Regional Management Corp. Completes $187M Asset-Backed Securitization

BusinessWireJune 14, 20243 min

Regional Management Corp., a diversified consumer finance company, announced that it has completed a $187.3 million asset-backed securitization, marking its tenth successful securitization.

The Regional Management Issuance Trust 2024-1 (RMIT 2024-1) notes were issued at a weighted-average coupon of 6.19% (a 132 bps improvement over the prior RMIT 2022-2B issued notes), secured by $215.7 million of receivables, with a 3-year revolving period. The Class A notes of the securitization received a top rating of “AAA” from Standard & Poor’s and Morningstar DBRS.

“We are pleased to complete our latest securitization at an improved cost of capital compared to our prior securitization, which is a continued testament to the market’s confidence in Regional,” said Robert W. Beck, President and Chief Executive Officer of Regional Management Corp. “The securitization fortifies our balance sheet, further diversifies our funding sources, and moderates our exposure to interest rate risk. As of the transaction’s closing, our fixed-rate debt as a percentage of total debt was 87%, with a weighted-average coupon of 4.1% and a weighted-average revolving duration of 1.2 years. We remain well-positioned to execute on our strategy to deliver sustainable returns and long-term value to our shareholders.”

The transaction was a private offering of securities, not registered under the Securities Act of 1933, or any state securities law. All of such securities having been sold, this announcement of their sale appears as a matter of record only.

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