reply

Your email address will not be published.