Bombardier Capital Inc. expects to have a busy summer of securitization if it passes the "plain English" test.

The Jacksonville, Fla.-based issuer has prepared its first public recreational products deal, and also has a dealer floorplan transaction in the pipeline - both scheduled to launch before the end of third quarter.

Timing, however, hinges on the speed at which the transactions move through Securities and Exchange Commission's plain English requirements.

Merrill Lynch & Co. will lead Bombardier Capital's recreational receivables deal, which will launch out of BCI Consumer Receivable Trust, a program that makes its debut in the public market after past appearances in the 144A sector.

Meanwhile, J.P. Morgan will manage the dealer floorplan offering - the third floorplan deal that the company has issued in the U.S. (Parent company Bombardier Inc. is based in Montreal, and has a securitization history in Canada.) Chase Securities will co-manage that transaction.

Bombardier Capital is largely known for its Seadoo and Skidoo products, which are recreational vehicles for the water and snow, respectively.

Jamie Dolan, director of securitization for the company, said the snow and water RV collateral will back most of the company's upcoming consumer receivables deal, whose size should range between $200 million and $300 million. The bonds will include a financial guaranty, Dolan said, but did not offer a likely insurer, as a company has not yet been named in Bombardier's shelf registration documents.

The company's third dealer floorplan transaction will contain an array of revenue streams, from waterbikes and snowmobiles to manufactured housing debt. The bonds will issue from the Bombardier Receivables Master Trust 1999-1, according to Dolan, who said the deal should be somewhat smaller in size than the last two deals, which were around $400 million. - SK

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