Plymouth Financial

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$111.2 million

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.
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