Upscale fashion house BCBG Max Azria recently priced a $53 million securitization backed by trademarks on the company's portfolio of eight brands and the royalties associated with their licensing.

The deal is comprised of a triple-A rated $12 million tranche and a triple-B minus rated $41 million tranche. The triple-A rating on the A-2 tranche was secured with a letter of credit put up by loan guarantor IP Innovations. UCC Capital Corporation acted as placement agent to New York Life Investment Management, the sole investor. Moody's Investors Service provided the lone rating.

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