CarFinance Capital, the subprime auto lender owned by private equity firm Perella Weinberg Partners, is planning a $253 million securitization, according to a presale report published today by Kroll Bond Rating Agency.
The deal, CarFinance Capital Auto Trust 2013-1, is the lender's second term ABS securitization; its inaugural securitization in August 2012 was a private, unrated term securitization totaling $160.25 million.
The latest deal consists of $152.4 million of notes due July 2017 with a preliminary ‘AA’ rating from Kroll; $60.7 million of notes due November 2018 with a preliminary ‘A+’ rating; $13.9 million of notes due March 2019 with a preliminary ‘A-‘ rating and $11.4 million of notes due November 2019 with a preliminary ‘BBB’ rating.
The senior tranche has initial hard credit enhancement of 41.75%; this builds to 50.25%.
