ATLANTA, Dec 18, 2015 /PRNewswire/ -- Purchasing
Power announces its first credit rating and completion of a
$160M Asset-Backed Securitization to
fuel the continued growth of the company driven by significant new
client and customer additions to the business.
Kroll Bond Rating Agency assigned investment-grade ratings to
Purchasing Power's first ABS securitization that was placed with a
diversified mix of institutional investors in a private offering
led by Jefferies LLC serving as the sole book running manager for
Purchasing Power. With the strong credit ratings, Purchasing Power
was able to secure a reduction in financing costs which, in
addition to negotiating a new $45M
credit facility with Goldman Sachs Specialty Lending Group L.P.,
improves Purchasing Power's overall capital structure.
"As a result of the favorable credit ratings and expanding our
financing position and strength to support robust growth, we
continue our leadership position as the pre-eminent specialty
e-retailer to the underserved American population, providing access
to products and services at an affordable total cost of ownership
made available through payroll deduction," said Scott Rosenberg, Purchasing Power CFO. The
proceeds of these transactions will be used to fund program growth
at a lower average cost of debt while enabling the company to
fulfill its mission of providing customers access to a better
quality of life through a superior employee purchase program
offered by employers.
Purchasing Power was represented by Honigman Miller Schwartz and Cohn LLP, and Jefferies was
represented by Mayer Brown in the transactions.
About Purchasing Power, LLC
Purchasing Power is one of
the fastest-growing specialty e-retailers in the industry, offering
a leading employee purchase program for consumer products and
services, made available through employers, as well as providing
financial tools and resources to improve employees' financial
wellness. Purchasing Power is available to over 8 million people
through large companies – including Fortune 100s – and government
agencies. The company was honored for "World Class Service" by
Smart Business, recognized as one of the fastest-growing companies
for eight years on the Inc. 500|5000, and is one of "Atlanta's Best and Brightest Companies to Work
For." Headquartered in Atlanta,
Purchasing Power is 'Powering People to a Better Life™' through its
employee purchase program, financial literacy efforts and
charitable contributions. Purchasing Power is a Rockbridge Growth
Equity, LLC Company. For more information, visit
www.PurchasingPower.com.
About Kroll Bond Rating Agency
Kroll Bond Rating
Agency (KBRA) is a full service credit rating agency offering
accurate, timely, transparent ratings and research. KBRA is
registered with the U.S. Securities and Exchange Commission as a
Nationally Recognized Statistical Rating Organization (NRSRO). In
addition, KBRA is recognized by the National Association of
Insurance Commissioners (NAIC) as a Credit Rating Provider
(CRP).
About Jefferies
Jefferies, the global investment
banking firm focused on serving clients for over 50 years, is a
leader in providing insight, expertise and execution to investors,
companies and governments. The firm provides a full range of
investment banking, sales, trading, research and strategy across
the spectrum of equities, fixed income and foreign exchange, as
well as wealth management, in the Americas, Europe and Asia. Jefferies Group LLC is a wholly-owned
subsidiary of Leucadia National Corporation (NYSE: LUK), a
diversified holding company.
Media Contact:
Juliann
Kaiser, 770.643.0615
jkaiser@kaisermarketinggroup.com
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SOURCE Purchasing Power, LLC