SAN FRANCISCO, July 22, 2019 /PRNewswire/ -- LendingClub Corporation (LC), America's largest online lending marketplace connecting borrowers and investors, has issued to investors its next generation certificates, called Levered Certificates, backed by over $100 million of LendingClub marketplace loans.
This structure consisted of two securities, one equity certificate and one fixed-rate note. The equity certificate provided exposure to a pool of unsecured personal loans. The fixed-rate note provided stable term financing over the life of the certificate. Both the certificate and the note trade in the over-the-counter market with CUSIPs and are cleared through the Depository Trust and Clearing Company (DTCC).
"We continue to innovate on products and structures to enable more investors to participate in our marketplace and gain access to consumer credit," said Valerie Kay, Chief Capital Officer of LendingClub. "We expect our structured program innovation to further improve LendingClub's balance sheet efficiency and reduce administration costs."
Levered Certificates are the latest addition to LendingClub's structured programs. In the first quarter of 2019, LendingClub facilitated $2.7 billion worth of loans supported by capital provided by some of the largest fixed income managers in the world, and almost 40 percent of these loans were sold through its structured programs which also includes CLUB Certificates.
LendingClub's Levered Certificates can be seen on dv01, Bloomberg and Intex with the "LCRT" ticker.
LendingClub was founded to transform the banking system to make credit more affordable and investing more rewarding. Today, LendingClub's online credit marketplace connects borrowers and investors to deliver more efficient and affordable access to credit. Through its technology platform, LendingClub is able to create cost efficiencies and passes those savings onto borrowers in the form of lower rates and to investors in the form of risk-adjusted returns. LendingClub is based in San Francisco, California. Currently, residents of the following states may invest in LendingClub notes: AL, AR, AZ, CA, CO, CT, DC, DE, FL, GA, HI, IA, ID, IL, IN, KS, KY, LA, MA, ME, MD, MI, MN, MO, MS, MT, ND, NE, NH, NJ, NV, NY, OK, OR, RI, SC, SD, TN, TX, UT, VA, VT, WA, WI, WV, or WY. All loans are made by federally regulated issuing bank partners. More information is available at https://www.lendingclub.com.
Safe Harbor Statement
Some of the statements above, including statements regarding future product initiatives and financial benefits, are "forward-looking statements." The words "anticipate," "believe," "estimate," "expect," "intend," "may," "outlook," "plan," "predict," "project," "will," "would" and similar expressions may identify forward-looking statements, although not all forward-looking statements contain these identifying words. Factors that could cause actual results to differ materially from those contemplated by these forward-looking statements include those factors set forth in the section titled "Risk Factors" in our most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q, each as filed with the SEC. We may not actually achieve the plans, intentions or expectations disclosed in forward-looking statements, and you should not place undue reliance on forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in forward-looking statements. We do not assume any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Information in this press release is not an offer to sell securities or the solicitation of an offer to buy securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.
Additional information about LendingClub is available in the prospectus for LendingClub's notes, which can be obtained on LendingClub's website at https://www.lendingclub.com/info/prospectus.action.
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