Student loan refinancer Earnest has completed its second securitization, a $225 million whose senior notes were rated Single-A by DBRS and Kroll. When combined with a $112 million securitization in February it brings Earnest’s 2016 securitization total to $337 million.
“Closing two successful securitizations in two quarters is a clear sign to the capital markets that we’re committed to them as a regular issuer,” said Louis Beryl, CEO and co-founder of Earnest. “This deal was oversubscribed, upsized, and traded on the tight end of market guidance with nearly a dozen total investors in the transaction — a clear sign that our advanced technology, world-class underwriting, and lifetime servicing is resonating with the capital markets.”
Look for more activity in the future, Mr. Beryl added.