Exeter Preps $650 Million Securitization

Blackstone-backed Exeter Finance Corp. said Wednesday it would securitize $650 million of auto loans in an offering that’s expected to close Feb. 6. Upon closing, net proceeds from the sale will be applied to reduce borrowings under the company’s existing three-year $1.075 billion warehouse facility.

The notes, to be issued in four separate tranches, have a blended average annual coupon of 3.09%. Distribution dates range from May 15, 2018, through Dec. 15, 2020. Deutsche Bank Securities and Goldman, Sachs & Co. acted as joint bookrunners on the transaction, with Wells Fargo Securities and Citigroup participating as co-managers.