Student loan marketplace, College Ave Student Loans, announced on Tuesday it has completed a $385 million securitization of private student loans, its fourth securitization and largest to date. According to College Ave, the CASL 2021-A transaction was completed in February 2021 and saw significant investor demand and high levels of oversubscription, building upon the success of previous securitizations and attracting what was claimed to be a broad and diverse group of repeat investors and new participants across the capital structure.
Speaking about the securitization, Joe DePaulo, CEO and Co-Founder of College Ave Student Loans, stated:
“In our six years in the market, College Ave Student Loans has built a strong reputation among the investment community. The market response to this securitization reinforces the depth of interest among institutional investors in our platform and business model, our expertise in student lending, and the stellar credit performance of our student loan portfolio.”
College Ave further revealed that there are now 56 institutional investors participating in the College Ave Student Loans securitization program, with 22 of them new to this issuance, including some of the largest global asset managers. DePaulo added:
“CASL 2021-A is our largest and most successful ABS issuance to date, delivering the most cost-effective, long-term financing achieved thus far.”
Barclays and Credit Suisse were joint lead underwriters on the transaction with Barclays serving as structuring agent and sole bookrunner.