RADNOR, Pa.--(BUSINESS WIRE)--
JGWPT Holdings, Inc. (“JGWPT”) (NYSE:JGW) today announced that it has
issued, through JGWPT XXXI LLC, $233,943,000 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 payment
purchase contracts, court ordered lottery payment purchase contracts and
annuity contracts originated by the J.G. Wentworth and Peachtree
Financial Solutions companies.
“This represents the 38th securitization for JGWPT and its
predecessors, and like our ABS transactions in 2013, this transaction
included lottery receivables, which we will continue to include in
future transactions,” said Stefano Sola, JGWPT’s Executive Vice
President and Chief Investment Officer. “The current market volatility
surrounding interest rates underlines the attractiveness of our asset
class to institutional investors who seek predictable and consistent
returns. We saw very strong demand from institutional investors for both
classes of our bonds - announcing and pricing this deal within a 72-hour
window after starting the pre-marketing process.”
“This placement demonstrates the robust demand for our asset-backed
program,” said David J. Miller, JGWPT’s Chief Executive Officer. “If
these market conditions continue, we expect to complete two additional
securitizations this year.”
The issue consists of two classes of placed notes: $212,167,000 Class A
Fixed Rate Asset Backed Notes that will pay 3.96%, and $21,776,000 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),
Barclays was the sole structuring advisor and was joined by Credit
Suisse as joint book-running manager. Deutsche Bank Securities and
Natixis acted as co-managers.
This release shall not constitute an offer to sell or the solicitation
of an offer to buy, nor shall there be any sale of securities in any
State in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of any such
Certain statements in this press release constitute “forward-looking
statements.” Statements preceded by, followed by or that otherwise
include the words “believes”, “expects”, “anticipates”, “intends”,
“projects”, “estimates” and “plans” and similar expressions or future or
conditional verbs such as “will”, “should”, “would”, “may” and “could”
are generally forward-looking in nature and not historical facts. Any
statements that refer to expectations or other characterizations of
future events, circumstances or results are forward-looking statements.
Consideration should be given to the areas of risk set forth under the
heading “Risk Factors” in our filings with the Security and Exchange
Commission (the ‘SEC”), including our registration statement on Form S-1
for our initial public offering, as filed with and declared effective by
the SEC on November 8, 2013, and in our other filings made from time to
time, in connection with considering any forward-looking statements that
may be made by us and our business generally. Except for our ongoing
obligations to disclose material information under the federal
securities laws, we undertake no obligation to release publicly any
revisions to any forward-looking statements, to report events or to
report the occurrence of unanticipated events unless we are required to
do so by law.
About JGWPT Holdings Inc.
JGWPT focuses on key sectors, including structured settlement payment
purchasing, annuity payment purchasing, lottery payment purchasing and
pre-settlement funding. Through our two market-leading and
highly-recognizable brands, J.G. Wentworth and Peachtree Financial
Solutions, we have purchased over $9.5 billion of future structured
settlement payment streams from our customers.
For more information about JGWPT, visit www.jgwpt.com
or use the information provided below.
John McInerney, 212-508-9628
Source: JGWPT Holdings, Inc.