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Atlanticus Holdings Corporation Closes Sale Of $167.3 Million Asset Backed Securitization To Support The Fortiva® BrandATLANTA, Nov. 5, 2018 /PRNewswire/ -- Atlanticus Holdings Corporation (NASDAQ: ATLC) ("Atlanticus", "we", "our" or "us"), a technology enabled consumer finance company, today announced an agreement to sell $167.3 million of asset backed securities ("ABS") secured by Fortiva® branded retail point-of-sale receivables (the Fortiva Retail Credit Master Note Business Trust Series 2018-One). The transaction represents the first term ABS issuance sponsored by us since 2004 and follows the closing of our $100.0 million revolving credit facility in June 2018 secured by Fortiva® branded general-purpose credit card receivables. Proceeds from the sale of the ABS will be used to pay down certain existing term and revolving credit facilities and fund the acquisition of additional receivables. These repayments will then create more than $145.0 million of undrawn bank commitments to allow for future investments in retail point-of-sale receivables. The terms of the ABS allow for a two-year revolving structure with a subsequent 18-month amortization period. The weighted average interest rate on the securities is 5.76%. "The sale of these asset backed securities reflect the continued demand both by consumers and investors for financial products that provide consumers with flexible financing options for purchases," said Jeff Howard, President, Atlanticus Holdings Corporation. "Coupled with the recent closing of a revolvin credit facility secured by Fortiva® branded general-purpose credit card receivables, we continue to be well positioned to execute growth strategies for both product classes and we are excited to continue assisting financial institutions in the offering of financial products and services to consumers that are overlooked by the traditional banking system." About Atlanticus Holdings Corporation Forward-Looking Statements Contact: Investor Relations View original content to download multimedia:http://www.prnewswire.com/news-releases/atlanticus-holdings-corporation-closes-sale-of-167-3-million-asset-backed-securitization-to-support-the-fortiva-brand-300744262.html SOURCE Atlanticus Holdings Corporation |