Purchasing Power announces its first rated securitization issuance of $160M to support continued growth of the company

18 Dec, 2015, 11:42 ET from Purchasing Power, LLC

ATLANTA, Dec 18, 2015 /PRNewswire/ -- Purchasing Power announces its first credit rating and completion of a $160M Asset-Backed Securitization to fuel the continued growth of the company driven by significant new client and customer additions to the business.

Kroll Bond Rating Agency assigned investment-grade ratings to Purchasing Power's first ABS securitization that was placed with a diversified mix of institutional investors in a private offering led by Jefferies LLC serving as the sole book running manager for Purchasing Power. With the strong credit ratings, Purchasing Power was able to secure a reduction in financing costs which, in addition to negotiating a new $45M credit facility with Goldman Sachs Specialty Lending Group L.P., improves Purchasing Power's overall capital structure.

"As a result of the favorable credit ratings and expanding our financing position and strength to support robust growth, we continue our leadership position as the pre-eminent specialty e-retailer to the underserved American population, providing access to products and services at an affordable total cost of ownership made available through payroll deduction," said Scott Rosenberg, Purchasing Power CFO. The proceeds of these transactions will be used to fund program growth at a lower average cost of debt while enabling the company to fulfill its mission of providing customers access to a better quality of life through a superior employee purchase program offered by employers.

Purchasing Power was represented by Honigman Miller Schwartz and Cohn LLP, and Jefferies was represented by Mayer Brown in the transactions.

About Purchasing Power, LLC
Purchasing Power is one of the fastest-growing specialty e-retailers in the industry, offering a leading employee purchase program for consumer products and services, made available through employers, as well as providing financial tools and resources to improve employees' financial wellness. Purchasing Power is available to over 8 million people through large companies – including Fortune 100s – and government agencies. The company was honored for "World Class Service" by Smart Business, recognized as one of the fastest-growing companies for eight years on the Inc. 500|5000, and is one of "Atlanta's Best and Brightest Companies to Work For." Headquartered in Atlanta, Purchasing Power is 'Powering People to a Better Life™' through its employee purchase program, financial literacy efforts and charitable contributions. Purchasing Power is a Rockbridge Growth Equity, LLC Company. For more information, visit www.PurchasingPower.com.

About Kroll Bond Rating Agency
Kroll Bond Rating Agency (KBRA) is a full service credit rating agency offering accurate, timely, transparent ratings and research. KBRA is registered with the U.S. Securities and Exchange Commission as a Nationally Recognized Statistical Rating Organization (NRSRO). In addition, KBRA is recognized by the National Association of Insurance Commissioners (NAIC) as a Credit Rating Provider (CRP).

About Jefferies
Jefferies, the global investment banking firm focused on serving clients for over 50 years, is a leader in providing insight, expertise and execution to investors, companies and governments. The firm provides a full range of investment banking, sales, trading, research and strategy across the spectrum of equities, fixed income and foreign exchange, as well as wealth management, in the Americas, Europe and Asia. Jefferies Group LLC is a wholly-owned subsidiary of Leucadia National Corporation (NYSE: LUK), a diversified holding company.

Media Contact: Juliann Kaiser, 770.643.0615 jkaiser@kaisermarketinggroup.com

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SOURCE Purchasing Power, LLC



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