Exeter Finance Corp. Closes $300 Million Securitization

Nov 23, 2015, 09:06 ET from Exeter Finance Corp.

IRVING, Texas, Nov. 23, 2015 /PRNewswire/ -- Exeter Finance Corp. ("Exeter") closed a $300 million securitization backed by automobile loan receivables on Wednesday, October 21.  The private offering was announced on Tuesday, October 13 and priced on Thursday, October 15.  It includes four classes of fixed rate notes issued by Exeter Auto Receivables Trust ("EART") 2015-3 (collectively the "Notes").

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, the net proceeds from the sale of the Notes were applied to reduce borrowings outstanding under Exeter's existing warehouse financing facility. 

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.

About Exeter Finance

Exeter Finance Corp. is a specialty auto finance company based in Irving, Texas. Exeter partners with auto dealers throughout the country to provide financing solutions for consumers. Building personal relationships and providing the highest level of service to dealers and customers have been keys to the company's success since its founding in 2006. Please visit www.exeterfinance.com to learn more.

Additional Information

The Notes have not and will not be registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.  This press release shall not constitute an offer to sell, or the solicitation of an offer to sell the Notes, nor shall it constitute an offer, solicitation or sale in any jurisdiction in which, or to any person to whom, such an offer or solicitation or sale is unlawful.

SOURCE Exeter Finance Corp.