Prestige Financial Services announced today that it completed its 12th and largest rated term securitization. The company hit the mark by issuing $390 million in securities backed by $396,383,511 in automobile installment receivables.

In a transaction led jointly by J.P. Morgan Securities and Wells Fargo Securities, Prestige indicated notes were purchased by qualified institutional buyers in a private offering pursuant to Rule 144A of the Securities Act. The securitization closed on Wednesday.

Officials highlighted the six note classes carried ratings ranging from A-1+/R-1(h) through BBB/BBB(h) from Standard & Poor’s and DBRS, respectively, based on several factors including Prestige’s proven track record as a loan originator and servicer. The weighted average rate was 1.69 percent

“Prestige continues to make great progress with its securitizations, and investor interest was extremely strong on this deal,” said John Cho, Managing Director at J.P. Morgan Securities.

“We received orders that totaled more than four times the available bonds, and Prestige was able to improve its pricing differential against other prominent names in the industry,” Cho continued.

Prestige was founded in 1994 as an affiliate of the Larry H. Miller Group of Companies, which includes the NBA’s Utah Jazz and the country’s 10th-largest dealership network.

Today, Prestige manages a loan portfolio of nearly $800 million and does business with approximately 2,000 dealerships in 46 states.

“While we knew that our bankers’ expertise would help us get the best execution possible, we hadn’t fully anticipated the enthusiasm with which investors would respond to our offering,” Prestige president Bryant Henrie said. “This occasion calls for simple gratitude on our part, as well as a commitment to redouble the efforts that earned this show of support.”

All notes included in this transaction having been sold, Prestige added that this announcement of their sale appears as a matter of record only.