Credibly Announces Investment Grade Senior Debt Offering

Less than six months after announcing the first rated securitization of its receivables portfolio, Credibly, a small and medium-sized business lending platform, announced the next phase in its balance sheet growth strategy by launching a $10 million investment grade-rated senior debt offering. The transaction closed late last month.

Credibly reported that it and its products have been exceeding expectations for years and securitizing its portfolio provides a means to significantly lower its cost of capital and compete more aggressively in the SMB lending space. The $61 million asset-backed transaction announced in November is expandable to $237.5 million to support the company’s anticipated growth but was only the first phase of its funding strategy. Michael Seneski, CFO of Credibly, stated:

“We are proud of our growth, profitability, and the performance of our assets. Solidifying the strength of our balance sheet with this $10 million Senior Debt Offering is the next step in continuing our aggressive growth trajectory.”

Credibly also revealed the Senior Debt Offering was deemed investment grade quality by SEC-registered Egan-Jones Ratings Company, reaffirming Credibly’s abilities as both an originator and a servicer. The rated issuance further lowered the company’s cost of capital, which will strengthen its financial position and help to fund continued growth and profitability. Ryan Rosett, Founder and Co-CEO of Credibly, went on to add:

“This is a major milestone. The investment grade rating shows that we can continue to scale our operations while maintaining reliable, stable, and predictable performance, while financing businesses which would typically be overlooked.”

Sponsored Links by DQ Promote


You may also like...

Send this to a friend