Structured Settlement | JGWPT Holdings Completes $244 Million ...

March 19, 2012 ? 3:14 pm

RADNOR, Pa.?(BUSINESS WIRE)?

Subsidiaries of JGWPT Holdings, LLC have completed a joint $244 million securitization of notes backed by structured settlement and fixed annuity payments.

JGWPT Holdings, LLC is the parent holding company of several consumer finance subsidiaries, most notably J.G. Wentworth Originations and Peachtree Settlement Funding. These independent companies are two of the most well-known brands purchasing structured settlement payment streams in exchange for a lump sum of cash. This latest securitization included payment streams purchased by both of these subsidiaries.

This most recently completed $244 million securitization consisted of two issued classes of notes: $211.8 million of Class A notes rated Aaa by Moody?s Investors Service and AAA by DBRS and $20.5 million of Class B notes rated Baa2 by Moody?s Investors Service BBB by DBRS and a Residual Class of $11.7 million which was retained by the issuer.

Barclays Capital was the sole structuring advisor and joint book-running manager. Deutsche Bank Securities was the joint book-running manager. Jefferies was the co-manager.

The transaction represents the 32nd securitization of structured settlement and fixed annuity backed notes by JGWPT Holdings, LLC subsidiaries and their predecessors.

According to JGWPT Chief Investment Officer Stefano Sola, ?Although JGWPT had completed a securitization in late 2011, the new year presented an opportunity through a receptive market for new issuance in the asset-backed markets in general and more specifically we saw a continuing strong investor interest for our asset class. Our bond deal backed by structured settlement payment streams and fixed annuities proved very successful both from a pricing perspective and from a placement perspective. This latest deal enjoyed representation from a large, diverse and deep pool of institutional investors.?

He added that, the strong execution of this deal, the broad distribution, growing secondary market liquidity and frequent new issuance, all underline a move away from the ?esoteric? classification of this asset class into a more ?traditional? one.

David Miller, Chief Executive Officer of JGWPT said, ?This was our second joint securitization of J.G. Wentworth and Peachtree originated product. The inclusion of these two independent originators in a single holding company structure has offered us a number of operating efficiencies, and has enabled us to maintain our constant access to the asset backed market.?

J.G. Wentworth was the first issuer to securitize structured settlement payment streams in the asset-backed markets in 1997. Since then, J.G. Wentworth has issued securitizations backed by structured settlement and fixed-annuity receivables totaling more than $3 billion. Peachtree Financial, also an active issuer of structured settlement backed bonds, completed securitizations from 2004 to 2010 totaling more than $700 million.

About the JGWPT Holdings, LLC Family of Companies

JGWPT Holdings, LLC, based in Radnor, PA and Boynton Beach FL, through its specialty finance subsidiaries, is a leading buyer of deferred payments from illiquid financial assets such as structured settlements and fixed annuities. Since 1992, JGWPT?s subsidiary companies and their predecessors have purchased over $7 billion of future payment obligations from consumers.

Tags: Structured Settlement

Source: http://sell-structuredsettlements.org/structured-settlement-jgwpt-holdings-completes-244-million-securitization/

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