CBC Settlement Funding Completes BBRVII 2017--Private Placement Note Offering
April 10 2017 - 4:56PM
CBC Settlement Funding, LLC (“CBC”), a diversified consumer
financial services company, is pleased to announce the completion
of its seventh private placement note offering on April 7, 2017.
These notes are collateralized by payments stemming from rights
arising under court ordered structured settlements, court ordered
lottery payments, and single premium investment annuities
originated by CBC Settlement Funding, LLC.
“We’re excited about the continued interest from our investor
base in our structured settlement and annuity receivables,” stated
CBC Settlement Funding, LLC President, Michael Aiello. “The
strong demand and interest for the offering is evidence of rising
confidence in the credit quality of annuity issuers and the
strength of CBC’s strict underwriting criteria.”
CBC, through its subsidiary BBRVII, LLC, issued $$18,340,275 of
fixed rate asset backed notes with a yield of 5.00%. Chief
Financial Officer Craig Millman noted: “We are very pleased with
the execution of this placement, especially given the rising
interest rate environment that we are experiencing today. The
investor community was very receptive to our offering and this
placement continues to demonstrate the fact that our financial
platform is consistent and solid and investors continue to have an
appetite for the structured settlement asset class.”
ABOUT STRUCTURED SETTLEMENTS
Structured settlements are commonly used in the settlement of
personal injury lawsuits to spread payouts over 10, 20 or 30 years.
The secondary market for structured settlement annuity transfers is
a highly-regulated marketplace offering clients liquidity options
for otherwise inflexible assets. In 2002, Congress passed IRC 5891
affirming the tax benefits of structured settlements but requiring
compliance with all applicable state or federal laws. Today, 49
states have enacted structured settlement protection acts requiring
court review and approval of each structured settlement
transfer.
ABOUT CBC SETTLEMENT FUNDING, LLC.
CBC Settlement Funding, LLC is a Conshohocken, PA based
purchaser of illiquid assets such as periodic structured
settlement, annuity and other deferred payments. CBC is a wholly
owned subsidiary of Englewood Cliffs, New Jersey based Asta
Funding, Inc. (NASDAQ:ASFI) (Asta). CBC has purchased over
$180 million in future payments from consumers, providing
them with liquidity from their annuity backed assets. For more
information, visit their website at
http://www.cbcsettlementfunding.com
ABOUT ASTA
Asta Funding, Inc. (NASDAQ:ASFI), headquartered
in Englewood Cliffs, New Jersey, is a diversified financial
services company that assists consumers and serves investors
through the strategic management of four complementary business
segments: Personal Injury Claims, Structured Settlements, Consumer
Debt and Disability Advocacy.
Founded in 1994 as a sub-prime auto lender, Asta now manages
business units that include funding of personal injury
claims through its 80 percent owned
subsidiary, Pegasus Funding LLC, and starting on January 2,
2017, through its wholly owned subsidiary, Simia Capital,
LLC; structured settlements through its wholly owned
subsidiary, CBC Settlement Funding LLC; acquiring
and managing international distressed consumer receivables
through its wholly owned subsidiary, Palisades Acquisitions
LLC; and benefits advocacy through its wholly owned
subsidiary, GAR Disability Advocates, LLC. For additional
information, please visit our website
at http://www.astafunding.com.
FORWARD-LOOKING STATEMENTS
All statements in this news release other than
statements of historical facts, including without limitation,
statements regarding our future financial position, business
strategy, budgets, projected revenues, projected costs, and plans
and objectives of management for future operations, are
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements generally can be identified by the use of
forward-looking terminology such as "may," "will," "expects,"
"intends," "plans," "projects," "estimates," "anticipates," or
"believes" or the negative thereof, or any variation thereon, or
similar terminology or expressions. We have based these
forward-looking statements on our current expectations and
projections about future events. These forward-looking statements
are not guarantees and are subject to known and unknown risks,
uncertainties and assumptions about us that may cause our actual
results, levels of activity, performance or achievements to be
materially different from any future results, levels of activity,
performance or achievements expressed or implied by such
forward-looking statements. Important factors which could
materially affect our results and our future performance include,
without limitation, our ability to purchase defaulted consumer
receivables at appropriate prices, changes in government
regulations that affect our ability to collect sufficient amounts
on our defaulted consumer receivables, our ability to employ and
retain qualified employees, changes in the credit or capital
markets, changes in interest rates, deterioration in economic
conditions, negative press regarding the debt collection industry
which may have a negative impact on a debtor's willingness to pay
the debt we acquire, and statements of assumption underlying any of
the foregoing, as well as other factors set forth under "Item 1A.
Risk Factors" in our Annual Report on Form 10-K for the year ended
September 30, 2016 and other filings with the Securities and
Exchange Commission . All subsequent written and oral
forward-looking statements attributable to us, or persons acting on
our behalf, are expressly qualified in their entirety by the
foregoing. Except as required by law, we assume no duty to update
or revise any forward-looking statements.
Contact:
Michael Aiello, President
CBC Settlement Funding, LLC
215-542-2132
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