Lendbuzz achieves AAA-rating following continued strong performance
BOSTON–(BUSINESS WIRE)–
Lendbuzz Securitization Trust 2024-1 (“LBZZ 2024-1”) issued four classes of notes: Class A-1, Class A-2, Class B, Class C. The LBZZ 2024-1 notes have been rated by S&P Global Ratings (S&P) and Kroll Bond Rating Agency (KBRA) as NR/K1+, AA-/AAA, A-/AA+ and NR/A-, respectively.
Goldman Sachs & Co. LLC acted as lead bookrunner and structuring agent, with J.P. Morgan Securities LLC and RBC Capital Markets, LLC as joint bookrunners; Regions Securities LLC acted as co-manager.
“This was an incredibly successful transaction for Lendbuzz with a first time AAA rating, which is a testament to the Company’s focus on strong credit performance,” said George Sclavos, Chief Financial Officer at Lendbuzz. “We look forward to continuing to expand our asset-backed lender investor base, having added 12 first-time investors to the platform on this deal.”
Lendbuzz remains committed to growing its asset-backed securitization program and expanding its asset-backed lender investor base, helping to provide additional liquidity for asset-backed lender investors and maintaining a diverse financing strategy for Lendbuzz. The additional capacity will allow Lendbuzz to continue on its mission to offer fair access to credit for underserved populations.
About Lendbuzz
Lendbuzz is an AI-based financial technology company that helps consumers obtain better access to credit when purchasing a vehicle. Powered by alternative data and machine learning algorithms, Lendbuzz can assess the creditworthiness of consumers with limited credit history—a group underserved by traditional banks. Through our auto dealership partners, Lendbuzz offers consumers attractive financing solutions while opening up opportunities for those dealerships to serve a more diversified customer base. Lendbuzz is headquartered in Boston, Massachusetts and was founded in 2015.
Contacts
Investors
InvestorRelations@lendbuzz.com
Media & Press
Steve Francisco, CMO
Stephen.Francisco@lendbuzz.com
