Ford Motor Credit plans to issue a $400 million securitization of dealer floorplan financing.
The floating rate, class A notes issued from the Ford Credit Floorplan Master Owner Trust A, Series 2014-3 have been assigned preliminary ratings of Aaa’/ AAA’ by Moody’s Investors Service and Standard & Poor’s, respectively. The notes are due June 2020.
The notes are backed by auto dealer floorplan receivables are secured primarily by new Ford vehicles.
Credit Suisse Securities, JPMorgan Securities, Morgan Stanley and SMBC Nikko Securities America are the lead managers on the deal.
The issuer was last in the market in February issuing two back-to-back deals backed by its dealer floorplan receivables.
Dealer floor plan financing allows dealers to finance their retail inventory. Payments to the trust are driven when the dealership sells a vehicle to the consumer, and the volume of vehicles financed on dealership lots are driven by manufacturer production volumes.