PFC Tax Receivable 2002 – A Trust Tax
Receivables Collateralized Bonds
The undersigned structured the Notes and acted as Co-Placement Agent
$111.2 Million Tax Lien Securization
- SP structured a unique tax lien securitization to allow Plymouth to purchase all the delinquent tax liens from Los Angeles County’s School Districts
- By combining asset securitization and municipal finance expertise, SP secured AAA ratings from both S&P and Moody’s enabling the structured financing to achieve an extremely low funding cost.
- Among the unique and first-to-market aspects of the transaction:
- –The collateral was LA County’s promise to pay, rather than actual tax liens certificates
- –The transaction closed on the acquisition date; no tax lien warehouse was involved
- –Plymouth received substantial cash proceeds on closing in excess of its acquisition costs and all fees.