Prestige Financial Services, Inc. has completed its eleventh and largest rated term securitization, issuing $350,000,000 in securities backed by $353,535,758 in automobile installment receivables. In a transaction led jointly by Wells Fargo Securities and J.P. Morgan Securities, notes were purchased by qualified institutional buyers and accredited investors in a private offering pursuant to Rule 144A of the Securities Act. The securitization closed on Wednesday, April 10.

The six note classes carried ratings ranging from A-1+/R-1(h) through BBB/BBB(h) from Standard & Poor’s and DBRS, respectively, based on several factors including Prestige’s proven track record as a loan originator and servicer. The weighted average note coupon was 1.55%, the lowest pricing the company has achieved on a securitization to date.

“In a market with significant competitive supply, Prestige built a large order book with substantial investor diversity that bodes well for continued issuance success,” observes Chris Pink, Managing Director at Wells Fargo Securities.

Prestige was founded in 1994 as an affiliate of the Larry H. Miller Group of Companies, which includes the N.B.A.’s Utah Jazz and the country’s tenth-largest dealership network. Today, Prestige manages a loan portfolio of nearly $600 million and does business with approximately 1,200 dealerships in 41 states.

“We’re an organization that prudently pursues opportunity,” says Prestige COO Bryant Henrie. “This transaction, so expertly managed by our bankers and well-received by our investors, bolsters Prestige’s ability to provide the quality of auto financing that makes sense both for our customers and for us, even in a very active market.”

All notes included in this transaction having been sold, this announcement of their sale appears as a matter of record only.