CarMax plans to issue $800 million of asset-backed securities backed by prime auto loans, according to a deal prospectus filed with the Securities and Exchange Commission.
It’s the issuer’s first deal of 2014. The deal called CarMax Auto Owner Trust 2014-1 is structured with four tranches of class A notes, class B notes, class C notes and class D notes.
Bank of America Merrill Lynch, JP Morgan and Wells Fargo are the lead managers of the deal. Barclays, RBC Capital Markets, RBS and Scotiabank are co-managers on the class A notes.
CarMax last issued from its auto owner trust structure
