Ford Motor Co. priced its Series 2013-3 and Series 2013-4 dealer floorplan-backed securitizations, according to Securities and Exchange Commission filings. The deal raised a combined $1.15 billion, consistent with the amount Ford orginally hoped to raise.
Joint lead managers on the transactions were Credit Agricole Securities, HSBC, J.P. Morgan, and Morgan Stanley. Co-managers were Commerzbank and Lloyds Securities.
The deals were rated by Standard and Poor’s and Fitch Ratings.
Of the 2013-3 series, the $200 million, ‘AAA’ rated class A1 notes priced at 30 basis points over Libor. The $400 million, ‘AA’ rated class A2 notes priced at 30 basis points over Libor. The $27.251 million, ‘AA’ rated class B notes priced at 65 basis points over Libor. The $39.216 million, ‘A' rated class C notes priced at 80 basis points over Libor. The $23.529 million, ‘BBB' rated class D notes priced at 125 basis points over Libor.
Of the 2013-4 series, the $400 million, ‘AAA’ rated class A notes priced at 55 basis points over Libor, the $18.301 million, ‘AA’ rated class B notes priced at 80 basis points over Libor. The $26.144 million, ‘A’ rated class C notes priced at 100 basis points over Libor. The $15.686 million, ‘BBB’ rated class D notes priced at 150 basis points over Libor.
The Series 2013-3 notes mature on June 15, 2017 and the Series 2013-4 notes on June 15, 2020.
Both deals are expected to settle June 18.
