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Exeter Finance Corp. Announces $500 Million Securitization

IRVING, Texas — Exeter Finance Corp. announced Monday the pricing of a $500 million securitization backed by auto loan receivables. The private offering consisted of four classes of fixed rate notes issued by Exeter Auto Receivables Trust 2014-3 and priced on Oct. 9, 2014. The Class A notes were rated AAA/AA by DBRS and Standard ... Read More »

October 15, 2014
1 min to read


IRVING, Texas — Exeter Finance Corp. announced Monday the pricing of a $500 million securitization backed by auto loan receivables. The private offering consisted of four classes of fixed rate notes issued by Exeter Auto Receivables Trust 2014-3 and priced on Oct. 9, 2014.

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 1.02, 2.76, 3.62 and 4.08 years, respectively. On a blended basis, the weighted average coupon of the notes is approximately 3.13%.

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Upon the closing of the transaction, the net proceeds from the sale of the notes will be applied to reduce borrowings outstanding under Exeter’s existing warehouse financing facility. The offering is expected to close on Oct. 15, 2014.

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

Topics:Industry

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