Canadian Imperial Bank of Commerce (CIBC) has added a C$200 million ($197 million) revolving auto dealer floorplan facility to its SAFE Canadian ABCP.
Moody's Investors Service, which rated the bank 'Aa2'/'Prime-1'/'B-', said in a press release that the facility is secured by a revolving pool of dealer floorplan loans originated by an investment-grade rated Canadian auto finance company. The deal is structured as a one-year revolving facility.
This transaction is partially supported by a liquidity facility provided by CIBC. SAFE has a single program-level liquidity facility that is used to support its commercial paper.
With this transaction, SAFE has C$607 million in aggregate purchase commitments and C$589 million in outstanding Series 1996-1 senior short-term notes.
