DriveTime Automotive Group plans to issue $340 million of bonds backed by subprime auto loan securities, according to Kroll Bond Rating Agency.

The deal dubbed DT Auto Owner Trust 2016-1, will offer four classes of notes that are secured by $461.02 million of loans: $168.2 million of ‘AAA’ rated, class A notes with a legal final maturity date of Sept. 16, 2019; $47.2 million of ‘AA’ rated class B notes that are due May 15, 2020; $55.3 million of class C notes that are due Oct. 15, 2021; and $69.16 million of ‘BBB’ rated class D securities that are due Dec. 15, 2022.

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