DALLAS -

This week, Tricolor announced details of its seventh securitization that included a class to gain a AAA rating.

The used-vehicle retailer that specializes in the Hispanic market, rolled out an issuance of $234 million of asset-backed bonds secured by a pool of its installment contracts.

According to a news release, JPMorgan Securities LLC acted as the sole lead book-running manager and Barclays acted as co-manager.

Tricolor highlighted the Class A, Class B, Class C, Class D, Class E, and Class F bonds that were issued received ratings of AAA, AA-, A, BBB, BB, B, respectively, from Kroll Bond Rating Agency.

The company added that the Class A, Class B, Class C, Class D, Class E, and Class F were placed with a diversified mix of 20 institutional investors in a private offering pursuant to Rule 144A under the Securities Act of 1933, as amended.

“We are extremely excited to have attracted an expanded set of institutional investors to support our growth having been oversubscribed by more than three times,” Tricolor Holdings founder and chief executive officer Daniel Chu said in the news release.

“Achieving a AAA rating is an important milestone for our company and a strong validation of our technology’s unique ability to provide access to affordable and responsible lending for a historically underserved community,” Chu continued.

Tricolor issued its first securitization in July 2013. Leveraging advanced artificial intelligence, nearly 14 years of proprietary customer insights, and more than 22 million unique, non-traditional attributes, Tricolor has worked with more than 85,000 customers and booked more than $1.5 billion in installment contracts.

“Socially responsible offerings are a key focus amongst capital markets investors. Tricolor’s proven ability as a successful lender to an underserved population is a key differentiator in the ABS market,” J.P. Morgan managing director George Wilkins said in the news release.