{"id":6218,"date":"2024-03-05T09:15:21","date_gmt":"2024-03-05T09:15:21","guid":{"rendered":"https:\/\/octane.co\/o\/?p=6218"},"modified":"2024-03-25T15:39:11","modified_gmt":"2024-03-25T15:39:11","slug":"announcing-300-million-asset-backed-securitization","status":"publish","type":"post","link":"https:\/\/octane.co\/o\/announcing-300-million-asset-backed-securitization\/","title":{"rendered":"Octane Completes $300 Million Asset-Backed Securitization to Drive Continued Growth"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"6218\" class=\"elementor elementor-6218\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-fd75667 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"fd75667\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-193a075\" data-id=\"193a075\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-18eb61f elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"18eb61f\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-4d00289\" data-id=\"4d00289\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1bb9f19 elementor-widget elementor-widget-image\" data-id=\"1bb9f19\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.23.0 - 05-08-2024 *\/\n.elementor-widget-image{text-align:center}.elementor-widget-image a{display:inline-block}.elementor-widget-image a img[src$=\".svg\"]{width:48px}.elementor-widget-image img{vertical-align:middle;display:inline-block}<\/style>\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"1024\" src=\"https:\/\/octane.co\/o\/wp-content\/uploads\/2024\/03\/240215_SOC_OCTL2024-1_B-1024x1024.jpg\" class=\"attachment-large size-large wp-image-6219\" alt=\"\" srcset=\"http:\/\/octane.co\/o\/wp-content\/uploads\/2024\/03\/240215_SOC_OCTL2024-1_B-1024x1024.jpg 1024w, http:\/\/octane.co\/o\/wp-content\/uploads\/2024\/03\/240215_SOC_OCTL2024-1_B-300x300.jpg 300w, http:\/\/octane.co\/o\/wp-content\/uploads\/2024\/03\/240215_SOC_OCTL2024-1_B-150x150.jpg 150w, http:\/\/octane.co\/o\/wp-content\/uploads\/2024\/03\/240215_SOC_OCTL2024-1_B-768x768.jpg 768w, http:\/\/octane.co\/o\/wp-content\/uploads\/2024\/03\/240215_SOC_OCTL2024-1_B-1536x1536.jpg 1536w, http:\/\/octane.co\/o\/wp-content\/uploads\/2024\/03\/240215_SOC_OCTL2024-1_B-2048x2048.jpg 2048w, http:\/\/octane.co\/o\/wp-content\/uploads\/2024\/03\/240215_SOC_OCTL2024-1_B-700x700.jpg 700w, http:\/\/octane.co\/o\/wp-content\/uploads\/2024\/03\/240215_SOC_OCTL2024-1_B-1160x1160.jpg 1160w, http:\/\/octane.co\/o\/wp-content\/uploads\/2024\/03\/240215_SOC_OCTL2024-1_B-50x50.jpg 50w, http:\/\/octane.co\/o\/wp-content\/uploads\/2024\/03\/240215_SOC_OCTL2024-1_B-650x650.jpg 650w, http:\/\/octane.co\/o\/wp-content\/uploads\/2024\/03\/240215_SOC_OCTL2024-1_B-1000x1000.jpg 1000w, http:\/\/octane.co\/o\/wp-content\/uploads\/2024\/03\/240215_SOC_OCTL2024-1_B-75x75.jpg 75w, http:\/\/octane.co\/o\/wp-content\/uploads\/2024\/03\/240215_SOC_OCTL2024-1_B-750x750.jpg 750w, http:\/\/octane.co\/o\/wp-content\/uploads\/2024\/03\/240215_SOC_OCTL2024-1_B-1140x1140.jpg 1140w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-c8cb3b3\" data-id=\"c8cb3b3\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-342e3de elementor-widget elementor-widget-text-editor\" data-id=\"342e3de\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.23.0 - 05-08-2024 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p><span style=\"font-weight: 400;\">AAA-Rating Follows Period of Strong Business Performance and Momentum<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-a128597 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"a128597\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-048532b\" data-id=\"048532b\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-538183e elementor-widget elementor-widget-text-editor\" data-id=\"538183e\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">NEW YORK, March 5, 2024 \u2014 <\/span><a href=\"http:\/\/www.octane.co\"><span style=\"font-weight: 400;\">Octane<\/span><\/a><span style=\"font-weight: 400;\">\u00ae<\/span><span style=\"font-weight: 400;\"> (Octane Lending, Inc.<\/span><span style=\"font-weight: 400;\">\u00ae<\/span><span style=\"font-weight: 400;\">), the fintech revolutionizing the buying experience for major recreational purchases, announced that it has closed a $300 million securitization (\u201cOCTL 2024-1\u201c) collateralized by its fixed-rate installment powersports loans issued through its in-house lender, <\/span><a href=\"https:\/\/www.roadrunnerfinancial.com\/\"><span style=\"font-weight: 400;\">Roadrunner Financial<\/span><\/a><span style=\"font-weight: 400;\">\u00ae, Inc.