Alston & Bird client Regional Management Corp., a diversified consumer finance company, has closed its first securitization backed by large loan receivables, completing a private offering of $150 million of asset-backed notes.
The sold notes, issued by Regional Management Issuance Trust 2018-1, comprise three classes, including a $129.7 million tranche of senior notes rated AA by DBRS.
Credit Suisse and Wells Fargo acted as joint lead bookrunners on the transaction.
Founded in 1987, Regional Management is a New York Stock Exchange-listed company providing a broad array of loan products primarily to customers with limited access to consumer credit from banks, thrifts, credit card companies, and other traditional lenders.
Advising Regional Management was an Alston & Bird team led by partners Tara Castillo and Mark Harris (Finance), senior associate Allison Muth, and associate Zach Miller (Financial Services & Products); assisted by partner Clay Littlefield (Federal & International Tax); partners Jonathan Edwards and Will Sugden (Bankruptcy & Financial Restructuring); partners Hill Jeffries and David Baum (Capital Markets & Securities); partner Nanci Weissgold and senior associate Rinaldo Martinez (Consumer Finance Regulatory Compliance); counsel Pat DiCarlo (Employee Benefits & Executive Compensation); and partner Michael Giovannini (State & Local Tax).