Continental Finance Company Closes Sixth Credit Card Term Securitization for $210 Million

0

WILMINGTON, Del., September 29, 2022 /PRNewswire/ — Continental Finance Company, LLC (“CFC”) is pleased to announce the closing of its sixth securitization to date of credit card receivables, which is also the third term securitization of its subsidiary Continental Finance ABS Master Trust Credit Card (“CFCCMT”).

The transaction was underwritten by Credit Suisse and JP Morgan. The securitization proceeds were $210 million and will be used to repay CFC’s two variable effect revolving credit facilities.

Tamer El-Rayess, Chairman of CFC, said, “The Series 2022-A issuance by CFC’s master trust subsidiary has garnered an overwhelming response from investors as the transaction was oversubscribed, reflecting continued investor demand for fixed income securities. As we reflect on the economic environment Over the past few years, in March 2020, the bond investor market began to shed consumer risk-backed securities as it expected the consumer to be put strained, given the rise in unemployment. their balances throughout the era of Covid stimulus payments, while using their credit cards primarily for essential purchases such as groceries and other online purchases. We are very proud to market and serve these essential products to consumers so that they can make online purchases and pay for everyday items without having to handle cash. The experience of CFCs in the two recent major economic events including financial and the coronavirus pandemic 2020 prove the importance of these products in helping consumers through these difficult times.”

President of CFC Steve McSorley noted, “Not only are these credit card products essential for underserved consumers, but the performance of the credit card portfolio during the two financial crises illustrates the resilience of these products during times of economic stress. top-notch credit cards with high balances, CFC customers view their credit card accounts as one of their most important financial tools in the conduct of their daily lives.They view these credit cards as a means of invaluable payment as much as an extension of credit We see counter-cyclical behavior in times of stress As we emerge from the era of post-Covid stimulus payments, transaction 2022-A is further evidence not only of the investor demand for our securities, but also from the increased growth of our debt portfolio, highlighted by As further evidence elemental demand for these products, we are very proud that CFC recently climbed into the Top 50 Credit Card Issuers in the United States according to the Nilson Report based on outstanding credit card balances. The funding provided by Transaction 2022-A will allow CFC to further support its banking partners as they collectively increase their strong offering of credit card products in the underserved market. »

About Continental Finance Company

Founded in 2005, Continental Finance Company is dedicated to being the leader in the marketing and servicing of credit cards in the near-premium market. Its mission is simple, but clear. The company aims to help its customers build both their credit and their financial future, while providing them with a “customer-centric” treatment they don’t get elsewhere. It measures its success by the financial success of its customers and strives for 100% customer satisfaction.

The company always thinks of its customer first, helping them to better manage their banking operations throughout their credit building process. The goal is to build trust and value with its customers by providing an unparalleled experience as they rebuild their credit journey. The company aims to prove its worth and remain the credit card of choice among its customers, earning their loyalty in the hope that we remain their credit card provider for life.

SOURCE Continental Finance Company, LLC

Share.

About Author

Comments are closed.