SAN
FRANCISCO, Feb. 13, 2025 /PRNewswire/
-- LendingClub Corporation (NYSE: LC), the parent company
of LendingClub Bank, America's leading digital marketplace bank,
today closed on a $100 million
LendingClub Structured Loan Certificates (SLCLC) program
transaction where it secured an investment grade rating from Fitch
Ratings, Inc. (Fitch) on the series notes and gained participation
from a top global insurance company.
"Securing an investment grade rating from Fitch for our first
rated SLCLC series speaks to our credit stewardship and commitment
to strong returns for our loan investors," said Scott Sanborn, LendingClub CEO. "The SLCLC
program has generated growing interest from investors since its
inception and rating our transaction only enhances that appeal for
both new and existing investors, which should ultimately translate
to higher loan sales pricing and increased revenue."
"We're excited to be able to extend the advantages of the SLCLC
program to investors who require a rated product, including
insurance companies who collectively hold over $8.5 trillion in assets," said Clarke Roberts, SVP and GM, Marketplace at
LendingClub. "Adding rated transactions further broadens our
investor distribution channels, diversifies our funding profile,
and reinforces our reputation as a partner of choice in this asset
class."
The rated transaction is an expansion of LendingClub's
innovative SLCLC program, which has grown rapidly since its
April 2023 launch, crossing
$4 billion in total originations as
of December 31, 2024. Private credit
funds have sought out the SLCLC program due to its built-in
financing, seamless investment experience, and compelling return
profile. LendingClub worked with Fitch on an investment grade
rating for the series notes to open the program to investors who
require a rated product. This transaction will trade in the
over-the-counter market with a CUSIP and is cleared through the
DTCC (Depository Trust and Clearing Company).
Throughout its 18-year history, LendingClub has offered a range
of industry-first, unique product structures to expand investor
access to consumer credit, broaden distribution, and improve
liquidity for investors. The company has deep expertise with rated
transactions, having issued nearly $4
billion in rated transactions since 2016 through its CLUB
and CLRT programs.
About LendingClub
LendingClub Corporation (NYSE: LC) is the parent company of
LendingClub Bank, National Association, Member FDIC. LendingClub
Bank is the leading digital marketplace bank in the U.S., where
members can access a broad range of financial products and services
designed to help them pay less when borrowing and earn more when
saving. Based on hundreds of billions of cells of data and over
$95 billion in loans, our advanced
credit decisioning and machine-learning models are used across the
customer lifecycle to expand seamless access to credit for our
members, while generating compelling risk-adjusted returns for our
loan investors. Since 2007, more than 5 million members have joined
the Club to help reach their financial goals. For more information
about LendingClub, visit https://www.lendingclub.com.
Safe Harbor Statements
The series notes and residual certificates issued through the
SLCLC program have not been and will not be registered under the
Securities Act of 1933 or any state or other jurisdiction's
securities laws and may not be offered or sold in the United States absent registration or an
applicable exemption from the registration requirements of the
Securities Act of 1933 and applicable state or other jurisdiction
securities laws.
This press release will not constitute an offer to sell or the
solicitation of an offer to buy the series notes or residual
certificates or any other securities, nor will there be any offer,
solicitation or sale of the series notes, the residual certificates
or any other securities in any state or other jurisdiction in which
the offer, solicitation or sale would be unlawful.
Some of the statements above, including statements regarding the
performance of, growth of and investor demand for the SLCLC
program, are forward-looking statements. The words "expect",
"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 LendingClub's ability to continue to attract and
retain new and existing borrowers and loan investors, the
macroeconomic environment, default rates and those factors set
forth in the section titled "Risk Factors" in LendingClub
Corporation's most recent Annual Report on Form 10-K, as filed with
the Securities and Exchange Commission, as well as in subsequent
filings by LendingClub Corporation with the Securities and Exchange
Commission. LendingClub 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. LendingClub does 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.
Contacts
For Investors: IR@lendingclub.com
Media Contact: Press@lendingclub.com
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SOURCE LendingClub Corporation
