CarMax upsized and priced its deal, CarMax Auto Owner Trust 2013-4. The deal was upsized to $1 billion from $800 million and priced within guidance.
Moody’s Investor Service and Fitch Ratings assigned preliminary ratings to the deal. The triple-A rated class A2 notes structured with a weighted average life of 1.10-years prcied at 23 basis points over the eurodollar synthetic forward curve.
The triple-A, 2.45-years, class A3 notes are priced at 27 basis points over interpolated swaps. The triple-A , 3.77-years, class A4 notes priced at 34 basis points over interpolated swaps.
Lower down the credit curve, the 4.11-years, double-A rated , class B notes ; the single-A rated, 4.11-years, class C notes; and the triple-B rated, 4.11-years class D notes priced at 65 basis points, 90 basis points and 155 basis points respectively, over interpolated swaps.
Barclays, RBC Securities and Wells Fargo are lead managers on the deal.