GE priced $775 million over two series of notes delivered from the issuer’s dealer floorplan master note trust, according to a pricing document.
The class A, three-year triple-A notes issued by GE Dealer Floorplan Master Note Trust 2015-1 pay a spread of 50 basis points over one-month Libor. The five-year, triple-A notes yield 65 basis points Libor. Moody’s Investor Service and Fitch ratings assigned ratings to the deals. Credit Suisse and Mizuho Securities are the lead underwriters.
By comparison, Nissan sold the three year triple-A’s from its dealer floorplan transaction at 40 basis points over one month Libor on Wednesday. Nissan’s securitization is backed by dealer floorplan receivables originated from credit lines made to automotive dealers. The notes are secured by passenger and utility vehicles and light-duty trucks that are mostly new vehicles.
GE’s truston the other hand is secured by various types of equipment, with power sports, marine, lawn and garden and recreational vehicles representing the largest concentrations. The receivables are from a portfolio of 1,500 manufacturers, 25,000 dealers and 13 separate product lines.
GE is a regular issuer in the securitization market over the past seven years and has eight public series of notes outstanding, the last of which was issued in October 2014. There are also four private series still outstanding — 2008-A, 2010-B, 2013-A and 2013-B— and two variable-funding notes issued in 2013 — 2013-VFN-1 and 2013-VFN-2.
