Company achieves new milestone with AAA-rated issuance and record execution

Tricolor, an AI-powered CDFI providing high quality, affordable used vehicles and financing to underserved Hispanics, today announced its seventh securitization, an issuance of $234 million of asset-backed bonds secured by a pool of its installment loans. JPMorgan Securities LLC acted as the sole lead book-running manager and Barclays acted as co-manager.

The Class A, Class B, Class C, Class D, Class E, and Class F bonds that were issued received ratings of AAA, AA-, A, BBB, BB, B, respectively, from Kroll Bond Rating Agency. The Class A, Class B, Class C, Class D, Class E, and Class F were placed with a diversified mix of twenty institutional investors in a private offering pursuant to Rule 144A under the Securities Act of 1933, as amended.

“We are extremely excited to have attracted an expanded set of institutional investors to support our growth having been oversubscribed by more than three times,” said Daniel Chu, founder and CEO of Tricolor Holdings. “Achieving a AAA rating is an important milestone for our company and a strong validation of our technology’s unique ability to provide access to affordable and responsible lending for a historically underserved community.”

“Socially responsible offerings are a key focus amongst capital markets investors. Tricolor’s proven ability as a successful lender to an underserved population is a key differentiator in the ABS market,” said George Wilkins, Managing Director, J.P. Morgan.

According to the FDIC National Survey of Unbanked and Underbanked Households, 31% of the US Hispanic population have no or limited access to mainstream credit, which can translate into scarce options in terms of accessing financing for a major purchase such as a motor vehicle.

Since its founding in 2007, Tricolor empowers its customers by providing access to affordable financing on high quality, certified vehicles in order to enhance the quality of their lives and ultimately help them to build a better future. Leveraging advanced AI technology, nearly fourteen years of proprietary customer insights, and over 22 million unique, non-traditional attributes, Tricolor has served over 85,000 customers and disbursed over $1.5 billion in affordable auto loans.

Tricolor issued its first securitization in July 2013.

This press release does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.

For more information about Tricolor and Ganas, please visit tricolorholdings.com, tricolor.com, and https://www.ganas.com/.