AmSouth Auto Receivables LLC, a division of AmSouth Bancorporation, is planning an auto loan issuance through its AmSouth Auto Trust, according to an S-3 filing with the Securities and Exchange Commission made on June 6 and amended on July 28.
The offering, which sources say is scheduled for September, is said to be in the $1 billion range. This is the first time the company is going to come out with an auto loan securitization. AmSouth Bank will be the servicer on the transaction.
The deal will likely be rated by Moody's Investors Service and Standard & Poor's Ratings Services. The transaction is said to be divided into three parts and will probably have a sequential pay and senior/subordinate structure.
The transaction is noteworthy in that the collateral will be prime, retail auto loans with a high concentration in the southeast, in states like Tennessee and Alabama, said a source.
AmSouth Bancorporation is a provider of traditional and nontraditional financial services such as consumer and commercial banking and small business banking. Its operations are based in the southeastern region of the U.S.