Ally Bank is readying a total of $1 billion of bonds backed by lines of credit that it extends to auto dealers, according to prospectuses filed with the Securities & Exchange Commission Friday

Both the $700 million of two-year class A floating-rate notes and $300 million of three-year class A fixed-rate notes will be issued from the lender’s Ally Master Owner Trust.

Barclays, Citigroup and Credit Agricole Securities are the underwriters for both transactions.

The primary asset of the trust is a revolving pool of receivables arising under floorplan financing agreements between Ally Bank and retail automotive dealers. These agreements are lines of credit that dealers use to purchase new and used motor vehicles manufactured or distributed by motor vehicle manufacturers and distributors, according to the filings.

Both classes of A notes will benefit from subordination of other classes of notes that are not being offered to the public. In the case of the class A floating rate notes, the subordinate tranches include: $51.7 million class B fixed rate notes, $37.6 million class C fixed rate notes, $28.2 million class D fixed-rate notes, $122.1 million class E equity notes … that will not be offered

In the case of the Class A fixed-rate notes, the subordinated tranches include: $22.2 million class B fixed rate notes; $16.1 million class C fixed rate notes; $12.1 million class D fixed rate notes $52.3 million class E fixed-rate notes.

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