RADNOR, Pa.--(BUSINESS WIRE)--JGWPT Holdings, LLC (“JGWPT”), the holding entity for the J. G. Wentworth and Peachtree Financial Solutions companies, today announced that it has issued, through JGWPT XXVIII LLC, $216,689,000 of Fixed Rate Asset Backed Notes. The notes will primarily be collateralized by payments from a pool of rights arising under court ordered structured settlement purchase contracts, court ordered lottery purchase contracts and annuity contracts. Lottery receivables were included for the first time in a JGWPT securitization.
“This represents the 35th securitization for JGWPT and its predecessors. JGWPT’s first ABS transaction for 2013 was unique as it included lottery receivables, which is a characteristic that we will continue to deploy in future deals,” said Stefano Sola, JGWPT’s Chief Investment Officer. “We saw very strong interest and demand from institutional investors with a quick turnaround from announcement to pricing.”
“We are very pleased at the completion of today’s placement, which represents substantial demand for our asset-backed products,” said David J. Miller, JGWPT’s Chief Executive Officer. “Along with the $425 million senior secured debt placement JGWPT executed last month, today’s transaction provides increased capital and reduces our total cost of funding.”
The issue consists of two classes of placed notes: $198,100,000 Class A Fixed Rate Asset Backed Notes, that will pay 3.22%, and $18,589,000 Class B Fixed Rate Asset Backed Notes that will pay 4.94%. The notes will be rated AAA (DBRS) and Aaa (Moody’s); and BBB (DBRS) and Baa2 (Moody’s) respectively.
Deutsche Bank Securities was the sole structuring advisor and was joined by Barclays as joint book-running manager. Natixis acted as co-manager.
About the JGWPT Holdings, LLC Family of Companies
Based in Radnor, PA, with offices in Boynton Beach, FL, JGWPT, through its subsidiaries, is a leading purchaser of deferred payments from illiquid financial assets such as structured settlements and fixed annuities. Since 1992, JGWPT’s subsidiary companies and their predecessors have purchased over $8 billion of future payment obligations from consumers.
For more information about JGWPT Holdings, LLC, visit www.jgwpt.com.