The J.G. Wentworth Company® Announces $58.7 Million Fixed Rate Asset Backed Securitization
CHESTERBROOK, Pa.–(BUSINESS WIRE)– The J.G. Wentworth Company® (“J.G. Wentworth” or the “Company”) (OTC Pink:JGWEQ), today announced that J.G. Wentworth XL LLC has issued $58.7 million of Fixed Rate Asset Backed Notes. The notes are collateralized primarily by payments from a pool of rights arising under court ordered structured settlement payment and annuity payment purchase contracts primarily originated by the J.G. Wentworth® and Peachtree Financial Solutions® companies.
“We are pleased with the execution of our 47th securitization as we progress through our previously announced restructuring process,” saidKaterina Cozza, Interim Chief Financial Officer, J.G. Wentworth.
“Our securitization program continues to provide for efficient execution and performance for the Company and investors. We are excited to execute this most recent transaction in line with our strategy and annual plan,” said Stewart A. Stockdale, Chief Executive Officer, J.G. Wentworth. “Even as we work to complete the restructuring of the Company’s balance sheet, our bonds continue to be sought after as evidenced by the strong demand we saw for this transaction.”
The issuance consists of two classes of placed notes: $52.7 million Class A Fixed Rate Asset Backed Notes that will pay 3.80%, and $6.0 millionClass B Fixed Rate Asset Backed Notes that will pay 5.43%. The notes are rated Aaa (Moody’s) and Baa2 (Moody’s), respectively.
There was no prefunding associated with this transaction.
Barclays was the Sole Structuring Advisor and Sole Book-Running Manager. Rewire Securities acted as the Co-Lead Manager.
About The J.G. Wentworth Company®
The J.G. Wentworth Company® is focused on providing direct-to-consumer access to financing solutions through a variety of avenues, including: mortgage lending and refinancing, structured settlement, annuity and lottery payment purchasing, prepaid cards, and access to providers of personal loans.
Mortgage loans are offered by J.G. Wentworth Home Lending, LLC NMLS ID # 2925 (www.nmlsconsumeraccess.org), 3350 Commission Court, Woodbridge, VA 22192; 888-349-3773.
For more information about The J.G. Wentworth Company®, visit www.jgw.com or use the information provided below.
This announcement shall not constitute an offer to sell, or the solicitation of an offer to buy, nor shall there be any sale of our securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful, prior to registration or qualification under the securities laws of any such state or jurisdiction.
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