Marketplace lender DRB has priced its sixth securitization. The $203 million securitization brings total issuance to more than $1.3 billion.
The deal benefited from senior note upgrades to AA by Moody’s and DBRS. The portfolio makeup was 88 percent fixed and 12 percent variable loans.
The transaction was oversubscribed.
Since launching in 2013 DRB has originated more than $1.5 billion through its student loan division.
“Securitization continues to be an effective financing mechanism for us, even in a volatile market, which reflects the high quality of our assets,” said Aryea Aranoff, Chief Strategy Officer of DRB Lending, an affiliate of Darien Rowayton Bank. “This securitization allows us to expand our student loan footprint further, and more importantly, help more customers lower their student loan rates to save money.”