Ascent Completes First Public Securitization of College Loans in $287 Million Offering
SAN DIEGO, May 23, 2024 /PRNewswire/ — Ascent, a leading provider of innovative financial products and student support services, enabling students to access education and achieve academic and economic success, is proud to announce its inaugural public securitization in a $287.43 million transaction. The offering included its most innovative product to increase access to college education, the pioneering Outcomes-based Loan.
The inaugural issuance included three classes of fixed-rate notes: Class A, Class B, and Class C, all of which were rated by Morningstar DBRS, with assigned ratings of AA (sf), A (sf) and BBB (L) (sf), respectively. Atlas SP acted as structuring agent and Atlas SP and Barclays acted as bookrunners for the deal.
“We are pleased with the execution of the first ever public securitization that includes a product like Ascent’s Outcomes-based Loan,” said Ken Ruggiero, co-founder and CEO of Ascent. “The efficient execution on our first public transaction provides new and longstanding investors with confidence in Ascent’s underwriting model and comprehensive suite of student support services.”
“We are grateful for the exceptionally strong investor demand for this offering from our large, diversified group of capital providers,” said Ryan Gray, Chief Financial Officer and Chief Operating Officer of Ascent. “Ascent’s strong capital markets execution continues to be a key differentiator as we grow the business and continue to innovate our products to achieve our long-term goals.”
Ascent is committed to building durable economic mobility for its students. The company is more than a student lender, focused on helping students plan, pay and succeed before, during and after school, remaining steadfast in its goal of improving the income of its borrowers by $10 billion dollars in five years. View the 2023 impact report here.
About Ascent
Ascent is the leading provider of innovative financial products and wrap-around student support services that enable more students to access education and achieve academic and economic success. Everything Ascent offers is designed with the best-in-class teams and technology to increase every student’s ability to plan, pay, and succeed. Ascent’s rare Outcomes-based Loan provides funding to credit-invisible borrowers who generally do not benefit from traditional credit. Ascent products also include: Cosigned Loans, Solo Loans, Career Loans, Parent Loans, Graduate Loans, Access Loans, Enterprise Loans and Impact Loans.
