Octane Completes $ 340 Million Asset-Backed Securitization to Continue Growth
NEW YORK, November 10, 2021 / PRNewswire / – Octane (Octane Lending Inc.), the fintech that is revolutionizing the shopping experience for large recreational purchases, today announced the closure of a $ 340 million securitization (“OCTL 2021-2”) backed by its fixed rate motor sports loans. This successful transaction marks the second securitization of Octane in 2021 and the fourth since the launch of the program in December 2019.
OCTL 2021-2 issued three classes of fixed rate notes: Class A, Class B and Class C, all rated AA / AA, A by Standard & Poor’s (S&P) * and Kroll Bond Rating Agency (KBRA) ** . / A and BBB / BBB + respectively as part of a private offer in accordance with Rule 144A of the Securities Act of 1933, as amended. This was Octane’s largest asset-backed securitization transaction to date. JP Morgan acted as lead manager and structuring agent, Credit Suisse and Truist Securities as associate bookkeepers.
“The AA rating and the strong demand for our securitizations are testament to the strong performance of our loans and the success of our business model,” said Steven fernald, CFO at Octane. “We are grateful for the diverse mix and continued involvement of our institutional investor partners who have given us even more flexibility to support our rapid growth and expansion into new verticals. ”
In August 2021, Octane announced to have raised $ 52 million in Series D financing bringing the valuation of the company to more $ 900 million with over $ 192 million of the total equity capital raised to date.
This press release does not constitute an offer to sell or the solicitation of an offer to buy and there will be no sale of such securities in any jurisdiction in which such an offer, solicitation or sale would be illegal prior to the registration or qualification under securities laws. of such jurisdiction.
* S&P’s full rating analysis, including all updates, which you should review and understand, is available at standardandpoors.com and can be viewed here.
** KBRA Ratings are subject to all terms and conditions set out in the related report and KBRA website, which you must review and understand, and which you can access here.
Octane offers instant financing to fuel your lifestyle. Octane dramatically simplifies and speeds up the transaction process for major recreational purchases such as motorcycles, ATVs and zero-turn lawn mowers by adding value every step of the way in the shopping journey. Octane offers automated underwriting, innovative credit products and financing, through its internal lender Roadrunner Financial. Octane reaches millions of enthusiasts through its editorial brands like Bike world and UTV driver and helps consumers buy their favorite products by prequalifying them on reseller and OEM websites. Octane is revolutionizing lending in underserved verticals and continues to grow in markets that represent tens of billions of dollars in annual transactions.
Octane is a remote financial technology company with offices in New York and Dallas. He has grown his team by 50% over the past year, from 213 to over 400 employees, and continues to actively recruit top talent. To learn more about career opportunities and view job openings, please visit careers page to www.octane.co.
Senior Vice President of Corporate Development and Investor Relations at Octane
Director of Corporate Communications at Octane
N6A on behalf of Octane