Piper Jaffray Completes ThunderRoad Motorcycle Trust's First-Ever Asset-Backed Securitization
April 28 2016 - 2:01PM
Business Wire
Senior class notes receive A- rating from
Morningstar
Piper Jaffray Companies (NYSE:PJC), a leading investment bank
and asset management firm, is pleased to announce ThunderRoad
Financial, LLC through its issuer affiliate, ThunderRoad Motorcycle
Trust 2016-1, issued its Series 2016-1 Asset-Backed Notes totaling
$59.72 million, consisting of:
- $47,780,000 senior Class A Notes
carrying an A- rating from Morningstar Credit Ratings, and
- $11,940,000 of subordinate, unrated
Class B Notes.
Based in Reno, Nevada, ThunderRoad is a specialty motorcycle
lender established in 2014 that works closely with a network of
dealers in more than 30 states to provide financing to customers
purchasing motorcycles, UTVs, ATVs, and other power sports
equipment. The company finances all major American, European, and
Japanese makes, and has purchased more than $70 million in
installment sales contracts in its first two years of activity.
Piper Jaffray served as sole placement agent for the Series
2016-1 transaction after having arranged a $100 million warehouse
facility for the company in 2015.
“We are pleased to have successfully placed ThunderRoad’s first
motorcycle asset-backed security. They are an integral part of our
structured finance initiative focusing on small to middle market
specialty finance companies. Our work with ThunderRoad over the
past year exemplifies the varied ways we can help companies access
the financing they need to grow their business. We look forward to
continuing our partnership with them,” said Brad Winges, Piper
Jaffray head of fixed income services.
“While we have some of the most experienced powersports
underwriters in the business, at only two years old, ThunderRoad is
very pleased to have worked with Piper Jaffray on both the
warehouse line in 2015 and our first rated securitization. This is
an exciting step for our company as few firms are willing to work
with younger start-up companies, let alone dedicate the substantial
resources Piper Jaffray provided to us,” said Donal Hummer Jr.,
president and CEO of ThunderRoad Financial, LLC.
About Piper JaffrayPiper Jaffray Companies (NYSE: PJC) is
a leading, international investment bank and asset management firm.
Securities brokerage and investment banking services are offered in
the U.S. through Piper Jaffray & Co., member SIPC and FINRA; in
Europe through Piper Jaffray Ltd., authorized and regulated by the
U.K. Financial Conduct Authority and Simmons & Company
International Limited, authorized and regulated by the U.K.
Financial Conduct Authority and the Dubai Financial Services
Authority; in Hong Kong through Piper Jaffray Hong Kong Limited,
authorized and regulated by the Securities and Futures Commission.
Asset management products and services are offered through four
separate investment advisory affiliates―U.S. Securities and
Exchange Commission (SEC) registered Advisory Research, Inc., Piper
Jaffray Investment Management LLC and PJC Capital Partners LLC; and
Guernsey-based Parallel General Partners Limited, authorized and
regulated by the Guernsey Financial Services Commission.
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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. This release
contains forward-looking statements including, but not limited to,
statements regarding future cashflows and anticipated repayment.
Forward-looking statements should not be read as a guarantee of
future performance or results, and will not necessarily be accurate
indications of the times at, or by, which such performance or
results will be achieved, if at all. Forward-looking statements are
subject to risks and uncertainties that could cause actual
performance or results to differ materially from those expressed in
or suggested by the forward looking statements. We do not undertake
any obligation to publicly update or revise any forward-looking
statement, whether as a result of new information, future
developments or otherwise.
© 2016 Piper Jaffray Companies, 800 Nicollet Mall, Suite 1000,
Minneapolis, Minnesota 55402-7036
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Piper Jaffray CompaniesPamela Steensland,
612-303-8185analystmediarelations@pjc.com
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