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Prestige Financial Executes $335 Million Portfolio Securitization

August 24, 2017 • Steve Cyr • Tags:


Prestige Financial Services, Inc. has completed its sixteenth rated term securitization, issuing $335,223,000 in securities backed by $358,533,598 in automobile installment receivables. In a transaction led jointly by J.P. Morgan Securities and Wells Fargo Securities, notes were purchased by qualified institutional buyers in a private offering pursuant to Rule 144A of the Securities Act. The securitization closed on Wednesday, August 23.

The seven note classes issued by Prestige Auto Receivables Trust 2017-1 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 2.76%.

“Prestige has been an active participant in the asset-backed term market for two decades, with nearly $4 billion in total issuance,” notes J.P. Morgan Securities Executive Director Billy Wong. “PART 2017-1 is yet another demonstration of the company’s ability to access liquidity on relatively favorable terms.”

Prestige was founded in 1994 as an affiliate of the Larry H. Miller Group of Companies, which includes the N.B.A.’s Utah Jazz and one of the country’s largest auto dealership networks. Today, Prestige manages a portfolio of more than $1 billion in contracts and does business with dealerships across the country.

“Our securitizations have continued to enjoy the support of both new and repeat investors,” observes Aaron Dalton, Prestige’s Chief Financial Officer. “Thanks to them, this transaction delivered some of our tightest pricing spreads ever.”

All notes included in this transaction having been sold, this announcement appears as a matter of record only.