Regional Management Corp. completes $187 million asset-backed securitization
June 20, 2024
GREENVILLE, SC – Regional Management Corp. (NYSE: RM) announced that it has completed a $187.3 million asset-backed securitization, marking its tenth successful securitization. RM is a diversified consumer finance company.
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.”
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.
– BUSINESS WIRE
About Regional Management Corp.
Regional Management Corp. (NYSE: RM) is a diversified consumer finance company that provides attractive, easy-to-understand installment loan products primarily to customers with limited access to consumer credit from banks, thrifts, credit card companies, and other lenders. Regional Management operates under the name “Regional Finance” online and in branch locations in 19 states across the United States. Most of its loan products are secured, and each is structured on a fixed-rate, fixed-term basis with fully amortizing equal monthly installment payments, repayable at any time without penalty. Regional Management sources loans through its multiple channel platform, which includes branches, centrally managed direct mail campaigns, digital partners, and its consumer website. For more information, please visit www.RegionalManagement.com.
