Flagship Credit Acceptance LLC (“Flagship” or “the Company”), a leading auto-finance provider, today announced that it has completed its thirteenth rated asset-backed securitization of the Company and its predecessors, Flagship Credit Auto Trust 2015-3 (“FCAT 2015-3”). FCAT 2015-3 issued $450 million of Notes in a transaction that closed on November 5, 2015 with a weighted average effective coupon on the notes of approximately 3.66%. The Offered Notes consisted of four classes and were assigned ratings by Standard and Poor’s Financial Services LLC and Kroll Bond Rating Agency, Inc. from an AA/AA to a BB-/BB rating, respectively. Deutsche Bank Securities and Wells Fargo Securities were joint book-runners for the transaction.
Michael Ritter, Founder and Chief Executive Officer of Flagship Credit, said, “We are pleased about the closing of our recent securitization, which brings our total notes issued in 2015 to $1.45 billion. Our ability to access the capital markets is important and necessary to achieving long-term growth and success in the auto finance industry and we are happy with the execution and level of investor interest for the Company’s fourth securitization in 2015.”
Flagship currently employs approximately 800 professionals who focus on a customer service driven lending model. The Company provides financing to borrowers that do not typically have access to prime credit lending terms for the purchase of affordable, late-model vehicles and the refinancing of existing automotive financings. Flagship uniquely operates two origination channels, helping auto dealership network of over 8,700 meet the growing demand in the below prime market and helping consumers, through CarFinance.com, who seek automotive financing online.
The Notes have not been and will not be registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. This press release does not and will not constitute an offer to sell or the solicitation of an offer to buy the Notes.