$188 Million Securitization of Refinanced Student Loans Rated by Two Ratings Agencies: Moody’s Corporation and DBRS; Fifth Securitization Brings Total Issuance in Excess of $1.1 Billion
DRB, a national bank and the fastest marketplace lender to reach $1 billion in student loan refinancings, today announced it has closed its fifth securitization. This fifth securitization brings total issuance in excess of $1.1 billion.
The senior notes of the $188 million securitization were rated A2 to A3 by Moody’s Corporation and AA by DBRS. The loan portfolio was comprised of 75% fixed and 25% variable loans. Credit Suisse was lead on this transaction.
In December 2015, DRB closed a $333 million transaction, a deal rated A2 to A3 by Moody’s Corporation and AA by DBRS comprised of 75% fixed and 25% variable loans. Additionally, in November 2015, DRB closed a $359 million transaction, a deal rated BBB+ by Fitch Ratings and A by DBRS comprised of 69% fixed and 31% variable loans.
DRB has been providing refinancing options for student loans since 2013 and has originated over $1.4 billion since launching its student loan division. “Since DRB began focusing on student loan refinancing, we have prided ourselves on providing our borrowers with the lowest interest rates, the best customer service and leading technology that would allow them to focus on establishing a strong financial future,” said Aryea Aranoff, Chief Strategy Officer of DRB. “Our fifth securitization enables us to continue offering this to our borrowers. In less than two years, we have seen vast growth, and we continue to expand our product offerings as we focus on developing long-term relationships with our borrowers nationwide.”