J.G. Wentworth Completes $115 Million Securitization of Asset Backed Notes
9/1/2010
August 13, 2007, Bryn Mawr, PA – Specialty finance company J.G. Wentworth has completed a $115 million securitization of rights under structured settlement and fixed-annuity purchase contracts. J.G. Wentworth was the first issuer to securitize structured settlement payment streams in the asset-backed markets in 1997. Since then, the company has issued 21 securitizations backed by structured settlement and fixed-annuity receivables totaling over $2.5 billion.
The most recently completed $115 million securitization consisted of two issued classes of notes: $97.2 million of Class A notes rated Aaa by Moody’s Investors Service and $8.9 million of Class B notes rated A1 by Moody’s Investors Service and one Residual Class of $8.9 million which was retained by the Company. UBS Investment Bank and Jefferies & Co. acted as co-lead arrangers and UBS Investment Bank as sole bookrunner and structuring agent.
According to J.G. Wentworth Chief Investment Officer Stefano Sola, “This latest securitization attracted strong demand from a diversified investor pool including insurance companies, money managers and hedge funds and demonstrates the continued demand for structured settlement and annuity payment streams underwritten and purchased by J.G. Wentworth.” He added that due to growing investor demand and interest in the asset class, the deal’s road show included stops in the United States and Europe which helped expand the current investor base for Wentworth paper.
According to J.G. Wentworth Chief Executive Officer David Miller, the recently completed transaction, together with the $252 million deal executed in April of this year underlines J.G. Wentworth’s position as the largest purchaser and securitizer of structured settlement payment streams. “We are extremely happy with the execution of our latest securitization and are happy that institutional investors recognize the strength of the J.G. Wentworth origination, underwriting and legal process in purchasing these receivables from consumers.”
About the J.G. Wentworth family of companies
J.G. Wentworth, Inc., based in Bryn Mawr, PA, is the nation’s largest buyer of deferred payments for illiquid financial assets such as structured settlements and annuities. Since 1992, J.G. Wentworth has purchased over $4 billion of future payment obligations from consumers and is also the nation’s largest securitizer of
structured settlement and
annuity-backed notes.
For more information about J.G. Wentworth, visit
www.jgwentworth.com.