Marketplace Lending system Avant Closes $139M Asset-Backed Securitization Led by Jefferies; Secures $200M Credit Facility Led by J.P. Morgan & Credit Suisse
Market financing platform, Avant, announced on Thursday that two newly secured deals totaling $339 million with debt funding. These recently minted deals bring AvantвЂ™s funding total to $1.1 billion with debt financing, $334 million in equity funding and $400 million raised through the Avant Institutional Marketplace.
The financing transaction with Jefferies LLC, marks AvantвЂ™s first securitization that is asset-backed. The inaugural 144A securitization deal shall provide Avant with $139 million with debt funding. Jefferies LLC served as placement representative for the three-tranche securitization along with provided the warehouse funding for the collateral that is underlying.
Brian McGrath, Co-Head of Mortgage and securities that are asset-Backed Jefferies, claimed:
вЂњWe are very happy to help our customer Avant with attractive financing solutions. We appreciate the reaction of y our money market investor customers for this growing sector of investment possibilities.вЂќ
Avant additionally shut a $200 million revolving warehouse center, with J.P. Morgan and Credit Suisse serving as senior loan providers sufficient reason for Waterfall resource Management serving being a mezzanine lender. The deal will provide financial obligation funding for AvantвЂ™s core US installment loan company.
Al Goldstein, CEO of Avant, explained:
вЂњThis inaugural securitization, put through leading international investment banking company Jefferies, furthers our access to an easy way to obtain money areas financing and sets a stronger precedent for future deals.