Regional Management Corp., a diversified consumer finance company, announced that it has completed a $200 million asset-backed securitization, its ninth securitization. The securitization has a 2-year revolving period, and the Class A notes received an “AAA” rating by Standard & Poor’s Ratings Services (S&P), the first time a senior class of notes in a Regional Management securitization has received S&P’s top rating.
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“Our latest securitization reflects the confidence investors have in Regional Management despite the macro environment, and we are pleased to have received an AAA-rating from S&P on our senior class of notes”
“Our latest securitization reflects the confidence investors have in Regional Management despite the macro environment, and we are pleased to have received an AAA-rating from S&P on our senior class of notes,” said Robert W. Beck, President and Chief Executive Officer of Regional Management Corp. “The transaction strengthens our balance sheet, further diversifies our funding sources, and moderates our exposure to interest rate risk. Following the transaction, nearly 100% of our debt carries a fixed rate, with a weighted average revolving duration of 2.3 years and a weighted-average coupon of 3.6%. We remain well-positioned to prudently expand our business, while delivering sustainable, profitable returns and long-term value to our shareholders.”
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The transaction was a private offering of securities, not registered under the Securities Act of 1933, or any state securities law.
About Regional Management Corp.
Regional Management Corp. is a diversified consumer finance company that provides attractive, easy-to-understand installment loan products primarily to customers with limited access to consumer credit from banks, thrifts, credit card companies, and other lenders. Regional Management operates under the name “Regional Finance” online and in branch locations in 17 states across the United States. Most of its loan products are secured, and each is structured on a fixed-rate, fixed-term basis with fully amortizing equal monthly installment payments, repayable at any time without penalty.
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