Deal Included Lender's Innovative
Outcomes-Based Loan™
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.
For more information,
visit www.ascentfunding.com.
ASCNT 2024-A
Forward Looking Statements
This communication contains
forward-looking statements related to Ascent (the "Company") within
the meaning of Section 27A of the Securities Act of 1933, and
Section 21E of the Securities Exchange Act of 1934 and the Private
Securities Litigation Reform Act of 1995. Such forward-looking
statements include, but are not limited to, statements related to:
the Company's financial and operating guidance and expectations;
the Company's business plan, trajectory, expectations, market
leadership, competitive advantages, operational and financial
results and metrics (and the assumptions related to the calculation
of such metrics); the Company's momentum in its business strategies
including expectations regarding market share, total addressable
market, customer value proposition, market penetration, financing
activities, financing capacity, product mix, and ability to manage
cash flow and liquidity; the status of the lending and student
lending industries; trends or potential trends within the lending
and student lending industries, our business, customer base, and
market; the Company's ability to derive value from the anticipated
benefits of partnerships, new technologies, and pilot programs;
anticipated demand, market acceptance, and market adoption of the
Company's offerings, including new products, services, and
technologies; expectations regarding the growth of student lending
and lending; the Company's ability to manage borrowers; the
Company's leadership team and talent development; and factors
outside of the Company's control such as macroeconomic trends, bank
failures, public health emergencies, natural disasters, acts of
war, terrorism, geopolitical conflict, or armed conflict/ invasion,
and related issues. These statements are not guarantees of future
for any reason, except as required by law. These statements are not
guarantees of future performance; they reflect the Company's
current views with respect to future events and are based on
assumptions and estimates and are subject to known and unknown
risks, uncertainties and other factors that may cause actual
results, performance or achievements to be materially different
from expectations or results projected or implied by
forward-looking statements. The risks and uncertainties that could
cause the Company's results to differ materially from those
expressed or implied by such forward-looking statements include:
the Company's continued ability to manage costs and compete
effectively; the availability of additional financing on acceptable
terms; worldwide economic conditions, including slow or negative
growth rates and inflation; volatile or rising interest rates;
changes in policies and regulations; the Company's ability to
attract and retain the Company's business partners; realizing the
anticipated benefits of past or future investments, partnerships,
strategic transactions, or acquisitions, and integrating those
acquisitions; the Company's leadership team and ability to attract
and retain key employees; changes in the retail prices of
traditional utility generated electricity; the availability of
rebates, tax credits and other incentives; the Company's business
plan and the Company's ability to effectively manage the Company's
growth and labor constraints; and the Company's ability to meet the
covenants in the Company's investment funds and debt facilities.
All forward-looking statements used herein are based on information
available to us as of the date hereof, and we assume no obligation
to update publicly these forward-looking statements for any reason,
except as required by law.
For media inquiries, please contact:
Jenny Gustafson, Like Minds
Communications
jenny@likemindstalk.com
(713) 416-7280
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SOURCE Ascent Funding