Purchasing Power, a subsidiary of PROG Holdings, Inc., has finished a $225 million asset-backed securities (ABS) deal. This marks the first time a PROG subsidiary has accessed the ABS market since its acquisition in January 2026. The multi-tranche deal is backed by a diverse portfolio of consumer receivables from Purchasing Power’s payroll deduction model. It was priced at a 4.87% blended rate, lowering borrowing costs by over 183 basis points compared to its 2024 deal. The notes were rated by KBRA with high-grade ratings ranging from AAA to BB-, with a broad range of investors participating in the deal.
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“This successful securitization transaction reflects the strength and resilience of Purchasing Power’s payroll-deduction purchasing model and the quality of its underlying receivables,” said Lee Wright, President of Purchasing Power. Proceeds will refinance existing facilities and support new originations, strengthening the company’s funding structure and operational performance. Barclays Capital Inc. acted as structuring agent and initial purchaser, with Wilmington Trust serving as trustee and collateral administrator.
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