Flagship Credit Acceptance Completes $222 Million Asset-backed Securitization; Announces New Credit Facility; Strategically Expands Consumer Lending Services
Apr 22, 2013, 03:04 ET
CHADDS FORD, Pa., April 22, 2013 /PRNewswire/ -- Flagship Credit Acceptance LLC ("Flagship"), a leading national indirect automobile finance company, today announced that it has completed an asset-backed securitization of $222 million of Notes in a transaction that closed on April 18, 2013. The Notes were issued in four tranches and were assigned ratings by Standard & Poor's Ratings Services and Kroll Bond Rating Agency. This is the Company's second asset-backed securitization.
Flagship also announced the recent completion of a new $100 million senior lending facility with Barclays Bank PLC. The addition of this facility increases the Company's total borrowing capacity to $275 million.
The securitization and new debt facility will be utilized to support Flagship's strategic growth plans and its auto finance consumer lending activities.
As contemplated in the Company's growth strategy, Flagship announced that it will open a Western Regional office in Phoenix, Arizona. This location will function as a complementary service center primarily supporting West Coast automobile dealers and consumers. Through state of the art technology, this new facility will also act as a fully functioning disaster recovery center for Flagship's East Coast headquarters.
Michael Ritter, Founder and Chief Executive Officer of Flagship, said, "We are thrilled about these recent accomplishments. These steps represent the steady progression in Flagship's evolution as a nationally recognizable lender in the below-prime financing arena. Our ability to access the capital markets is critically important and necessary to achieving long-term growth and success in the auto finance industry and we are pleased with the execution and level of investor interest in our second issuance."
Flagship currently employs 150 professionals who focus on a customer service driven lending model. The Company provides automobile financing to consumers with limited access to traditional financing sources through its broad network of over 3,500 dealer relationships across 39 states.
About Flagship Credit Acceptance LLC
Flagship Credit Acceptance LLC is a national indirect automobile finance company which purchases retail installment contracts from automobile dealership financing to below-prime consumers for purchases of new and late model used vehicles. Flagship is headquartered in Chadds Ford, Pennsylvania. For more information on Flagship Credit Acceptance LLC, please visit http://www.flagshipacc.com. The Company is owned by affiliates of Perella Weinberg Partners Asset Based Value Strategy.
Perella Weinberg Partners Asset Based Value Strategy
Perella Weinberg Partners Asset Based Value Strategy is a leading post-financial crisis provider of U.S. specialty finance solutions. Since inception in 2008, the Strategy has grown to manage in excess of $2.1 billion in equity capital through a number of different investment vehicles. Perella Weinberg Partners Asset Based Value Strategy can deliver significant capital, technical expertise and infrastructure in a wide range of asset classes and structures, including both real and financial assets. Capital for the Strategy is contributed by, among others, a diversified group of institutional investors who seek to invest in compelling opportunities at favorable valuations. For more information on Perella Weinberg Partners Asset Based Value Strategy, please visit http://www.pwpartners.com.
SOURCE Flagship Credit Acceptance LLC
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