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The deal continues BHG's more recent streak of securitizing loans collateralized exclusively by consumer loans. The deal is the program's sixth term 144A securitization backed by consumer loans.
A new originator and acquirer is on tap for the SDART program, and comes to market under Rule 144A, unlike previous Santander transactions.
While much of the borrowing for the AI buildout has gone toward data-center construction, increasingly large debt packages are now being arranged to finance the chips.
For its first securitization PMCC 2026-1 will sell to noteholders through six tranches of notes, and credit enhancement coverage that begins at 67.91% on the AAA-rated, class A notes.
There is an optional redemption feature, which allows certificate holders to redeem the notes on any day on or after the fifth business day before the monthly payment date in July 2028.
