Santander Consumer USA plans to place its $800 million 2013-A auto loan securitization via the Rule 144A market.
It’s a departure from the issuer’s last deal, Santander Drive Auto Receivables Trust 2013-4, which was registered with the SEC and priced in July.
Standard & Poor’s has assigned preliminary ratings to the deal, Santander Drive Auto Receivables Trust 2013-A. The deal is structured with a $114 million money market fund tranche. It will also offer investors $403 million of ‘AAA’– rated, class A notes; $85.48 million of ‘AA’-rated class B notes; $105.21 million of ‘A’- rated class C ;$48.22 million, ‘BBB+’-rated class D notes; and $43.83 million, ‘BB+’– rated class E notes.
The deal is backed by retail installment sales contracts for new and used automobiles and light duty trucks. JP Morgan is lead underwriter on the deal.