Latest news with #asset-backed
Business Wire
02-07-2025
- Automotive
- Business Wire
Lendbuzz Completes $266 Million Asset-Backed Securitization
BOSTON--(BUSINESS WIRE)-- Lendbuzz, an AI-based fintech company that helps consumers obtain better access to credit when purchasing a vehicle, announced today that it has closed a $266 million securitization ('LBZZ 2025-2') collateralized by a pool of auto loans made to obligors and secured by new and used automobiles, light duty trucks, and vans. LBZZ 2025-2 issued five classes of notes: Class A-1, Class A-2, Class B, Class C, Class D. The LBZZ 2025-2 notes have been rated by S&P Global Ratings (S&P) and Kroll Bond Rating Agency (KBRA) as K1+/NR, AAA/AA, AA-/AA-, A-/A- and BBB/NR, respectively. Goldman Sachs & Co. LLC acted as lead bookrunner and structuring agent, with J.P. Morgan Securities LLC, Mizuho, and RBC Capital Markets, LLC, as joint bookrunners; MUFG and Regions Securities LLC acted as co-managers. 'We are proud to have closed another successful transaction that deepens our access to diverse funding sources,' said George Sclavos, Chief Financial Officer at Lendbuzz. 'Our ability to continue to grow our program is a testament to the strength of our investor base and a powerful testament to our investors' confidence in the performance of our credit model.' To date, Lendbuzz has completed more than $2.1 billion of publicly syndicated asset-backed securitizations and remains committed to growing the program as part of its diverse funding strategy. The additional capacity will allow Lendbuzz to continue on its mission to offer fair access to credit for underserved populations. About Lendbuzz Lendbuzz is an AI-based financial technology company that helps consumers obtain better access to credit when purchasing a vehicle. Powered by alternative data and machine learning algorithms, Lendbuzz can assess the creditworthiness of consumers with limited credit history—a group underserved by traditional banks. Through our auto dealership partners, Lendbuzz offers consumers attractive financing solutions while opening up opportunities for those dealerships to serve a more diverse customer base. Lendbuzz is headquartered in Boston, Massachusetts and was founded in 2015.
Business Wire
20-05-2025
- Business
- Business Wire
KBRA Assigns Preliminary Ratings to Stream Innovations 2025-1 Issuer Trust
NEW YORK--(BUSINESS WIRE)--KBRA assigns preliminary ratings to four classes of notes issued by Stream Innovations 2025-1 Issuer Trust ('STRE 2025-1'), an asset-backed securitization collateralized by a pool of consumer loans used for home improvements. The ratings reflect the initial credit enhancement levels ranging from 24.10% for the Class A notes to 3.20% for the Class D notes. Credit enhancement on the notes is comprised of overcollateralization, subordination of junior note classes (except for the Class D notes), a cash reserve account funded at closing, and excess spread. STRE 2025-1 is Stream Innovations Inc. ('Stream' or the 'Company') third ABS securitization. STRE 2025-1 will issue four classes of notes totaling $242.89 million. At closing, the transaction consists of approximately $199.63 million receivables, with an expected collateral balance of $249.63 million after completion of the two-month prefunding period. Stream was founded in 2020, is based in Conshohocken, Pennsylvania and provides financing for customers of Power Home Remodeling Group, LLC ('Power Home' or the 'Merchant'), under the Stream Program. Stream was founded and is owned by several of the owners of Power Home, the COO of Power Home and the CEO of Stream. Power Home, founded in 1992 and headquartered in Chester, Pennsylvania, is a home remodeling company focused on the installation and construction of residential energy efficiency and home improvement projects. Power Home has 23 offices in the U.S. and has completed over 1 million home improvement projects since inception. Power Home's primary home improvement projects are for the installation of windows, siding, insulation, doors, and roofs. Power Home currently has over 4,300 employees and operates in 27 states. KBRA applied its Consumer Loan ABS Global Rating Methodology, as well as its Global Structured Finance Counterparty Methodology and ESG Global Rating Methodology as part of its analysis of the static pool data and the underlying collateral pool and stressed the capital structure based upon its stress case cash flow assumptions. KBRA considered its operational review of Stream Innovation Inc., as well as several business updates with the Company since that time. Operative agreements and legal opinions will be reviewed prior to closing. To access ratings and relevant documents, click here. Click here to view the report. Methodologies Disclosures Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above. A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here. Information on the meaning of each rating category can be located here. Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at About KBRA Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan's Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S. Doc ID: 1009520
