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Avant Closes $255 Million Asset-Backed Securitization Led by J.P. Morgan, Credit Suisse and Morgan Stanley and Renews $392 Million Warehouse Facility

August 15, 2016

CHICAGO, IL – August 15, 2016 – Online lending platform Avant announced today two closed transactions, including a $255 million 144A asset-backed securitization deal and the renewal of its $392 million warehouse facility held by J.P. Morgan and Credit Suisse.

The three tranche AVNT 2016-C securitization transaction includes Class A, B and C fixed-rate notes that were rated A-, BBB- and BB by Kroll Bond Rating Agency (KBRA). Credit Suisse served as the lead bookrunner with J.P. Morgan and Morgan Stanley serving as joint bookrunners. The ABS deal was strongly received by investors and was significantly oversubscribed. The transaction will provide debt financing for Avant’s core U.S. installment loan business.

“We tremendously value the strong ongoing partnerships we have with our lead investment banks and are extremely pleased that we had over 30 investors in the 2016-C bond offering, which include many of the largest and most sophisticated global bond investors. We have and will continue to devote significant resources to expanding and diversifying our on and off-balance sheet funding strategies and appreciate the resounding support that this bond transaction requires,” said Al Goldstein, CEO of Avant. “Our hybrid funding strategy places Avant in a position of strength to become the leader in the online lending category over the long-term.”

J.P. Morgan and Credit Suisse will also continue to serve as senior lenders for the $392 million revolving warehouse facility. The warehouse will provide Avant with additional capital to continue serving its growing base of more than 500,000 customers.

To date, Avant has raised a total of $659 in equity financing and maintains $1.3 billion of capacity in its debt facilities. In addition to its warehouse facility with J.P. Morgan and Credit Suisse, Avant counts Tiger Global Management, August Capital, Victory Park Capital, KKR, DFJ Growth and RRE Ventures among its equity and debt investors.

About Avant
Avant is an online lending platform that is lowering the costs and barriers of borrowing for consumers. Avant provides access to unsecured personal loans ranging from $1,000-$35,000 with funding delivered as soon as the next business day. To date, more than 500,000 customers have been served worldwide through the Avant platform. Avant has been featured in publications such as The Wall Street Journal, The New York Times, TechCrunch, Fortune, Bloomberg and Crain's Chicago Business. Unsecured loans originated through the Avant platform at are made by WebBank, member FDIC. Find out more at

CONTACT: Carolyn Blackman Gasbarra, 312-763-7510, [email protected]