SAN FRANCISCO, July 22, 2019 /PRNewswire/ -- LendingClub
Corporation (NYSE: LC), America's largest online lending
marketplace connecting borrowers and investors, has issued to
investors its next generation certificates, called Levered
Certificates, backed by over $100
million of LendingClub marketplace loans.
This structure consisted of two securities, one equity
certificate and one fixed-rate note. The equity certificate
provided exposure to a pool of unsecured personal loans. The
fixed-rate note provided stable term financing over the life of the
certificate. Both the certificate and the note trade in the
over-the-counter market with CUSIPs and are cleared through the
Depository Trust and Clearing Company (DTCC).
"We continue to innovate on products and structures to enable
more investors to participate in our marketplace and gain access to
consumer credit," said Valerie Kay,
Chief Capital Officer of LendingClub. "We expect our structured
program innovation to further improve LendingClub's balance sheet
efficiency and reduce administration costs."
Levered Certificates are the latest addition to LendingClub's
structured programs. In the first quarter of 2019, LendingClub
facilitated $2.7 billion worth of
loans supported by capital provided by some of the largest fixed
income managers in the world, and almost 40 percent of these loans
were sold through its structured programs which also includes CLUB
Certificates.
LendingClub's Levered Certificates can be seen on dv01,
Bloomberg and Intex with the "LCRT" ticker.
About LendingClub
LendingClub was founded to transform
the banking system to make credit more affordable and investing
more rewarding. Today, LendingClub's online credit marketplace
connects borrowers and investors to deliver more efficient and
affordable access to credit. Through its technology platform,
LendingClub is able to create cost efficiencies and
passes those savings onto borrowers in the form of lower rates and
to investors in the form of risk-adjusted returns. LendingClub is
based in San Francisco,
California. Currently, residents of the following states may
invest in LendingClub notes: AL, AR, AZ, CA, CO, CT, DC, DE, FL,
GA, HI, IA, ID, IL, IN, KS, KY, LA, MA, ME, MD, MI, MN, MO, MS, MT,
ND, NE, NH, NJ, NV, NY, OK, OR, RI, SC, SD, TN, TX, UT, VA, VT, WA,
WI, WV, or WY. All loans are made by federally regulated issuing
bank partners. More information is available
at https://www.lendingclub.com.
Safe Harbor Statement
Some of the statements above,
including statements regarding future product initiatives and
financial benefits, are "forward-looking statements." The words
"anticipate," "believe," "estimate," "expect," "intend," "may,"
"outlook," "plan," "predict," "project," "will," "would" and
similar expressions may identify forward-looking statements,
although not all forward-looking statements contain these
identifying words. Factors that could cause actual results to
differ materially from those contemplated by these forward-looking
statements include those factors set forth in the section titled
"Risk Factors" in our most recent Annual Report on Form 10-K
and Quarterly Report on Form 10-Q, each as filed with the SEC.
We may not actually achieve the plans, intentions or expectations
disclosed in forward-looking statements, and you should not place
undue reliance on forward-looking statements. Actual results or
events could differ materially from the plans, intentions and
expectations disclosed in forward-looking statements. We do not
assume any obligation to update any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as required by law.
Information in this press release is not an offer to sell
securities or the solicitation of an offer to buy securities, nor
shall there be any sale of securities in any jurisdiction in which
such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities
laws of such jurisdiction.
Additional information about LendingClub is available in the
prospectus for LendingClub's notes, which can be obtained on
LendingClub's website at
https://www.lendingclub.com/info/prospectus.action.
CONTACT: For Investors: IR@lendingclub.com; Media
Contact: Press@lendingclub.com
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SOURCE LendingClub