Ford Motor Credit Co. is marketing a $780 million securitization of auto loan receivables.
The deal, Ford Credit Owner Trust 2014-REV1, will be placed with qualified institutional investor via the 144A market, according to deal prospectus filed with the US Securities and Exchange Commission.
The capital structure includes $750 million of class A notes and $30.4 million of class B notes. The deal prospectus does not indicate how the notes are expected to be rated.
Bank of America Merrill Lynch and JP Morgan are listed as the lead managers on the deal. SMBC Nikko and Bradesco BBI are co-managing the deal.
The issuer’s latest deal is backed by loans with a weighted average FICO of 726. The weighted average original term for the loans is 62.9 months and 42.6% of the pool is comprised of loans with original terms greater than 60 months.
Although Ford has been an active issuer in the market this year, its last securitization of prime auto loans was issued in January. Deals that have followed were backed by dealer floorplan financing and auto leases. Loans in the January deal, which was publicly offered, had a weighted average FICO of 728.
