SoFi sold $313.8 million of securities backed by private student loans.

The class A1, floating rate notes, rated single–A 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.

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