In the company’s second securitization of the year, Exeter Finance Corp. announced the pricing of a $550 million securitization backed by automobile loan receivables. The private offering included four classes of fixed rate notes issued by Exeter Auto Receivables Trust (EART) 2015-2, which were priced on Tuesday.

Company officials explained the $360,940,000 senior Class A notes have a weighted average life of 1.07 years and are rated AAA/AA by DBRS and Standard & Poor’s, respectively, with a coupon of 1.54 percent.

The $75,620,000 Class B notes have a weighted average life of 2.85 years and are rated A with a coupon of 2.65 percent.

The $58,730,000 Class C notes have a weighted average life of 3.60 years and are rated BBB with a coupon of 3.90 percent.

 The $54,710,000 Class D notes have a weighted average life of 4.07 years and are rated BB with a coupon of 5.79 percent.

Exeter indicated the Class B, C and D notes are also rated by DBRS and Standard & Poor's.

The transaction was announced on Monday and is expected to close next Wednesday.

“Exeter is pleased to have executed its second auto loan securitization this year,” said Andrew Kang, Exeter senior vice president and treasurer.

“This transaction was met with strong investor demand and demonstrated significant oversubscription levels, which allowed Exeter to upsize the transaction from $450 million to $550 million while improving overall pricing,” Kang continued..

Deutsche Bank Securities and Citigroup acted as joint book runners on the transaction, with Barclays, J.P. Morgan and Wells Fargo Securities participating as co-managers.