Darien Rowayton Bank‘s fourth securitization of refinanced student loans, announced today, brings its total issuance to more than $925 million.
Todays batch, totaling $332.5 million in senior notes, consisted of 75 percent fixed and 25 percent variable loans. They were rated A2 to A3 by Moody’s and AA by DBRS.
The transaction was led by Morgan Stanley.
Last month Darien Rowayton Bank completed a $359 million transaction rated BBB+ by Fitch and A by DBRS.
“Since DRB began focusing on student loan refinancing, we have prided ourselves on providing our borrowers with the lowest interest rates, the best customer service and leading technology that would allow them to focus on establishing a strong financial future,” said Aryea Aranoff, Chief Strategy Officer of DRB.
“Our fourth securitization enables us to continue offering this to our borrowers. In less than two years, we have seen vast growth, and we continue to expand our product offerings as we focus on developing long-term relationships with our borrowers nationwide.”