Education Loan Finance Sets Record with $300 Million Securitization

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KNOXVILLE, Tenn., June 30, 2020 /PRNewswire/ — Education Loan Finance (“ELFI”), a division of SouthEast Bank, announces the successful closing of the ELFI Graduate Loan Program 2020-A Asset-Backed Notes, with record-setting pricing on the company’s third securitization of refinanced student loans. ELFI 2020-A financing was a $300 million fixed-rate transaction, comprised of $271.650 million Class A Notes, $18.850 million Class B Notes, and $9.500 million Class C Notes. The Class A Notes were rated AAA by S&P and DBRS. The Class B and C Notes were rated AA and A, respectively, by DBRS.
ELFI achieved a major milestone with the 2020-A transaction by securing the lowest all-in weighted average market yield of all major student loan refinance companies’ publicly issued and offered securitization fixed-rate notes since the inception of the industry in December 2013. ELFI set a record and became the first student loan refinance lender to offer securitization fixed-rated notes at an all-in weighted average yield of less than 2%, at 1.863%, on the ELFI 2020-A fixed-rate offered Notes due to strong investor demand. ELFI’s 2020-A deal was also priced very competitively at an all-in weighted average yield level below those of three major student loan refinance securitizations issued recently by major companies in the student loan …

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