September 28, 2018 – Prestige Financial Services, Inc. has completed its sixteenth rated term securitization, issuing $407,830,000 in securities backed by $437,349,686 in automobile installment receivables. In a transaction led jointly by Wells Fargo Securities and J.P. Morgan Securities, notes were purchased by qualified institutional buyers in a private offering pursuant to Rule 144A of the Securities Act. The securitization closed on Thursday, September 27.
The seven note classes issued by Prestige Auto Receivables Trust 2018-1 carried ratings ranging from A-1+/R-1(h) through BB/BB from Standard & Poor’s and DBRS, respectively, based on several factors including Prestige’s proven track record as a loan originator and servicer. The duration-weighted average rate was 3.73%.
“PART 2018-1 represents a milestone as Prestige’s largest securitization to date,” observes Jay Brinkley, Managing Director in the Consumer Asset-Based Finance Group at Wells Fargo Securities. “Despite the deal’s landmark size, robust investor demand allowed the transaction to achieve some of the sector’s lowest benchmark-adjusted pricing over the past decade.”
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QUICK FACTS ABOUT PRESTIGE FINANCIAL SERVICES, INC.
Release Abstract
Prestige Financial Services, Inc. announces the completion of a $408 million auto loan portfolio securitization. In a private offering pursuant to Rule 144A of the Securities Act, Prestige Auto Receivables Trust 2018-1 issued notes in seven classes rated from A-1+/R-1(h) through BB/BB from Standard & Poor’s and DBRS, respectively.The transaction was co-lead managed by Wells Fargo Securities and J.P. Morgan Securities.
Company Narrative
Now in its twenty-fourth year of operations, Prestige Financial Services, Inc. provides consumer financing solutions for automobile dealerships in more than 40 states. An affiliate of the Larry H. Miller Group of Companies, Prestige employs 600 credit professionals and support staff to service a wide range of borrower types and is recognized throughout the industry for its innovative lending programs and strong portfolio performance.
