Hyundai Motor is marketing its first offering of the year of bonds backed by dealer inventory financing, according to rating agency reports.

The deal, dubbed Hyundai Floorplan Master Owner Trust, Series 2016-1, will issue $507.4 million of notes backed by lines of credit originated by Hyundai Capital America. This transaction is only the sponsor’s third ever dealer floorplan securitization to issue long-term notes; the previous one closed in closed in May 2013, according to Moody’s Investors Service.

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