Another $950 million is set to come to market from two dealer floorplan ABS deals planned by Nissan Motor Co. and World Omni Financial Corp.
Nissan is plans to issue $600 million of class A notes from its dealer floorplan master trust. The issuer filed a deal prospectus with the U.S. Securities and Exchange Commission today.
The series 2013-A notes will be co-lead managed by BofA Merrill Lynch, JP Morgan and RBC Capital Markets. The primary assets of the issuing entity will consist of a revolving pool of receivables arising from time to time in connection with the purchase and financing by retail motor vehicle dealers located in the U.S. of their new, pre-owned and used automobile and light-duty truck inventory.
World Omni Financial Corp. plans to issue $350 million class A, three-year notes from its deal floorplan master trust. Series 2013-1 (2013-1), consist of a revolving pool of dealer floorplan receivables arising from credit lines made by World Omni Financial Corp. to retail automotive dealers authorized by Toyota Motor Corporation to sell Toyota and Scion brand vehicles, along with other original equipment manufacturers.
The notes are backed by more than 90% new vehicles, according to the Fitch Ratings presale report.
Fitch assigned preliminary rating of ‘AAA’ to the notes. Barclays Capital is lead manager on the deal that is being offered and sold as a Rule 144A transaction. Series 2013-1 is the fifth series issued by World Omni Financial Corp and the first series rated by Fitch.