Flagship Credit Acceptance is in the market with a $222.16 million transaction backed by subprime auto loans and led by Wells Fargo Securities.

A senior tranche for $174 million is rated ‘A+ (sf)’ by Standard & Poor’s. Of the three other tranches, only one is rated sub investment-grade, a ‘BB (sf)’ piece for $12.66 million. The closing date is April 18.

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