Lending Club Commences $1 Billion Note Offering
Registration Statement Declared Effective by U.S. Securities and Exchange Commission
SAN FRANCISCO, CA – April 10, 2012 – Lending Club (http://www.lendingclub.com), the leading platform for investing in and obtaining personal loans, announced that its $1 billion shelf registration statement for the issuance of member payment dependent notes was declared effective today by the U.S. Securities and Exchange Commission as the previous shelf registration for $600 million filed by the company in October 2008 had run its course. Lending Club has originated over $580 million in loans to date.
"We are excited to start operating today under a new registration statement," said Lending Club CEO, Renaud Laplanche. "With this new offering we will continue to provide investors direct access to consumer credit as an asset class and let them benefit from yield and diversification characteristics that were previously only available to banks and larger institutional investors."
About Lending Club
Lending Club utilizes technology and innovation to reduce the cost of traditional lending and offer borrowers better rates and investors better returns. Founded in 2006 and based in San Francisco, CA, Lending Club has been recognized for its results and innovation by the Harvard Business Review and Dow Jones, was named one of Forbes’ America’s Most Promising Companies in 2011 and recognized as a 2012 World Economic Forum Technology Pioneer. More information is available at: http://www.lendingclub.com.
Additional information about Lending Club is available in the prospectus for Lending Club’s notes, which can be obtained on Lending Club’s website at https://www.lendingclub.com/info/prospectus.action.
Information in this press release is not an offer to sell securities or the solicitation of an offer to buy securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. Some of the statements in this above are "forward-looking statements." The words "anticipate," "believe," "estimate," "expect," "intend," "may," "plan," "predict," "project," "will," "would" and similar expressions may identify forward-looking statements, although not all forward-looking statements contain these identifying words. The Company may not actually achieve the plans, intentions or expectations disclosed in forward-looking statements, and you should not place undue reliance on forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in forward-looking statements. The Company does not assume any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Past performance is no guarantee of future results. Investments may lose value over time and no return is guaranteed.
Currently only residents of the following states may invest in Lending Club notes: CA, CO, CT, DE, FL, GA, HI, ID, IL, KY (accredited investors), LA, ME, MN, MO, MS, MT, NH, NV, NY, RI, SC, SD, UT, VA, WA, WI, WV, or WY.