Legacy Benefits Corp. recently closed what may be the first true senior settlements securitization, a $70 million transaction led by Merrill Lynch.

In all, $61.5 million of class A notes were rated A1' and $8.5 million of class B notes were rated Baa2' by Moody's Investors Service. The 35-year class A notes carried a 5.35% coupon and the 35-year class B notes carried a 6.05% coupon.

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