General Electric Capital Corp. is in the market with $500 million of notes backed by dealer floorplan financing, according to a regulatory filing.
The class A notes to be issued from the GE Dealer Floorplan Master Note Trust will have an expected maturity of July 2017 and a final maturity of July 2019.
Fitch Ratings expects to assign AAA’ ratings to the notes, which benefit from credit enhancement of 11.90%, including 9.52% subordination and a 2.38% reserve fund, according to a presale report.
The trust will also issue $10.52 million of class B notes, $15.79 million of class C notes and $26.31 million of class D certificates that will not be offered to investors.
RBS Securities and Mitsubishi UFG are the lead underwriters.
The notes are backed by receivables associated with approximately 1,750 manufacturers, 25,000 dealers and 13 separate product lines, according to Fitch.
