Tricolor places $271 million oversubscribed social bond

By Marisa Wong

Los Angeles, Jan. 25 – Tricolor Holdings announced a $271 million social bond in a Thursday press release.

Barclays acted as the lead structuring agent with JPMorgan as joint bookrunner.

The deal was placed with a diversified mix of 18 institutional investors in a private offering under Rule 144A. The transaction was oversubscribed by 3.4 times on the available classes; the class D and class E bonds were pre-placed, according to the release.

The social bond is collateralized with loans that provide affordable access to low-income borrowers with no FICO score for financing the purchase of a motor vehicle. Tricolor has secured a second party opinion from S&P Global Ratings to provide an opinion on the social benefits of this framework as well as the alignment to the International Capital Markets Association Social Bond Principles.

Based in Dallas, Tricolor is a U.S. Department of the Treasury certified Community Development Financial Institution and a company that leverages its direct-to-consumer, A.I.-powered platform to provide transportation and upward financial mobility products for underserved Hispanics in the United States.

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