Student loan marketplace, College Ave Student Loans, announced on Tuesday it has completed a $300 million securitization of private student loans, its third securitization and largest to date. According to College Ave, the transaction was oversubscribed attracting a broad and diverse group of repeat investors and new participants. Barclays and Goldman Sachs were joint lead underwriters on the transaction with Barclays serving as structuring agent and sole bookrunner.
Speaking about the securitization, Joe DePaulo, CEO and Co-Founder of College Ave Student Loans, stated:
“In our five years in the market, College Ave Student Loans has built and continues to have a strong reputation among the investment community. The successful third securitization and higher ratings from DBRS and S&P further confirms the outstanding quality of our assets and portfolio.”
College Ave went on to add that to date, College Ave Student Loans has $660 million in securitized loans and the company has secured more than $2 billion of committed loan purchasing power from multiple sources.