Exeter Finance Closes $300MM Securitization

Exeter Finance announced it closed a $300 million securitization backed by automobile loan receivables. The private offering includes four classes of fixed rate notes issued by Exeter Auto Receivables Trust 2015-3.

The Class A notes were rated AAA and 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 participating as co-managers.

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