Oncourse Home Solutions Completes First-of-Its-Kind $1.66 Billion Whole Business Securitization

NAPERVILLE, Ill., Feb. 20, 2026 /PRNewswire/ -- Oncourse Home Solutions, a leading U.S. provider of home infrastructure warranty agreements, offering homeowners flexible services for residential service line repairs, maintenance, and protection from unexpected costs, today announced the completion of a $1.66 billion whole business securitization (WBS) debt issuance. The transaction is believed to be the first-ever securitization of home infrastructure warranty agreements, introducing a new asset class to the securitization market.

For Oncourse, the WBS structure provides access to investment-grade rated debt, the lowest cost of capital available in sponsor finance. The securitization master trust structure also provides portability and repeat-issuance flexibility, creating a durable financing platform to support the company's organic growth and strategic M&A.

The $1.66 billion securitization facility includes $325 million in capacity revolving notes and $1.33 billion in funded term notes. The term notes issuance was executed across dual-market channels, comprising 5-year tranches distributed broadly to institutional investors and 7-year private placement tranches. The 5-year notes priced well inside the most recent comparable 5-year WBS issuances, reflecting strong investor demand and the quality of the underlying credit. The notes are secured by substantially all the revenue-generating assets of Oncourse, including its home infrastructure warranty agreements, partnership agreements, and contractor agreements related to its home infrastructure warranty business.

Dale R. Gerard, Chief Financial Officer of Oncourse Home Solutions, said, "This securitization transaction gives our company access to the investment-grade debt market, the deepest capital market in the world. We met a high bar in executing the transaction, receiving significant engagement from rating agencies and investors throughout the process, and we are proud to be an inaugural issuer in this market."

In December 2021, Oncourse was acquired by funds advised by Apax via a carve-out of the Homeowner Services Group of American Water. Since the carve-out, Apax has worked closely with the company's management team to implement a range of operational improvements, including enhancing Oncourse's digital capabilities to drive customer acquisition and retention, and expanding its product offering through targeted M&A.

Ashish Karandikar, Partner at Apax, said: "We are pleased that our partnership with the Oncourse team enabled us to achieve this distinctively 'trophy asset' financing structure for the company. As WBS requires specialized financing expertise to navigate an extensive and complex process, we were excited to bring our in-house capabilities to bear in achieving this outcome."

Jefferies acted as Sole Structuring Agent and Lead Bookrunner for the ABS offering. Kirkland & Ellis served as counsel to Oncourse. The transaction closed on February 13, 2026.

About Oncourse Home Solutions
Oncourse Home Solutions, a leading provider of home infrastructure warranty agreements focused on protecting homeowners from unexpected costs and providing flexible services for home repairs and maintenance.. Through its partners nationwide, Oncourse Home Solutions serves over 2 million homeowners across 43 states and the District of Columbia. With over three decades of experience, Oncourse Home Solutions has stayed committed to simplifying the hassles of home care and providing coverage that simply works, giving homeowners peace of mind.

Visit https://oncourse.com/ for more information about Oncourse Home Solutions.

Media Contact: Todd Fogarty, Kekst CNC, [email protected]

View original content:https://www.prnewswire.com/news-releases/oncourse-home-solutions-completes-first-of-its-kind-1-66-billion-whole-business-securitization-302693566.html

SOURCE Oncourse Home Solutions