Exeter Finance Corp. Announces $500 Million Securitization

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Oct 13, 2014, 04:32 ET

IRVING, Texas, Oct. 13, 2014 /PRNewswire/ -- Exeter Finance Corp. ("Exeter") announced today 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 ("EART") 2014-3 (collectively the "Notes") and priced on October 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%.

Upon the closing of the transaction, the net proceeds from the sale of the Notes will be applied to reduce borrowings outstanding under the Exeter's existing warehouse financing facility. The offering is expected to close on October 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.

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.