Exeter Finance Completes $400M Securitization
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IRVING, Texas — Specialty auto finance company Exeter
Finance Corp., announced the completion of its third rated term securitization
late last week, issuing $400 million in notes backed by subprime automobile
installment receivables.
The company explained the notes were purchased by qualified
institutional buyers and accredited investors in a private placement offering
pursuant to Rule 144A of the Securities Act.
Officials highlighted the four note classes carried ratings
ranging from AAA/AA through BB/BB from DBRS and Standard & Poor's,
respectively. The weighted average coupon was 2.7 percent.
Citigroup and Wells Fargo Securities acted as lead managers,
while Deutsche Bank Securities and Goldman, Sachs & Co. acted as
co-managers.
"All notes included in this securitization have been sold.
This announcement of their sale appears as a matter of record only," Exeter
officials said.
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