Ford Motor Credit priced some $1 billion of notes backed by dealer inventory financing, according to a regulatory filing.
Ford Credit Floorplan Master Owner Trust A (Series 2014-4) issued three classes of rated notes with a weighted average life of 2.97 years. The $550 million class A-1 notes priced at swaps plus 35 basis points and the $450 million class A-2 notes priced at one-month Libor plus 35 basis points; both are rated AAA’ by Standard & Poor’s and DBRS.
The $45.72 million class B notes, which are rated AA’ by both rating agencies, priced at swaps plus 60 basis points.
The trust also issued two classes of notes that were unrated and retained by the sponsor: the $65.35 million class C notes and the $39.21 million class D notes.
Credit Suisse was the lead underwriter.
The notes are backed by a revolving pool of receivables that were originated in connection with dealers purchasing and financing primarily Ford-manufactured new and used car, truck, and utility vehicles, according to ratings agency reports.
Ford was previously in the market with an inventory financing securitization in June. That deal, which was sold via the 144a market was sized at $400 million and consisted of a single tranche benchmarked to one-month Libor, according to ratings agency reports. Pricing was not disclosed.