Enterprise Fleet Management is preparing its eight rental car securitization, according to a presale report published by Fitch Ratings.
The $800.2 million deal, Enterprise Fleet Financing Series 2014-2, will be backed by payments on a pool of open-end and closed-end vehicle fleet lease contracts for cars, light-duty trucks, and other vehicles. There will be 35,801 leases, with strong lessee diversification—6,968 obligors. This is nearly double the 3,984 obligors from the EFF Series 2014-1 transaction. Proceeds from the transaction will be used for general funding purposes.