Maiden securitization priced at ~160 bps over benchmarks; proceeds accelerate growth across Imprint’s co-branded credit card programs
Imprint Payments, Inc., the leading provider of modern co-branded credit cards, today announced the successful closing of its inaugural $300 million asset-backed securitization (ABS), backed by receivables from Imprint’s co-branded credit card programs.
The transaction received a AAA rating from Fitch Ratings, a notable achievement for a first-time issuer that reflects Imprint’s asset quality, portfolio performance, and risk management discipline. Following strong institutional demand, the offering was upsized 50% from its initial $200 million target to $300 million, with all tranches oversubscribed.
“This ABS marks a pivotal milestone in our capital strategy and underscores deep investor confidence in the performance and durability of our co-branded portfolio,” said Daragh Murphy, Co-Founder and CEO of Imprint. “Just five years since our founding, this achievement validates our modern approach to co-branded cards and positions us to accelerate our growth trajectory with world-class brand partners.”
“Earning a AAA rating and upsizing on our inaugural transaction demonstrates the strength of our underwriting, the durability of our platform, our disciplined approach to credit and risk, and premier capital markets partners,” added Colin Groshong, Chief Capital Officer of Imprint. “This efficient capital will fuel our continued expansion while maintaining our commitment to responsible growth.”
The transaction was led by Citigroup, Mizuho, Truist Securities, and HSBC, with US Bancorp and First Citizens Capital Securities serving as co-managers. Proceeds from the securitization will support continued growth across Imprint’s expanding ecosystem of iconic brands, enhanced product development, and strategic partnership initiatives.
The securitization further diversifies Imprint’s funding sources, complementing its existing warehouse facilities, and establishes a repeatable capital markets program to support the company’s rapid scaling.
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