SoFi sold $313.8 million of securities backed by private student loans.
The class A1, floating rate notes, rated singleA by both Moody’s Investors Service and Standard & Poor’s priced at 120 basis points over one month Libor. DBRS assigned the notes a AA’ rating. The class A2, floating rate notes, rated at the same level as the class A1 notes, priced at swaps plus 125 basis points. The notes have a weighted average life of 2.3 years, a shorter term relative to typical private student loan transactions, which tend to have a WAL of four to eight years. Moody’s stated in the presale report that the shorter term means the notes have less risk of exposure to multiple economic downturns.