Purchasing Power® Completes $175 Million Asset-Backed Securitization
ATLANTA, April 20, 2021 /PRNewswire/ -- Purchasing Power, LLC, a voluntary benefit fintech company that offers the leading employee purchase program through the convenience of payroll deduction, announced today it closed a
Kroll Bond Rating Agency (KBRA) assigned preliminary ratings to four classes of notes issued by Purchasing Power Funding 2021-A, LLC (PPF 2021-A), a consumer installment receivable ABS transaction. This transaction represents the company's third KBRA-rated ABS securitization.
"This success in the ABS market helps ensure Purchasing Power can continue to scale its business of providing a unique voluntary benefit to employees of large companies and offering a platform for individuals to purchase goods and services regardless of credit, with no interest or fees," said Ron Oertell, CFO of Purchasing Power. "The offering was oversubscribed multiple times and distributed to a broad group of institutional investors, including insurance companies and money managers. Such depth and breadth of participation shows the capital market's interest in Purchasing Power's receivables."
The transaction closed on April 14, 2021 and features a 24-month revolving period. PPF 2021-A comprises four tranches:
"Capital One Securities proved a great partner in this transaction, leading and facilitating an efficient deal process. We look forward to working with them again in the future," Oertell concluded.
Purchasing Power serves employees as a voluntary benefit offered through large businesses including more than 350 Fortune 1000 companies, trade associations, unions and government agencies. Using the employee purchase program, workers have an opportunity to purchase from 40,000 of the latest brand-name consumer products and household necessities, including major appliances, electronics, furniture and automobile tires, online education services and vacation packages through payroll deduction. They make manageable, fixed payments over 6 or 12 months with no ballooning interest, credit checks, hidden fees, or late fees associated with high-interest credit cards and other sub-prime financing options.
About Purchasing Power, LLC
Purchasing Power, LLC, is an Atlanta-based voluntary benefit company celebrating 20 years as the leading employee purchase program for consumer products and services through payroll deduction. Helping employees achieve financial flexibility, Purchasing Power is available to millions of people through large companies including Fortune 500s, associations and government agencies. Purchasing Power is a Flexpoint Ford, LLC company. For more information, visit https://corp.purchasingpower.com/.
About Capital One
Capital One Financial Corporation (www.capitalone.com) is a financial holding company whose subsidiaries, which include Capital One, N.A., and Capital One Bank (USA), N.A., had
Purchasing Power is a registered trademark of Purchasing Power, LLC.
©2021 Purchasing Power, LLC. All rights reserved.
Media Contact:
Joe Swaney, 404.609.5630
jswaney@purchasingpower.com
Juliann Kaiser, 770.643.0615
jkaiser@kaisermarketinggroup.com
View original content to download multimedia:http://www.prnewswire.com/news-releases/purchasing-power-completes-175-million-asset-backed-securitization-301272696.html
SOURCE Purchasing Power, LLC