Wentworth sells bonds despite tough securitization market
JG Wentworth, the Bryn Mawr firm that buys discounted legal settlements and annuities, said it securitized $75M in new funding despite tough credit markets.
J.G. Wentworth LLC, the Bryn Mawr firm that buys discounted legal settlements and annuities from people who want their cash up front in one big discounted chunk, said today it securitized notes totalling $74.6 million backed by structured settlements and annuities, selling them to institutional investors despite what cfo John Calamari called a difficult environment for asset-backed securities.
The firm didn't announce financial details of the sale. Last month, Moody's downgraded Wentworth's "corporate family" credit rating to Caa1 from B2, citing "a dramatic increase in its funding costs." Standard & Poor's made a similar cut.