Exeter Finance Corp. Announces $550 Million Securitization

Strong investor demand and oversubscription levels allow for upsize from $450 million to $550 million

May 14, 2015, 16:00 ET from Exeter Finance Corp.

IRVING, Texas, May 14, 2015 /PRNewswire/ -- Exeter Finance Corp. ("Exeter") announced today the pricing of a $550 million securitization backed by automobile loan receivables.  The private offering included four classes of fixed rate notes issued by Exeter Auto Receivables Trust ("EART") 2015-2 (collectively the "Notes") which priced on Tuesday, May 12.

The $360,940,000 senior Class A notes have a weighted average life ("WAL") of 1.07 years and are rated AAA/AA by DBRS and Standard & Poor's, respectively, with a coupon of 1.54%.  The $75,620,000 Class B notes have a WAL of 2.85 years and are rated A with a coupon of 2.65%. The $58,730,000 Class C notes have a WAL of 3.60 years and are rated BBB with a coupon of 3.90%.  The $54,710,000 Class D notes have a WAL of 4.07 years and are rated BB with a coupon of 5.79%.  The Class B, C and D notes are also rated by DBRS and Standard & Poor's.

The transaction was announced on Monday, May 11 and is expected to close on Wednesday, May 20.

"Exeter is pleased to have executed its second auto loan securitization this year," said Andrew Kang, Senior Vice President and Treasurer, Exeter Finance Corp. "This transaction was met with strong investor demand and demonstrated significant oversubscription levels, which allowed Exeter to upsize the transaction from $450 million to $550 million while improving overall pricing," said Kang.

Deutsche Bank Securities and Citigroup acted as joint book runners on the transaction, with Barclays, J.P. Morgan and Wells Fargo Securities 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.

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SOURCE Exeter Finance Corp.



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