SoFi Lending Corp., the busiest issuer of private student loan securitizations in 2019, is returning to market with a new fixed-rate, asset-backed note offering secured by loans originated through its cornerstone post-graduate refinancing product.
SoFi Professional Loan Program 2020-A Trust is a $482.3 million bond offering, backed by a pool of approximately $500 million in loans taken out by post-graduate professionals from high-income fields.
The top-prime borrowers have weighted average FICOs of 768, a WA gross income of $155,358 and WA monthly free cash flow of $6,473, according to a presale report from S&P Global Ratings.
The capital stack includes a Class A-1FX tranche totaling $261.2 million and a Class A-2FX tranche totaling $193.6 million (both with preliminary AAA ratings from S&P and DBRS Morningstar). The notes benefit from approximately 11.8%-12.1% of credit support from subordination, overcollateralization an excess spread.
SoFi is also marketing an unrated Class B-FX subordinate tranche with $27.5 million in notes.
The deal is the 28th rated term-loan transaction sponsored by SoFi, which last year priced nine deals totaling $4.62 billion.
Mizuho Securities, Citigroup, Deutsche Bank and RBC are underwriting the deal.
