KBRA Assigns Preliminary Ratings to Kabbage Asset Securitization LLC, Series 2019-1 Additional Notes
NEW YORK--(BUSINESS WIRE)--Nov 12, 2019--
Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to five classes of additional Series 2019-1 Notes (the “Series 2019-1 Additional Notes”) expected to be issued by Kabbage Asset Securitization LLC.
Kabbage Asset Securitization LLC issued five classes of Series 2019-1 Notes, totaling $700 million on March 15, 2019. The Series 2019-1 Additional Notes include $200 million of additional Series 2019-1 Class A, Class B, Class C, Class D and Class E Notes (together with the Series 2019-1 Notes, the “Notes”). The Series 2019-1 Additional Notes will have the same terms as the corresponding classes of Series 2019-1 Notes, including same Note Rate, Advance Rate and Legal Final Payment Date. In addition, the ratings for the previously issued $700.0 million of Series 2019-1 Notes are expected to be affirmed in conjunction with the issuance of the $200.0 million Series 2019-1 Additional Notes.
Founded in 2009, Kabbage, Inc. (“Kabbage” or the “Company”) is a leading global financial services, technology and data platform serving small- and medium-sized businesses (“Merchants”). Kabbage pioneered an automated application, underwriting and servicing platform (the “Kabbage Platform”) that evaluates the creditworthiness of Merchants using its proprietary risk scoring model that leverages traditional underwriting data such as credit bureau reporting and revenue and cash flow analysis, as well as data generated through business checking accounts and other data sources, including online accounting software, payment processing platforms, e-commerce websites, and shipping and delivery companies to provide automated, online access to business loans (the “SMB Loans”). Kabbage also provides working capital to Merchants by purchasing a specified amount of a Merchant’s future receivables known as merchant cash advances (“MCAs”). The transaction allows up to 10% MCA receivables. The Kabbage small business loan program (the “Kabbage Program”) is offered via the Kabbage Platform.
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SOURCE: Kroll Bond Rating Agency
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