MINNEAPOLIS--(BUSINESS WIRE)--Piper Jaffray Companies (NYSE:PJC), a leading investment bank and asset management firm, is pleased to announce ThunderRoad Financial, LLC through its issuer affiliate, ThunderRoad Motorcycle Trust 2016-1, issued its Series 2016-1 Asset-Backed Notes totaling $59.72 million, consisting of:
- $47,780,000 senior Class A Notes carrying an A- rating from Morningstar Credit Ratings, and
- $11,940,000 of subordinate, unrated Class B Notes.
Based in Reno, Nevada, ThunderRoad is a specialty motorcycle lender established in 2014 that works closely with a network of dealers in more than 30 states to provide financing to customers purchasing motorcycles, UTVs, ATVs, and other power sports equipment. The company finances all major American, European, and Japanese makes, and has purchased more than $70 million in installment sales contracts in its first two years of activity.
Piper Jaffray served as sole placement agent for the Series 2016-1 transaction after having arranged a $100 million warehouse facility for the company in 2015.
“We are pleased to have successfully placed ThunderRoad’s first motorcycle asset-backed security. They are an integral part of our structured finance initiative focusing on small to middle market specialty finance companies. Our work with ThunderRoad over the past year exemplifies the varied ways we can help companies access the financing they need to grow their business. We look forward to continuing our partnership with them,” said Brad Winges, Piper Jaffray head of fixed income services.
“While we have some of the most experienced powersports underwriters in the business, at only two years old, ThunderRoad is very pleased to have worked with Piper Jaffray on both the warehouse line in 2015 and our first rated securitization. This is an exciting step for our company as few firms are willing to work with younger start-up companies, let alone dedicate the substantial resources Piper Jaffray provided to us,” said Donal Hummer Jr., president and CEO of ThunderRoad Financial, LLC.
About Piper Jaffray
Piper Jaffray Companies (NYSE: PJC) is a leading, international investment bank and asset management firm. Securities brokerage and investment banking services are offered in the U.S. through Piper Jaffray & Co., member SIPC and FINRA; in Europe through Piper Jaffray Ltd., authorized and regulated by the U.K. Financial Conduct Authority and Simmons & Company International Limited, authorized and regulated by the U.K. Financial Conduct Authority and the Dubai Financial Services Authority; in Hong Kong through Piper Jaffray Hong Kong Limited, authorized and regulated by the Securities and Futures Commission. Asset management products and services are offered through four separate investment advisory affiliates―U.S. Securities and Exchange Commission (SEC) registered Advisory Research, Inc., Piper Jaffray Investment Management LLC and PJC Capital Partners LLC; and Guernsey-based Parallel General Partners Limited, authorized and regulated by the Guernsey Financial Services Commission.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, and there shall not be any offer or sale of these securities in any state in which such offer, solicitation or sale would be unlawful. This release contains forward-looking statements including, but not limited to, statements regarding future cashflows and anticipated repayment. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved, if at all. Forward-looking statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward looking statements. We do not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.
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