Exeter Details $650 Million Securitization
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IRVING, Texas –
Earlier this week, Exeter Finance Corp. announced that EFCAR, LLC, a special purpose Delaware limited liability company and wholly owned subsidiary, priced $650 million in aggregate principal amount Series 2014-1 automobile receivable backed notes, which will be issued in four separate tranches.
Officials said 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.
On a blended basis, Exeter indicated the average annual coupon of the notes is approximately 3.09 percent.
The notes have final scheduled distribution dates ranging from May 15, 2018 through December 15, 2020.
Upon closing of the transaction, Exeter indicated the net proceeds from the sale of the Series 2014-1 notes will be applied to reduce borrowings outstanding under the company's existing three-year, $1.075 billion warehouse financing facility.
The offering is expected to close on Feb. 6.
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Deutsche Bank Securities and Goldman, Sachs & Co. acted as joint bookrunners on the transaction with Wells Fargo Securities and Citigroup participating as co-managers.
