SoFi Completes $769 Million Student Loan Securitization; Brings Total ABS Issuance to $6.9 Billion in 2017

On Friday, online lending platform SoFi announced that it has closed its $769 million SoFi Private Student Loan notes (SoFi 2017-F). The lender revealed that the closing marked its 12th ABS transaction this year and brings the total amount of ABS issuance to $6.9 billion.

SoFi reported the 2017-F closing maintains its ranking in the top ten ABS issuers for 2017, highlighting its industry leadership. During the past twelve months, the platform claims it became the first Student Loan Refi issuer to achieve AAA ratings from Standard & Poor’s, Moody’s and DBRS, and the first Unsecured Personal Loan issuer to achieve AA ratings from S&P, Kroll, and DBRS.

While sharing details about the securitization, Ashish Jain, Senior Vice President of Capital Markets for SoFi, stated:

“We’re very gratified by the expanded investor participation in our securitizations this year, which reflects well on the strength of our lending and underwriting. This year, the number of investors participating in our securitizations has risen to 158 from 115 in 2016.”

The lender then added that the 2017-F securitization was heavily subscribed, with 38 investors and $2.3 billion in total orders. Joint lead managers were Morgan Stanley, Bank of America Merrill Lynch, Credit Suisse and Goldman Sachs