Lendbuzz Completes $216 Million Asset-Backed Securitization
08 Mayo 2024 - 9:05AM
Business Wire
Lendbuzz, an AI-based fintech company that helps consumers
obtain better access to credit when purchasing a vehicle, announced
today that it has closed a $216 million securitization (“LBZZ
2024-2”) collateralized by a pool of auto loans made to obligors
and secured by new and used automobiles, light duty trucks, and
vans.
LBZZ 2024-2 issued four classes of notes: Class A-1, Class A-2,
Class B, Class C. The LBZZ 2024-2 notes have been rated by S&P
Global Ratings (S&P) and Kroll Bond Rating Agency (KBRA) as
NR/K1+, AA-/AAA, A-/AA and NR/A-, respectively.
J.P. Morgan Securities LLC acted as lead bookrunner and
structuring agent, with Goldman Sachs & Co. LLC and RBC Capital
Markets, LLC as joint bookrunners; Mizuho and Regions Securities
LLC acted as co-managers.
“We are excited to have completed our second successful
transaction during 2024 with continued strong investor demand,”
said George Sclavos, Chief Financial Officer at Lendbuzz. “The
support from our expanding investor base will help us to continue
to drive profitable growth for Lendbuzz.”
This transaction is Lendbuzz’s seventh public securitization
since launching the program in the fourth quarter of 2021. To date,
Lendbuzz has completed more than $1.2 billion of asset-backed
securitizations and remains committed to growing the program as
part of its diverse funding strategy.
About Lendbuzz
Lendbuzz is an AI-based financial technology company that helps
consumers obtain better access to credit when purchasing a vehicle.
Powered by alternative data and machine learning algorithms,
Lendbuzz can assess the creditworthiness of consumers with limited
credit history—a group underserved by traditional banks. Through
our auto dealership partners, Lendbuzz offers consumers attractive
financing solutions while opening up opportunities for those
dealerships to serve a more diverse customer base. Lendbuzz is
headquartered in Boston, Massachusetts and was founded in 2015.
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Investors InvestorRelations@lendbuzz.com Media &
Press Steve Francisco, CMO Stephen.Francisco@lendbuzz.com