Exeter Finance Corp. announced this week the pricing of a $500 million securitization backed by auto loan receivables. 

The company indicated the private offering consisted of four classes of fixed rate notes issued by Exeter Auto Receivables Trust 2014-3 and priced on Oct. 9.

Exeter highlighted the Class A notes were rated AAA/AA by DBRS and Standard & Poor’s, respectively, while the remaining three tranches were rated A, BBB and BB by both agencies. 

Officials noted the classes have weighted average lives of 1.02, 2.76, 3.62 and 4.08 years, respectively. On a blended basis, the weighted average coupon of the notes is approximately 3.13 percent.

Upon the closing of the transaction, Exeter said the net proceeds from the sale of the notes will be applied to reduce borrowings outstanding under the company’s existing warehouse financing facility. 

The offering is expected to close on Wednesday.

Citigroup and Goldman, Sachs & Co. acted as joint book-runners on the transaction, with Barclays, Deutsche Bank Securities and Wells Fargo Securities participating as co-managers.