Today the Company successfully completed its 14th term asset-backed securitization of $447 million of Notes with Flagship Credit Auto Trust 2016-1 (“FCAT 2016-1”). This brings total issuance to over $4 billion in Notes.
The Notes were assigned ratings by Standard & Poor’s Rating Services and Kroll Bond Rating Agency, Inc. with Barclays, Citigroup and Deutsche Bank Securities as joint book-runners for the transaction.
Currently, Flagship employs approximately 800 professionals, all focusing on a customer service-driven lending model. The Company provides financing to below-prime borrowers, allowing them to purchase or refinance affordable, late-model vehicles. The Company operates two origination channels: Helping the 8,700+ auto dealership network meet the demands of the growing below-prime market, and CarFinance.com, which helps consumers 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.