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WILMINGTON, Del., Dec. 18, 2020 /PRNewswire/ Continental Finance Company, LLC ( CFC ) is pleased to announce the closing of its fourth securitization of credit card receivables to date, which is also the first securitization from its newly formed subsidiary Continental Finance Credit Card ABS Master Trust ( CFCCMT ).
The transaction was underwritten by Credit Suisse. Proceeds from the securitization were $188.9 million and will be used to repay CFC s two senior secured revolving credit facilities. CFC customers view their credit card account as one of their most important financial tools. Steve McSorley, President The inaugural issuance of Series 2020-A out of CFC s newly formed master trust subsidiary was met by overwhelming investor demand as the transaction was more than six times oversubscribed, reflecting strong investor demand for fixed income securities said Tamer El-Rayess, CFC s Chairman.