GE Commercial Distribution Finance Corp. issued its $500 million of dealer floorplan asset backed securoitization, GE Dealer Floorplan Master Note Trust, Series 2013-1 on Wednesday.
The deal was upsized from $442 million and priced its Moody’s Investors Service and Fitch Ratings rated, ‘Aaa’/ ‘AAA’ notes ate 40 basis points over the one month Libor, according to a pricing term sheet
The subordinate ‘Aa2’/ ‘A’ tranche was retained and upsized to $10.5 million from $8.42 million. Barclays and Mizuho are joint-lead underwriters on the deal; Credit Agricole and Cabrera Capital Markets are co-managers on the deal.
The collateral securing the notes consists primarily of direct interests in the floorplan receivables generated under revolving credit agreements among 2,000 manufacturers, 24,000 dealers, and 13 separate product lines, according to the Fitch presale.
Securitization volumes in the asset class have been boosted by rising vehicle sales and the refinancing of maturing transactions. Standard & Poor’s said that based on the issuance pace set so far this year, U.S. dealer floorplan ABS will likely exceed $14 billion for all of 2012. GE’s deal brings year to date issuance to $5.5 billion.