Flagship Completes $222M Asset-Backed Securitization
The below-prime finance source also announces the completion of a new $100 million senior lending facility with Barclays Bank PLC, and plans to open a Western regional office in Phoenix, Ariz.
CHADDS FORD, Pa. — Flagship Credit Acceptance LLC has completed an asset-backed securitization of $222 million of notes in a transaction that closed on April 18, 2013.
The notes were issued in four tranches and were assigned ratings by Standard & Poor’s Ratings Services and Kroll Bond Rating Agency. This is the company’s second asset-backed securitization.
Additionally, Flagship recently completed a new $100 million senior lending facility with Barclays Bank PLC. The addition of this facility increases the company’s total borrowing capacity to $275 million.
The securitization and new debt facility will be utilized to support Flagship’s strategic growth plans and its auto finance consumer lending activities.
“We are thrilled about these recent accomplishments,” said Michael Ritter, founder and CEO of Flagship. “These steps represent the steady progression in Flagship’s evolution as a nationally recognizable lender in the below-prime financing arena.”
As contemplated in the company’s growth strategy, Flagship will open a Western regional office in Phoenix, Ariz. This location will function as a complementary service center primarily supporting West Coast automobile dealers and consumers. Through state of the art technology, this new facility will also act as a fully functioning disaster recovery center for Flagship’s East Coast headquarters.
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