Ascent Completes First Public Securitization of College Loans in $287 Million Offering

Deal Included Lender's Innovative Outcomes-Based Loan™ 

SAN DIEGO, May 23, 2024 /PRNewswire/ -- Ascent, a leading provider of innovative financial products and student support services, enabling students to access education and achieve academic and economic success, is proud to announce its inaugural public securitization in a $287.43 million transaction. The offering included its most innovative product to increase access to college education, the pioneering Outcomes-based Loan. 

The inaugural issuance included three classes of fixed-rate notes: Class A, Class B, and Class C, all of which were rated by Morningstar DBRS, with assigned ratings of AA (sf), A (sf) and BBB (L) (sf), respectively. Atlas SP acted as structuring agent and Atlas SP and Barclays acted as bookrunners for the deal.

"We are pleased with the execution of the first ever public securitization that includes a product like Ascent's Outcomes-based Loan," said Ken Ruggiero, co-founder and CEO of Ascent. "The efficient execution on our first public transaction provides new and longstanding investors with confidence in Ascent's underwriting model and comprehensive suite of student support services."

"We are grateful for the exceptionally strong investor demand for this offering from our large, diversified group of capital providers," said Ryan Gray, Chief Financial Officer and Chief Operating Officer of Ascent. "Ascent's strong capital markets execution continues to be a key differentiator as we grow the business and continue to innovate our products to achieve our long-term goals."

Ascent is committed to building durable economic mobility for its students. The company is more than a student lender, focused on helping students plan, pay and succeed before, during and after school, remaining steadfast in its goal of improving the income of its borrowers by $10 billion dollars in five years. View the 2023 impact report here.

ABOUT ASCENT
Ascent is the leading provider of innovative financial products and wrap-around student support services that enable more students to access education and achieve academic and economic success. Everything Ascent offers is designed with the best-in-class teams and technology to increase every student's ability to plan, pay, and succeed. Ascent's rare Outcomes-based Loan provides funding to credit-invisible borrowers who generally do not benefit from traditional credit. Ascent products also include: Cosigned Loans, Solo Loans, Career Loans, Parent Loans, Graduate Loans, Access Loans, Enterprise Loans and Impact Loans. 

For more information, visit www.ascentfunding.com. 

ASCNT 2024-A

Forward Looking Statements
This communication contains forward-looking statements related to Ascent (the "Company") within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements related to: the Company's financial and operating guidance and expectations; the Company's business plan, trajectory, expectations, market leadership, competitive advantages, operational and financial results and metrics (and the assumptions related to the calculation of such metrics); the Company's momentum in its business strategies including expectations regarding market share, total addressable market, customer value proposition, market penetration, financing activities, financing capacity, product mix, and ability to manage cash flow and liquidity; the status of the lending and student lending industries; trends or potential trends within the lending and student lending industries, our business, customer base, and market; the Company's ability to derive value from the anticipated benefits of partnerships, new technologies, and pilot programs; anticipated demand, market acceptance, and market adoption of the Company's offerings, including new products, services, and technologies; expectations regarding the growth of student lending and lending; the Company's ability to manage borrowers; the Company's leadership team and talent development; and factors outside of the Company's control such as macroeconomic trends, bank failures, public health emergencies, natural disasters, acts of war, terrorism, geopolitical conflict, or armed conflict/ invasion, and related issues. These statements are not guarantees of future for any reason, except as required by law. These statements are not guarantees of future performance; they reflect the Company's current views with respect to future events and are based on assumptions and estimates and are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from expectations or results projected or implied by forward-looking statements. The risks and uncertainties that could cause the Company's results to differ materially from those expressed or implied by such forward-looking statements include: the Company's continued ability to manage costs and compete effectively; the availability of additional financing on acceptable terms; worldwide economic conditions, including slow or negative growth rates and inflation; volatile or rising interest rates; changes in policies and regulations; the Company's ability to attract and retain the Company's business partners; realizing the anticipated benefits of past or future investments, partnerships, strategic transactions, or acquisitions, and integrating those acquisitions; the Company's leadership team and ability to attract and retain key employees; changes in the retail prices of traditional utility generated electricity; the availability of rebates, tax credits and other incentives; the Company's business plan and the Company's ability to effectively manage the Company's growth and labor constraints; and the Company's ability to meet the covenants in the Company's investment funds and debt facilities. All forward-looking statements used herein are based on information available to us as of the date hereof, and we assume no obligation to update publicly these forward-looking statements for any reason, except as required by law.

For media inquiries, please contact:
Jenny Gustafson, Like Minds Communications
[email protected]
(713) 416-7280

SOURCE Ascent Funding