World Omni Financial plans an $849 million auto loan securitization from its World Omni Auto Receivables Trust program, according to deal prospectus registered with the US Securities and Exchange Commission.
The deal is the first of this year for the Florida based corporation. The capital structure includes $831 million of class A notes and $17.8 million of class B notes. The deal prospectus did not indicate ratings on the notes.
World Omni is a wholly owned subsidiary of JM Family Enterprises. The company provides a range of automotive-related distribution and financial services to Toyota dealerships in Alabama, Florida, Georgia, North Carolina and South Carolina. World Omni Financial Corp. has provided financial services to Toyota dealers in the Five-State Area since 1982, operating under the Southeast Toyota Finance name since 1996.
The pool is comprised of 47,331 fixed rate retail installment sale contracts used to finance new and used automobiles and light-duty trucks. The weighted average APR of the loans is 3.97% and the weighted average original term of the loans in 68 months; the weighted average remaining term of the loans is 62 months.
The weighted average FICO score of the loans included in the pool is 727.