Ally Bank upsized the floating-rate portion of an offering of bonds backed by lines of credit that it extends to auto dealers, according to a regulatory filing.
The Ally Master Owner Trust will now issue $900 million of class A floating-rates, instead of $700 million. The fixed-rate class A notes were left unchanged at $300 million, bringing the total size of the offering to $1.2 billion, up from $1.0 billion originally.
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.