The original $312 million triple-A notes are being replaced with six separately priced Class A note tranches, including two fixed-rate securities classes
The $100 million Series 2018-1 notes will rank on an equal basis with the $900 million of notes Coinstar issued from the same master trust in May 2017, all are collateralized by nearly 20,000 coin-counting kiosks located in major retail stores.
In Santander Consumer USA's third subprime shelf offering of 2018, new cars represent 55.8% of the collateral. In previous deals dating to 2013 new-car concentrations did not exceed 40.9%.
Five classes of notes will be issued in the transaction, BBVA Consumer Auto 2018-1, which is backed by a pool of well-seasoned loans on new and used cars that will revolve for an initial period of 1.5 years.