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">OCTL 2024-1 issued six classes of fixed-rate notes: Class A-1, Class A-2, Class B, Class C, Class D, and Class E, which Standard &amp; Poor\u2019s (S&amp;P)* and Kroll Bond Rating Agency (KBRA)** rated as A-1+\/K1+, AAA\/AAA, AA\/AA+, A\/A+, BBB\/BBB+, and BB\/BB+ respectively, in a private offering pursuant to Rule 144A under the Securities Act of 1933, as amended. The senior class of notes in Octane\u2019s three asset-backed securitizations of 2023, <\/span><a href=\"https:\/\/octane.co\/o\/407-million-asset-backed-securitization-upsize-from-initial-305-million-target-issuance\/\"><span style=\"font-weight: 400;\">OCTL 2023-1<\/span><\/a><span style=\"font-weight: 400;\">, <\/span><a href=\"https:\/\/octane.co\/o\/400-million-asset-backed-securitization-upsize-from-initial-300-million-target-issuance\/\"><span style=\"font-weight: 400;\">OCTL 2023-2<\/span><\/a><span style=\"font-weight: 400;\">, and <\/span><a href=\"https:\/\/octane.co\/o\/2023-380-million-asset-backed-securitization\/\"><span style=\"font-weight: 400;\">OCTL 2023-3<\/span><\/a><span style=\"font-weight: 400;\">, were also rated AAA by both S&amp;P*** and KBRA**** upon issuance.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">Truist Securities acted as lead book-running manager and structuring agent, with J.P. Morgan Securities, ATLAS SP Partners, and Mizuho Americas serving as joint bookrunners. Octane saw a high level of demand for its notes. Additionally, Octane expanded its investor base by attracting new investors through this issuance, while maintaining the support of existing institutional investors<\/span><\/p><p><span style=\"font-weight: 400;\">\u201cWe\u2019re excited we could take advantage of the favorable ABS market and close a successful transaction with the support of an ever-growing mix of esteemed partners,\u201d said Steven Fernald, Chief Financial Officer at Octane. \u201cOur strong capital markets execution remains a key differentiator for Octane as we continue to grow our business in the months and years ahead.\u201d<\/span><\/p><p><span style=\"font-weight: 400;\">This is Octane\u2019s tenth ABS transaction since launching the program in December 2019. The company has completed more than $3.3 billion of asset-backed securitizations to date. Last month, Octane announced <\/span><a href=\"https:\/\/octane.co\/o\/yieldstreet-and-octane-partner-on-innovative-transaction\/\"><span style=\"font-weight: 400;\">the sale of $280M in whole loans<\/span><\/a><span style=\"font-weight: 400;\"> to <\/span><a href=\"https:\/\/www.yieldstreet.com\/\"><span style=\"font-weight: 400;\">Yieldstreet<\/span><\/a><span style=\"font-weight: 400;\">, a leading private market investing platform. Octane\u2019s <\/span><a href=\"https:\/\/investor.octane.co\/\"><span style=\"font-weight: 400;\">capital markets strategy<\/span><\/a><span style=\"font-weight: 400;\"> also includes committed warehouse facilities.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">This transaction comes on the heels of several exciting milestones. Octane surpassed $4B in aggregate originations last week and, in January, the company <\/span><a href=\"https:\/\/octane.co\/o\/kawasaki-and-octane-announce-strategic-agreement\/\"><span style=\"font-weight: 400;\">announced a strategic agreement<\/span><\/a><span style=\"font-weight: 400;\"> with <\/span><a href=\"https:\/\/www.kawasaki.com\/en-us\/\"><span style=\"font-weight: 400;\">Kawasaki Motors Corp<\/span><\/a><span style=\"font-weight: 400;\">., U.S.A. The company closed 2023 GAAP net income profitable, while growing its number of applications by 96% and launching three new innovative products to help dealerships grow their businesses.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">This press release does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.