Tricolor closes $ 234 million asset-backed
DALLAS, Aug 02, 2021 (GLOBE NEWSWIRE) – Tricolor, an AI-powered CDFI providing high-quality, affordable used vehicles and financing to underserved Hispanics, today announced its seventh securitization, a broadcast $ 234 million in asset-backed bonds backed by a pool of its installment loans. JPMorgan Securities LLC acted as sole lead book manager and Barclays as co-manager.
The class A, class B, class C, class D, class E and class F bonds that were issued received the respective ratings AAA, AA-, A, BBB, BB, B from the agency Kroll Bond rating. Class A, Class B, Class C, Class D, Class E and Class F have been placed with a diverse mix of twenty institutional investors in a private offer in accordance with Rule 144A of Securities Act of 1933, as amended.
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“We are extremely pleased to have attracted a broader set of institutional investors to support our growth, having been oversubscribed more than three times,” said Daniel Chu, Founder and CEO of Tricolor Holdings. “Obtaining an AAA rating is a significant milestone for our business and a strong validation of our technology’s unique ability to provide access to affordable and responsible loans to a historically underserved community. ”
“Socially responsible offers are at the heart of the concerns of investors in the capital markets. Tricolor’s proven ability as an effective lender to an underserved population is a key differentiator in the ABS market, ”said George Wilkins, Managing Director of JP Morgan.
According to the FDIC’s National Survey of Unbanked and Underbanked Households, 31% of the Hispanic American population has no or limited access to regular credit, which can translate into scarce options in terms of money. access to finance for a major purchase such as a motor vehicle.
Since its founding in 2007, Tricolor has provided its customers with access to affordable financing on high quality certified vehicles to improve their quality of life and ultimately help them build a better future. Leveraging advanced AI technology, nearly fourteen years of proprietary customer information, and over 22 million unique, non-traditional attributes, Tricolor has served over 85,000 customers and disbursed over $ 1.5 billion. dollars in affordable auto loans.
Tricolor issued its first securitization in July 2013.
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.
For more information on Tricolor and Ganas, please visit tricolorholdings.com, tricolor.com and https://www.ganas.com/.
Tricolor is a U.S. Department of the Treasury Certified Community Development Financial Institution (CDFI) and mission-driven company that leverages its AI-powered platform directly to consumers to deliver to the Hispanic market ailing serviced with affordable and high quality used motor vehicles. funding. It uses advanced data analytics and technology to advance financial inclusion to a very underserved market and deliver responsible, affordable, and credit-generating auto loans to people with no or limited credit history.
Based in Dallas, Texas, Tricolor and its subsidiary Ganas Auto Group operate more than 50 dealerships in 18 markets in Texas, California and Nevada with a shared service center in Guadalajara, Mexico. On a combined basis, Tricolor and Ganas have served over 80,000 customers and disbursed over $ 1.5 billion in affordable auto loans using their proprietary model to segment risk.
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