Two significant players in the auto finance space — Ally Financial and Exeter Finance — each shared details about recent company developments.

At Exeter, the company announced on Monday that it closed a $300 million securitization backed by automobile loan receivables. Company executives indicated the transaction closed on Oct. 21.

They added the private offering was announced on Oct. 13 and priced two days later.

The offering included four classes of fixed rate notes issued by Exeter Auto Receivables Trust (EART) 2015-3.

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.  The classes have weighted average lives of 1.03, 2.77, 3.50 and 4.05 years, respectively.

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

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

Ally Financial announces redemption of all remaining Series G preferred shares

In other industry news, Ally recently announced that it received approval from the Federal Reserve to redeem 1,288,301 shares of its Fixed Rate Cumulative Perpetual Preferred Stock, Series G (Series G Preferred Shares). 

Executives indicated the shares will be redeemed at a price of $1,000 per share plus all accrued and unpaid dividends through the redemption date, for a total of $1,005.64 per share. The redemption date will be Dec. 14.

“The elimination of all remaining Series G Preferred Shares will decrease our preferred dividend burden and allow the company to optimize future capital management to drive shareholder value,” Ally chief executive officer Jeffrey Brown said.

“Addressing this remaining legacy security will remove the restriction the company had on offering common equity distributions and position Ally to meet its objective of initiating a dividend and share repurchase program in 2016,” Brown continued.

Ally reiterated the terms of the Series G Preferred Shares — which were developed during the financial crisis — prohibited the company from offering a dividend on common equity shares.  In April, Ally redeemed approximately $1.3 billion of its Series G Preferred Shares.

The notice of redemption and related materials were delivered to registered holders of record of the Series G Preferred Shares.

Questions relating to and requests for additional copies of the notice of redemption and related materials should be directed to the redemption agent. Here are the details:

Computershare Trust Company
c/o Computershare
Corporate Actions
250 Royall Street
Canton, Mass. 02021
Attention: Reorganization Department

Or individuals can call (855) 396-2084.