SOURCE: DRB (Darien Rowayton Bank)

DRB (Darien Rowayton Bank)

May 12, 2016 11:00 ET

DRB Prices Sixth Securitization of Refinanced Student Loans and Obtains AA Ratings by Moody's and DBRS

$203 Million Securitization of Refinanced Student Loans Rated by Ratings Agencies: Moody's Corporation and DBRS; Sixth Securitization Brings Total Issuance in Excess of $1.3 Billion

DARIEN, CT--(Marketwired - May 12, 2016) - DRB, a national bank and the fastest marketplace lender to reach $1 billion in student loan refinancings, today announced it has priced its sixth securitization. This sixth securitization brings total issuance in excess of $1.3 billion.

The $203 million securitization benefited from ratings upgrades on the senior notes to AA by Moody's Corporation and DBRS. The loan portfolio was comprised of 88% fixed and 12% variable loans. Notably, the transaction was oversubscribed with several first time buyers vying for participation. Credit Suisse and Bank of America Merrill Lynch were joint bookrunners on this transaction.

DRB has been providing refinancing options for student loans since 2013 and has originated over $1.5 billion since launching its student loan division. "Securitization continues to be an effective financing mechanism for us, even in a volatile market, which reflects the high quality of our assets," said Aryea Aranoff, Chief Strategy Officer of DRB Lending an affiliate of Darien Rowayton Bank. "This securitization allows us to expand our student loan footprint further, and more importantly, help more customers lower their student loan rates to save money."

The senior notes were offered in a private placement within the United States to qualified institutional buyers pursuant to Rule 144A and outside the United States in accordance with Regulation S under the Securities Act of 1933, as amended. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, and there shall not be any offer or sale of these securities in any state in which such offer, solicitation or sale would be unlawful.

About DRB
DRB (Darien Rowayton Bank) is a leading bank, national marketplace lender, and the fastest lender in industry history to reach $1 billion in student loan refinancings. FDIC insured and established in 2006, DRB has helped thousands of professionals with graduate and undergraduate degrees across the country to refinance and consolidate federal and private student loans, saving these borrowers thousands of dollars each.

For more information, visit https://student.drbank.com/.

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