<\/span><\/p><p><span style=\"font-weight: 400;\">*The full analysis for S&amp;P\u2019s ratings, including any updates, which you should review and understand, is available on spglobal.com and can be accessed <\/span><a href=\"https:\/\/disclosure.spglobal.com\/ratings\/en\/regulatory\/article\/-\/view\/type\/HTML\/id\/3130171\"><span style=\"font-weight: 400;\">here<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p><p><span style=\"font-weight: 400;\">**KBRA\u2019s ratings are subject to all of the terms and conditions set forth in the related report and KBRA\u2019s website, which you should review and understand, and can be accessed <\/span><a href=\"https:\/\/www.kbra.com\/publications\/BysnwRPb\/octane-receivables-trust-2024-1-new-issue-report?format=file\"><span style=\"font-weight: 400;\">here<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p><p><span style=\"font-weight: 400;\">***The full analysis for S&amp;P\u2019s ratings for each of these transactions, including any updates, which you should review and understand, is available on spglobal.com and can be accessed <\/span><a href=\"https:\/\/disclosure.spglobal.com\/ratings\/en\/regulatory\/search-result\/searchType\/Entity\/searchTerm\/octane%2520receivables%2520trust%25202023\"><span style=\"font-weight: 400;\">here<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p><p><span style=\"font-weight: 400;\">****KBRA\u2019s ratings for each of these transactions are subject to all of the terms and conditions set forth in the related report and KBRA\u2019s website, which you should review and understand, and can be accessed <\/span><a href=\"https:\/\/www.kbra.com\/search\/?q=octane+receivables+trust+2023\"><span style=\"font-weight: 400;\">here<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p><p><b>###<\/b><\/p><p><em>This is not an offer, solicitation of an offer, recommendation or advice to buy or sell any security, financial product or instrument.\u00a0Our website is for informational purposes only. We do not guarantee the accuracy or completeness of information on or available through this website, and we are not responsible for inaccuracies or omissions in that information or for actions taken in reliance on that information. Please read any applicable disclosures before using or relying on information on or available through this website. Seek professional advice before investing in our securities.<\/em><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>AAA-Rating Follows Period of Strong Business Performance and Momentum NEW YORK, March 5, 2024 \u2014 Octane\u00ae (Octane Lending, Inc.\u00ae), the fintech revolutionizing the buying experience for major recreational purchases, announced<\/p>\n<div><a href=\"https:\/\/octane.co\/o\/announcing-300-million-asset-backed-securitization\/\" class=\"exp-read-more exp-read-more-underlined\">Read More<\/a><\/div>\n","protected":false},"author":25,"featured_media":6219,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[34],"tags":[66,54,55,52],"class_list":["post-6218","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-press","tag-66","tag-asset-backed-securitization","tag-company-growth","tag-recent-press"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.3 (Yoast SEO v23.2) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Octane Completes $300 Million Asset-Backed Securitization to Drive Continued Growth | Octane<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/octane.co\/o\/announcing-300-million-asset-backed-securitization\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Octane Completes $300 Million Asset-Backed Securitization to Drive Continued Growth\" \/>\n<meta property=\"og:description\" content=\"AAA-Rating Follows Period of Strong Business Performance and Momentum NEW YORK, March 5, 2024 \u2014 Octane\u00ae (Octane Lending, Inc.\u00ae), the fintech revolutionizing the buying experience for major recreational purchases, announcedRead More\" \/>\n<meta property=\"og:url\" content=\"https:\/\/octane.co\/o\/announcing-300-million-asset-backed-securitization\/\" \/>\n<meta property=\"og:site_name\" content=\"Octane\" \/>\n<meta property=\"article:published_time\" content=\"2024-03-05T09:15:21+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-03-25T15:39:11+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/octane.co\/o\/wp-content\/uploads\/2024\/03\/240215_SOC_OCTL2024-1_B-1024x1024.jpg\" \/>\n\t<meta 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