The CASL 2021-B securitization is the second this year; reflects increasing demand for student loans and bonds from College Ave Student Loans
WILMINGTON, Del., July 21, 2021 /PRNewswire/ -- College Ave Student Loans announced it has completed a $279.6 million securitization of private student loans, its second for 2021 and the first to receive a AAA rating from S&P Global. In addition, DBRS Morningstar also rated the CASL 2021-B senior notes AAA, as it has done with prior securitizations.
"Achieving AAA ratings from both DBRS and S&P is a significant milestone for the company," said Joe DePaulo, CEO and Co-Founder of College Ave Student Loans. "The AAA ratings are a testament to the consistency of our portfolio performance and reflect the strength of College Ave's business model."
Completed in June 2021, the CASL 2021-B transaction is the fifth securitization for the company and brings the total amount of securitized loans to more than $1.3 billion. As with past securitizations, the CASL 2021-B transaction saw significant investor demand and high levels of oversubscription with repeat investors and new participants across the capital structure. Investor demand to bonds available was 4.9x. Barclays and Morgan Stanley were joint bookrunners on the transaction.
"CASL 2021-B is our most successful ABS issuance to date," said DePaulo. "The high market response recognizes our company's achievements, best-in-class lending platform and incredible reputation among the investment community."
The securitization reflects a strong year of performance for College Ave. The company continues to expand its product line, recently announcing the new Graduate Health Professionals loan to its portfolio. Forbes Advisor, NerdWallet and Money also named College Ave as a winner on their "Best of 2021" awards lists in the private student loans category.
About College Ave Student Loans
College Ave Student Loans started with a big vision and a simple mission – take the stress out of paying for college so students can focus on preparing for a bright future. Now a leading fintech lending company, College Ave remains committed to using best-in-class technology and deep industry expertise to deliver practical and personal solutions that give young adults a running start on their roads to financial success. We offer best in class products with competitive rates and a customer-friendly experience from start to finish. Visit: www.collegeavestudentloans.com
SOURCE College Ave Student Loans