OAKLAND, Calif., Nov. 2, 2017 /PRNewswire/ -- Renew Financial, a national leader in PACE financing, announced today that the company has completed a new financing totaling $208 million. The PACE assessments included in the asset-backed securities originated in partnership with Los Angeles County, the California Statewide Community Development Authority, Western Riverside Council of Governments and the Florida Green Finance Authority.
The financing included:
- $174.1 million of Class A notes rated AA(sf) by DBRS and Kroll
- $5.4 million of Class M notes rated A(sf) by DBRS, and
- $28.9 million of Class B notes rated by BBB(sf) by DBRS
"The success of this transaction reflects strong and growing investor demand for PACE," said Mary Kathryn Lynch, EVP of Capital Markets at Renew Financial. "Every securitization is a milestone for us because it enables us to help thousands more homeowners to improve the comfort and safety of their homes. We look forward to continuing to serve homeowners alongside our local government partners in Florida and California."
"There is a direct correlation between Renew Financial's commitment to integrity and high industry standards and the growing demand we see from investors. The success of this deal rests on the shoulders of Renew Financial's entire team. We work hard every day to make sure homeowners have the best possible experience," said Mimi Frusha, EVP of Financial Operations.
Natixis Securities Americas LLC served as the deal's sole structuring agent and bookrunner. Morgan Stanley and Barclays also served as bookrunners.
PACE financing has now enabled more than 150,000 American homeowners to make energy efficiency, renewable energy, and hurricane-mitigation improvements to their properties. PACE administrators provide homeowners with 100% of the upfront funding for home improvements, and the homeowners repay these costs over time through an additional line item on their property taxes.
About Renew Financial
Renew Financial Group LLC ("Renew Financial") is one of the nation's leading home improvement financing companies. Renew Financial administers and provides multiple financing products across the country, with programs available in several states, including Property Assessed Clean Energy (PACE) programs operating in California and Florida. PACE is a financing tool enabled by state and local governments that provides homeowners and business owners with access to private capital to finance the entire cost of renewable energy, energy efficiency, water conservation, seismic, and wind mitigation upgrades, and then pay for those upgrades on their property tax bill. PACE was named by Scientific American as one of the "top 20 ideas that can change the world." PACE is a job-creating policy tool that enjoys broad support, having been championed in state legislatures and local communities nationwide by business leaders, advocacy organizations and elected officials from both sides of the aisle.
Renew Financial is a pending trademark of Renew Financial Holdings Inc.
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SOURCE Renew Financial