SALT LAKE CITY — Prestige Financial Services recently completed its ninth rated term securitization, issuing $230,071,000 in securities backed by $244,756,951 in auto installment receivables.

In a transaction led jointly by J.P. Morgan Securities and Wells Fargo Securities, the company explained notes were purchased by qualified institutional buyers and accredited investors in a private offering pursuant to Rule 144A of the Securities Act.

The securitization closed last Wednesday.

Executives pointed out the five note classes carried ratings ranging from A-1+/R-1h through A+/A from Standard & Poor's and DBRS, respectively. They stressed the classes were based on several factors, including Prestige's proven track record as a loan originator and servicer.

Prestige mentioned the weighted average note yield was 1.91 percent, the lowest the company has achieved on a securitization to date.

"The market continues to respond favorably to Prestige's transactions," stated John Cho, managing director at J.P. Morgan Securities.

"Investor interest in this deal was very high, with a combination of both long-time supporters and several noteworthy new participants coming to the table," Cho continued. "This is a strong execution for the company on all fronts."

Prestige — founded in 1994 as an affiliate of the Larry H. Miller Group that includes the NBA's Utah Jazz and the country's ninth-largest dealership network — manages a portfolio of nearly $450 million and does business with approximately 1,000 dealerships in 26 states.

"The Prestige story is one of focused originations and servicing, controlled growth and the unwavering support of strong ownership," Prestige chief operating officer Bryant Henrie emphasized.

"Our bankers did an outstanding job in helping to share this story with our expanding investor base, and we're extremely pleased with the results of this transaction," Henrie continued.

He added all notes included in this securitization having been sold, this announcement of their sale appears as a matter of record only.