World Omni Financial Corp. is preparing to issue $783 million of bonds backed by leases on Toyota and Scion branded automobiles and light-duty trucks, according to a filing with the Securities and Exchange Commission.
Credit Suisse, Bank of America Merrill Lynch and Morgan Stanley are the joint bookrunners.
The deal, World Omni Automobile Lease Securitization Trust 2013-A, consists of five classes of floating- and fixed-rate notes. The $110 million class A-1 notes mature in October 2014, the $343 million class A-2 notes mature in May 2016; the $215 million class A-3 notes mature in December 2016; the $85.17 million class A-4 notes mature in February 2019; and the $30.04 million class B notes also mature in February 2019.
World Omni is a wholly owned subsidiary of JM Family Enterprises. Through its subsidiaries, the firm offers a full range of automotive-related distribution and financial services to Toyota dealerships in Alabama, Florida, Georgia, North Carolina and South Carolina and provides financial services to other dealerships throughout the country.