GE Capital announced a $421 million dealer floorplan securitization as the fixed-income bond markets reopened Wednesday.
The deal, called GE Dealer Floorplan Master Note Trust 2012-4, is structured with $400 million, class A notes; $8.4 million, class B notes and $12.6 million, class C notes that have been assigned preliminary ‘AAA’, ‘A’ and ‘BBB’ ratings, respectively, by Fitch Ratings.
According to a Fitch presale report, GE’s dealer floorplan master trust has experienced minimal net losses going back to 2004. The monthly trust default rate was 0.33% in August 2012, in line with historical levels. Monthly payment rates (MPR), agings, and delinquencies are also currently stable, and have steadily improved in the past couple years.