Paul Capital Partners recently closed a $228.9 million of asset-backed notes via Royalty Securitization Trust I, the cmpany announced. The notes are backed by a portfolio of healthcare royalty and revenue interests in 23 biopharmaceutical products, medical devices and diagnostics selected from 13 of the 19 investments made by Paul Royalty Fund I and were rated 'Aaa' by Moody's Investors Service and 'AAA' by Standard and Poor's respectively, based primarily on a Ambac wrap. Bear, Stearns and UBS acted as placement agents for the issuance of the notes, which were placed with conduits administered by IXIS Capital Markets and Harris Nesbitt.

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