Finance

Purchasing Power Announces Major Financial Milestone with $200 Million Securitization

ATLANTA, March 5, 2024 /PRNewswire/ -- In a significant financial move, Purchasing Power, LLC, a prominent voluntary benefit company renowned for spearheading the leading employee purchase program through the convenience of payroll deductions, has revealed the successful closure of a substantial $200 million securitization. This landmark deal, finalized on February 28, 2024, saw the involvement of Capital One, serving as the Structuring Agent, alongside Barclays Bank, fulfilling the role as a Joint Bookrunner. This newly secured financial facility is set to be instrumental in bolstering Purchasing Power's strategic expansion plans, propelling the company forward into the first quarter of 2026.

"Providing the means for a better life remains our steadfast mission here at Purchasing Power and having our mission resonate profoundly within the investment community brings us great satisfaction," stated Ron Oertell, the Chief Financial Officer of Purchasing Power. Oertell continued by embracing gratitude towards the unwavering support from the company's longstanding banking partners, Capital One and Barclays, which has been essential in sustaining the service provided to both employee customers and employer clients. This partnership has enabled the offering of this unique and highly advantageous benefit, which is central to the company's ongoing success.

Purchasing Power's unique employee benefit program is recognized as a game-changer, offering a comprehensive range of brand-name consumer products and essential household items —including top-tier electronics, major appliances, furnishings, automobile tires, online education services, and even vacation packages— accessible via payroll deduction. Presently, the program extends its services to employees of large businesses, including those working for more than 50 Fortune 1000 companies, and it's also made available to members of various trade associations, unions, and government agencies.

Employees who choose to participate in the program benefit from a purchasing model that defies the traditional credit-based system. Instead, they enjoy the privilege of making manageable fixed payments over 6 or 12 months, free from the burdens of ballooning interest rates, the need for credit checks, hidden charges, or the penalties that accompany late fees.

About Purchasing Power, LLC

For more in-depth information about the services and advancements made by Purchasing Power, LLC, interested individuals can navigate to the company's official website at https://corp.purchasingpower.com/. The company takes pride in its registered trademark, illustrating its commitment to trusted service and quality benefits offered throughout the years.

The well-documented success of Purchasing Power, LLC is a testament to its reputable standings in the world of employee benefits and financial empowerment. This latest financial venture is not just a step forward for the company, but a leap that recognizes the trust and confidence of its banking partners and clients. The secured $200 million asset-backed securitization marks a period of growth and innovation for the firm, ensuring its commitment to providing accessible options for employees to enhance their quality of life without the daunting prospect of financial strain.

Media Contact Information

For anyone seeking additional detail or commentary on this significant financial development, media contacts have been made readily accessible. Joe Swaney can be reached at 404.273.7354 or via the provided email contact, ensuring a clear line of communication for queries or follow-ups regarding this announcement.

Purchasing Power, LLC, with its strategic focus, customer-centric approach, and innovative financial solutions, has set a course for long-term viability and success. By onboarding with significant banking entities and structuring deals that further their mission, the company has not only fortified its existing services but also paved the way for future enrichment of its offerings.

In conclusion, this recent securitization serves as a sturdy foundation for Purchasing Power's vision for the future. The company’s emphasis on convenience, empowerment, and financial wellness continues to garner the respect and advocacy of both the consumer base and the investment sector. With a proven track record and a clear trajectory for growth, Purchasing Power stands as a paragon of innovation in voluntary employee benefits.

©2024 Purchasing Power, LLC. All rights reserved.

With the dawn of this securitization, Purchasing Power embarks upon a new chapter, where financial security, strategic growth, and the unwavering resolve to empower employees intersect to create a brighter future for all associated with the firm.

The commitment from Purchasing Power to continue offering a path to financial wellness resonates at a time when the modern workforce seeks stability and empowerment more than ever. This seamless integration of employee benefits into payroll systems is not just innovative but revolutionizes the way employees engage with essential products and services while managing their finances responsibly.

This financial deal underscores the operational and fiscal strength of Purchasing Power amidst a competitive landscape, solidifying its positioning as a thought leader and influencer in the realm of employee purchasing programs.

As Purchasing Power forges ahead, the implications of such a significant securitization extend well beyond immediate financial planning. It symbolizes the enduring value and commitment of the company to its stakeholders—both the businesses it partners with and the employees it serves—highlighting a combined effort towards nurturing a financially stable and enriching work environment.

Media Contact: Joe Swaney, 404.273.7354 Email: [email protected]

SOURCES: Purchasing Power, LLC

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With this detailed news piece, readers are invited to further explore the innovative strides Purchasing Power, LLC, is making in the financial domain through voluntary employee benefits. By securing this $200 million securitization, the company not only boosts its growth trajectory but also reinforces its promise to enable more accessible and responsible consumerism for employees across the United States.