General Electric Capital Corp. priced an upsized $675 million of notes backed by dealer floorplan financing, according to a regulatory filing.

The single issue of class A notes to be issued from the GE Dealer Floorplan Master Note Trust have a weighted average life of 2.99 years; they yield 38 basis points over one-month Libor.

The deal was originally sized at $500 million.

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 class B notes, class C notes and 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.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.